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Q2 FY27 Results: SWSOLAR Posts PAT of ₹17 Cr vs Loss of ₹478 Cr YoY; Revenue Dips 12.7% to ₹1,527 Cr
Sterling and Wilson Renewable Energy reported Q2 FY27 consolidated revenue of ₹1,527 crore, declining 12.7% YoY from ₹1,749 crore due to lower international EPC execution. Despite the revenue dip, the company posted a net profit (PAT) of ₹17 crore compared to a net loss of ₹478 crore in Q2 FY26. Total unexecuted order value (UOV) stood strong at ₹12,481 crore (₹6,943 crore domestic and ₹5,538 crore international), representing ~1.69x TTM revenue. Bank borrowings decreased by ~₹244 crore since March 2026 to ₹920 crore as of September 2026.
Confidence: HIGH
What changedSWSOLAR released its Q2 FY27 investor presentation showing a return to positive quarterly PAT despite temporary revenue contraction in International EPC.
Why it mattersDemonstrates ongoing balance sheet deleveraging (debt reduced to ₹920 cr) and stability via expanding high-margin O&M, while project execution timelines in international contracts remain the key revenue driver.
Q2 FY27 Revenue: ₹1,527 crQ2 FY27 PAT: ₹17 crTotal UOV: ₹12,481 crTotal UOV vs TTM Revenue: ~169%Bank Borrowings (Sep 2026): ₹920 crO&M Portfolio: 18.9 GW
📅 Short termSequential revenue softness could temper near-term momentum, though return to profitability and debt repayment provide baseline support.
📈 Long termA robust ₹12,481 cr order backlog and growing 18.9 GW high-margin O&M book support earnings recovery if international execution begins on schedule in H2 FY27.
⚠ Risk flags
- Execution delays: 8 projects in backlog yet to commence execution.
- Elevated receivable days (176 days in Sep 2026 vs 138 in Mar 2026).
- Sharp revenue decline in International EPC segment (₹165 cr vs ₹929 cr in H1 YoY).
Key Highlights
Q2 FY27 revenue declined 12.7% YoY to ₹1,527 crore, with EBITDA at ₹66 crore (4.3% margin).
Net profit turned positive to ₹17 crore in Q2 FY27 against a loss of ₹478 crore in Q2 FY26.
O&M portfolio expanded to 18.9 GW with Q2 O&M revenue up ~55% YoY to ₹99 crore.
Unexecuted order value (UOV) stood at ₹12,481 crore across Domestic (₹6,943 cr) and International (₹5,538 cr).
Bank debt reduced to ₹920 crore as of September 2026, down by ₹244 crore from March 2026.
👀 What to Watch
Track execution commencement across the 8 uncommenced projects in H2 FY27 and conversion pace in the International EPC segment.
H1 FY27 PAT Turns Positive to ₹70 Cr; Order Book Reaches ₹12,480 Cr
Sterling and Wilson Renewable Energy reported Q2 FY27 revenue of ₹1,527 crore and a net profit of ₹17 crore, driving H1 FY27 PAT to ₹70 crore compared to a loss of ₹439 crore in H1 FY26. The unexecuted order book reached ₹12,480 crore (1.69x TTM revenue), supported by order book growth of 34% YoY and recent wins exceeding ₹985 crore. The higher-margin O&M segment expanded strongly, with portfolio capacity climbing to 18.9 GW from 13.5 GW in March 2026, generating ₹183 crore in H1 revenue (+48% YoY).
Confidence: HIGH
What changedSWREL reported a sharp bottom-line turnaround to positive PAT in H1 FY27 after severe losses in the previous year, alongside 34% growth in its order book.
Why it mattersA robust backlog equivalent to ~169% of TTM revenue provides multi-year top-line visibility, while expanding high-margin O&M assets (18.9 GW) helps improve earnings stability.
Q2 FY27 Revenue: ₹1,527 croreH1 FY27 PAT: ₹70 croreUnexecuted Order Book: ₹12,480 croreOrder Book vs TTM Revenue: ~169%Recent Order Wins: over ₹985 croreO&M Portfolio: 18.9 GW
📅 Short termThe return to profitability and strong backlog expansion provide near-term earnings relief after FY26 full-year losses.
📈 Long termScaling high-margin third-party O&M (18.9 GW) and diversifying into BESS and global markets can structurally stabilize cash flows and operating margins over the coming years.
