Sterling & Wilson RE Q4 FY26: Profit up, revenue down

What the board approved on April 23, 2026

Sterling and Wilson Renewable Energy Ltd informed BSE that its Board of Directors met on Thursday, April 23, 2026, and approved the audited consolidated and standalone financial results for the quarter and financial year ended March 31, 2026. The approval came based on the recommendation of the company’s Audit Committee.

The company said the disclosure was made pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Along with the results, the company also shared that the statutory auditors issued audit reports with an unmodified opinion.

Audit reports: unmodified opinions from joint auditors

The statutory auditors named in the filing were Kalyaniwalla & Mistry LLP, Chartered Accountants, and Deloitte Haskins & Sells LLP, Chartered Accountants. The company stated that both firms issued auditors’ reports with an unmodified opinion on the audited financial results.

From a disclosure standpoint, an unmodified opinion indicates the auditors did not qualify their conclusions on the presented results in the report referenced by the company.

Key Q4 FY26 consolidated performance at a glance

The consolidated quarterly numbers for the period ended March 31, 2026 show a decline in revenue versus both the previous quarter and the year-ago quarter, while profit metrics improved sharply sequentially.

As per the consolidated data shared, total revenue for the quarter stood at ₹1,998.54 crore, down 5.3% quarter-on-quarter (QoQ) and down 20.3% year-on-year (YoY). Operating profit for the quarter rose to ₹145.76 crore, up 117.7% QoQ and up 9.1% YoY.

Net profit for the quarter was ₹134.57 crore, compared with a net loss of ₹2.77 crore in the previous quarter and profit of ₹55.38 crore in the year-ago quarter.

Revenue decline, profit rise: what changed in the headline numbers

The headline pattern for the quarter was mixed. Revenue contracted, but both operating profit and net profit improved meaningfully.

A separate summary provided alongside the filing also described Q4 as a contrasting quarter, stating revenue fell 23% year-on-year to about ₹1,950 crore, while net profit increased 145% to about ₹135 crore. It also cited EBITDA of about ₹145 crore, up 9%, and an EBITDA margin expansion to 7.50%.

While the revenue figures are presented in different rounding formats across sources, they broadly align with the consolidated table values for Q4.

Earnings per share and sequential swing from Q3

Adjusted earnings per share (EPS) for the latest quarter was reported at 5.76, compared with -0.12 in the previous quarter and 2.37 in the year-ago quarter. The same dataset showed EPS change of 4,900.0% QoQ and 143.0% YoY.

The swing is most visible when set against Q3 FY26, when Sterling and Wilson Renewable Energy reported a consolidated net loss of ₹2.77 crore for the quarter ended December 31, 2025.

How the company positioned the announcement under SEBI rules

The company referenced the Listing Regulations in its disclosure and said the board meeting considered and approved the audited results. It also stated that, pursuant to Regulation 33, it enclosed (a) the audited financial results for the quarter and year ended March 31, 2026 and (b) the auditors’ reports with unmodified opinion.

Separately, a note on the board meeting and earnings call referenced Regulation 29 of the Listing Regulations for the announcement process.

Investor communication: conference call on April 24

Ahead of the results, another update indicated Sterling and Wilson Renewable Energy would host a conference call for investors and analysts on April 24. The call was positioned as part of the results communication cycle following the board’s consideration of the audited financials.

Context from Q3 FY26: revenue growth but a loss

For Q3 FY26 (quarter ended Dec. 31, 2025), the company reported revenue from operations of ₹2,092.21 crore, compared with ₹1,837.20 crore a year earlier. Despite the revenue increase, the quarter recorded a consolidated net loss of ₹2.77 crore, compared to a profit of ₹14.83 crore in the corresponding period of the previous fiscal.

This backdrop helps explain why the Q4 return to profit and the improvement in operating profit draw attention, even as quarterly revenue moderated.

Summary table: consolidated quarterly metrics

All figures below are consolidated, as presented in the shared table.

Key dates referenced in disclosures

Market impact: what investors can take away from the filings

The most concrete takeaway from the disclosed numbers is the divergence between revenue and profitability in Q4 FY26. Consolidated revenue for the quarter declined both sequentially and year-on-year, while operating profit and net profit improved.

The return to positive net profit in Q4, after a net loss in Q3, is a key sequential change visible in the consolidated table. Also, the EPS turning positive in Q4 mirrors the reported profit recovery.

Since the disclosure is structured around audited approvals and auditor opinions, the market focus typically stays on the reported figures, the audit status, and the upcoming investor call for any additional commentary.

Conclusion

Sterling and Wilson Renewable Energy’s board has approved audited FY26 results, with joint auditors issuing unmodified opinions. Q4 FY26 consolidated revenue fell to ₹1,998.54 crore, while net profit rose to ₹134.57 crore and operating profit improved to ₹145.76 crore. The next scheduled step mentioned is the investor and analyst conference call on April 24.