Sterling and Wilson Renewable Energy Limited — quarter and financial year ended 31 March 2026
Sterling and Wilson Renewable Energy Limited
Regd. Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai – 400043
Phone: (91-22) 25485300 | Fax: (91-22) 25485331 | CIN: L74999MH2017PLC292281
Email: info@sterlingwilson.com | Website: www.sterlingandwilsonre.com
April 23, 2026
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai – 400 001
Scrip Code: 542760
National Stock Exchange of India Limited
Exchange Plaza
Bandra Kurla Complex
Bandra (East), Mumbai – 400 051
Symbol: SWSOLAR
Dear Sir/ Ma’am,
Sub.: Outcome of the Board Meeting of Sterling and Wilson Renewable Energy Limited (“the Company”) for the quarter and financial year ended March 31, 2026
a) Audited Financial Results for the quarter and financial year ended March 31, 2026; and
b) Auditors’ Reports with unmodified opinion on the aforesaid Audited Financial Results.
See accompanying Notes to Standalone Financial Results.
| Sr No. | Particulars | For the quarter ended 31-Mar-26 (Unaudited) (Refer Note 8) | For the quarter ended 31-Dec-25 (Unaudited) | For the quarter ended 31-Mar-25 (Unaudited) (Refer Note 8) | For the year ended 31-Mar-26 (Audited) | For the year ended 31-Mar-25 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Income | |||||
| Revenue from operations | 1,719.12 | 1,805.51 | 2,018.31 | 6,163.81 | 5,387.04 | |
| Other income (net) | 37.22 | 32.68 | 33.82 | 178.57 | 205.34 | |
| Total Income | 1,756.34 | 1,838.19 | 2,052.13 | 6,342.38 | 5,592.38 | |
| 2 | Expenses | |||||
| Cost of construction materials, stores and spare parts | 1,138.58 | 1,279.93 | 1,543.06 | 4,277.74 | 4,076.89 | |
| Changes in inventories of stock in trade | – | – | – | – | – | |
| Direct project costs | 426.27 | 362.95 | 274.34 | 1,330.78 | 772.99 | |
| Employee benefits expense | 39.61 | 33.05 | 40.43 | 137.76 | 136.51 | |
| Finance costs | 44.13 | 45.57 | 30.99 | 151.71 | 106.23 | |
| Depreciation and amortisation expense | 2.69 | 2.51 | 2.36 | 9.90 | 9.72 | |
| Other expenses | 19.61 | 44.44 | 53.69 | 159.60 | 124.31 | |
| Total Expenses | 1,670.89 | 1,768.45 | 1,944.87 | 6,067.49 | 5,226.65 | |
| 3 | Profit before exceptional items and tax (1-2) | 85.45 | 69.74 | 107.26 | 274.89 | 365.73 |
| 4 | Exceptional items (refer note 5) | (163.76) | – | – | (2,802.18) | – |
| 5 | Profit / (loss) before tax (3+4) | (78.31) | 69.74 | 107.26 | (2,527.29) | 365.73 |
| 6 | Tax Expense | |||||
| – Current tax | – | – | (2.29) | – | – | |
| – Tax adjustments relating to earlier period / year | – | 0.06 | – | 0.12 | 0.89 | |
| – Deferred tax charge/(credit) | (0.15) | (3.41) | 17.37 | (17.23) | 46.58 | |
| 7 | Profit / (loss) for the period / year (5-6) | (78.16) | 73.09 | 92.18 | (2,510.18) | 318.26 |
| 8 | Other comprehensive income / (loss) for the period / year | |||||
| Items that will not be reclassified to profit or loss | ||||||
| – Remeasurements of defined benefit liability | 0.72 | (0.51) | (2.65) | (2.01) | (4.43) | |
| – Income-tax relating to items that will not be reclassified to profit or loss | (0.18) | 0.13 | 1.12 | 0.51 | 1.12 | |
| Items that will be reclassified to profit or loss | ||||||
| – Effective portion of (losses) / gain on hedging instruments in cash flow hedges | – | – | – | (0.32) | – | |
| – Effective portion of gain / (losses) on hedging instruments in cash flow hedges reclassified to profit or loss | – | – | – | 1.59 | – | |
| – Exchange differences in translating financial statements of foreign operations | (4.07) | (3.34) | 0.20 | (38.41) | 3.68 | |
