In continuation to our letters dated July 13, 2026 and July 17, 2026, please find enclosed the Transcript of the Investors Call held on Friday, July 17, 2026 at 10:00 a.m. (IST) on the ....

July 24, 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 Dear Sir/ Ma’am, Sub.: Investors Call Q1 FY 27 - Transcript Ref.: Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Madam, In continuation to our letters dated July 13, 2026 and July 17, 2026, please find enclosed the Transcript of the Investors Call held on Friday, July 17, 2026 at 10:00 a.m. (IST) on the Unaudited Standalone and Consolidated Financial results of the Company for the quarter ended June 30, 2026. The same is available on the Company’s website at www.sterlingandwilsonre.com. Request you to take the same on records Thanking you, Yours faithfully, For Sterling and Wilson Renewable Energy Limited Jagannadha Rao Ch. V. Company Secretary and Compliance Officer 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 “Sterling and Wilson Renewable Energy Limited Q1 FY27 Earnings Conference Call” July 17, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 17th July 2026 will prevail MANAGEMENT: MR. C.K. THAKUR – GLOBAL CHIEF EXECUTIVE OFFICER MR. AJIT PRATAP SINGH – CHIEF FINANCIAL OFFICER Sterling and Wilson Renewable Energy Limited July 17, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Sterling and Wilson Renewable Energy Limited Q1 FY27 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch- tone phone. Please note that this conference is being recorded. Today on the call, we have Mr. C.K. Thakur, Global CEO; and Mr. Ajit Pratap Singh, CFO, from Sterling and Wilson Renewable Energy Limited and SGA, who are their IR partner. I now hand the conference over to Mr. C.K. Thakur for his opening remarks. Thank you, and over to you, sir. C.K. Thakur: Thank you, and good morning, everyone. Let me begin with an update on our business operations and outlook. The most significant milestone of the quarter has been on the international front. In June, this financial year, we received a letter of award for our 50-50 joint venture with Hassan Allam Construction, one of the leading construction company in Egypt and the wider MENA regions for the West Minya Solar Power Project in the Minya Governorate of Egypt. This is a landmark mandate, a 1,000 megawatt AC solar PV plant integrated with 600- megawatt hour battery energy storage system, valued at approximately USD560 million. Once completed, it will rank among Egypt's largest utility scale renewables development. For us, it marked the third gigawatt scale order win in the space of 9 months, a clear signal, both of the rising ticket size of the projects and of the confidence that marquee developers place in our ability to execute complex storage integrated solar at scale. The joint venture will undertake the full engineering, procurement and construction scope spanning the photovoltaic generation facilities. The battery store infrastructure, grid connection, transmission works and all associated balance of the plant. With this order win, we concluded Q1 FY27 with highest ever UOV of INR13,000 crores, driving a strong visibility for revenue growth for forthcoming quarters. At this point, I would like to draw your attention to the fact that current UOV comprises 6 turnkey projects, 3 each in India and international markets, which are yet to commence execution. The total value of these 6 projects is approximately INR9,000 crores. These orders were won during the second half of financial year '26 and Q1 FY27. We expect these orders to start contributing more meaningfully during the second half of the fiscal year. Since these are the large projects, we also expect the working capital cycle of the company to significantly improve as the customers' advances for these large projects start flowing through. Moving to the market outlook, The domestic solar EPC market remained a bit slow for a second consecutive quarter due to geographical tensions, volatile commodity prices and high domestic module prices, which deferred new projects awards. Activity on battery storage market has been increasing exponentially with both stand-alone BESS projects getting awarded and hybrid solar Page 2 of 17 Sterling and Wilson Renewable Energy Limited July 17, 2026 projects with battery storage. We believe there is significantly large market. We remain patient to get profitable orders out of this. We continue to remain patient and are only pursuing margin-accretive projects. The bid pipeline continues to remain extremely robust at 27.7 gigawatt, of which almost 90% is India focused. The current bid pipeline is purely focused on the solar PV market and also the BESS projects which is another large opportunity in itself. In value terms, we expect the BESS market ordering activities to be almost equal to the size of the PV market. We anticipate ordering activity to pick up from this quarter in the domestic market, and we are confident of maintaining our market share, which, in our view, should enable us to deliver 10% to 15% growth in revenue, this fiscal despite the high base of financial year '26. On the international market outlook, we continue to remain very optimistic on the Africa and Middle East markets and certain geographies in Europe. We currently have 3 ongoing projects in Africa and Middle East, which should commence execution during this quarter. In all our international projects, we continue to judiciously evaluate the risk and rewards and are mindful of not being exposed to the commodity prices and equipment price increase risk. As I have indicated in previous calls, all international solar projects undertaken thus far have been completed successfully within the projected margins. Moving to the operations and maintenance (O&M) segments, We have now achieved a record 18.3 gigawatt peak capacities under operations. We anticipate this full portfolio to start contributing fully from third quarter of this fiscal year. The O&M business provides us a steady annuity stream and good Gross and EBITDA margin due to a very low overheads. Our engagement with the Reliance Group continues to be deeper. As you have seen, the Reliance Group articulated at its recent annual general body meeting an ambition to build one of the world's largest integrated renewable energy hubs in the Kutch region of Gujarat, a development spread across 5.5 lakh acres designed to deliver round-the-clock power at gigawatt scale by integrating solar generation with battery storage and targeted to generate in excess of 40 billion units annually, equivalent to close to 3% of India's current power demand. The Reliance Group has already commissioned its integrated new energy manufacturing ecosystem and the first phase of its 40 gigawatt-hour battery Gigafactory is on track for commissioning this year with a stated pathway to 120 gigawatt hours. We are working very closely with Reliance Group on technical configuration and execution readiness. While the tim [Showing first 8,000 characters — download PDF for full document]