⚠ Risk flags
- Solar module price volatility impacting turnkey project margins
- Execution timeline delays leading to potential liquidated damages
- High debt burden relative to net worth (D/E: 1.69 as of latest data)
Key Highlights
H1 FY27 net profit turned around to ₹70 crore from a net loss of ₹439 crore in H1 FY26
Q2 FY27 recorded revenue of ₹1,527 crore and PAT of ₹17 crore
Unexecuted order book stands at ₹12,480 crore, up 34% YoY in H1 FY27
Recent project wins totaled over ₹985 crore across India, South Africa, and Egypt
O&M portfolio expanded to 18.9 GW as of Sep 2026, delivering ₹183 crore H1 revenue (up 48% YoY)
👀 What to Watch
Track execution pace against the ₹12,480 crore order backlog and monitor whether operating margins sustain profitability given solar module cost volatility.
SWSOLAR Approves Q2 FY27 Results; Raises ₹156.20 Cr Indemnity Claim Under Promoter Agreement
Sterling and Wilson Renewable Energy Limited reported its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, receiving an unmodified review from statutory auditors Deloitte Haskins & Sells. Under the December 2021 Indemnity Agreement, the company raised a claim of ₹156.20 crore to the promoter selling shareholders for crystallized items between October 2025 and September 2026. The auditor noted ongoing exposures including ₹712.79 crore in a subsidiary and arbitration over a customer counter-claim of ₹1,382.09 crore against invoked bank guarantees of ₹230.78 crore. The board also noted the allotment of 9,671 ESOP equity shares during the quarter.
Confidence: HIGH
What changedSWSOLAR declared Q2 FY27 results and formally filed a ₹156.20 crore indemnity claim against promoter selling shareholders for crystallized legacy liabilities.
Why it mattersThe company relies heavily on the promoter indemnity cap to shield its balance sheet from legacy liquidated damages and receivables exceeding ₹300 crore.
Indemnity claim raised: ₹156.20 croreSubsidiary net exposure: ₹712.79 croreCustomer counter-claim in arbitration: ₹1,382.09 croreLiquidated damages recovered by customer: ₹230.78 croreESOP shares allotted: 9,671 shares
📅 Short termMarket focus will remain on the detailed quarterly revenue and profitability trends once complete P&L tables are assessed, as well as the progress of indemnity recoveries.
📈 Long termSettlement of large legacy arbitration claims and timely cash inflows under the promoter indemnity framework are critical to strengthening the net worth and reducing debt burden.
⚠ Risk flags
- Large customer counter-claims in arbitration of ₹1,382.09 crore
- High balance sheet exposure of ₹712.79 crore in a subsidiary
- Dependency on promoter group for indemnity settlements exceeding ₹300 crore
Key Highlights
Board approved unaudited financial results for the quarter and half-year ended September 30, 2026, with an unmodified review report.
Raised a fresh claim of ₹156.20 crore to Promoter Selling Shareholders under the Indemnity Agreement for crystallized items from Oct 1, 2025, to Sep 30, 2026.
Auditor drew attention to net exposure of ₹712.79 crore as of September 30, 2026, in a wholly owned subsidiary comprising investments, loans, and receivables.
Company is arbitrating claims of ₹783.27 crore against customer's wrongfully recovered liquidated damages of ₹230.78 crore, where the customer raised a counter-claim of ₹1,382.09 crore.
Allotted 9,671 equity shares of face value Re. 1 under the Employee Stock Option Plan.
👀 What to Watch
Track recovery realization on the ₹156.20 crore indemnity claim and monitor developments in the ₹1,382.09 crore customer arbitration.
SWSOLAR wins domestic and international orders worth over ~₹985 crore
Sterling and Wilson Renewable Energy has secured domestic and international contracts totaling over ~₹985 crore (including taxes). The domestic contract covers a 534.3 MWp Balance of System (BOS) package in Rajasthan for a new IPP customer. Internationally, the company won a turnkey EPC wrap contract in South Africa for two Battery Energy Storage System (BESS) projects totaling 616 MWh from a repeat Middle East-based developer. The total order value represents approximately 13.4% of its TTM revenue of ₹7,377 crore.
Confidence: HIGH
What changedThe company added over ~₹985 crore in new project awards spanning a 534.3 MWp domestic solar BOS project and a 616 MWh international BESS EPC contract.
Why it mattersThe win expands SWREL's presence in the fast-growing battery energy storage system (BESS) space and reinforces revenue visibility, representing ~13.4% of TTM revenue.
Total order value: over ~INR 985 croreOrder value vs TTM revenue: ~13.4%Domestic solar capacity: 534.3 MWpSouth Africa BESS capacity: 616 MWh
📅 Short termProvides positive sentiment around order inflows and order book replenishment, particularly highlighting client diversification with a new domestic IPP.
