SW Solar Q4 Results: Cons profit surge 143% YoY despite 23% revenue decline

Sterling and Wilson Renewable Energy (SW Solar) reported a consolidated net profit of Rs 135 crore in the quarter-ended March 31, 2026, recording a 143% surge over the profit after tax (PAT) of Rs 55 crore in the year-ago period. The PAT is attributable to the owners of the company.

However, the company reported a 23% decline in its revenue from operations at Rs 1,946 crore compared to Rs 2,519 crore in the corresponding quarter of the last financial year.

The bottom line swung into black on a sequential basis versus a loss of Rs 2.8 crore in Q3FY26, while the topline witnessed a 7% quarter-on-quarter decline compared to Rs 2,092 crore in the October-December quarter of FY26.


Sterling and Wilson, one of India's leading MEP and EPC contractors for power, solar energy, and data centers, trimmed its expenses by 24% YoY in the quarter under review to Rs 1,844 crore versus Rs 2,420 crore in Q4FY25. The expenses were down 11% on a sequential basis.

The expenses were incurred on items like the cost of construction materials, stores and spare parts, employee benefit expenses, and finance cost, among other things.

Segment Revenue

The EPC business reported revenues of Rs 1,863 crore in Q4FY26 versus Rs 2,028 crore in Q3FY26 and Rs 2,459 crore in Q4FY25. Revenue from operation and maintenance service in the reported quarter stood at Rs 81.26 crore versus Rs 63.25 crore in Q3FY26 and Rs 59 crore in Q4FY25.

Sterling and Wilson shares gave up most of their gains following the announcement of the results. The stock was trading at Rs 222.10 on the NSE around 2:20 pm, up 1.58% over Wednesday's closing price. The counter jumped to an intraday high of Rs 232, rising 6% intraday.

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