Sterling & Wilson Renewable Energy Ltd(SWSOLAR)

NSE: SWSOLARBSE: 542760

₹ 139.1-2.32%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,249 crWebsite: www.sterlingandwilsonre.comUpdated: 24 Oct 2026

About

Sterling & Wilson Renewable Energy Ltd is an India-headquartered, pure-play, end-to-end renewable EPC company that builds solar, wind and battery energy storage (BESS) projects and provides operation and maintenance (O&M) services, with a presence in 28 countries as of FY25. EPC made up 96.4% of FY26 revenue of 7548.05 crore, and O&M made up 3.6%. Its O&M portfolio reached 18.9 GW in Q2 FY27, and management describes it as one of the largest third-party solar O&M portfolios in the world.^[1][2][3][4]

Business segments

EPC business: revenue of 7,277.44 crore in FY26 (96.4% of revenue) with a 9.3% EBIT margin, compared with standalone EPC revenue of 5,188.60 crore in FY25.^[3]
O&M services: revenue of 268.37 crore in FY26 (3.6% of revenue) with a 15.5% EBIT margin. O&M revenue is guided at INR 400 - 450 crore for FY27.^[3]
Domestic EPC revenue grew 12.6% to INR 2,768 crore in H1 FY27, from INR 2,458 crore in H1 FY26.^[4]
International EPC revenue fell to INR 165 crore in H1 FY27 from INR 929 crore in H1 FY26. Older projects are nearly complete and execution of newly awarded orders has not yet started.^[4]

Services and portfolio

As of FY25, its solar, wind and BESS EPC portfolio totalled 22.6 GWp.^[1]
It offers turnkey EPC and balance-of-system (BoS) work for utility-scale, rooftop and floating solar projects, as well as solar-plus-storage (FY25).^[1]
The company says it has a first-mover advantage in floating solar. A 20 MW project at Vijaynagar, Karnataka, won in FY25, was its third floating solar project under execution in India.^[1]
In FY25 it moved to supplying 700-750 Wp modules, up from an earlier maximum of 540 Wp.^[1]

Order book and inflows

Unexecuted order value was INR 12,481 crore in Q2 FY27, compared with INR 13,024 crore in Q1 FY27 and INR 11,813 crore at end-FY26.^[4][5]
Order inflow was INR 3,626 crore in H1 FY27, including INR 985 crore in Q2 FY27 and INR 2,641 crore in Q1 FY27.^[4][5]
At end-FY26, domestic orders made up 78% (INR 9,251 crore) of unexecuted order value and international orders 22% (INR 2,562 crore). Turnkey orders made up two-thirds.^[6]
New EPC order inflows were INR 10,062 crore in FY26, up 43% YoY, compared with 7,051 crore in FY25.^[6]
The domestic bid pipeline excluding BESS was 27.7 GW in Q1 FY27. Management expects a further INR 45,000 - 50,000 crore of projects to be tendered in Q3 and Q4 FY27.^[5]
As of Q1 FY27, six large turnkey projects worth about INR 9,000 crore had not yet started execution. Management expects execution of the recently awarded international projects to start in H2 FY27.^[5][4]

Key operating numbers

It commissioned about 4.5 GW AC (~5.9 GW DC) in FY26, around 15% of India's 28.3 GW AC of utility-scale solar installations that year.^[6]
Gross margin was 9.2% in Q2 FY27, compared with 8.9% in Q2 FY26 and 9.9% in Q1 FY27.^[4]
Receivable days were 176 in Q2 FY27, up from 138 at March 2026. Net working capital was negative INR 301 crore in Q2 FY27.^[4]
Global headcount was 2,499 employees as of FY25.^[1]

O&M operations

The O&M portfolio reached 18.9 GW in Q2 FY27, up from 13.5 GW in March 2026. It grows as EPC projects are completed and new third-party projects are added.^[4]
O&M revenue rose about 55% YoY to INR 99 crore in Q2 FY27.^[4]
In FY25, O&M contracts covered 8,731 MW across 156 sites, and third-party contracts made up 53.6% of the O&M portfolio.^[1]
Third-party O&M contracts typically run 2 - 3+ years at gross margins of 20 - 25% (Q1 FY27).^[5]

Customers and geographies

In FY25, 10 of its 14 major domestic orders came from existing clients. Those 14 Indian projects totalled 4.4 GW.^[1]
Under a multiyear partnership framework with Adani Green Energy, it won a 1 GW+ BoS order at Khavda worth INR 1,381 crore in Q3 FY26.^[7]
In South Africa, it won turnkey orders of 115 MW (~USD 120 million) and 240 MW (~USD 147 million) in FY26. In FY25 it won orders there for 140 MW DC (AMEA Power) and 80 MW AC, together worth US$ 140 million.^[8]
It is executing a 1 GW solar + 600 MWh BESS project in Egypt (USD 560 million) through a 50-50 JV with Hassan Allam Construction. SWREL's share is about INR 2,641 crore.^[5]
It is in technical discussions with Reliance New Energy about its Kutch renewable hub, but no order had been placed as of Q1 FY27.^[5]

BESS and new segments

In FY25 it received an LOI for a 2 x 250 MW AC standalone BESS plant in Rajasthan, which it describes as India's largest BESS project. It also won its first hybrid order (69 MW wind + 75 MW solar).^[1]
It won a 790 MWh BESS integration order from Serentica in Q3 FY26.^[7]
Management estimates a 35 - 40 GW BESS opportunity in India over the next 2 - 3 years, with margins guided at 8 - 10% (Q1 FY27).^[5]

Recent developments

In September 2026 (Q2 FY27), it won orders worth INR 985 crore: a 534 MW domestic BOS project in Rajasthan and a 2 x 308 MWh BESS EPC project in South Africa.^[9][4]
In September 2026, it received a GST demand of INR 27.72 crore plus interest from CGST Jaipur for November 2020 to November 2021. The company considers the demand covered by an indemnity agreement.^[10]
Its credit rating was upgraded from BBB- to BBB+ in FY26, and INR 2,800 crore of new credit lines were secured that year.^[6]

Market Cap

₹3,249 Cr

High / Low

₹261 / 139

Stock P/E

16.3

Price / Book

4.6

Book Value

₹28

EPS

₹-13.3

No. of Shares

23.35 Cr

ROCE

26.3%

ROE

-37.4%

OPM

6.4%

Debt / Equity

1.79

Sales

₹7,548 Cr

Net Profit

₹-296 Cr

Promoter holding

45.7%

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Sterling & Wilson Renewable Energy Ltd(SWSOLAR)

About

Business segments

Services and portfolio

Order book and inflows

Key operating numbers

O&M operations

Customers and geographies

BESS and new segments

Recent developments

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