📈 Long termValidates the company's strategic push into hybrid and utility-scale BESS solutions internationally, supporting structural revenue growth beyond vanilla solar EPC.
⚠ Risk flags
- Turnkey EPC wrap execution risks and potential liquidated damages on international delivery timelines
- Supply chain and cost inflation risks inherent to fixed-price EPC contracts
Key Highlights
Secured orders totaling more than ~₹985 crore across India and South Africa
Domestic order consists of 534.3 MWp BOS package in Rajasthan from a new customer
International order includes two BESS projects of 308 MWh each (totaling 616 MWh) in South Africa
Order value represents ~13.4% of the company's TTM revenue of ₹7,377 crore
👀 What to Watch
Monitor execution milestones and margin delivery on the South African turnkey wrap project, alongside working capital management and delivery timelines across upcoming quarterly disclosures.
Rs 13,000 Cr Record Order Book and $560M Egypt Win Highlight SWSOLAR Q1 FY27 Call
SWSOLAR reported a record unexecuted order value (UOV) of Rs 13,000 Cr, bolstered by a landmark $560 million (~Rs 4,670 Cr) solar-plus-storage project in Egypt. Despite a 10% YoY revenue decline in Q1 FY27 to Rs 1,590 Cr due to execution delays in new projects, the company maintained a positive PAT of Rs 53 Cr. Management expects a stronger second half of FY27 as execution ramps up on Rs 9,000 Cr worth of turnkey projects currently in the pre-execution phase. The O&M segment grew 40% YoY, reaching an 18.3 GWp portfolio, which is expected to provide steady high-margin annuity income.
Confidence: HIGH
What changedThe company has transitioned from balance sheet repair to a growth phase, evidenced by its highest-ever order book and a return to large-scale international mandates.
Why it mattersThe $560M Egypt order significantly de-risks the revenue outlook for the next 15 months and demonstrates the company's ability to win complex, large-scale battery storage (BESS) integrated projects.
Unexecuted Order Value (UOV): Rs 13,000 CrEgypt Order Value: $560 millionEgypt Order vs TTM Revenue: ~62%Q1 FY27 Revenue: Rs 1,590 CrO&M Portfolio: 18.3 GWpFresh Credit Lines: Rs 3,200 Cr
📅 Short termRevenue may remain soft in Q2 due to seasonal factors and delayed project starts, but the massive order book provides a strong valuation floor.
📈 Long termStructural growth is supported by the Reliance Group partnership and a 27.7 GW bid pipeline, positioning the company to benefit from the global shift toward integrated solar-plus-storage solutions.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution delays in large turnkey projects
- Commodity price volatility impacting EPC margins
- Reliance on timely Notice to Proceed (NTP) for new orders
Key Highlights
Secured a $560 million (~Rs 4,670 Cr) 1,000 MW solar + 600 MWh BESS project in Egypt, representing ~62% of TTM revenue
Unexecuted Order Value (UOV) reached an all-time post-COVID high of Rs 13,000 Cr
O&M portfolio expanded to 18.3 GWp, with segment revenue growing 40% YoY
Management guided for 10-15% revenue growth in FY27 despite a slow first quarter
Secured fresh credit lines exceeding Rs 3,200 Cr to support the execution of the massive order book
👀 What to Watch
Monitor the commencement of the Egypt project (NTP expected in September) and the execution ramp-up of the Rs 9,000 Cr pre-execution order bucket in H2 FY27. Watch for margin stability in the EPC segment as these large projects move into the supply phase.
SWSOLAR Q1 FY27: EPC Portfolio reaches 28.7 GWp; Net Debt/Equity improves to 0.9x
Sterling and Wilson Renewable Energy (SWSOLAR) reported a total EPC portfolio of 28.7 GWp as of June 2026, with 10.4 GWp currently under construction. The company's O&M portfolio has scaled significantly to 18.3 GWp, marking a 10x growth over the last nine years. Financial stability has improved with the Net Debt-to-Equity ratio falling to 0.9x and Net Worth rising to Rs 709 crore. The company is leveraging its 40% Reliance New Energy ownership to execute major domestic projects like the Khavda RE cluster.
Confidence: HIGH
What changedThe company has significantly deleveraged its balance sheet (D/E now 0.9x) and transitioned to a massive 18.3 GWp O&M portfolio.
Why it mattersThe shift toward high-margin O&M services and a stabilized debt profile reduces the historical volatility associated with pure-play EPC projects.
Total EPC Portfolio: 28.7 GWpUnder-Construction Portfolio: 10.4 GWpO&M Portfolio: 18.3 GWpNet Debt/Equity: 0.9xNet Worth (June 2026): Rs 709 cr
📅 Short termPositive sentiment is expected as the company demonstrates operational scale and a healthier balance sheet compared to previous years.
📈 Long termThe structural focus on domestic EPC and high-margin O&M, backed by Reliance, positions the company for steady growth in the renewable energy transition.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution delays in the 10.4 GWp under-construction pipeline
- Sensitivity to solar module price fluctuations
- High competitive intensity in domestic EPC tenders
Key Highlights
Total EPC portfolio stands at 28.7 GWp, with 10.4 GWp currently in the under-construction phase
O&M portfolio reached 18.3 GWp as of June 2026, up from 1.8 GW in FY18
Net Debt-to-Equity ratio improved to 0.9x, supported by a Net Worth of Rs 709 crore
Global presence maintained across 28 countries with a workforce of 4,138 employees
Successfully commissioned 4.5 GW AC capacities in FY26, achieving highest annual turnover post-IPO
👀 What to Watch
Investors should monitor the execution timeline of the 10.4 GWp under-construction pipeline and the margin realization in the O&M segment, which is targeted at 20-23%.
INR 13,000 Cr Order Book: SWSOLAR Reports 36% PAT Growth and USD 560M Egypt Order
SWSOLAR reported a 36% YoY growth in PAT for Q1 FY27, supported by a record Unexecuted Order Value (UOV) of ~INR 13,000 crore, which is approximately 172% of its TTM revenue. The company secured a landmark USD 560 million (~INR 4,700 crore) project in Egypt through a 50-50 JV, involving a 1,000 MW solar plant and 600 MWh battery storage. Operation and Maintenance (O&M) revenue grew 40% YoY, while term debt was reduced by ~INR 160 crore sequentially. Domestic EPC margins remain steady at 9-10% with an order book of ~INR 7,900 crore.
Confidence: HIGH
What changedSWSOLAR has achieved its highest-ever post-Covid order book and secured a massive international hybrid project, while simultaneously improving profitability and reducing debt.
Why it mattersThe record order book provides high revenue visibility (1.7x TTM revenue) for the next 18-24 months, and the shift towards high-margin O&M and battery storage projects improves the overall margin profile and balance sheet health.
Unexecuted Order Value (UOV): ~INR 13,000 croreUOV vs TTM Revenue: ~172%Egypt Project Value (Total): USD 560 millionPAT Growth (YoY): 36%Debt Reduction (Sequential): ~INR 160 croreDomestic EPC Margins: 9-10%
📅 Short termThe stock is likely to react positively to the record order book and the significant international contract win, which validates the company's global competitiveness.
📈 Long termStructural improvement is evident through debt reduction and a shift towards high-margin O&M and storage solutions, backed by the strong parentage of the Reliance Group.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risks in international joint ventures
- Sensitivity to solar module price spikes
- High debt-to-equity ratio of 2.59
Key Highlights
Unexecuted Order Value (UOV) reached ~INR 13,000 crore, the highest level post-Covid.
Secured a USD 560 million (~INR 4,700 crore) solar and battery storage project in Egypt via a 50-50 JV.
Reported 36% YoY growth in Profit After Tax (PAT) for the quarter ended June 30, 2026.
O&M revenue increased by 40% YoY, with the total O&M portfolio reaching 18.3 GWp.
Term debt decreased sequentially by ~INR 160 crore due to scheduled repayments.
👀 What to Watch
Monitor the execution timeline of the large-scale Egypt project and the conversion of the 27.7 GW bid pipeline into firm orders. Watch for the impact of solar module price volatility on the 9-10% domestic EPC margins.
SWSOLAR Subsidiary Files AUD 28M + USD 1.6M Arbitration Claim Against Shell
Sterling and Wilson Solar Australia Pty Ltd (SWSAPL), a material step-down subsidiary, has initiated arbitration against Shell New Energies Australia. The dispute pertains to EPC and O&M contracts for the Gangarri Solar Farm in Queensland. The maximum claim amount is approximately AUD 28.03 million and USD 1.64 million (totaling ~₹167 Cr). This claim is significant as it represents roughly 36% of the company's current net worth of ₹459 Cr.
Confidence: HIGH
What changedThe company has escalated a commercial dispute with Shell into formal arbitration proceedings to recover damages and costs.
Why it mattersA successful arbitration award would provide a substantial liquidity boost and bolster the company's thin net worth, which currently stands at ₹459 Cr against a debt of ₹1,188 Cr.
Max Claim (AUD): 28,029,620.50Max Claim (USD): 1,638,628Estimated Total Claim (INR): ~₹167 CrClaim vs Net Worth: ~36.4%Project Capacity: 120 MW
📅 Short termThe news is neutral to slightly positive as it shows proactive steps to recover dues, though legal expenses will likely increase in the near term.
📈 Long termIf successful, the recovery will significantly improve the balance sheet; however, arbitration processes in international courts can take several quarters or years to conclude.
⚠ Risk flags
- Uncertainty of arbitration outcome
- Potential for counter-claims by Shell
- Prolonged litigation timelines
- Legal and administrative costs
Key Highlights
Arbitration filed on July 14, 2026, under London Court of International Arbitration (LCIA) Rules 2020
Scenario A claim involves AUD 28,029,620.50 and USD 1,638,628 for a 120 MW project with harmonic filters
Scenario B claim involves AUD 20,604,122.57 and USD 1,638,628 for a reduced 95 MW capacity
Dispute covers both Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) contracts
The claim seeks recovery of damages plus interest and legal costs
👀 What to Watch
Investors should monitor for the formation of the Arbitral Tribunal and any potential counter-claims from Shell that could offset these potential inflows.
$560 Million Order Win for 1,000 MW Solar + 600 MWh BESS Project in Egypt
Sterling and Wilson Renewable Energy Limited (SWREL), via a 50-50 joint venture, has secured a landmark EPC contract in Egypt valued at approximately $560 million (approx. ₹4,670 Cr). The project involves a 1,000 MWac Solar PV plant integrated with a 600 MWh Battery Energy Storage System (BESS). This single order represents roughly 62% of the company's TTM revenue of ₹7,548 Cr, providing significant revenue visibility. This is the company's third gigawatt-scale order in the last nine months, highlighting strong momentum in the MENA region.
Confidence: HIGH
What changedSWREL has secured its third gigawatt-scale international order in nine months, specifically a massive solar-plus-storage project in Egypt via a 50-50 joint venture.
Why it mattersThe order value is highly material, representing ~62% of TTM revenue, and demonstrates the company's technical capability to handle complex, large-scale Battery Energy Storage (BESS) integrations which typically command better positioning than pure-play solar EPC.
Order Value: $560 million (approx. ₹4,670 Cr)Order vs TTM Revenue: ~62%Solar Capacity: 1,000 MWacStorage Capacity: 600 MWhJV Stake: 50%
📅 Short termThe stock is likely to react positively to the news of a massive order win that significantly bolsters the order book and validates the company's international competitiveness.
📈 Long termThis project strengthens SWREL's footprint in the MENA region and establishes a track record in large-scale BESS, which is a critical growth area for global renewable energy transitions.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in international jurisdictions
- Margin pressure inherent in competitive EPC bidding
- Dependency on solar module price stability for project profitability
Key Highlights
Secured a landmark project in Egypt valued at approximately $560 million (approx. ₹4,670 Cr)
Project includes 1,000 MWac Solar PV capacity and a 600 MWh Battery Energy Storage System (BESS)
Marks the third GW-scale order received by the company in the last 9 months
Total project portfolio increased to over 27.3 GWp (commissioned and under construction)
Global O&M portfolio now stands at 13.5 GWp across 28 countries
👀 What to Watch
Investors should monitor the execution timeline and the impact of this large-scale project on the company's operating margins, especially given the 50-50 JV structure. Watch for upcoming quarterly results to see if the company can translate this order book growth into a return to net profitability.
SWREL to Hold 9th AGM on July 2; Reports 27.3 GWp Global EPC Portfolio
Sterling and Wilson Renewable Energy (SWREL) has scheduled its 9th Annual General Meeting for July 2, 2026, to adopt FY26 financial statements and approve key resolutions. The company reported a robust global EPC portfolio of 27.3 GWp and an O&M portfolio of 13.5 GWp, which has grown seven-fold since 2018. Significant agenda items include the approval of material related party transactions with Shapoorji Pallonji and a waiver for excess remuneration paid to the company manager. The report also highlights a new 5-year framework agreement with Adani Green and a 31 GW active bid pipeline.
