Sterling & Wilson Renewable Energy Q4 FY26 Concall Decoded: Order Book Hits Record ₹11,813 Crores While Reliance Remains the “Elephant in the Room”
It isn’t every day you see a company with a market cap of ₹4,865 crore sitting on an unexecuted order book that is more than double its size. This renewable energy giant is currently playing a high-stakes game of “waiting for the big boss.” With a massive unexecuted order value of ₹11,813 crore, investors are watching like hawks to see if this mountain of paperwork converts into hard cash. The company recently hit a milestone by bagging over ₹10,000 crore in new orders in a single fiscal year—a feat that has everyone from institutional desks to retail players leaning in.
But while the numbers look shiny, the ghost of past litigations and the mysterious “active dialogue” with a certain conglomerate parent keep the story spicy. The revenue growth is there, the market share is dominant, and the pivot to battery storage is real.
Keep reading, because the gap between “orders bagged” and “profits banked” is where the real drama unfolds.
At a Glance
Revenue up 20%: A record ₹7,548 crore, proving they can build plants even if the share price is still finding its feet.
EBITDA Margin at 4%: Thin enough to make a CFO sweat, but management promises it’s “trending toward steady state.”
Record Quarterly PAT: ₹142 crore in Q4, finally giving the bottom line something to smile about after a year of losses.
Order Book at ₹11,813 Cr: A massive backlog that provides visibility, provided they can actually execute without more “litigation gremlins.”
Net Loss of ₹296 Cr (FY26): Exceptional items of ₹611 crore hit the P&L like a sledgehammer, mostly thanks to old legal battles.
Reliance Stake at 32.5%: The ultimate safety net that everyone is waiting to see actually “roll out” some multi-gigawatt orders.
Management’s Key Commentary
“FY26 has been a very good year… marking this fiscal as one of the most successful ever in terms of order bookings.” (Translation: We’ve filled the cupboard, now we just need to cook the meal. 😏)
“About 15% of solar projects commissioned in the country during last fiscal were by Sterling and Wilson, which is a very proud moment.” (Translation: We are the big fish in the pond, even if the pond is currently a bit turbulent.)
“PV module prices globally have been rising since January… However, we have adequate back-to-back pricing protection.” (Translation: We saw the price hikes coming and hopefully didn’t leave the door unlocked.)
“On the Reliance front, we continue to remain in active dialogue… to quickly scale up as and when the need arises.” (Translation: We’re waiting for the phone to ring with that massive order any day now… any day. ✋)
“The operations and maintenance segment… is beginning to reach an inflection point.” (Translation: We’re finally making money from the ‘boring’ stuff like cleaning panels and fixing wires.)
“International projects have been profitable with gross margins higher than domestic EPC margins.” (Translation: Thank goodness for the dollar projects, because local competition is a bloodbath. 😏)
“We remain extremely prudent in terms of bidding in the international market and are very mindful of the risk.” (Translation: We aren’t repeating the mistakes that led to those massive write-offs in the past.)
