Sterling & Wilson swings to profit sequentially, revenue dips
Standalone net profit of ₹67.80 cr in Q1 FY27 vs a loss of ₹78.16 cr in Q4 FY26, but YoY profit slipped from ₹78.43 cr. Consolidated revenue fell to ₹1,590 cr from ₹1,946 cr in the March quarter.
— 4 earlier stories on Sterling and Wilson Renewable Energy Ltd. →What's new
- Standalone net profit of ₹67.80 cr vs loss of ₹78.16 cr sequentially, but down from ₹78.43 cr a year ago.
- Consolidated revenue at ₹1,590 cr, down from ₹1,946 cr in the March quarter.
- Order book remains elevated at ₹13,000 cr, a post-Covid high.
Why this matters
The sequential swing to profit is a relief after a loss-hit March quarter, but the YoY profit slip and revenue dip raise questions about execution pace. The hefty order book of ₹13,000 cr provides a pipeline, but converting it into revenue is the key test.
What we're watching
- Revenue trajectory in Q2 as order book conversion picks up.
- The ongoing arbitration claim against Shell (AUD 28M) for legal overhang.
- Execution progress on the $560M Egypt solar-storage EPC contract.
The full read
Sterling & Wilson posted a standalone net profit of ₹67.80 crore in Q1 FY27, flipping from a ₹78.16 crore loss in the March quarter that was hit by exceptional items. But the profit is still below the ₹78.43 crore earned a year ago. Consolidated revenue at ₹1,590 crore fell from ₹1,946 crore in the preceding quarter, even as the company sits on a record ₹13,000 crore order book. The sequential swing is a relief, but the YoY decline and revenue drop signal conversion is lagging. With a massive pipeline and an arbitration tussle with Shell over an AUD 28M claim, the next two quarters will show whether the builder can turn backlog into billing.
Questions answered
- How does Q1 FY27 profit compare to the previous quarter and year-ago?
- Standalone net profit was ₹67.80 crore, swinging from a loss of ₹78.16 crore in the March quarter but down from ₹78.43 crore in Q1 FY26. The prior quarter loss included exceptional items.
- What was consolidated revenue and profit for Q1 FY27?
- Consolidated revenue stood at ₹1,590.13 crore, and net profit was ₹53.27 crore.
- What is the current order book and how does it compare?
- The unexecuted order value is ₹13,000 crore, a post-Covid high. This was reported in prior coverage on July 16 along with a 36% profit rise (based on older data).
- Did the results include any one-time items or surprises?
- The announcement was routine, with limited surprise. The sequential profit swing is notable but in line with typical quarterly disclosures.
Sterling and Wilson Renewable Energy Ltd.
Latest quarter · Jun 2026
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All notes on SWSOLAR →- 16 Jul 2026 · 1:06 PM IST Sterling & Wilson swings to profit sequentially, revenue dips
- today Sterling & Wilson cuts FY27 revenue growth view to 10-15%
- 1d ago Sterling & Wilson Q1 profit up 36%, order book at ₹13,000 cr
- 2d ago Sterling & Wilson takes Shell to arbitration over AUD 28M solar farm claim
- 18d ago Sterling & Wilson lands $560M Egypt solar-storage EPC contract