Results reported 15 October 2026 | Renewable energy EPC | Consolidated
The Quick Take
Sterling and Wilson’s Q2 FY27 revenue fell 12.7% to Rs 1,527 cr, as international EPC execution slowed. EBITDA fell 40% to Rs 66 cr, and sequentially too. Profit was Rs 17 cr, against a Rs 478 cr loss a year earlier, which is a low base.
Q2 FY27 snapshot (consolidated, Rs crore)
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Revenue | 1,527 | 1,590 | 1,749 |
| Gross profit (margin) | 140 (9.2%) | 157 (9.9%) | 156 (8.9%) |
| EBITDA (margin) | 66 (4.3%) | 96 (6.0%) | 110 (6.3%) |
| PAT | 17 | 53 | -478 (loss) |
- H1 FY27 revenue Rs 3,118 cr (vs Rs 3,510 cr); H1 PAT about Rs 70 cr.
- Segments: domestic EPC Rs 1,366 cr; international EPC Rs 62 cr; O&M Rs 99 cr (up about 55%).
Order book and balance sheet
Unexecuted order value Rs 12,481 cr at September, against Rs 11,813 cr in March. H1 order inflow Rs 3,626 cr. Receivable days rose to 176 from 138. Auditors flagged emphasis-of-matter paragraphs on receivables in NCLT and arbitration matters.
Management commentary
No guidance in the sources. The company’s global CEO said the focus is on disciplined execution, operational efficiency and converting the pipeline.
Risks
- Execution ramp needed in H2.
- Rising receivable days and lower cash.
- Contested guarantees and claims.
Setup
Neutral. The order book is near highs, but revenue and EBITDA are falling. H2 execution is the swing factor.
This is educational analysis, not personalized investment advice. Do your own research before investing.
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