| Other comprehensive income / (loss) for the period / year (net of tax) | (3.53) | (3.72) | (1.33) | (39.91) | 1.64 | |
| 9 | Total comprehensive income / (loss) for the period / year (7+8) | (81.69) | 69.37 | 90.85 | (2,550.09) | 319.90 |
| 10 | Paid-up equity share capital (face value ₹ 1/-) | 23.35 | 23.35 | 23.35 | 23.35 | 23.35 |
| 11 | Other equity | – | – | – | 435.58 | 2,983.31 |
| 12 | Earnings per equity share (EPS) (of ₹ 1 each )(not annualised) | |||||
| (a) Basic | (3.35) | 3.13 | 3.95 | (107.50) | 13.64 | |
| (b) Diluted (refer note 10) | (3.35) | 3.13 | 3.94 | (107.50) | 13.62 |
| Particulars | As at 31-Mar-26 (Audited) | As at 31-Mar-25 (Audited) |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| (a) Property, plant and equipment | 15.44 | 12.84 |
| (b) Right-of-use assets | 16.52 | 22.45 |
| (c) Other intangible assets | 6.45 | 3.79 |
| (d) Financial Assets | ||
| (i) Investments | 559.87 | 804.28 |
| (ii) Loans | 110.50 | 1,521.41 |
| (iii) Other financial assets | 379.79 | 315.24 |
| (e) Deferred tax assets (net) | 40.64 | 22.90 |
| (f) Non-current tax assets (net) | 115.54 | 86.51 |
| (g) Other non-current assets | 13.65 | 4.72 |
| Total non-current assets | 1,258.40 | 2,794.14 |
| Current assets | ||
| (a) Inventories | 2.11 | 2.61 |
| (b) Financial Assets | ||
| (i) Investments | 0.50 | 0.01 |
| (ii) Trade receivables | 1,613.00 | 1,098.76 |
| (iii) Cash and cash equivalents | 205.16 | 380.73 |
| (iv) Bank balances other than (iii) above | 158.61 | 87.52 |
| (v) Loans | 2.18 | 181.92 |
| (vi) Other financial assets | 77.18 | 608.36 |
| (c) Other current assets | 1,452.69 | 1,846.73 |
| Total current assets | 3,511.43 | 4,206.64 |
| TOTAL ASSETS | 4,769.83 | 7,000.78 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity share capital | 23.35 | 23.35 |
| (b) Other Equity | 435.58 | 2,983.31 |
| Total equity | 458.93 | 3,006.66 |
| Liabilities | ||
| Non-current liabilities | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 497.42 | 523.79 |
| (ii) Lease liabilities | 16.42 | 23.77 |
| (iii) Other financial liabilities | 42.73 | 25.93 |
| (b) Provisions | 35.67 | 40.64 |
| Total non-current liabilities | 592.24 | 614.13 |
| Current liabilities | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 666.37 | 377.68 |
| (ii) Lease liabilities | 7.31 | 5.91 |
| (iii) Trade payables | ||
| Total outstanding dues of micro enterprises and small enterprises | 169.08 | 94.44 |
| Total outstanding dues of creditors other than micro enterprises and small enterprises | 2,004.62 | 2,105.82 |
| (iv) Other financial liabilities | 59.81 | 88.20 |
| (b) Other current liabilities | 799.18 | 697.35 |
| (c) Provisions | 6.83 | 5.71 |
| (d) Current tax liabilities (net) | 5.46 | 4.88 |
| Total current liabilities | 3,718.66 | 3,379.99 |
| Total liabilities | 4,310.90 | 3,994.12 |
| TOTAL EQUITY AND LIABILITIES | 4,769.83 | 7,000.78 |
| Particulars | Year Ended 31-Mar-26 (Audited) | Year Ended 31-Mar-25 (Audited) |
|---|---|---|
| Cash flows from operating activities | ||
| (Loss) / Profit before tax | (2,527.29) | 365.73 |
| Adjustments for: | ||
| Exceptional items (refer note 5) | 2,802.18 | – |
| Depreciation and amortisation expense | 9.90 | 9.72 |
| Impairment losses on financial assets | 60.03 | 29.53 |
| Bad debts written off / (back) | (0.29) | – |
| Rent Income | (0.64) | (0.71) |
| Profit on sale of investment (Mutual fund) | (0.77) | (0.84) |
| Profit on sale of property, plant and equipments (net) | (0.02) | (0.03) |
| Property, plant and equipment written off | 1.61 | 0.03 |
