SWREL reported profit in H1 FY27 after recording a substantial loss in the same period last year
The management says lower execution of international EPC projects affected its revenue, while domestic EPC revenue increased
The company’s order book and O&M portfolio expanded as it secured new solar and energy storage projects
Sterling and Wilson Renewable Energy Limited (SWREL) reported a profit for H1 FY27, with its domestic EPC business and O&M segment supporting performance. However, lower execution of international EPC projects weighed on its revenue and margins.
The India-headquartered global EPC group company posted a profit after tax (PAT) of INR 70 crore in H1 FY27, compared with a loss of INR 439 crore in the same period last year.
Revenue for H1 FY27 fell to INR 3,118 crore from INR 3,510 crore a year earlier. Gross profit for the first six months of the financial year fell to INR 297 crore from INR 361 crore, while operational EBITDA fell to INR 134 crore from INR 184 crore.
For Q2 FY2027, SWREL reported a PAT of INR 17 crore, compared with a loss of INR 478 crore in Q2 FY26, yet it narrowed from INR 53 crore in the previous quarter. Revenue declined to INR 1,527 crore from INR 1,749 crore in the year-ago quarter and INR 1590 crore in Q1 (see Sterling & Wilson’s Q2 FY26 Revenues Up, Profit Down).
The company attributed the revenue decline to lower execution in its international EPC segment, where older projects are nearing completion and newly awarded projects have yet to begin execution.
SWREL’s domestic EPC business recorded revenue of INR 2,768 crore in H1 FY27, up 12.6% from INR 2,458 crore in the corresponding period last year. Its domestic unexecuted order value (UOV) stood at INR 6,943 crore as of September 2026. In contrast, international EPC revenue dropped to INR 165 crore from INR 929 crore in H1 FY26. The company said execution of recently awarded projects is expected to begin in H2 FY27. The international UOV reached INR 5,538 crore.
SWREL’s total UOV reached INR 12,481 crore in September 2026, up 34% year-on-year (YoY), with reported order inflows of INR 3,626 crore in H1 FY27.
At the end of the reporting period, its O&M portfolio expanded to 18.9 GW as of September 2026, compared with 13.5 GW in March 2026. Revenue from the segment rose about 50% YoY to INR 183 crore in H1 FY2027, from INR 124 crore in H1 FY2026.
Global CEO Chandra Kishore Thakur said the company’s focus remains on 'disciplined execution, operational efficiency and converting our growing project pipeline into sustainable, profitable growth'.
