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The future of solar energy is Bright STERLING AND WILSON RENEWABLE ENERGY LIMITED ONE OF THE LEADING SOLAR EPC AND O&M SOLUTIONS PROVIDERS IN THE WORLD Investor Presentation- Q2 FY27 15 October 2026
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2 Disclaimer 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pursuant to separate and distinct offering documentation, and in such case the information in this Presentation will be superseded in its entirety by any such offering documentation in final form.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.
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3 Company Overview 04 Business Overview 07 Financial Highlights 15 Our Journey 05 Track record 12 Beyond Business 23 Contents
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4 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 29.8 GWp O&M Portfolio 18.9 GWp Global Manpower 4,060 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 Leading Solar O&M player globally Leading Solar EPC player in India About us
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5 Journey 2025 Ventured into Wind EPC Solar O&M portfolio crosses 10 GW 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 Ranked No. 1 solar EPC in the world by IHS Markit 2026 Commissioned 4.5 GW AC capacities in FY26 Achieved highest annual turnover post IPO Achieved highest unexecuted order value of more than INR 13,000 cr in June 2026
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6 | AND AWARDS Khavda RE Project awarded Best FQA Lab Facility in RE Cluster at All India QA Meet 2024 of NTPC Limited The Economic Times Energy Leadership awarded SWREL EPC Company of the Year 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 Recognized as a Top Brand EPC 2025 by EUPD Research Demonstrating Business Excellence and Industry Leadership Accreditations Clean Power Generation Excellence Award received at the 12th Mumbai Climate Summit & Awards 2025 Received the 24th Annual Greentech Environment Award 2025 in the Environment Protection Category Winner of ESG Impact Award 2026 at 3rd Edition of Net Zero Summit & Awards 2026 Recognised as one of the Most Innovative Organisations 2026 by ET Edge – The Times Group
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7 01 Utility Scale Projects 02 Hybrid & Energy Storage 03 Floating Solar 04 Operation & Maintenance (O&M) | SOLUTIONS AND SERVICES Offerings
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8 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
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9 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 29.8 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 18.9 GWp of Solar O&M Experience 06 Fully Integrated Battery Energy Storage Solution
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10 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
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11 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 2026 O&M Portfolio has grown 10X in 9 years 1.8 GW 18.9 GW*
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12 Annual Global Installation Strong Execution Record Commissioned: 18.3 GW Under-Construction: 11.5 GW September Net worth: INR 719 cr September 26 Net D/E: 0.84x BBB+ (Credit Rating) Strong Balance Sheet Global Manpower Strength: 4,060 Over 50 projects under execution Core of Project Execution | TRACK RECORD New Order Inflows (INR Cr) Revenue (INR Cr) x Diversified Order Book * India, 78.3% International, 21.7% On a Strong Footing * As of Mar 2026 4,387 6,023 7,051 10,062 FY23 FY24 FY25 FY26 2,015 3,035 6,302 7,548 FY23 FY24 FY25 FY26
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13 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
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14 UAE Saudi Arabia Egypt Namibia USA Mexico USA 455 MWp Latin America 575 MWp MENA 2,969 MWp UK Spain Jordan Oman Kenya Zambia South Africa Chile Argentina Rest of Africa 965 MWp India 22,890 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 September 30, 2026 Italy Europe 266 MWp Our Presence
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15 Financial Highlights | Q2 FY 2027
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16 Financials I KEY HIGHLIGHTS FOR Q2 FY27 Q1 FY27 Q2 FY27Q2 FY26
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17 Financials I KEY HIGHLIGHTS FOR H1 FY27
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18 Financials I KEY HIGHLIGHTS FOR Q2 FY27 34 GW
