Sterling & Wilson Renewable Energy has provided important clarifications regarding its revised order inflow guidance and future growth projections during its recent conference call. The company confirmed that its updated guidance of over ₹11,000 crores for the current fiscal year specifically excludes any potential orders from Reliance, while discussions for a significant multi-year, multi-gigawatt project with the conglomerate continue separately.

Revenue Growth Projections

The renewable energy solutions provider's management has outlined optimistic growth expectations for the coming years. The company expects to achieve substantial revenue expansion as it capitalizes on the growing renewable energy market opportunities.

Updated Order Guidance Framework

The company emphasized that the raised guidance represents conservative projections based on confirmed pipeline opportunities. Management clarified that any future orders from Reliance would be additional to the currently increased guidance figures, providing potential upside to the existing projections.

Reliance Project Discussions

The company management revealed that talks with Reliance for their substantial renewable energy project remain active. This potential collaboration involves a multi-year commitment spanning multiple gigawatts of capacity, representing a significant opportunity beyond the current guidance parameters.

Business Outlook Enhancement

The clarification provides stakeholders with a clearer understanding of the company's order book prospects and growth trajectory. By excluding the Reliance opportunity from current projections while projecting strong revenue growth for FY27, Sterling & Wilson Renewable Energy demonstrates conservative guidance practices while highlighting substantial growth potential. The ongoing discussions with Reliance, if materialized, would substantially enhance the company's order book beyond the revised ₹11,000 crore guidance.

Sterling & Wilson Renewable Energy Limited has delivered impressive financial performance in Q3FY26, demonstrating robust growth across key metrics and strengthening its market position in the renewable energy sector.

Financial Performance Highlights

The company's financial results for the nine months ended December 31, 2025, showcase strong operational performance:

The substantial revenue growth reflects the company's enhanced execution capabilities and improved customer confidence, supported by credit rating improvements and continued lender support through new credit lines.

Order Book Momentum and Revised Guidance

Sterling & Wilson Renewable Energy has demonstrated exceptional order acquisition momentum throughout FY26:

The strong order inflow performance and robust pipeline for Q4 have enabled the company to revise its order booking guidance upward to more than ₹11,000 crore for FY26, representing 60% year-on-year growth.

Strategic Partnerships and Market Expansion

During Q3FY26, Sterling & Wilson Renewable Energy achieved several strategic milestones that strengthen its market position:

• Adani Green Partnership: Signed a 5-year framework agreement with Adani Green Energy and secured the first Balance of System (BOS) order from them
• International Expansion: Secured second South African order worth USD 147 million
• Diversified Portfolio: Added two more Indian renewable energy projects, including a pure Battery Energy Storage System (BESS) order from a leading Indian Independent Power Producer

The Adani Green partnership represents a significant turning point, demonstrating confidence from one of India's leading developers and marking their strategic shift toward working with prestigious third-party EPC contractors to scale operations.

Management Commentary

C. K. Thakur, Global CEO of Sterling and Wilson Renewable Energy Group, highlighted the company's execution capabilities and strategic positioning: "SWREL has delivered robust revenue growth displaying our strong execution skills in the domestic segment. The marquee order from Adani Green and signing a strategic 5-year framework agreement with them is an important milestone reflecting the strong faith placed in our company's execution by globally renowned RE developers."

Company Profile and Market Presence

Sterling and Wilson Renewable Energy Limited operates as a global pure-play, end-to-end renewable engineering, procurement, and construction solutions provider. The company maintains a comprehensive portfolio:

• Total Portfolio: Over 26.1 GWp (including commissioned projects and those under construction)
• O&M Portfolio: 10.1 GWp solar power projects
• Global Presence: Operations across 28 countries spanning India, South-east Asia, Middle East, Africa, Europe, Australia, and the Americas

The company's strong fundamentals, growing order book, and strategic partnerships position it well for continued growth in the expanding renewable energy market.