Key Highlights
Global EPC portfolio stands at 27.3 GWp across 20 countries with an active bid pipeline of 31 GW
Operations & Maintenance (O&M) portfolio reached 13.5 GWp, representing a 7x growth over the last 8 years
Currently executing over 5.5 GWp of capacity across 8 projects in Khavda, Gujarat, for major clients like NTPC and GIPCL
Special resolution proposed to waive recovery of excess remuneration paid to Manager Chandra Kishore Thakur during FY 2025-26
Expansion into Wind Power initiated in April 2025 alongside a strategic 5-year framework agreement with Adani Green
👀 What to Watch
Investors should review the details of the related party transactions and the remuneration waiver for governance clarity. The strong growth in the O&M segment and the massive 31 GW bid pipeline are positive indicators for long-term revenue visibility.
Sterling and Wilson Appoints Vikas Gulati as Chief Procurement Officer
Sterling and Wilson Renewable Energy Limited (SWSOLAR) has appointed Mr. Vikas Gulati as its Chief Procurement Officer and Senior Management Personnel, effective June 1, 2026. Mr. Gulati brings over 30 years of extensive experience in procurement, supply chain management, and project management to the leadership team. This appointment is aimed at strengthening the company's operational efficiency and supply chain resilience in the competitive solar EPC market. The decision follows a recommendation from the Nomination and Remuneration Committee and was approved by the Board on May 26, 2026.
Key Highlights
Appointment of Mr. Vikas Gulati as Chief Procurement Officer (CPO) effective June 1, 2026
Mr. Gulati possesses over 30 years of experience in procurement and supply chain management
Designated as Senior Management Personnel (SMP) under SEBI Listing Regulations
Board approval finalized on May 26, 2026, following NRC recommendation
👀 What to Watch
Investors should monitor if this leadership addition leads to improved project margins and better supply chain management in future quarterly results. No immediate action is required as this is a routine senior-level appointment.
SWSOLAR Reports Record Q4 PAT of ₹142 Cr and FY26 Order Inflow Exceeding ₹10,000 Cr
Sterling and Wilson Renewable Energy (SWSOLAR) achieved its highest-ever annual turnover of ₹7,548 crore in FY26, a 20% YoY increase. The company reported a record quarterly PAT of ₹142 crore in Q4 FY26, though the full-year bottom line remained negative at ₹296 crore due to ₹611 crore in one-off litigation costs. With a record unexecuted order value of ₹11,813 crore and a robust bid pipeline of 31 GW, the company demonstrates strong revenue visibility. The O&M portfolio also reached an inflection point, growing to 13.5 GW.
Key Highlights
Achieved record annual order inflow of ₹10,062 crore, taking the unexecuted order book to ₹11,813 crore.
Reported highest-ever quarterly PAT of ₹142 crore in Q4 FY26; FY26 revenue grew 20% to ₹7,548 crore.
Commissioned 5.9 GW DC of solar projects in FY26, capturing a 15% market share of India's utility-scale installations.
International EPC margins improved significantly to 13.2% in FY26 compared to 8% in the previous year.
Debt levels reduced by ₹149 crore during Q4, supported by stronger cash flow and ₹2,800 crore in fresh credit lines.
👀 What to Watch
Investors should view the record order book and quarterly profitability as a sign of a successful turnaround, though they should monitor the execution of the 31 GW bid pipeline. The stock remains a key play on India's solar expansion with a dominant 15% market share.
Infomerics Reaffirms SWSOLAR Ratings at BBB+; Maintains Negative Outlook on Rs 6,465 Cr Facilities
Infomerics has reaffirmed Sterling and Wilson Renewable Energy's long-term rating at IVR BBB+ but maintained a 'Negative' outlook due to significant net worth erosion and rising leverage. The company's net worth dropped to Rs 415.92 crore in September 2025 from Rs 966.02 crore in March 2025, primarily due to a one-time exceptional loss of Rs 580.10 crore. While revenue grew 108% in FY25 and the order book remains robust at Rs 9,286.59 crore, liquidity is stretched with a heavy repayment obligation of Rs 615 crore due in FY27. The company continues to benefit from its association with the Reliance Group and an indemnity agreement covering legacy claims.
Key Highlights
Long-term rating reaffirmed at IVR BBB+/Negative and short-term rating at IVR A2 for Rs 6,465.21 crore bank facilities.
Order book stands strong at Rs 9,286.59 crore as of September 30, 2025, representing 1.47x of FY25 revenue.
Net worth eroded to Rs 415.92 crore following a non-cash exceptional loss of Rs 580.10 crore related to legacy matters.
Total debt increased to Rs 1,194.30 crore in 1HFY26 from Rs 901.47 crore in FY25 to support expanded operations.