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19 Financials I KEY HIGHLIGHTS FOR Q2 FY27 • Received 2 orders in Q2 FY27 totaling INR 985 crore • Domestic EPC (BOS) order for 534 MW project in Rajasthan • EPC order for 2 x 308 MWh BESS project in South Africa • UOV of INR 12,481 crore as of September 2026. Order Inflow of INR 3,626 crore in H1 FY27. • Gross Debt continues to decrease with repayment of term debt. KEY DEVELOPMENTS IN Q2 FY27
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20 Financials I CONSOLIDATED PROFIT & LOSS- Q2 FY27 Domestic EPC 106 International EPC 11 O&M 23 GROSS PROFIT BY SEGMENT (INR Cr) Domestic EPC International EPC O&M INR Crore Q2 FY27 Q2 FY26 Q1 FY27 FY 2026 FY 2025 Revenue from Operations 1,527 1,749 1,590 7,548 6,302 Gross Profit 140 156 157 793 638 Gross Margin % 9.2% 8.9% 9.9% 10.5% 10.1% EBITDA 66 110 96 481 276 EBITDA Margin % 4.3% 6.3% 6.0% 6.4% 4.4% PBT 17 (504) 57 (270) 163 PBT Margin % 1.1% NM 3.6% NM 2.6% PAT 17 (478) 53 (296) 86 PAT Margin % 1.1% NM 3.3% NM 1.4% • Q2 FY27 Revenue of INR 1,527 crore was lower both sequentially and YOY due to lower execution in the International EPC segmen t. • There are 8 projects (4 in India and 4 in International) which are yet to commence execution and part of the UOV. • Q2 FY27 O&M Revenue has grown by ~ 55% YOY to INR 99 Cr. O&M portfolio continues to grow with the completion of EPC projects and the addition of new third-party projects. • Gross Margin improved to 9.2% in Q2 FY27, compared to 8.9% in Q2 FY26 • A decline in revenue from the International EPC Segment impacted growth and margins (Gross Profit, Operational EBITDA & PAT) in H1 FY27 as the old projects are on the verge of completion and the new projects are yet to commence. • EBITDA stood at INR 66 crore for Q2 FY27, lower than Q1 FY26, primarily due to lower revenue. Domestic EPC 1,366 International EPC 62 O&M 99 REVENUE BY SEGMENT (INR Cr) Domestic EPC International EPC O&M
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21 Financials I SEGMENT OUTLOOK 6,943 5,836 2,458 2,768 UOV-Domestic FY26 Revenue H1 FY26 Revenue H1 FY27 Revenue DOMESTIC-EPC (INR Cr) 237 268 183 8.7 GW 13.5 GW 18.9 GW 0 7 14 21 0 100 200 300 FY25 FY26 H1 FY27 OPERATIONS & MAINTENANCE (INR Cr) Revenue Capacity Domestic EPC outlook – Temporary slowdown in New Order bookings 1. Domestic UOV of INR 6,943 crore provides revenue and growth visibility, despite a slowdown in order wins in H1 FY27. 2. Revenue from the Domestic EPC segment grew by 12.6% to INR 2,768 crore in H1 FY27, compared to INR 2,458 crore in H1 FY26. 3. Execution is yet to start in a couple of large projects awarded in FY26, 4. Pipeline for Domestic EPC and BESS continues to remain strong. International EPC segment 1. International EPC UOV of INR 5,538 crore provides revenue visibility. Execution in some of the recently awarded projects is likely to commence in H2 FY27. 2. Revenue from the International EPC segment was INR 165 crore in H1 FY27, lower than INR 929 crore in H1 FY26, as the execution of newly awarded orders is yet to commence. 3. The Contract for the Egypt Minya project was signed in Q2. 4. LOA received for 2 X 308 MWh BESS project in South Africa. Operations & Maintenance (O&M) 1. O&M portfolio stands at 18.9 GW as of September 2026 compared to 13.5 GW in March 2026. 2. O&M Revenue has grown by ~50% YOY. 5,538 1,444 929 165 UOV-International FY26 Revenue H1 FY26 Revenue H1 FY27 Revenue INTERNATIONAL EPC (INR Cr)
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22 Financials I CONSOLIDATED BALANCE SHEET- SEPTEMBER 2026 INR Crore September-26 March-26 Liabilities+Shareholder Equity Shareholder Equity 719 651 Bank Borrowings 920 1,164 Other Liabilities 3,592 3,502 Total Liabilities+Shareholders Equity 5,231 5,317 Assets Fixed Assets (including right to use assets) 41 41 Cash & Bank Balance (including fixed deposit) 319 575 Other assets 4,871 4,701 Total Assets 5,231 5,317 Breakdown of Net Working Capital (INR crore) September-26 March-26 Current Assets 3,106 2,976 Inventories 2 2 Receivables (including unbilled) 3,005 2,847 Receivable days 176 138 Advance to Suppliers 99 127 Current Liabilities 3,407 3,305 Trade Payables 2,526 2,501 Payable days 164 135 Advances from Customers 881 804 Net Working Capital (301) (329) • Borrowings decreased by ~INR 244 crore in September 2026, as compared to March 2026, due to scheduled repayments. • Net working capital continues to remain negative at INR 301 crore as of September 2026.
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23 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 OHSSAI Safety Award 2024
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Company : Investor Relations Advisors : Sterling and Wilson Renewable Energy Limited CIN: L74999MH2017PLC292281 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: