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Bright The future of solar energy is ONE OF THE LEADING SOLAR EPC AND O&M SOLUTIONS PROVIDERS IN THE WORLD STERLING AND WILSON RENEWABLE ENERGY LIMITED Investor Presentation – Q3 FY26 15 Jan 2026
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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Renewable Energy Limited (the “Company”), have been prepared solely for information purposes and is not a prospectus, disclosure document, placement document or other offering document under any law, nor does it form part of, and should not be construed as, any present or future invitation, recommendation or offer to purchase or sell securities of the Company or an inducement to enter into investment activity in any jurisdiction. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. If there is any subsequent offering of any security of the Company, it will be made pursuant to separate and distinct offering documentation, and in such case the information in this Presentation will be superseded in its entirety by any such offering documentation in final form. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain statements made in this Presentation may not be based on historical information or facts and may be “forward-looking statements” by reason of context, including those relating to the Company’s general business plans, planned projects and strategy, future financial condition and growth prospects, future developments in industry and competitive and regulatory environment. All forward-looking statements are based on judgments derived from the information available to the Company at this time. Forward-looking statements can be identified by terminology such as such as “potential,” "opportunity," “expected,” “will,” “planned,” "estimated", "continue", "on-going" or similar terms. Forward looking statements are based on the current beliefs and expectations of the Company regarding future events, and are subject to various risks and uncertainties, many of which are difficult to predict. Actual results may differ materially from anticipated results due to factors beyond the Company’s control. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, adverse litigation or government action, and changes to laws and regulations applicable to our industry. This Presentation also contains certain financial and operational information relating to the Company that is based on management estimates. These estimates are based on management's past experience and subjective judgment, and the manner in which such estimates are determined may vary from that used for the preparation and presentation of similar information provided by other companies engaged in the sector in which our Company operates. Neither the Company nor its affiliates or advisors or representatives nor any of their respective affiliates or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements or management estimates are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecasted developments.. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions, regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. Disclaimer 2
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Company Overview 04 Business Overview 07 Market Opportunity 15 Beyond Business 24 Our Journey 05 Track record 12 Financial Highlights 18 Contents 3
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Leading Solar EPC and O&M Solutions Provider We offer Design, Detailed Engineering, Procurement, Construction, Installation, Commissioning and Operations & Maintenance services under turnkey EPC and BoS (Balance of System) solutions for utility-scale, and floating solar power projects. We also offer solar plus storage solutions. Market Leader OPERATIONAL EXCELLENCE EPC Portfolio 26.1 GWp O&M Portfolio 10.1 GWp Global Manpower 2,883 GLOBAL RECOGNITION EPC and O&M of Abu Dhabi 1,177 MWp One of the world’s largest single location PV plant Regional presence across 28 countries Significant cost benefit and timely execution End-to-end “concept to commission” solar EPC | WHO WE ARE DOMESTIC POWERHOUSE EPC and O&M 3GW+ in 2 projects Executing one of India’s largest PV plants at Khavda, Gujarat Executing one of India’s largest BESS projects Leading Solar EPC solutions provider in the world LeadingSolar O&M player globally Leading Solar EPC player in India About us 4
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2015 Recognized as the largest Indian solar EPC player Largest single- axis tracker plant in India (60 MWp) 2017 Demerger of S&W Solar from S&W Group Incorporated a subsidiary in Spain Started operations in USA Bagged world’s largest single location solar EPC project in Abu Dhabi Ventured into solar EPC business 2011 Completed our first turnkey EPC project 2013 Started international solar operations 2018 Expanded operations in Australia by acquiring a controlling stake in GCO Electrical Pty Ltd 2016 Diversified into Rooftop Solar Started third- party O&M services 2019 Listed on BSE and NSE Commissioned our first floating solar project of 450 kWp 2020 Ranked 2nd largest O&M player in the world by Wood Mackenzie 2021 Expanded our offerings to include Hybrid Energy, and Energy Storage 2022 Reliance New Energy acquired 40% stake in Sterling and Wilson Renewable Energy Limited 2023 Achieved a second consecutive mega order (1,500 MW) from NTPC Awarded one of the largest domestic EPC contract of 1.6 GW by NTPC SWREL closed five marquee project wins totaling over INR 2,400 crore 2024 Raised INR 1,500 crore through QIP route Achieved highest unexecuted order value in history of company of more than INR 10,500 cr in October 2024 Ventured into Wind EPC 2025 Solar O&M portfolio crosses 10 GW Ranked No. 1 solar EPC in the world by IHS Markit Journey 5
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| AND AWARDS OHSSAI Safety Award awarded at the 9th Annual HSE Excellence & ESG Global Award 2024 Khavda RE Project awarded Best FQA Lab Facility in RE Clusterat All India QA Meet 2024 of NTPC Limited SWREL received Power Generation Project of the Year 2021 The Economic Times Energy Leadership awarded SWREL EPC Company of the Y ear 2023 SWREL bagged OHSSAI Occupational Health and Safety Award (GOLD) in the Power Sector in the year 2023 Awarded the Leading EPC Company by RenewX AFSIA’s Utility Scale Project of the Y ear bagged by SWREL in 2020 Utility Scale Project of the Y ear by MESIA awarded to SWREL in 2020 Recognized as a Top Brand EPC 2025 by EUPD Research Demonstrating Business Excellence and Industry Leadership Accreditations 6
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01 Utility Scale Projects 02 Hybrid & Energy Storage 03 Floating Solar 04 Operation & Maintenance (O&M) | SOLUTIONS AND SERVICES Offerings
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Utility Scale Solar EPC Sterling and Wilson Renewable Energy offers a range of turnkey and Balance of System (BoS) solutions for utility -scale, and floating solar power projects. The company also offers solar plus storage solutions, and Hybrid projects including Wind. Our turnkey EPC solutions comprise design, engineering, procurement, construction, project management, testing, supply, installation and commissioning to operation and maintenance and connecting the solar power project to the grid. All project design and execution services excluding the procurement of modules and components are offered as part of the BoS solutions. Turnkey EPC solutions for utility-scale projects Our Expertise • Rich experience with various module technologies • Single-axis tracker string inverter • Solar PV+ storage & Floating Solar • Bifacial Module (Experience with Robotic Cleaning) Utility Scale 8
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BATTERY MODULE + BMS 01 1. Analyzing the usage and load profile requirement of the BESS system. 2. Choosing the right Chemistry & Battery make. 3. Reaffirming the Degradation, Efficiency etc., from the suppliers Long Term Supply Agreement with leading Battery Manufacturers BATTERY RACKS & CONTAINER 1. Selecting the type of racks and number of Modules per rack. 2. Container Design and CFD analysis for HVAC system. 3. Firefighting, Lighting, Electrical, DC panels, Control Cabinets within the container In House Containers Strong CFD and CAE Internal Design. ISO certified Process 02 PCS + MV STATION 1. Choosing the optimum size of the PCS, MV Station to reduce the BESS footprint. 2. Asserting the optimum design temperature for the MV design. 3. Estimating the Power Factor requirements . Decade long MV side experience. Strong Service Level Agreements 03 EMS & HYBRID CONTROLLER 1. Studying the grid requirements. 2. Designing the functional requirements of the EMS/Hybrid Controller. 3. Designing a common Power Plant Controller for the Solar and BESS side. Strong Partnerships with leading solutions providers 04 24.4 GWp of Installation & Commissioning experience in 28 countries. INSTALLATION & COMMISSIONING 1. Exploring all the possible ways to reduce the Installation and Commissioning Cost of BESS. 2. Utilizing the common subcontractors, tools & machineries to reduce the cost 05 OPERATIONS & MAINTENANCE 1. On Site & Off Site 24*7 monitoring services. 2. Long Term O&M Contract. 3. Support during the augmentation in future to reduce the initial capital cost 9.1 GWp of Solar O&M Experience 450+ O&M Manpower 06 Fully Integrated Battery Energy Storage Solution 9
