Sterling & Wilson FY26 Results on Apr 23: Key Q3 Signals

Sterling and Wilson Renewable Energy Ltd (NSE: SWSOLAR) is set to announce its audited financial results for the fiscal year and fourth quarter ended March 31, 2026. The board meeting to consider and approve the results is scheduled for April 23, followed by an investor and analyst conference call on April 24.

The announcement is being watched closely because recent quarters have delivered sharp swings in reported profitability despite strong revenue growth in parts of the year. Data points across company updates and financial snapshots show that earnings have been impacted by margin compression, higher finance costs, and exceptional items, even as execution and order inflows improved.

Board meeting and earnings call schedule

The company has indicated that its Board of Directors will meet on April 23 to approve audited results for FY26 and Q4FY26 (ended March 31, 2026). A conference call with investors and analysts is scheduled for April 24. These events will provide the first audited view of how the year closed after several quarters where reported numbers varied significantly due to one-offs and accounting exceptional items.

What Q3FY26 showed on a consolidated basis

For the quarter ended December 31, 2025, one consolidated performance snapshot highlighted a return to loss-making territory, with a consolidated net loss of ₹2.77 crore versus a profit of ₹14.83 crore in the same quarter last year. In the same snapshot, revenue increased to ₹2,092.21 crore, while EBITDA declined 4.8% year-on-year to ₹66.9 crore. EBITDA margin narrowed to 3.2% from 3.8%.

Separately, another consolidated quarterly data cut for the December 2025 quarter showed net profit of ₹1.55 crore, compared with ₹17.14 crore in the prior-year quarter, and referred to exceptional items of ₹30.84 crore during the quarter. Taken together, the available disclosures point to steady topline execution but uneven bottom-line outcomes.

Standalone Q3FY26 numbers and exceptional items

The company’s unaudited standalone results for Q3FY26 (quarter ended December 31, 2025) showed revenue from operations of ₹1,805.51 crore, up 21.4% from ₹1,487.29 crore a year earlier. Total income was ₹1,838.19 crore, up 19.7% year-on-year. Net profit was ₹73.09 crore versus ₹77.47 crore, a decline of 5.7%, with basic EPS at ₹3.13.

For the nine months ended December 31, 2025, the same standalone disclosure showed revenue from operations at ₹4,444.69 crore (up 31.9% from ₹3,368.73 crore). But profitability for the nine-month period was heavily affected by exceptional items of ₹2,638.42 crore, resulting in a net loss of ₹2,432.02 crore versus a profit of ₹226.08 crore in the year-ago period.

The Q2FY26 write-off and why it mattered

Earlier in FY26, the company reported that a quarter saw a net loss of ₹478.00 crore, attributed primarily to a one-time write-off of about ₹637.00 crore linked to an adverse arbitration ruling in the US. In that same quarter, revenue was reported at ₹1,749.00 crore (up 70% year-on-year), while operational EBITDA improved to ₹62.00 crore from ₹23.00 crore.

This backdrop is relevant for the FY26 audited print because it shows that quarterly profit figures have not moved in line with revenue, and one-offs have had an outsized effect on reported earnings.

Order inflows, guidance, and project momentum

In a January 2026 update, Sterling and Wilson Renewable Energy reported revenue of ₹5,602 crore for 9MFY26, up 48% from ₹3,783 crore, alongside operational EBITDA of ₹289 crore, up 115% from ₹134 crore. The same update cited new order inflows of ₹6,929 crore for 9MFY26, including ₹3,086 crore in Q3FY26, and an unexecuted order value of ₹10,413 crore.

Based on this momentum, the company revised FY26 order inflow guidance to over ₹11,000 crore, indicating a targeted 60% year-on-year increase. Strategic wins mentioned in the same context included a five-year framework agreement with Adani Green Energy and an international order in South Africa worth USD 147 million.

Valuation signals and profitability concerns

The company’s lack of consistent profitability is also reflected in references to a negative P/E ratio range of -12.94 to -1.94, suggesting that near-term earnings are not the primary valuation anchor. For context, the average P/E for the Construction and Engineering sector was cited at 25.15.

Another data point noted that over the past year the stock price declined 43.48% while reported profits increased 635.6%, resulting in a PEG ratio of zero, highlighting a mismatch between earnings growth (affected by base effects and one-offs) and market valuation.

Cost structure and cash flow indicators

For the year ending March 31, 2025, the company spent 1.74% of operating revenues towards interest expenses and 3.18% towards employee cost, based on consolidated financials. Another cash flow comparison stated operating cash flow of ₹37.88 crore was 0.47 times the reported net profit of ₹81.45 crore, implying weaker cash conversion in that period.

The same consolidated source indicated the company used ₹74.95 crore for investing activities, a year-on-year increase of 1,491.3%. While these figures relate to FY25, they provide context for investors assessing how FY26 execution translated into cash flows.

Market performance snapshots show volatility

Stock return tables included in the available material showed mixed readings across different windows and sources. One snapshot listed 1-year return at -27.15% and 5-year at -28.21%, while another comparison table showed a 1-year return of -58.83% for the stock. These variations typically arise from different measurement dates and data vendors, but they reinforce that the market’s view has been volatile through the year.

Key numbers and dates at a glance

Why the April 23 update matters

The audited FY26 and Q4FY26 results will help reconcile a year where strong revenue and order momentum co-existed with substantial exceptional items and quarter-to-quarter volatility in profits. Investors will be looking for clarity on how much of the FY26 impact was non-recurring versus structural, particularly around margins, finance costs, and execution quality.

With the earnings call scheduled the day after the board meeting, management commentary is likely to be central to how markets interpret the audited numbers and the revised order inflow guidance. The next confirmed step is the April 24 investor and analyst call, where the company is expected to discuss the financials and provide additional context on business momentum.