Quarterly ResultsCreated 10 August 20262 min read

Sterling and Wilson Posts Higher Profitability Despite Lower Revenue

The renewable EPC firm's net profit margin improved year-on-year, even as quarterly revenue and profit declined sequentially.

By Anant Kacholia, HexaWealth Research

Sterling and Wilson Renewable Energy reported a 37.7% YoY profit rise in Q1 FY27, with margins expanding, though revenue fell both annually and sequentially.

Sterling and Wilson Renewable Energy delivered a mixed first quarter for FY27, with profitability improving on an annual basis even as revenue softened. The company's net profit grew 37.7% year-on-year to ₹53.27 crore, while revenue declined 9.7% to ₹1,590.13 crore. This divergence highlights a significant improvement in operational efficiency, with the net profit margin expanding by 120 basis points to 3.4% compared to Q1 FY26.

However, the quarter-on-quarter picture shows a sequential slowdown. Revenue fell 18.3% from the previous quarter, and profit dropped 62.4%. This follows a strong Q4 FY26, where profit was ₹141.59 crore on a 7.3% margin. The recent quarterly trajectory illustrates the project-based volatility typical in the EPC sector.

Revenue (₹ Cr)

Profit (₹ Cr)

Net Profit Margin

Metric	CurrentQ1 FY27	PreviousQ4 FY26	Same quarter LYQ1 FY26
Period	Quarter ended June 2026	Quarter ended March 2026	Quarter ended June 2025
Revenue (₹ Cr)	1,590.13YoY -9.7%	1,945.61	1,761.63
Profit (₹ Cr)	53.27YoY +38%	141.59	38.69
Net Profit Margin	3.4%YoY +55%	7.3%	2.2%

Key Points

The trailing twelve-month (TTM) figures remain in negative territory, with a net loss of ₹281.21 crore and a -3.8% margin, reflecting the substantial loss incurred in Q2 FY26.
The stock has declined 23.3% over the past year, closing at ₹209.4 on the results date.
The company's balance sheet shows a debt-to-equity ratio of 1.8 and a negative return on equity of -35.85%.

While quarterly profitability has recovered from the deep losses of a year ago, the challenge remains to stabilize revenue and translate project wins into consistent earnings growth.

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