SWSOLARSterling and Wilson Renewable Energy Ltd

Sterling and Wilson Renewable Energy Q2 FY27 Results: Consolidated Net Profit ₹16.82 Crore on Total Income of ₹1,542 Crore

Earnings
Renewable Energy

Blacklitt Research15 October 20263 min read

Rows of solar panels in a photovoltaic power station — Illustrative image. Photo: Chris Allan, U.S. Department of Energy, via Wikimedia Commons (public domain)

Sterling and Wilson Renewable Energy reported consolidated total income of ₹1,541.72 crore and net profit of ₹16.82 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹1,475.56 crore and net profit was ₹27.88 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹1,542 crore, down 17.1% YoY, down 4.3% QoQ
Net profit: ₹16.82 crore, against a loss of ₹478 crore in Q2 FY26, down 68.4% QoQ
EPS: ₹0.82
Other income: ₹14.22 crore, against ₹111.05 crore in Q2 FY26

Standalone

The company on its own, without its subsidiaries

Total income: ₹1,476 crore, up 11.6% YoY, down 1.7% QoQ
Net profit: ₹27.88 crore, against a loss of ₹2,584 crore in Q2 FY26, down 58.9% QoQ
EPS: ₹1.19
Finance costs: ₹49.76 crore, up 50.9% YoY and 28.0% QoQ

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,541.72	1,859.65	-17.1%	1,610.31	-4.3%
Revenue from operations	1,527.50	1,748.60	-12.6%	1,590.13	-3.9%
Other income	14.22	111.05	-87.2%	20.18	-29.5%
	16.82	-477.62	n/a	53.27	-68.4%
Finance costs	49.80	35.55	+40.1%	38.92	+28.0%
Depreciation	3.69	2.73	+35.2%	3.31	+11.5%
Tax expense	0.01	-25.79	n/a	3.38	-99.7%
Net profit margin	1.09%	-25.68%	+26.77 pp	3.31%	-2.22 pp
Tax as share of profit before tax	0.1%	n/a	n/a	6.0%	-5.91 pp
EPS, basic (₹)	0.82	n/a	n/a	2.32	-64.7%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The group moved from a loss to a profit while its revenue fell. Revenue from operations fell 12.6% to ₹1,527.50 crore, and net profit was ₹16.82 crore against a loss of ₹477.62 crore a year earlier and a profit of ₹53.27 crore in June. Other income fell to ₹14.22 crore from ₹111.05 crore, so the profit is not helped by the large other-income item of a year ago, and finance costs rose 40.1% to ₹49.80 crore.

Tax was nil (₹0.01 crore), against a credit of ₹25.79 crore a year ago. The group's year-earlier loss of ₹477.62 crore is far smaller than the standalone loss of ₹2,583.54 crore, so most of the standalone exceptional item does not carry through to the group; the text of the filing that could be read does not explain why.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,475.56	1,322.08	+11.6%	1,501.84	-1.7%
Revenue from operations	1,456.33	1,276.07	+14.1%	1,487.11	-2.1%
Other income	19.23	46.01	-58.2%	14.73	+30.5%
	27.88	-2,583.54	n/a	67.80	-58.9%
Finance costs	49.76	32.98	+50.9%	38.88	+28.0%
Depreciation	3.31	2.32	+42.7%	2.91	+13.7%
Tax expense	1.52	-38.98	n/a	3.02	-49.7%
Net profit margin	1.89%	-195.41%	+197.30 pp	4.51%	-2.63 pp
Tax as share of profit before tax	5.2%	n/a	n/a	4.3%	+0.91 pp
EPS, basic (₹)	1.19	n/a	n/a	2.90	-59.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Take out the exceptional item and the standalone quarter is small. The year-earlier loss was due to an exceptional loss of ₹2,638.42 crore; before it, profit was ₹15.90 crore, so this quarter's profit before tax of ₹29.40 crore is about 1.8 times the like-for-like figure (derived). Revenue from operations rose 14.1% to ₹1,456.33 crore but fell 2.1% from June, and profit fell 58.9% from ₹67.80 crore as finance costs rose 28.0% and other income, which was ₹19.23 crore, stayed small.

For H1 FY27 profit before tax is ₹100.22 crore against a loss of ₹2,527.29 crore. The auditors' report refers to branches located outside India. Direct project costs were ₹380.12 crore and employee costs ₹41.24 crore for the quarter, and the filing does not explain the fall from June.

Inference

Sterling and Wilson's swing to profit is mostly the absence of last year's exceptional loss, and revenue is lower at group level than a year ago.

Finance costs are rising faster than revenue, and the filing does not explain the fall in profit from the June quarter.

Reference: Original filing (PDF)

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