| Provision / (Reversal) for foreseeable losses | 0.82 | (0.22) |
| Finance costs | 151.71 | 106.23 |
| Interest income | (55.92) | (163.25) |
| Provision for mark-to-market (gain) on derivative instruments (net) | – | (0.33) |
| Unrealised foreign exchange (gain) (net) | (35.12) | (58.93) |
| Liabilities no longer required | (14.44) | (4.57) |
| ESOP Expense / (Reversal) | 1.72 | (0.51) |
| Share of profit in partnership firm | – | (8.78) |
| Operating profit before working capital changes | 393.48 | 273.07 |
| Working capital adjustments: | ||
| Decrease / (Increase) in inventories | 0.50 | (1.47) |
| (Increase) in trade receivables | (531.88) | (473.86) |
| (Increase) / Decrease in loans and advances | (0.35) | 0.24 |
| Decrease in restricted cash | 0.09 | 0.02 |
| Decrease in other financial assets | 58.55 | 6.51 |
| Decrease /(Increase) in other current and non-current assets | 321.70 | (372.20) |
| Increase in trade payable, other financial liabilities, other liabilities and provisions | 100.79 | 605.86 |
| Net change in working capital | (50.60) | (234.90) |
| Cash flows generated from operating activities | 342.88 | 38.17 |
| Income-tax paid (net) | (22.14) | (59.49) |
| Effects of exchange differences on translation of assets and liabilities | (38.41) | 3.68 |
| Net cash flows generated from / (used in) operating activities (A) | 282.33 | (17.64) |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment and intangible assets | (10.91) | (1.58) |
| Proceeds from sale of property, plant and equipment | 0.08 | 0.58 |
| Proceeds from sale of mutual funds (net) | 0.28 | 0.83 |
| (Investment) / Redemption in long term fixed deposits (net) | (27.14) | 10.32 |
| (Investment) in short term fixed deposits (net) | (71.18) | (65.15) |
| Loan given to subsidiaries | (552.36) | (229.24) |
| Loan repaid by subsidiaries | – | 70.66 |
| Interest received | 99.46 | 25.59 |
| Net cash flows (used in) investing activities (B) | (561.77) | (187.99) |
| Particulars | Year Ended 31-Mar-26 (Audited) | Year Ended 31-Mar-25 (Audited) |
|---|---|---|
| Cash flows from financing activities | ||
| Proceeds from secured long-term borrowings | 600.00 | 675.00 |
| Repayment of secured long-term borrowings | (353.63) | (196.41) |
| Repayment of secured short-term borrowings | – | (25.10) |
| Proceeds from secured short-term borrowings | 22.50 | 0.10 |
| Repayment from secured and unsecured short term borrowings (net) | (4.80) | (18.93) |
| Proceeds from issue of equity shares and share application money received for ESOP | 0.89 | 6.95 |
| Finance costs paid | (152.24) | (113.17) |
| Repayment of lease liabilities (including interest on lease liabilities) | (8.85) | (8.68) |
| Net cash flows generated from financing activities (C) | 103.87 | 319.76 |
| Net movement in currency translation (D) | – | 3.68 |
| Net Increase in cash and cash equivalents (A+B+C+D) | (175.57) | 117.81 |
| Cash and cash equivalents – Opening balance | 380.73 | 262.92 |
| Cash and cash equivalents – Closing balance | 205.16 | 380.73 |
| Particulars | Amount (₹ crore) |
|---|---|
| Cash and cash equivalents as per the Standalone Statement of Cash Flows | 205.16 (31-Mar-26) 380.73 (31-Mar-25) |
| Particulars | For the quarter ended 31-Mar-26 (Unaudited) (Refer Note 8) | 31-Dec-25 (Unaudited) | 31-Mar-25 (Unaudited) (Refer Note 8) | For the year ended 31-Mar-26 (Audited) | 31-Mar-25 (Audited) |
|---|---|---|---|---|---|
| Segment Revenue | |||||
| EPC business | 1,654.88 | 1,756.52 | 1,970.02 | 5,949.50 | 5,188.60 |
| Operation and maintenance service | 63 |