Sterling and Wilson Renewable Energy Limited (SWREL) has announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The company reported a revenue of ₹2,092 crore for Q3 FY26, marking a 14% year-on-year increase, driven by a higher execution pace in domestic EPC projects. For the nine months ended December 31, 2025, the revenue stood at ₹5,602 crore, a significant 48% year-on-year growth compared to ₹3,783 crore in 9MFY25. The Gross Margin for 9MFY26 was 10.0%, compared to 10.1% for FY25. In Q3 FY26, the Gross Margin improved sequentially to 9.5% from 8.9% in Q2 FY26 and also showed an improvement compared to 9.4% in Q3 FY25. The company incurred an exceptional cost of approximately ₹31 crore in Q3 FY26 due to a final arbitration ruling in a US subcontractor case. SWREL has revised its order inflow guidance for FY26 to be more than ₹11,000 crore, representing over 60% year-on-year growth, a significant upward revision from the initial 15% guidance. The company signed a 5-year framework agreement with Adani Green and received its first BoS order from Adani in Q3 FY26. Additionally, SWREL secured a new turnkey order from South Africa worth USD 147 million (approximately ₹1,225 crore) and two new domestic orders, including a BESS order, totaling approximately ₹382 crore. The company's order book as of March 2025 stood at ₹9,096 crore, with an unexecuted order value of ₹10,413 crore as of December 2025. The bid pipeline for Q4 FY26 is 8.4 GW. SWREL's net debt has decreased to ₹738 crore in December 2025 from ₹742 crore in September 2025. Net working capital improved to a negative ₹407 crore from a negative ₹602 crore in the previous quarter.
