In continuation to our letters dated October 12, 2026 and October 16, 2026, please find enclosed the Transcript of the Investors Call held on Friday, October 16, 2026 at 10:00 a.m. (IST) on the Unaudited Standalone and Consolidated Financial results of the Company for the quarter and half year ended September 30, 2026.

October 23, 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 Q2 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 October 12, 2026 and October 16, 2026, please find enclosed the Transcript of the Investors Call held on Friday, October 16, 2026 at 10:00 a.m. (IST) on the Unaudited Standalone and Consolidated Financial results of the Company for the quarter and half year ended September 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 Q2 FY27 Earnings Conference Call” October 16, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 16th October 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 October 16, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Sterling and Wilson Renewable Energy Limited Q2 FY '27 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 date of this call. These statements are not the guarantees of future performance and 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 the 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 this call, we have Mr. CK Thakur, Global CEO; Mr. Ajit Pratap Singh, CFO; from Sterling and Wilson Renewable Energy Limited and SGA, who are the IR partners. I now hand the conference over to Mr. CK Thakur. Thank you, and over to you, Mr. Thakur. C. K. Thakur: Thank you, and good morning, everyone. Thank you for joining us to discuss the results for the second quarter first half of fiscal 2027. As we flagged on our last call, the first half of this year turned into a transition period. Our ongoing projects are in their final stages, while 8 new projects, 4 in India and 4 overseas were moving through LOA and notice to proceed. I'll begin with where the industry stands today, because it shapes both our opportunities and our discipline. I'll then cover our operating performance and outlook and Ajit, our CFO, will take you through the financial updates. So, I'll just touch upon the industry overview. India's renewable energy journey continues at an extraordinary pace. Renewable and large hydro capacity stood at about 308 gigawatts as of September '26, roughly 53% of the country's total generating capacity. Solar remains the engine of this growth. Installed solar capacity has grown from under 3 gigawatts in 2014 to about 171 gigawatts today. Calendar 2026 is on track to be the strong year for solar capacity addition in India. India added about 34 gigawatts DC in first half of this year, 38% more than a year earlier and full year additions are expected to be in the range of 50 gigawatts DC, ahead of the record 49 gigawatts in 2025. That said, the near term has been more challenging. Two factors slowed new utility scale awards in the first half of the year. A third factor, competition, has influenced how we bid. First, the shift to domestic solar cells. Since June 2026, projects must use modules made with Indian cells as per ALMM-II. India has over 200 gigawatts of module capacity, but about only 35 gigawatts of cell capacity. So compliant modules are scarce and costly, may raise project costs by around 15% to 17%. As a result, developers are reworking project economics and tariffs and many have delayed EPC awards until prices and economics settle. We see this as a temporary phase. Cell capacity is expected to reach about 100 gigawatts by December 2027, which should ease prices and restore award activities. In the long run, it will give India a stronger and more secure supply chain. Page 2 of 17 Sterling and Wilson Renewable Energy Limited October 16, 2026 Second, delay in power purchase agreements and transmission constraints. About 40 to 50 gigawatts of awarded renewables capacity is still waiting for signed power purchase agreements. Solar output is also being curtailed at times in Rajasthan and in some parts of Western India because of grid limitations. As a result, projects pipelines in Rajasthan and Gujarat have been pushed out of several quarters. Third, the competitive landscapes. Competitive landscapes has affected how we win the projects. Entry barriers in reverse auctions are low and some new players have bid at the prices we believe are tough to maintain margins and may not be sustainable. We have been very much cautious and selective in such bids and hence, our own order wins in domestic market have been lower. We saw similar cycles in 2011 and around 2015-16 and disciplined, experienced players came out stronger each time. The government is now acting firmly on some of the issues related to transmission bottleneck. On 30th September 2026, the cabinet approved Green Energy Corridor Phase-III with an outlay of around INR1.86 lakh crores. This includes about INR1.36 lakh crores for state transmission networks, with central support of around INR54,000 crores. It aims to connect up to 135 gigawatts of renewable energy to the grid by financial year 2033. In addition, on 6 October 2026, the Ministry of Power issued new rules to pay landowners market rates for the land used by the transmission lines. This should reduce disputes and speed up construction. These measures will take time to deliver, but they directly address the transmission bottleneck that is holding back PPAs and new awards. Of course, the blue print of this circular has to be seen once the high land cost will come into play. Battery energy storage systems. Battery storage in India has moved from pilot projects to large- scale deployment. India added about 8.2 gigawatt hours of battery storage in the first half of 2026 compared with less than 100 megawatt hours a year earlier. Almost all of this came from large stand-alone projects. Rajasthan and Gujarat, two of our core markets account for over half of installed capacities. The outlook is also robust. CRISIL expects 45 to 50 gigawatt hours to be commissioned in financial year 2027 and financial year 2028 alone. Projects with storage made up nearly 40% of renewable capacity auction in financial year 2026, up from about 5% earlier. The Central Electricity Authority expects 236 gigawatt hours by financial year 2032. The government also plans to require storage at new solar and wind projects from July 2027. We expect most large solar tenders to include storage going forward. We are actively monitoring the BESS opportunities and are selective in bidding new BESS projects. Battery prices have risen in 2026 after years of decline. The domestic battery supply chain is still developing, and customers increasingly expect long performance warranties fr [Showing first 8,000 characters — download PDF for full document]