Liquidity is stretched with upcoming repayment obligations of Rs 139 crore in 2HFY26 and Rs 615 crore in FY27.
👀 What to Watch
Investors should closely monitor the company's margin stabilization and debt reduction progress, as the 'Negative' outlook highlights risks from high leverage. The strong order book and Reliance Industries' backing are positives, but the FY27 repayment schedule remains a key monitorable for credit stability.
SWSOLAR Achieves Record Post-IPO Turnover and 27.3 GWp EPC Portfolio in FY26
Sterling and Wilson Renewable Energy (SWSOLAR) reported its highest annual turnover since its IPO for the fiscal year ending March 31, 2026. The company successfully commissioned 4.5 GW AC of capacity during the year, bringing its total EPC portfolio to 27.3 GWp. Financial health has stabilized with a net worth of INR 651 crore and a net debt-to-equity ratio of 0.9x. The O&M segment continues to be a growth driver, with the portfolio expanding to 13.5 GWp, a 7x increase over eight years.
Key Highlights
Commissioned 4.5 GW AC capacities in FY26, marking the highest annual turnover post-IPO.
Total EPC portfolio stands at 27.3 GWp, with 10.1 GW currently under construction.
O&M portfolio reached 13.5 GWp, supported by a 544+ member in-house technical team.
Order book remains robust and India-centric, with 78.3% of projects located domestically.
Maintains a BBB+ credit rating with a strengthened balance sheet and INR 651 crore net worth.
👀 What to Watch
Investors should view the record turnover and massive 10.1 GW under-construction pipeline as strong indicators of revenue visibility. The company's successful deleveraging and focus on the high-growth Indian market make it a key player to watch in the renewable EPC space.
SWSOLAR Reports Record FY26 Revenue of ₹7,548 Cr and Highest-Ever Quarterly PAT of ₹142 Cr
Sterling and Wilson Renewable Energy (SWREL) delivered a stellar performance in FY26, achieving its highest-ever annual revenue of INR 7,548 crore and a record quarterly PAT of INR 142 crore in Q4. The company demonstrated robust execution by commissioning 4.5 GW AC capacity, while its order book reached a post-COVID high of INR 11,813 crore. Financial health improved significantly with a net debt reduction of INR 149 crore during the quarter and gross margins expanding to 10.5%. The O&M portfolio also saw significant growth, surging 50% YoY to 13.5 GW, providing steady recurring revenue visibility.
Key Highlights
Recorded highest-ever annual turnover of INR 7,548 crore and highest quarterly PAT of INR 142 crore since listing
Order inflow grew 43% YoY to INR 10,062 crore, taking the total unexecuted order value to INR 11,813 crore
Commissioned a record 4.5 GW AC capacity in FY26, the highest annual capacity delivered to date
Operational EBITDA increased 53% YoY to INR 444 crore with gross margins expanding to 10.5%
Net debt reduced by INR 149 crore in Q4 FY26, driven by healthy cash flow momentum and scheduled repayments
👀 What to Watch
Investors should note the company's successful turnaround, characterized by record execution and a massive order book that provides strong revenue visibility for FY27. The reduction in debt and expansion into high-growth areas like Wind and BESS make it a compelling play in the renewable energy sector.
SWSOLAR FY26 Results: Net Loss Reported with Exceptional Impairment and Promoter Indemnity
Sterling and Wilson Renewable Energy Limited (SWSOLAR) approved its audited financial results for the fiscal year ended March 31, 2026, reporting a net loss. The results were significantly impacted by an exceptional item involving the write-off and impairment of a wholly owned subsidiary following an unfavorable arbitration outcome. However, the company remains protected by an indemnity agreement with promoters that covers legacy liabilities exceeding ₹300 crores. Auditors provided an unmodified opinion while emphasizing these critical financial arrangements and impairments.
Key Highlights
Approved audited financial results for the quarter and full year ended March 31, 2026.
Recognized an exceptional impairment loss on investment and loans to a subsidiary due to arbitration issues.
Indemnity agreement with promoters limits company liability for legacy claims exceeding ₹300.00 crores.
Auditors Kalyaniwalla & Mistry LLP and Deloitte issued an unmodified opinion on the results.
Financials incorporate operations from numerous global branches including Saudi Arabia, Australia, and Europe.
👀 What to Watch
Monitor the impact of the exceptional impairment on the balance sheet and the progress of the order book under Reliance's leadership. The ₹300 crore indemnity threshold is a crucial buffer for shareholders against legacy project risks.
