Sterling and Wilson Renewable Energy Ltd

Meeting Details

• Date: Thursday, August 27, 2026; time not disclosed.
• Type: group investor meeting; mode: not disclosed.
• Organizer: DAMCapital Advisors Limited.
• Key participants: Company officials (roles not specified).
• Purpose: investor/analyst interaction.

Meeting Details

• Date/time: July 17, 2026, 10:00 IST.
• Type/Mode: group investor/analyst conference call; virtual audio recording.
• Event: Investors Call Q1 FY27.

Participants

• Key company participants: Company Secretary and Compliance Officer.

Purpose

• Purpose: discuss Q1 FY27 unaudited results with investors/analysts.

Availability

• Recording available on the company's website.

Business Overview

• Global turnkey solar EPC and O&M provider with BoS and storage solutions.
• Offers floating solar, solar plus storage, and hybrid energy projects.
• Operations across 28 countries with 4,138 employees.

Operational Highlights

• Egypt turnkey project: 1 GW plus 600 MWh BESS via 50-50 JV; SWREL share ~INR 2,641 cr.
• Record Unexecuted Order Value of INR 13,024 cr as of June 2026.
• O&M portfolio reaches 18.3 GW; O&M revenue growth ~40% YoY.
• Debt stable; scheduled repayments reduced gross debt; bank borrowings down ~INR 129 cr.
• UOV split by region: India 39%, International 61%.

Financial Performance

• Q1 FY27 revenue INR 1,590 cr; gross margin 9.9%; EBITDA 96 cr; PAT 53 cr.
• EBITDA margin 6.0%; PAT margin 3.3%.
• EPC gross margin expected 8-10%; O&M margin about 20%.
• Six EPC projects awaiting execution; potential lift to H2 revenue.
• Net working capital negative INR 260 cr; cash INR 400 cr; net debt-to-equity 0.9x.

Capital Structure & Liquidity

• Bank borrowings declined ~INR 129 cr in Q1 FY27 due to repayments.
• Cash and cash equivalents INR 400 cr; negative working capital INR 260 cr.
• BBB+ credit rating; net worth INR 709 cr; net D/E 0.9x.

Strategic Priorities & Outlook

• Expand O&M portfolio; growth driven by 18.3 GW base.
• Capex focus on scaling BESS and floating solar offerings.
• Maintain EPC margins at 8-10%; O&M margins ~20%.
• UOV visibility supports revenue visibility; six EPC projects pending execution.

Risks & Mitigation

• Execution risk on six EPC projects; revenue recognition likely in 2H FY27.
• Potential BESS/grid-approval delays; mitigated by diversified regional exposure.

Q1 FY27 highlights

• Q1 FY27 unaudited results; UOV ~INR 13,000 crore, highest post-Covid.
• PAT grew 36% YoY; O&M revenue up 40% YoY.
• Domestic EPC order book ~INR 7,900 crore; margins 9-10%.

Major international order

• USD 560 million West Minya Solar Power Project in Egypt via 50:50 JV.

Debt and capital

• Term debt declined sequentially by ~INR 160 crore due to scheduled repayments.

Outlook and pipeline

• Bid pipeline over 27.7 GW; diversified across solar, wind, storage and O&M.

Portfolio overview

• O&M portfolio 18.3 GWp; total portfolio 28.7 GWp.

Financial results approved

• Unaudited standalone results for quarter ended 30 June 2026 approved.
• Unaudited consolidated results for quarter ended 30 June 2026 approved.
• Limited review reports by statutory auditors accompanying the results approved.
• Note: 19 overseas branches not reviewed.

Auditor remarks

• Auditors highlight indemnity agreement with promoter selling shareholders and recoverability prospects.
• Conclusions on standalone and consolidated results remain unmodified.

Other disclosures

• Stock options: 9,671 equity shares allotted post-period end.
• Notes describe recoverability risk and indemnity framework for receivables and bank guarantees.
• Overseas branch details indicate branches outside India included in group results.

Arbitration update

• SWSAPL, a material subsidiary, commenced arbitration against Shell New Energies Australia under LCIA Rules on July 14, 2026.
• Disputes relate to EPC and O&M contracts for Gangarri Solar Farm in Queensland, Australia.
• Arbitration forum: Arbitral Tribunal to be formed under LCIA Rules.
• Potential damages if full 120 MW with harmonic filters: AUD 28,029,620.50 and USD 1,638,628.
• Scenario B reduced capacity 95 MW without harmonic filters: AUD 20,604,122.57 and USD 1,638,628.
• Recovery of claims if arbitration is successful.
• Date of filing: July 14, 2026.
• Claimant is Sterling and Wilson Solar Australia Pty Ltd; opposing party is Shell New Energies Australia Pty Ltd.

Meeting Details

• Date and time: Friday, July 17, 2026 at 10:00 AM IST.
• Type and mode: Investors/Analyst conference call; virtual.
• Event: Q1FY27 Earnings Call by Sterling and Wilson Renewable Energy Limited.

Participants

• Global CEO; CFO; Senior VP - Investor Relations will participate.

Purpose

• Discuss Q1FY27 operational and financial performance.

Additional Notes

• Pre-registration required to participate in the virtual call.

Meeting Details

• Board meeting scheduled for Thursday, July 16, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited consolidated and standalone financial results for quarter ended June 30, 2026.

Other Notes

• Trading window closed from July 1, 2026, remaining closed for 48 hours after results declaration.