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**Financial Performance:**
The company reported its highest-ever Q3 revenue at 2,092 Cr, with 9-month revenue growing 48% YoY to 5,602 Cr. Q3 gross margin was 9.5%, while the 9-month gross margin stood at 10%. Operational EBITDA for Q3 reached 105 Cr, contributing to a 115% YoY increase for the 9-month period, totaling 289 Cr. Net debt remained stable at 738 Cr, and the company continues to operate with negative working capital of 407 Cr. Q3 interest costs were elevated due to new loans (IREDA 500 Cr, NBFC 100 Cr), and tax expenses were low due to past losses set-off from the Conti case.
**Management Commentary & Outlook:**
The order inflow guidance for FY26 has been increased to over 11,000 Cr, marking over 60% YoY growth, not including potential Reliance orders. Management expects 15-20% revenue growth for FY27, targeting 8-10% gross margins and 5%+ EBITDA margins from Q4 FY26, indicating a move towards greater financial stability. The company's view is to prioritize profitable orders and quality of earnings.
**Order Book & Operational Updates:**
New orders in Q3 totaled 3,086 Cr, including a 1,381 Cr gigawatt-scale project from Adani Green. A multi-year strategic partnership with Adani Green is in place, expecting a minimum of 1 GW annually. Other wins include a 790 MWh Battery Energy Storage System (170 Cr) for Serentica and a USD 147 million turnkey project in South Africa. The unexecuted order value stands at 10,413 Cr, with 75% from domestic projects. The O&M portfolio has crossed 10 GW, though Q3 O&M margins temporarily dipped due to a one-off defect liability expense in Australia, expected to recover to 20-25%. The Conti legal matter's 30 Cr cost is fully accounted for, with no other significant unforeseen liabilities. Module price risk is now with clients until project initiation.
**Investor Angle:**
Management projects a confident outlook, highlighting substantial order book growth, strategic partnerships, and a clear path to improved financial stability and higher EBITDA margins from Q4 FY26, following the resolution of past one-off legal costs.
All announcements from Sterling and Wilson Renewable Energy Limited