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Floating Solar Solutions Solar EPC Floating solar plants have an advantage over ground-mounted solar plants owing to their negligible land requirement as these plants can be installed on reservoirs, industrial pools or even small lakes. • Anchoring & mooring installation • Project management & planning • Module/Equipment floating structure installation • Maintenance manual & design book issuance • Bathymetric study as per the terms & geotechnical assessment study We offer turnkey EPC for floating solar PV plants. Our Services include: We have constructed India’s first floating Solar Project - 455 kWp in Kerala, India India’s 1st Floating Solar Project Floating Solar – Ushering in the next wave of sustainability 10
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O&M Asset Management Global Operations & Maintenance (O&M) portfolio, and strong expertise working with the leading equipment manufacturers and constructors. Over seven years experience in the O&M of solar power stations – meticulously caring for the useful life of assets, maximizing profitability, streamlining performance and availability, and minimizing consumption and operating costs O&M – Maintaining relationships that last Our Expertise • Drone Thermography • IV Curve Diagnostic • Mechanized and Robotic Cleaning • Strong Analytics and Predictions • In-house Cable Fault Locating System • Computerized Maintenance Management System Centralized Monitoring System • Single Platform to Monitor Solar, Wind, Storage & Hybrid • Optimized O&M Cost Optimized frequency of plant maintenance & module cleaning • Accessibility via Mobile App & Web • Real-time & Predictive Analytics Optimal generation with analytics • Artificial Intelligence & Machine learning Mobile Testing Facility • On-site flash testing of PV modules (Sun Simulator/ Flash Tester A+A+A+ class, Best in class) • On-site EL testing of PV modules (Electroluminescence Tester, On site EL tester, Best in class) • On-site thermography of PV modules (Infrared Imaging, Best in class) • On-site I-V array testing of strings / modules (Best in class) • 544+ in-house team with expertise in advanced technologies O&M Manpower Strength ✓ Our processes meet the highest international standards ✓ We follow the best practices towards O&M of solar projects ✓ We practice standard exhaustive checklist provided by Solar Power Europe and scored more than the threshold level Solar O&M Best Practices Mark * Total O&M capacity as of Sep 2025 O&M Portfolio has grown ~5X in 7 years 1.8 GW 9.1 GW 11 FY 2018 2Q FY2026
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Annual Global Installation Strong Execution Record Commissioned: 12.1 GW Under-Construction: 14.0 GW March 25 Net worth: INR 995 cr March 25 Net D/E: 0.18x BBB+ / Stable (Credit Rating) * Strong Balance Sheet Global Manpower Strength: 2,883 Over 40 projects under execution Core of Project Execution | TRACK RECORD New Order Inflows (INR Cr) 4,387 6,023 7,051 FY23 FY24 FY25 Revenue (INR Cr) x 2,015 3,035 6,302 FY23 FY24 FY25 India Focused Order Book ^ India, 84.5% International, 15.5% On a Strong Footing * As of September 2025; ^ As of Mar 2025 12
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Strong Track Record of executing complex & large-scale EPC projects leading to high customer retention and repeat business Experience Quick Decision Making & well-defined internal processes leading to timely execution Expeditious Leveraging the Low-Cost India Base for global execution providing cost competitive solutions Cost Effective One of the only Global Pure-Play Solar EPC players with a significant presence and operational experience across geographies Global Presence A Bankable Player with strong relationships with customers and other key stakeholders Strong Relationships Strong in-house Design and Engineering team providing customized solutions Talent Pool | WHAT DIFFERENTIATES US Why Us 13
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UAE Saudi Arabia Egypt Namibia USA Mexico USA 455 MWp Latin America 575 MWp MENA 1,969 MWp UK Spain Jordan Oman Kenya Zambia South Africa Chile Argentina Rest of Africa 965 MWp India 20,469 MWp India Thailand Singapore Australia 1,113 MWp Kazakhstan Australia Philippines Vietnam Morocco Southeast Asia 323 MWp Offices in 28 Countries Projects in 20 Countries | ACROSS THE GLOBE Mali Tanzania New Zealand Nigeria As of December 31, 2025 Italy Europe 266 MWp Our Presence 14
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Market Opportunity
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Source: BNEF June 2025 | INDIA SOLAR INSTALLATIONS GROWTH TRAJECTORY REMAINS STRONG PROJECTED ANNUAL ‘UTILITY-SCALE + COMMERCIAL’ PV INSTALLATIONS IN INDIA (GW) Solar Market Outlook 12.8 31.7 37.9 42.4 44.9 43.7 50.6 58.6 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 16
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Source: BNEF June 2025 | CORE INTERNATIONAL MARKETS’ OUTLOOK IS ALSO PROMISING PROJECTED ANNUAL ‘UTILITY-SCALE + COMMERCIAL’ INSTALLATIONS IN EMEA (GW) Solar Market Outlook 47.4 60.7 63.9 66.6 59.7 56.8 57.2 55.7 9.4 12 18.1 22.9 25.5 27.1 28.2 31.9 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E Europe Middle East & Africa 17
