SWREL’s Q2 FY26 revenue rose 70% YoY to INR 17.5 billion, driven by strong project execution, according to the company
It reported a net loss of INR 4.78 billion due to a one-time US arbitration write-off
Order inflows reached INR 37.75 billion in FY26, with a strong India-focused pipeline
Sterling & Wilson Renewable Energy Limited (SWREL), an India-based renewable energy EPC company, has reported a 70% year-on-year (YoY) rise in revenue to INR 17.5 billion for Q2 FY26 (period ending September 30, 2025). Its total revenues for the quarter were driven by domestic EPC contracts.
This increase was driven by stronger execution of domestic and international projects, however it was down slightly compared to INR 17.62 billion in Q1 FY26.
However, the company posted profit before tax (PAT) or net loss of INR 4.78 billion for the reporting quarter, compared to INR 390 million net profit reported for Q1 FY26, and INR 90 million net profit in Q2 FY25.
The PAT loss is due to an exceptional charge that the company attributes to a one-time write-off of about INR 6.37 billion following an unfavorable arbitration ruling in the US regarding its US subsidiary Sterling & Wilson Solar Solution (SWSS), along with other provisions.
Its reported EBITDA for the quarter was also in the negative at INR 4.70 billion owing to this reason.
SWREL’s operational EBITDA of INR 620 million improved 170% YoY, but went down by almost 50% quarter-on-quarter (QoQ), Similarly, gross profit of INR 1.56 billion during the reporting quarter rose by 50% YoY but dropped by 24% QoQ.
The company’s Global CEO CK Thakur stressed on the sound ‘underlying business fundamentals’ despite the write-off.
SWREL reports strong increase in order booking as it secured projects worth nearly INR 30 billion during Q2 FY26 taking its total order inflow this fiscal to INR 37.75 billion which is India heavy.
“The current unexecuted order value stands at INR 9,287 crore, providing execution and revenue visibility. The overall order pipeline continues to remain healthy, driven by upcoming opportunities in India, Africa and Europe,” stated the company.
At the end of September 30, 2025, SWREL says it had over 24.4 GW of EPC portfolio of utility-scale solar, floating solar, hybrid and energy storage wind solutions, along with an O&M portfolio of 9.1 GW, including for projects constructed by third parties.