Sterling and Wilson Renewable Energy Limited has informed the Exchange about Investor Presentation
October 17, 2025
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001
National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051
Scrip Code: 542760
Symbol: SWSOLAR
Sub.: Investor presentation on the Unaudited Standalone and Consolidated Financial results of Sterling and Wilson Renewable Energy Limited (“the Company”) for the quarter and half year ended September 30, 2025.
Ref.: Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
Dear Sir/ Ma’am,
Pursuant to the Listing Regulations, please find enclosed herewith a copy of the Investor presentation on the Unaudited Standalone and Consolidated Financial results of the Company for the quarter and half year ended September 30, 2025.
Request you to take the same on records.
Yours faithfully, For Sterling and Wilson Renewable Energy Limited
Jagannadha Rao Ch. V. Company Secretary & Compliance Officer
Encl.: As above
Sterling and Wilson Renewable Energy Limited Regd. Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai - 400043 Phone: (91-22) 25485300 | Fax: (91-22) 25485331 | CIN: L74999MH2017PLC292281 Email: info@sterlingwilson.com | Website: www.sterlingandwilsonre.com
The future of solar energy is
Bright
STERLING AND WILSON RENEWABLE ENERGY LIMITED ONE OF THE LEADING SOLAR EPC AND O&M SOLUTIONS PROVIDERS IN THE WORLD
Investor Presentation – Q2 FY26 17 Oct 2025
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Renewable Energy Limited (the “Company”), have been prepared solely for information purposes and is not a prospectus, disclosure document, placement document or other offering document under any law, nor does it form part of, and should not be construed as, any present or future invitation, recommendation or offer to purchase or sell securities of the Company or an inducement to enter into investment activity in any jurisdiction. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. If there is any subsequent offering of any security of the Company, it will be made pursuant to separate and distinct offering documentation, and in such case the information in this Presentation will be superseded in its entirety by any such offering documentation in final form.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain statements made in this Presentation may not be based on historical information or facts and may be “forward-looking statements” by reason of context, including those relating to the Company’s general business plans, planned projects and strategy, future financial condition and growth prospects, future developments in industry and competitive and regulatory environment. All forward-looking statements are based on judgments derived from the information available to the Company at this time. Forward-looking statements can be identified by terminology such as such as “potential,” "opportunity," “expected,” “will,” “planned,” "estimated", "continue", "on-going" or similar terms.
Forward looking statements are based on the current beliefs and expectations of the Company regarding future events, and are subject to various risks and uncertainties, many of which are difficult to predict. Actual results may differ materially from anticipated results due to factors beyond the Company’s control. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, adverse litigation or government action, and changes to laws and regulations applicable to our industry. This Presentation also contains certain financial and operational information relating to the Company that is based on management estimates. These estimates are based on management's past experience and subjective judgment, and the manner in which such estimates are determined may vary from that used for the preparation and presentation of similar information provided by other companies engaged in the sector in which our Company operates. Neither the Company nor its affiliates or advisors or representatives nor any of their respective affiliates or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements or management estimates are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecasted developments.. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions, regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.
2
Contents
Company Overview
Business Overview
Market Opportunity
Beyond Business
Our Journey
Track record
Financial Highlights
04
07
15
26
05
12
18
3
About us
| WHO WE ARE
Leading Solar EPC and O&M Solutions Provider
We offer Design, Detailed Engineering, Procurement, Construction, Installation, Commissioning and Operations & Maintenance services under turnkey EPC and BoS (Balance of System) solutions for utility-scale, and floating solar power projects. We also offer solar plus storage solutions.
Market Leader
Leading Solar EPC solutions provider in the world
E C N E L L E C X E
I
L A N O T A R E P O
EPC Portfolio 24.4 GWp
O&M Portfolio 9.1 GWp
Global Manpower 3,017
I
I
N O T N G O C E R L A B O L G
EPC and O&M of Abu Dhabi 1,177 MWp One of the world’s largest single location PV plant
Regional presence across 28 countries Significant cost benefit and timely execution
E S U O H R E W O P
C
I
T S E M O D
EPC and O&M 3GW+ in 2 projects Executing one of India’s largest PV plants at Khavda, Gujarat
Executing one of India’s largest BESS projects
Leading Solar O&M player globally
Leading Solar EPC
player in India
End-to-end “concept to commission” solar EPC
4
Journey
2013 Completed our first turnkey EPC project
Started international solar operations
2016 Diversified into Rooftop Solar
Started third- party O&M services
2011 Ventured into solar EPC business
2015
Recognized as the largest Indian solar EPC player
Largest single- axis tracker plant in India (60 MWp)
2018
Expanded operations in Australia by acquiring a controlling stake in GCO Electrical Pty Ltd
2020
Ranked 2nd largest O&M player in the world by Wood Mackenzie
2022
Reliance New Energy acquired 40% stake in Sterling and Wilson Renewable Energy Limited
Awarded one of the largest domestic EPC contract of 1.6 GW by NTPC
2024
SWREL closed five marquee project wins totaling over INR 2,400 crore
Achieved highest unexecuted order value in history of company of more than INR 10,500 cr in October 2024
2017 Demerger of S&W Solar from S&W Group
Incorporated a subsidiary in Spain
Started operations in USA
Bagged world’s largest single location solar EPC project in Abu Dhabi
2019
Listed on BSE and NSE
Commissioned our first floating solar project of 450 kWp
Ranked No. 1 solar EPC in the world by IHS Markit
2021 Expanded our offerings to include Hybrid Energy, and Energy Storage
2023 Achieved a second consecutive mega order (1,500 MW) from NTPC
Raised INR 1,500 crore through QIP route
2025 Ventured into Wind EPC
Solar O&M portfolio crosses 9 GW
5
Accreditations
| AND AWARDS
Demonstrating Business Excellence and Industry Leadership
OHSSAI Safety Award awarded at the 9th Annual HSE Excellence & ESG Global Award 2024
Khavda RE Project awarded Best FQA Lab Facility in RE Cluster at All India QA Meet 2024 of NTPC Limited
Recognized as a Top Brand EPC 2025 by EUPD Research
The Economic Times Energy Leadership awarded SWREL EPC Company of the Year 2023
SWREL bagged OHSSAI Occupational Health and Safety Award (GOLD) in the Power Sector in the year 2023
SWREL received Power Generation Project of the Year 2021
AFSIA’s Utility Scale Project of the Year bagged by SWREL in 2020
Awarded the Leading EPC Company by RenewX
Utility Scale Project of the Year by MESIA awarded to SWREL in 2020
6
Offerings
| SOLUTIONS AND SERVICES
01
Utility Scale Projects
03
Floating Solar
02
Hybrid & Energy Storage
04
Operation & Maintenance (O&M)
Turnkey EPC solutions for utility-scale projects
Sterling and Wilson Renewable Energy offers a range of turnkey and Balance of System (BoS) solutions for utility-scale, and floating solar power projects. The company also offers solar plus storage solutions, and Hybrid projects including Wind.
Our turnkey EPC solutions comprise design, engineering, procurement, construction, project management, testing, supply, installation and commissioning to operation and maintenance and connecting the solar power project to the grid.
All project design and execution services excluding the procurement of modules and components are offered as part of the BoS solutions.
Our Expertise
Utility Scale
• Rich experience with various module technologies • • • Bifacial Module (Experience with Robotic Cleaning)
Single-axis tracker string inverter Solar PV+ storage & Floating Solar
Utility Scale
Solar EPC
8
Fully Integrated Battery Energy Storage Solution
01
02
03
04
05
06
BATTERY MODULE + BMS
BATTERY RACKS & CONTAINER
PCS + MV STATION
EMS & HYBRID CONTROLLER
INSTALLATION & COMMISSIONING
OPERATIONS & MAINTENANCE
Long Term Supply Agreement with leading Battery Manufacturers
In House Containers Strong CFD and CAE Internal Design. ISO certified Process
Decade long MV side experience. Strong Service Level Agreements
Strong Partnerships with leading solutions providers
24.4 GWp of Installation & Commissioning experience in 28 countries.
9.1 GWp of Solar O&M Experience 450+ O&M Manpower
1. Analyzing the usage and load profile requirement of the BESS system.
1. Selecting the type of racks and number of Modules per rack.
2. Choosing the right
Chemistry & Battery make.
3. Reaffirming the
Degradation, Efficiency etc., from the suppliers
2. Container Design and
CFD analysis for HVAC system.
3. Firefighting, Lighting, Electrical, DC panels, Control Cabinets within the container
1. Choosing the optimum size of the PCS, MV Station to reduce the BESS footprint.
2. Asserting the optimum design temperature for the MV design.
3. Estimating the Power Factor requirements .
1. Studying the grid requirements.
2. Designing the functional requirements of the EMS/Hybrid Controller.
3. Designing a common
Power Plant Controller for the Solar and BESS side.
1. Exploring all the possible ways to reduce the Installation and Commissioning Cost of BESS.
2. Utilizing the common subcontractors, tools & machineries to reduce the cost
1. On Site & Off Site 24*7 monitoring services.
2. Long Term O&M
Contract.
3. Support during the
augmentation in future to reduce the initial capital cost
9
Floating Solar – Ushering in the next wave of sustainability
Floating solar plants have an advantage over ground-mounted solar plants owing to their negligible land requirement as these plants can be installed on reservoirs, industrial pools or even small lakes.
We offer turnkey EPC for floating solar PV plants. Our Services include:
• Anchoring & mooring installation • Project management & planning • Module/Equipment floating structure installation • Maintenance manual & design book issuance • Bathymetric study as per the terms & geotechnical assessment study
Floating Solar Solutions
We have constructed India’s first floating Solar Project - 455 kWp in Kerala, India
Solar EPC
10
India’s
1st
Floating Solar Project
O&M – Maintaining relationships that last Global Operations & Maintenance (O&M) portfolio, and strong expertise working with the leading equipment manufacturers and constructors. Over seven years experience in the O&M of solar power stations – meticulously caring for the useful life of assets, maximizing profitability, streamlining performance and availability, and minimizing consumption and operating costs
Centralized Monitoring System • Single Platform to Monitor Solar, Wind, Storage & Hybrid • Optimized O&M Cost Optimized frequency of plant maintenance & module cleaning • Accessibility via Mobile App & Web • • Artificial Intelligence & Machine learning
Real-time & Predictive Analytics Optimal generation with analytics
Solar O&M Best Practices Mark
✓ Our processes meet the highest international standards ✓ We follow the best practices towards O&M of solar projects ✓ We practice standard exhaustive checklist provided by Solar Power Europe and scored more than the threshold level
Our Expertise • Drone Thermography • IV Curve Diagnostic • Mechanized and Robotic Cleaning • Strong Analytics and Predictions • In-house Cable Fault Locating System • Computerized Maintenance Management System
Mobile Testing Facility • On-site flash testing of PV modules (Sun Simulator/ Flash Tester A+A+A+ class, Best in class) • On-site EL testing of PV modules (Electroluminescence Tester, On site EL tester, Best in class) • On-site thermography of PV modules (Infrared Imaging, Best in class) • On-site I-V array testing of strings / modules (Best in class)
O&M Manpower Strength •
544+ in-house team with expertise in advanced technologies
O&M
Asset Management
2Q FY2026
9.1 GW
FY 2018
1.8 GW
O&M Portfolio has grown ~5X in 7 years * Total O&M capacity as of Sep 2025
11
On a Strong Footing
| TRACK RECORD
Strong Execution Record
Commissioned: 11.6 GW Under-Construction: 12.8 GW
Annual Global Installation
Strong Balance Sheet March 25 Net worth: INR 995 cr March 25 Net D/E: 0.18x BBB+ / Stable (Credit Rating) *
Core of Project Execution
Global Manpower Strength: 3,017
Over 40 projects under execution
New Order Inflows (INR Cr)
Revenue (INR Cr)
India Focused Order Book ^
6,023
7,051
4,387
FY23
FY24
FY25
* As of September 2025; ^ As of Mar 2025
6,302
x
3,035
FY24
FY25
2,015
FY23
International, 15.5%
India, 84.5%
12
Why Us
| WHAT DIFFERENTIATES US
Expeditious Quick Decision Making & well-defined internal processes leading to timely execution
Experience Strong Track Record of executing complex & large-scale EPC projects leading to high customer retention and repeat business
Talent Pool Strong in-house Design and Engineering team providing customized solutions
Cost Effective Leveraging the Low-Cost India Base for global execution providing cost competitive solutions
Global Presence One of the only Global Pure-Play Solar EPC players with a significant presence and operational experience across geographies
Strong Relationships A Bankable Player with strong relationships with customers and other key stakeholders
13
Our Presence
| ACROSS THE GLOBE
Europe 266 MWp
UK
Spain
Italy
Jordan
Kazakhstan
USA 455 MWp
Morocco
Egypt
UAE
Vietnam
USA
Mexico
MENA 1,969 MWp
Mali
Nigeria
Saudi Arabia
Thailand
Oman
Kenya
Tanzania
Zambia
India
India 19,264 MWp
Singapore
Southeast Asia 323 MWp
Philippines
Latin America 575 MWp
Chile
Argentina
Namibia
South Africa
Rest of Africa 610 MWp
Australia
Australia 1,113 MWp
New Zealand
14
Offices in 28 Countries
Projects in 20 Countries
As of September 30, 2025
Market Opportunity
Solar Market Outlook
| INDIA SOLAR INSTALLATIONS GROWTH TRAJECTORY REMAINS STRONG
PROJECTED ANNUAL ‘UTILITY-SCALE + COMMERCIAL’ PV INSTALLATIONS IN INDIA (GW)
58.6
50.6
42.4
44.9
43.7
37.9
31.7
12.8
2023
2024
2025E
2026E
2027E
2028E
2029E
2030E
Source: BNEF
16
Solar Market Outlook
| CORE INTERNATIONAL MARKETS’ OUTLOOK IS ALSO PROMISING
PROJECTED ANNUAL ‘UTILITY-SCALE + COMMERCIAL’ INSTALLATIONS IN EMEA (GW)
63.9
66.6
60.7
59.7
56.8
57.2
55.7
47.4
9.4
12
22.9
25.5
18.1
27.1
28.2
31.9
2023
2024
2025E
2026E
2027E
2028E
2029E
2030E
Europe
Middle East & Africa
Source: BNEF
17
Financial Highlights | Q2 FY 2026
Financials
| KEY HIGHLIGHTS FOR Q2 FY26
REVENUE (INR CR)
GROSS PROFIT (INR CR)
70% YoY
1,762
1,749
50% YoY
205
156
1,031
104
Q2FY25
Q1FY26
Q2FY26
Q2FY25
Q1FY26
Q2FY26
Operational EBITDA (INR CR)
PAT (INR CR) *
170% YoY
123
62
23
9
Q2FY25
39
Q1FY26
Q2FY26
Q2FY25
Q1FY26
Q2FY26
* Exceptional one-time write-off of ~INR 580 cr in Q2FY26 due to adverse arbitration ruling
19
-478
Financials
| KEY HIGHLIGHTS FOR Q2 FY26
CURRENT UOV
UOV BY REGION
9,096
9,287
International 16.1%
MAR 2025
CURRENT
ORDER INFLOW YTD
BID PIPELINE – FY26
South Africa 27%
INR 3,775 cr
India 73%
India, 83.9%
India
International
16%
25.4 GW
84%
20
Financials
| BALANCE SHEET UPDATE
DEBT LEVELS (INR CR)
1194
902
742
178
Gross Debt
Net Debt
Mar-25
Sep-25
KEY DEVELOPMENTS IN 1H FY26
• New term loan of INR 475 crore from IREDA
•
•
•
Ratings of Working Capital facilities and Term Loans upgraded to BBB+ with Stable Outlook in June 2025 by Infomerics Ratings
Improved ratings helped to enhance / tie-up new working capital facilities, and reduction of LC / BG charges
Fresh sanctions for working capital facilities from 3 new banks
NET WORKING CAPITAL (INR CR)
RECURRING OVERHEADS (INR CR)
Q2FY25
Q1FY26
Q2FY26
94
-348
-279
81
83
-732
Q2FY25
Q1FY26
Q2FY26
21
Financials
| CONSOLIDATED PROFIT & LOSS – Q2 FY26
INR Crore
Q2FY26
Q2FY25
Q1FY26
FY2025
REVENUE BY SEGMENT (INR CR)
GROSS PROFIT BY SEGMENT (INR CR)
Revenue from Operations
Gross Profit
Gross Margin %
EBITDA
EBITDA Margin %
PBT
PBT Margin %
PAT
PAT Margin
1,749
156
8.9%
(470)
NM
(504)
NM
(478)
NM
1,031
104
10.1%
51
4.9%
20
1.9%
9
0.8%
1,762
205
11.7%
102
5.8%
75
4.2%
39
2.2%
6,302
638
10.1%
276
4.4%
163
2.6%
86
1.4%
O&M 64
O&M 15
International EPC 45
International EPC 492
Domestic EPC 1,193
Domestic EPC 96
• Revenue has grown 70% YoY in Q2, aided by higher execution pace in Domestic and International EPC projects. 1HFY26 revenue at INR 3,510 crore compared to 1HFY25 revenue
of INR 1,946 crore (up 80% YoY)
• 1HFY26 Gross margins were 10.3% compared to 10.1% for FY25. 2QFY26 Gross margins were lower at 8.9% due to commencement of revenue recognition in high value turnkey
domestic orders including module supply, which are lower margins than BOS projects and impacted reported domestic EPC gross margins
• Company incurred a P&L write-off due to adverse arbitration ruling in US subcontractor case (~INR 580 cr), which led to consolidated EBITDA loss of INR 470 crore in Q2FY26
22
Financials
| CONSOLIDATED PROFIT & LOSS – 1H FY26
Key Provisions / Write-off in Consolidated Accounts
• US sub-contractor matter (INR 580.1 crore)
• During the quarter, the Arbitral Tribunal passed an interim award whereby the claims that were considered recoverable of INR 485.64 crore (USD 55.06 million) by
a wholly-owned subsidiary were dismissed and the subcontractor has been granted a claim amount of INR 56.80 crore (USD 6.44 mill ion) plus interest
• Accordingly, during the quarter, the Group has charged off INR 580.10 crore (including legal cost) in the Statement of Unaudited Financial Results for the quarter
and six months ended 30 September, 2025 and classified the same as an Exceptional item
Key Provisions / Write-off in Standalone Accounts
• The Company's investment in a subsidiary, loans given, along with accrued interest thereon and other receivables aggregated to INR 3,196.76 crore
a) Considering the unfavourable outcome arising from the arbitration order resulting in loss of amounts that were considered recoverable and the outflows towards honouring settlement with a subcontractor, INR 599.70 crore are considered non recoverable from the wholly owned subsidiary and hence, the Company has written off the loans to that extent
b) Further, considering the uncertainty with respect to the projected cash flows expected from the revenue contracts where Letters of Intent or Memorandum of Understanding have been signed, due to expected revisions to key contract terms and revised cashflows considered for the refund of encashed bank guarantees, recovery of remediation costs incurred on projects and amounts recoverable under the indemnity agreement with the Promoter Selling Shareholders, INR 2,038.72 crore are considered doubtful of recovery from the wholly owned subsidiary, for which an impairment provision has been made during the quarter. Accordingly, the Company has impaired the loans by INR 1,293.68 crore, interest accrued by INR 344.43 crore, other receivables by INR 156.20 crore and Investments by INR 244.41 crore
The said amounts under (a) and (b) aggregating to INR 2,638.42 crore have been classified under Exceptional Item in the Statement of Unaudited Financial Results for the quarter and six months ended 30 September 2025
23
Financials
| CONSOLIDATED BALANCE SHEET – September 2025
INR Crore
Sep-25
Mar-25
Breakdown of Net Working Capital (INR Crore)
Sep-25
Mar-25
Liabilities + Shareholders’ Equity
Shareholders Equity
Bank Borrowings
Other Liabilities
Total Liabilities + Shareholders’ Equity
Assets
Fixed assets (including right to use assets)
Cash & Bank balance (including fixed deposit)
Other assets
Total Assets
460
1,194
3,205
4,859
41
452
4,366
4,859
995
902
3,733
5,630
46
724
4,860
5,630
Current Assets
Inventories
Receivables (including unbilled)
Receivable days
Advances to suppliers
Current Liabilities
Trade payables
Payable days
Advances from Customers
Net Working Capital
2,704
2
2,520
131
182
2,983
2,215
128
768
(279)
2,941
3
2,582
150
356
3,543
2,750
177
793
(602)
• Net debt has increased due to higher payment of vendors from the fresh loan taken at end of Q4FY25 and in 2QFY25
• Net working capital continues to remain negative at INR 279 crore as at September 2025
24
Corporate
| SOCIAL RESPONSIBILITY
As a responsible organization, we strive to ensure the well being of all our stakeholders, by placing sustainability at the heart of everything we do.
OHSSAI Safety Award 2024
s e i t i
v
i t c A R S C r u O
Inclusive Learning Environment
Women Economic Empowerment
Digital Inclusion
Industry Ready Workforce
OUR PROCESSES SUPPORT
• Outreach • Growth • Encouragement • Collaboration • Engagement
• Communities • Employees • Regulators • Vendor Partners • Environment
25
For further information, please contact:
Company :
Investor Relations Advisors :
Sterling and Wilson Renewable Energy Limited
Strategic Growth Advisors Private Limited
CIN: L74999MH2017PLC292281
CIN: U74140MH2010PTC204285
Mr Sandeep Mathew Head – Investor Relations
Email: ir@sterlingwilson.com
www.sterlingandwilsonre.com
Mr Jigar Kavaiya / Mr. Parin Narichania
+91 9920602034 / +91 9930025733
Email: jigar.kavaiya@sgapl.net / parin.n@sgapl.net
www.sgapl.net