Sterling & Wilson Renewable Energy Limited announced its quarterly results for Q3 FY26 ended December 31, 2025, along with a key senior management appointment. The Board of Directors meeting held on January 15, 2026, approved the unaudited standalone and consolidated financial results and appointed a new senior executive to strengthen the company's IT leadership.

Financial Performance Overview

The company delivered mixed financial performance during the third quarter of FY26, with consolidated operations showing improvement in profitability despite lower EBITDA margins. The standalone and consolidated results demonstrate the company's operational strength across its core business segments.

Consolidated Financial Performance

The consolidated results reflect significant improvement in profitability with reduced losses across the company's global operations:

Standalone Financial Results

Sterling & Wilson's standalone operations showed robust performance for Q3 FY26:

For the nine months ended December 31, 2025, the company reported revenue from operations of ₹4,444.69 crore compared to ₹3,368.73 crore in the corresponding period of the previous year, representing a growth of 31.94%.

Segment-wise Performance

The company operates through two primary business segments: Engineering, Procurement and Construction (EPC) business and Operation and Maintenance services.

EPC Business Segment

The EPC business remained the primary revenue driver, contributing ₹1,756.52 crore in Q3 FY26 compared to ₹1,437.55 crore in Q3 FY25. For the nine months period, EPC business revenue reached ₹4,294.62 crore versus ₹3,218.58 crore in the previous year.

Operation and Maintenance Services

The O&M segment generated revenue of ₹48.20 crore in Q3 FY26, maintaining steady performance compared to ₹49.24 crore in the corresponding quarter of the previous year.

Senior Management Appointment

The Board approved the appointment of Mr. Rajesh Mittal as Senior Vice President – Information Technology and Senior Management Personnel, effective January 20, 2026.

Mr. Mittal brings extensive experience to the role, holding an MBA from the Indian Institute of Management, Kozhikode, and a B.Tech. in Electronics and Telecommunications. He has 25 years of experience in IT services, including technology planning, strategy, development and implementation, business transformation execution, and solution delivery.

Exceptional Items and Key Developments

The company's financial results included certain exceptional items during the nine months ended December 31, 2025. The standalone results showed exceptional items of ₹2,638.42 crore related to write-offs and impairments of investments in a wholly owned subsidiary, loans, and other receivables due to unfavorable arbitration outcomes and uncertainty surrounding projected cash flows.

Indemnity Agreement Coverage

The company continues to benefit from the Indemnity Agreement dated December 29, 2021, with Promoter Selling Shareholders. Under this agreement, the company raised a claim of ₹174.54 crore for crystallized items during the period from October 1, 2024, to September 30, 2025. The outstanding balance of ₹143.12 crore as of December 31, 2025, is expected to be received by January 31, 2026.

Sterling & Wilson Renewable Energy Limited announced its quarterly results for Q3FY26 ended December 31, 2025, along with a key management appointment during its Board meeting held on January 15, 2026.

Financial Performance Overview

The company delivered strong standalone financial results for the quarter ended December 31, 2025. The detailed quarterly performance demonstrates the company's operational strength across its business segments.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, the company faced challenges due to exceptional items but maintained operational resilience. The standalone revenue from operations reached ₹4,444.69 crore compared to ₹3,368.73 crore in the corresponding period of the previous year, representing a growth of 31.94%.

The company reported a net loss of ₹2,432.02 crore for the nine-month period, primarily due to exceptional items worth ₹2,638.42 crore recognized during the quarter ended September 30, 2025. These exceptional items related to write-offs and impairments of investments in a wholly owned subsidiary.

Segment-wise Performance

The company operates through two primary business segments, both showing varied performance during the quarter.

The EPC business segment demonstrated robust growth, while the Operation and Maintenance service segment experienced a marginal decline compared to the same quarter in the previous year.

Key Management Appointment

The Board approved the appointment of Mr. Rajesh Mittal as Senior Vice President – Information Technology and Senior Management Personnel, effective January 20, 2026. Mr. Mittal brings extensive experience to the organization.

Mr. Mittal's expertise spans SAP S/4 HANA deployment, solutions architecture, AI-powered mobile applications, and advanced analytics platforms. He has received several industry recognitions, including the CIO500 Accelerator X Award 2024 and CIO100 Game Changer 2023.

Consolidated Financial Results

On a consolidated basis, the company reported revenue from operations of ₹2,092.21 crore for Q3FY26 compared to ₹1,837.20 crore in Q3FY25, marking a growth of 13.88%. The consolidated net profit for the quarter stood at ₹1.55 crore compared to ₹17.14 crore in the corresponding quarter of the previous year.

Regulatory Compliance

The financial results were prepared in accordance with Indian Accounting Standards and reviewed by the company's joint statutory auditors, Kalyaniwalla & Mistry LLP and Deloitte Haskins & Sells LLP. The auditors expressed an unmodified conclusion in their review reports for both standalone and consolidated results.