Mumbai, January 15, 2026: Sterling and Wilson Renewable Energy Limited reported a mixed financial performance for the quarter ended December 31, 2025, with revenue growth remaining firm while profitability moderated on a year-on-year basis due to higher project-related costs.
Q3 FY26 Financial Performance at a Glance
For the October–December quarter of FY26, the company reported revenue from operations of ₹1,805.51 crore, marking a 21.4% increase compared to ₹1,487.29 crore in the same period last year. Sequentially, revenue rose sharply from ₹1,276.07 crore in Q2 FY26, reflecting improved execution and order inflows.However, net profit for the quarter declined to ₹73.09 crore, compared to ₹77.47 crore in Q3 FY25, primarily due to elevated construction material costs and higher direct project expenses.
Quarterly Comparison Table (₹ crore)
| Particulars | Q3 FY26 | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue from operations | 1,805.51 | 1,276.07 | 1,487.29 |
| Total income | 1,838.19 | 1,322.08 | 1,535.50 |
| Total expenses | 1,768.45 | 1,306.18 | 1,445.68 |
| Profit before tax | 69.74 | (2,622.52) | 89.82 |
| Profit after tax | 73.09 | (2,583.54) | 77.47 |
Nine-Month Performance Shows Margin Pressure
For the nine months ended December 31, 2025, Sterling and Wilson Renewable Energy reported total income of ₹4,586.04 crore, up from ₹3,540.25 crore in the corresponding period last year. Despite the healthy top-line expansion, the company posted a loss after tax of ₹2,432.02 crore, largely impacted by exceptional items recorded during the period.Nine-Month Comparison Table (₹ crore)
| Particulars | 9M FY26 | 9M FY25 |
|---|---|---|
| Revenue from operations | 4,444.69 | 3,368.73 |
| Total income | 4,586.04 | 3,540.25 |
| Total expenses | 4,396.60 | 3,281.78 |
| Profit before tax | (2,448.98) | 258.47 |
| Profit after tax | (2,432.02) | 226.08 |
Cost Structure and Expense Trends
During Q3 FY26, the company saw a notable increase in cost of construction materials, which rose to ₹1,279.93 crore from ₹1,168.28 crore a year ago. Direct project costs also increased to ₹362.95 crore, reflecting higher execution activity. Employee benefits expense and finance costs remained largely stable on a sequential basis.About the Company
Sterling and Wilson Renewable Energy Limited is a global pure-play renewable energy EPC company, primarily engaged in the design, engineering, procurement, construction, and commissioning of utility-scale solar, wind, and hybrid projects. The company is listed on Indian stock exchanges and operates across multiple international markets.Source:
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