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Financial Highlights | Q3 FY 2026
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| KEY HIGHLIGHTS FOR Q3 FY26 REVENUE (INR CR) GROSS PROFIT (INR CR) Operational EBITDA (INR CR) PAT (INR CR) * 14% YoY 15% YoY 17% YoY Financials 19* Exceptional item of ~INR 31 cr in Q3FY26 due to final arbitration ruling 1,837 1,749 2,092 Q3FY25 Q2FY26 Q3FY26 172 156 198 Q3FY25 Q2FY26 Q3FY26 90 62 105 Q3FY25 Q2FY26 Q3FY26 17 -478 2 Q3FY25 Q2FY26 Q3FY26
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| KEY HIGHLIGHTS FOR Q3 FY26 ORDER INFLOW YTD INR 6,929 cr UOV BY REGIONCURRENT UOV BID PIPELINE – Q4 FY26 8.4 GW Financials India, 75% International 25% 20 India 65% South Africa 35% India 78% International 22% 9,096 10,413 MAR 2025 CURRENT
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NET WORKING CAPITAL (INR CR) | BALANCE SHEET STABLE; ORDER INFLOW GUIDANCE REVISED HIGHER KEY DEVELOPMENTS IN 3Q FY26DEBT LEVELS (INR CR) • FY26 order inflow is anticipated to be more than INR 11,000 cr (+60% YoY growth vs 15% guidance) • SWREL signed a 5 year framework agreement with Adani Green and received our first BOS order from Adani in 3Q • Received a new turnkey order from South Africa worth USD 147 mn. Received 2 new domestic orders including a BESS order totaling ~INR 382 cr • Ratings retained at BBB+ by Infomerics Ratings RECURRING OVERHEADS (INR CR) Financials 21 -362 -279 -407 Q3FY25 Q2FY26 Q3FY26 82 94 93 Q3FY25 Q2FY26 Q3FY26 1,194 742 1,215 738 Gross Debt Net Debt Sep-25 Dec-25
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| CONSOLIDATED PROFIT & LOSS – Q3 FY26 • Achieved highest ever 3Q top -line since listing. Revenue grew ~14% YoY in Q3, aided by higher execution pace in Domestic EPC projects to INR 2,092 cr. 9MFY26 revenue at IN R 5,602 cr compared to 9MFY25 revenue of INR 3,783 cr (up 48% YoY) • 9MFY26 Gross margins were 10.0% compared to 10.1% for FY25. 3QFY26 Gross Margin of 9.5% has shown improvement both sequential ly (8.9% in 2Q) and versus same period last year (9.4% in 3QFY25) • Company incurred an exceptional cost of ~INR 31 cr during the quarter to provide for additional costs from final arbitration ruling in US subcontractor case INR Crore Q3FY26 Q3FY25 Q2FY26 FY2025 Revenue from Operations 2,092 1,837 1,749 6,302 Gross Profit 198 172 156 638 Gross Margin % 9.5% 9.4% 8.9% 10.1% EBITDA 51 73 (470) 276 EBITDA Margin % 2.4% 4.0% NM 4.4% PBT 5 41 (504) 163 PBT Margin % 0.2% 2.2% NM 2.6% PAT 2 17 (478) 86 PAT Margin 0.1% 0.9% NM 1.4% REVENUE BY SEGMENT (INR CR) GROSS PROFIT BY SEGMENT (INR CR) Financials 22 International EPC 292 Domestic EPC 1,737 O&M 63 International EPC 27 Domestic EPC 163 O&M 8
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| CONSOLIDATED BALANCE SHEET – December 2025 INR Crore Dec-25 Mar-25 Liabilities + Shareholders’ Equity Shareholders Equity 488 995 Bank Borrowings 1,215 902 Other Liabilities 3,400 3,733 Total Liabilities + Shareholders’ Equity 5,103 5,630 Assets Fixed assets (including right to use assets) 40 46 Cash & Bank balance (including fixed deposit) 477 724 Other assets 4,586 4,860 Total Assets 5,103 5,630 Breakdown of Net Working Capital (INR Crore) Dec-25 Mar-25 Current Assets 2,799 2,941 Inventories 2 3 Receivables (including unbilled) 2,629 2,582 Receivable days 128 150 Advances to suppliers 168 356 Current Liabilities 3,206 3,543 Trade payables 2,552 2,750 Payable days 139 177 Advances from Customers 654 793 Net Working Capital (407) (602) • Net debt has decreased by approx. INR 4 crore in Dec 2025 versus prior quarter • Net working capital continues to remain negative at INR 407 crore and has improved versus prior quarter Financials 23
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As a responsible organization, we strive to ensure the well being of all our stakeholders, by placing sustainability at the heart of everything we do. Our CSR Activities | SOCIAL RESPONSIBILITY Digital Inclusion Inclusive Learning Environment Women Economic Empowerment Industry Ready Workforce Corporate • Outreach • Growth • Encouragement • Collaboration • Engagement • Communities • Employees • Regulators • Vendor Partners • Environment OUR PROCESSES SUPPORT 24 OHSSAI Safety Award 2024
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Company : Investor Relations Advisors : Sterling and Wilson Renewable Energy Limited CIN: L74999MH2017PLC292281 Mr Sandeep Mathew Head – Investor Relations Email: ir@sterlingwilson.com www.sterlingandwilsonre.com Strategic Growth Advisors Private Limited CIN: U74140MH2010PTC204285 Mr Jigar Kavaiya / Mr. Parin Narichania +91 9920602034 / +91 9930025733 Email: jigar.kavaiya@sgapl.net / parin.n@sgapl.net www.sgapl.net For further information, please contact: