Sterling and Wilson Renewable Q3 Results- Recovery Continues Despite Headwinds

Renewable energy EPC major Sterling and Wilson Renewable Energy Limited reported its unaudited results for the quarter ended December 31, 2025 today (jan 15) . The firm showed a sharp rebound in topline performance compared to the preceding quarter. Consolidated revenue from operations rose to ₹2,092 crore, up 20% sequentially from ₹1,749 crore in September 2025, and 14% higher than the ₹1,837 crore recorded in December 2024. This growth was driven primarily by the EPC segment, which contributed over ₹2,028 crore, underscoring strong execution momentum.

Profit before exceptional items and tax stood at ₹35 crore, however this was less than half the ₹77 crore earned in the prior quarter, and below the ₹41 crore in the same quarter last year. The decline reflects higher direct project costs and finance expenses. After accounting for exceptional charges of ₹31 crore, profit before tax narrowed to just ₹4 crore, compared to a staggering loss of ₹503 crore in September 2025, and a healthy ₹41 crore profit in December 2024.

At the bottom line, profit after tax (PAT) was marginal at ₹1.6 crore, marking a turnaround from the massive ₹478 crore loss in the previous quarter, though significantly lower than the ₹17 crore profit posted a year earlier.

A notable highlight is the exceptional item of ₹610 crore recognized over the nine‑month period, largely due to impairment of investments and receivables linked to subsidiaries. Despite this, revenues for the nine months surged 48% year‑on‑year to ₹5,602 crore, reflecting strong operational traction. The firm has an agreement with its erstwhile promoters dated 29  December 2021, namely Shapoorji Pallonji and Company Private Limited, Khurshed Yazdi Daruvala and Reliance New Energy Limited pursuant to which, the Promoter Selling Shareholders would indemnify and re-imburse the Company and its subsidiaries / branches for a net amount, on settlement of  liquidated damages pertaining to certain identified past and existing projects (as on the date of signing the aforementioned agreement), old receivables, direct and indirect tax litigations as well as certain legal and regulatory matters, if such claims (net of receivables) exceeds ₹300.00 crore. That agreement has capped provisions for such write offs for now, and the market will be watching to see if a claim is made soon and for what amount.