Outcome of Board Meeting

October 15, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra Kurla Complex Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: 542760 Symbol: SWSOLAR Sub.: Outcome of the Board Meeting of Sterling and Wilson Renewable Energy Limited (“the Company”) Ref.: Regulation 30 read with Part A of Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Dear Sir/ Ma’am, Pursuant to the SEBI Listing Regulations, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e., Thursday, October 15, 2026, inter alia considered and approved the Unaudited Consolidated and Standalone Financial Results (“Unaudited Financial Results”) of the Company for the quarter and half year ended September 30, 2026 along with the Limited Review Report issued by the Statutory Auditor of the Company. The same is enclosed herewith. The Board meeting commenced at 03.00 p.m. and concluded at 4:40 p.m. Request you to take the same on record. Yours faithfully, For Sterling and Wilson Renewable Energy Limited Jagannadha Rao Ch. V. Company Secretary and Compliance Officer Encl.: As above Sterling and Wilson Renewable Energy Limited Regd. Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai - 400043 Phone: (91-22) 25485300 | Fax: (91-22) 25485331 | CIN: L74999MH2017PLC292281 Email: info@sterlingwilson.com | Website: www.sterlingandwilsonre.com Chartered Accountants One International Center, Tower 3, 31st floor, Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India. Tel: +91 22 6185 6000 Fax: +91 22 61854101 INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF STERLING AND WILSON RENEWABLE ENERGY LIMITED 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Sterling and Wilson Renewable Energy Limited (“the Company”) which includes joint operations consolidated on a proportionate basis and branches located at Australia, Argentina, Chile, Dubai (2 branches), Egypt (2 branches), Greece, Jordan (2 branches), Kenya, Mexico, Namibia, United Kingdom, Vietnam (3 branches), Tanzania, Mali, Zambia, Saudi Arabia and Italy for the quarter and six months ended 30 September 2026 (the “Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”). Greece, Mexico and Dubai branches, and Egypt and Dubai branch joint operations with Hassan Allam Construction, of the Company do not have any transaction till date. 2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company’s personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. Regd. Office: One International Center, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 Page 1 of 3 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the Branch Auditors as referred in paragraph 6(i) below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. Emphasis of Matters We draw attention to: i) Note 4 to the Statement which describes the Indemnity Agreement dated 29 December 2021, entered into by the Company with Shapoorji Pallonji and Company Private Limited, Khurshed Yazdi Daruvala (jointly the “Promoter Selling Shareholders”) 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. Consequently, trade receivables from the customer undergoing a resolution process under the supervision of the National Company Law Tribunal(‘NCLT’) and bank guarantees related to liquidated damages encashed by certain customers would also be recoverable from the Promoter Selling Shareholders once crystallized, if not recovered from the customers. Since all future crystallized claims beyond ₹300.00 crore will be fully charged back and recovered from the Promoter Selling Shareholders, there will be no further impact on the results of the Company. ii) Note 6 to the Statement which details the Company’s net exposure in respect of its investment in a wholly owned subsidiary, loans given along with accrued interest thereon and other receivables aggregating to Rs. 712.79 crore as at 30 September 2026. The Company is confident that balance exposure is recoverable based on the projected cash flows. Our conclusion on the Statement is not modified in respect of the above matters. 6. Other Matters i) We did not review the interim financial information of 19 branches included in the Statement, whose interim financial information reflect total assets (before consolidation adjustments) of ₹ 688.85 crore as at 30 September 2026, total revenue (before consolidation adjustments) of ₹ 32.77 crore and ₹ 51.00 crore, total net profit after tax (before consolidation adjustments) of ₹ 4.41 crore and ₹ 2.04 crore, and total comprehensive profit (before consolidation adjustments)of ₹ 4.41 crore and ₹ 2.04 crore for the quarter and six months ended 30 September 2026, respectively and cash outflows (net) of ₹ 9.66 crore for the six months ended 30 September 2026, as considered in this Statement. Page 2 of 3 The interim financ [Showing first 8,000 characters — download PDF for full document]