Sterling and Wilson Renewable Energy Limited has informed the Exchange about Investor Presentation
April 23, 2026
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 Audited Standalone and Consolidated Financial results of Sterling and Wilson Renewable Energy Limited (“the Company”) for the quarter and year ended March 31, 2026.
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 Audited Standalone and Consolidated Financial results of the Company for the quarter and year ended March 31, 2026.
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 – Q4 FY26 23 Apr 2026
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
Market Leader
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.
Leading Solar EPC solutions provider in the world
E C N E L L E C X E L A N O T A R E P O
I
EPC Portfolio 27.3 GWp
O&M Portfolio 13.5 GWp
Global Manpower 3,459
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
I
C 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
2026
Commissioned 4.5 GW AC capacities in FY26
Achieved highest annual turnover post IPO
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 10 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
Long Term Supply Agreement with leading Battery Manufacturers
In House Containers Strong CFD and CAE Internal Design. ISO certified Process
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
Decade long MV side experience. Strong Service Level Agreements
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 .
Strong Partnerships with leading solutions providers
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.
27.3 GWp of Installation & Commissioning experience in 28 countries.
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
OPERATIONS & MAINTENANCE
13.5 GWp of Solar O&M Experience
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 • •
Real-time & Predictive Analytics Optimal generation with analytics Artificial Intelligence & Machine learning
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
FY 2026
13.5 GW
FY 2018
1.8 GW
O&M Portfolio has grown ~7X in 8 years * Total O&M capacity as of Mar 2026
11
O&M
Asset Management
On a Strong Footing
| TRACK RECORD
Strong Execution Record
Commissioned: 17.2 GW Under-Construction: 10.1 GW
Annual Global Installation
Strong Balance Sheet March 26 Net worth: INR 651 cr March 26 Net D/E: 0.9x BBB+ (Credit Rating) *
Core of Project Execution
Global Manpower Strength: 3,459
Over 50 projects under execution
New Order Inflows (INR Cr)
10,062
7,051
6,023
4,387
x
3,035
2,015
Revenue (INR Cr)
India Focused Order Book *
7,548
6,302
International, 21.7%
FY23
FY24
FY25
FY26
FY23
FY24
FY25
FY26
* As of Mar 2026
India, 78.3%
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 21,716 MWp
Singapore
Southeast Asia 323 MWp
Philippines
Latin America 575 MWp
Chile
Argentina
Namibia
South Africa
Rest of Africa 965 MWp
Australia
Australia 1,113 MWp
New Zealand
14
Offices in 28 Countries
Projects in 20 Countries
As of March 31, 2026
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 June 2025
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 June 2025
17
Financial Highlights | Q4 FY 2026
Financials
| KEY HIGHLIGHTS FOR FY26
REVENUE (INR CR)
GROSS PROFIT (INR CR)
20% YoY
7,548
6,302
24% YoY
793
638
3,035
313
FY24
FY25
FY26
FY24
FY25
FY26
Operational EBITDA (INR CR)
ORDER INFLOW (INR CR)
53% YoY
444
291
43% YoY
10,062
6,023
7,051
-13
FY24
FY25
FY26
FY24
FY25
FY26
19
Financials
| KEY HIGHLIGHTS FOR Q4 FY26
REVENUE (INR CR)
GROSS PROFIT (INR CR)
7% QoQ
2,519
263
2,092
1,946
18% QoQ
198
234
Q4FY25
Q3FY26
Q4FY26
Q4FY25
Q3FY26
Q4FY26
Operational EBITDA (INR CR)
PAT (INR CR)
49% QoQ
156
158
105
158% YoY
142
55
2
Q4FY25
Q3FY26
Q4FY26
Q4FY25
Q3FY26
Q4FY26
20
Financials
| KEY HIGHLIGHTS FOR Q4 FY26
UNEXECUTED ORDER VALUE (UOV)
UOV BY REGION
11,813
9,096
International 22%
MAR 2025
CURRENT
ORDER INFLOW YTD
International 24%
BID PIPELINE – FY27
International 12%
India, 78%
INR 10,062 cr
India 76%
31 GW
India 88%
21
Financials
ORDER INFLOWS EXCEED INR 10,000 CR; COMMISSIONED OVER 4.5 GW IN FY26
DEBT LEVELS RECEDE QoQ (INR CR)
KEY DEVELOPMENTS IN 4Q FY26
1,215
1,116
738
589
•
•
FY26 order inflows of ~INR 10,062 crore. Current UOV of ~INR 11,813 crore is at highest level post COVID
SWREL was declared L1 by Coal India for a ~1.2 GW DC turnkey project
• Highest annual commissioned capacities of ~4.5 GW AC in
FY26
Gross Debt
Net Debt
Dec-25 Mar-26
• O&M Portfolio has reached 13.5 GW in FY26 vs 8.7 GW
in FY25
NET WORKING CAPITAL (INR CR)
RECURRING OVERHEADS DECLINE (INR CR)
Q4FY25
Q3FY26
Q4FY26
105
93
78
-407
-329
-602
Q4FY25
Q3FY26
Q4FY26
22
Financials
| CONSOLIDATED PROFIT & LOSS – Q4 FY26
INR Crore
Q4FY26 Q4FY25 Q3FY26
FY2026
FY2025
Revenue from Operations
1,946
2,519
2,092
7,548
6,302
Gross Profit
Gross Margin %
EBITDA
EBITDA Margin %
PBT
PBT Margin %
PAT
PAT Margin
234
263
12.0%
10.4%
186
9.6%
154
7.9%
142
7.3%
116
4.6%
87
3.4%
55
2.2%
198
9.5%
51
2.4%
5
0.2%
2
0.1%
793
638
10.5%
10.1%
481
6.4%
(270)
NM
(296)
NM
276
4.4%
163
2.6%
86
1.4%
REVENUE BY SEGMENT (INR CR)
GROSS PROFIT BY SEGMENT (INR CR)
O&M 81
International EPC 224
O&M 15
International EPC 64
Domestic EPC 1,641
Domestic EPC 155
• FY26 Revenue of INR 7,548 crore (+20% YoY) is highest annual turnover since listing
• FY26 Gross margin of 10.5% improved versus FY25 Gross Margin of 10.1%. We expect Gross margins for EPC businesses to stabiliz e around 8-10% (depending on Turnkey/BOS),
and O&M at ~20%. Q4FY26 gross margins were strong in International EPC due to 3 projects achieving commissioning ahead of bud geted costs
• FY26 Operational EBITDA reached INR 444 crore (5.9% margin), a growth of 53% YoY. EBITDA margins are more reflective of stead y-state levels. Annual recurring overhead of
INR 349 crore remains in-line with FY25 levels
• Q4FY26 Reported PAT of INR 142 crore is highest quarterly PAT since listing. Reported FY26 PAT was negatively impacted by exceptional items (primarily related to Litigation
matters reported during Q2-Q3) leading to a Loss of INR 296 crore
23
Financials
| SEGMENT OUTLOOK
DOMESTIC - EPC
Domestic EPC has been the key growth engine, and outlook remains strong
9,251
1. Robust order inflows has driven Domestic UOV as of Mar 26 to INR 9,251 cr
5,074
5,836
2. Gross margins anticipated at 8-10% depending on contract (turnkey/BOS)
12,000
9,000
6,000
3,000
0
UOV - Domestic
FY25 Revenue
FY26 Revenue
INTERNATIONAL EPC
2,562
2,500
2,000
1,500
1,000
500
0
1,444
991
International EPC is growing from a small base post Covid with high potential
1. South Africa has been a key market in FY26, where we won 2 new projects. Going
forward, Africa / Middle east is expected to remain our main focus region
2. Company has been able to execute post-Covid international projects at attractive
margins
UOV International
FY25 Revenue
FY26 Revenue
OPERATIONS & MAINTENANCE
O&M at a key inflection point
210
7.6
237
8.7
300
240
180
120
60
0
269
13.5
15.0
12.0
9.0
6.0
3.0
0.0
FY24 Revenue
FY25 Revenue
FY26 Revenue
India
O&M Portfolio (GW)
1. O&M Portfolio stands at 13.5 GW as of March 2026 compared to 8.7 GW in FY25. Further, increase in portfolio driven by organic growth (from own EPC), and third party acquisitions is anticipated to continue to increase top-line
2. Stable annuity business, streamlining operations to improve efficiency / margin
24
Financials
| CONSOLIDATED BALANCE SHEET – March 2026
INR Crore
Mar-26
Dec-25
Mar-25
Breakdown of Net Working Capital (INR Crore)
Mar-26
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
651
1,164
3,502
5,317
41
575
4,701
5,317
488
1,215
3,400
5,103
40
477
4,586
5,103
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
2,976
2
2,847
138
127
3,305
2,501
135
804
(329)
2,941
3
2,582
150
356
3,543
2,750
177
793
(602)
• Net debt has decreased by ~INR 149 cr versus last quarter reflecting stronger cash flow generation and scheduled repayments done
• Net working capital continues to remain negative at INR 329 crore as of Mar 2026
25
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
26
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