SWSOLAR Settles US Subsidiary Litigation with Zurich American Insurance; No Financial Impact
Sterling and Wilson Renewable Energy's US subsidiary has successfully settled a legal dispute with Fidelity and Deposit Company of Maryland and Zurich American Insurance Company. The litigation, which concerned the encashment of a bond, concluded with both parties releasing all claims and counterclaims. The United States District Court dismissed the proceedings on April 20, 2026, following a mutual settlement agreement. The company has confirmed that this resolution will have no material financial impact on its position or future liabilities.
Key Highlights
Settlement reached between US subsidiary Sterling and Wilson Solar Solutions Inc. and Zurich American Insurance.
US District Court, Eastern District of Washington, dismissed the legal proceedings on April 20, 2026.
All claims and counterclaims have been fully discharged by both parties involved.
Management confirms the settlement has no material financial impact on the company's balance sheet.
👀 What to Watch
Investors should view this as a positive development that removes a legal uncertainty and administrative burden. No specific action is required as the settlement does not affect the company's financial fundamentals.
SWREL Secures INR 3,550 Crore in New Orders; FY26 Inflows Cross INR 10,062 Crore
Sterling and Wilson Renewable Energy Limited (SWREL) has announced new domestic order wins totaling approximately INR 3,550 crore. The primary win involves being declared the L1 bidder for a massive 875 MW AC solar project from Coal India in Rajasthan, valued at ~INR 3,490 crore including O&M. Additionally, the company secured a 50 MW AC project in Maharashtra from a private IPP. These wins have propelled the total EPC order inflows for FY26 to over INR 10,062 crore, surpassing the company's initial guidance for the year.
Key Highlights
Declared L1 bidder for Coal India's 875 MW AC solar EPC package in Bikaner worth ~INR 3,490 crore
Secured a 50 MW AC solar project in Maharashtra from a leading Indian Private IPP
Total EPC order inflows for FY26 exceeded INR 10,062 crore, beating annual targets
Company's total portfolio reaches 26.1 GWp with an O&M portfolio of 10.1 GWp
First project win from Coal India, marking a significant new client addition
👀 What to Watch
Investors should take note of the strong order book momentum and the company's ability to secure large-scale PSU contracts. The significant beat on FY26 order inflow targets suggests robust revenue visibility for the coming fiscal years.
SWSOLAR Issues INR 317 Crore Parent Company Guarantee for South African Projects
Sterling and Wilson Renewable Energy Limited (SWSOLAR) has issued a Parent Company Guarantee (PCG) worth USD 34 million (approximately INR 317 Crore) to Nedbank Limited. This guarantee is provided on behalf of its step-down subsidiary, Sterling and Wilson Engineering (Pty) Ltd., to secure a non-fund based working capital facility. The facility is specifically intended to support solar power projects in South Africa. While this creates a contingent liability for SWSOLAR, it facilitates the operational execution of international projects by its subsidiary.
Key Highlights
Issued Parent Company Guarantee (PCG) of USD 34 million (approx. INR 317 Crore)
Guarantee provided to Nedbank Limited for a step-down subsidiary in South Africa
Facility is a non-fund based working capital arrangement for solar power projects
The guarantee remains valid for a long-term duration until November 11, 2032
Transaction is confirmed to be at arm's length with no promoter group interest
👀 What to Watch
Investors should view this as a routine operational support measure for international project execution, though it adds to the company's contingent liabilities. Monitor the subsidiary's project progress in South Africa to ensure no invocation of the guarantee occurs.
SWSOLAR Issues INR 293 Crore Parent Company Guarantee for South Africa Projects
Sterling and Wilson Renewable Energy (SWSOLAR) has issued a Parent Company Guarantee (PCG) of USD 31 million (approximately INR 293.04 Crore) to ABSA Bank Limited. This guarantee supports a non-fund based working capital facility for its step-down subsidiary in South Africa to facilitate solar power projects. The guarantee is valid for a period of six years and represents a contingent liability for the parent company. This move is a standard operational procedure for EPC companies to support international project execution.
Key Highlights
Issued Parent Company Guarantee (PCG) worth USD 31 million (approx. INR 293.04 Crore).
Guarantee provided to ABSA Bank Limited for a step-down subsidiary in South Africa.
Facility is non-fund based working capital for solar power project execution.
The PCG is valid for a tenure of 6 years from the date of issuance.
The transaction is conducted at arm's length with no promoter interest involved.
👀 What to Watch
Investors should view this as a standard business enablement move for international projects, though they should monitor the company's total contingent liabilities. No immediate action is required as this supports the company's core EPC business growth.
