Sterling and Wilson Renewable Energy Limited (SWSOLAR)
₹165.47 -5.42% last close, 16 Oct
Q2 FY27 results
Sterling and Wilson Renewable Energy Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹1,528 Cr (-12.6% year on year, -3.9% on the previous quarter), and net profit ₹16.8 Cr (against a loss a year earlier); the operating margin was 3.7%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,528 | -12.6% | -3.9% |
| Operating profit | ₹56.1 | — | -28.7% |
| Net profit | ₹16.8 | from loss | -68.4% |
| EPS (₹) | 0.82 | from loss | -64.7% |
| Operating margin | 3.7% | — | — |
- Turnaround: profit against a loss a year ago
- Operating margin expanded 345 bps YoY
- 84% of pre-tax profit came from other income and one-off items
Quality of profit: of pre-tax profit of ₹16.8 Cr, ₹2.6 Cr (16%) came from the core business and the rest from other income and one-off items.
Share price since the results: -5.4% (close before the filing to the latest close).
SWSOLAR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 34.45% of the SWSOLAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.74%. That is close to its usual level.
Delivery in the last 5 sessions: 38.8% · 34.5% · 42.7% · 42.5% · 34.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
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.
- 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.
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).
- 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)
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.
- 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.
Sterling and Wilson Renewable Energy has received an order from the Additional Commissioner, CGST, Jaipur, Rajasthan, demanding ₹27.72 crore. The total demand comprises an alleged tax shortfall of ~₹13.86 crore and an equal penalty of ~₹13.86 crore, plus applicable interest, for the period November 2020 to November 2021. The total demand represents ~0.38% of TTM revenue (₹7,377 crore) and 6.0% of net worth (₹459 crore). The company stated there is no material operational impact as a substantial portion is covered under an indemnity agreement executed between the Promoters and the company.
- Total tax and penalty demand aggregates to ~INR 27.72 Crore plus interest
- Demand consists of INR 13.86 Crore in alleged tax shortfall and INR 13.86 Crore in penalty
- Relates to the historical period from November 2020 to November 2021
- Substantial portion is protected under the promoter indemnity agreement
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.
- 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
Sterling and Wilson Renewable Energy Limited has scheduled an investor conference interaction organized by Anand Rathi Share & Stockbrokers Limited on Monday, September 21, 2026. This is a routine institutional interaction filing pursuant to Regulation 30 of the SEBI Listing Regulations. The company currently has a market capitalization of ₹3,982 crore and reported TTM revenue of ₹7,377 crore. No unpublished price-sensitive information or new strategic announcements were disclosed in the filing.
- Company officials to attend investor conference organized by Anand Rathi Share & Stockbrokers Limited
- Scheduled meeting date is set for Monday, September 21, 2026
- Filing submitted under Regulation 30 of SEBI Listing Regulations on September 16, 2026
Sterling and Wilson Renewable Energy Limited's step-down subsidiary, Sterling and Wilson Solar Solutions, Inc., USA (SWSS), has initiated a new arbitration against OEG Inc., USA. The arbitration seeks to pursue undetermined counterclaims previously reserved under an order dated March 13, 2025. A three-member arbitration panel has been formed under American Arbitration Association (AAA) rules, following up on a December 20, 2025 disclosure. The financial claim amount and potential impact have not been disclosed in the filing.
- SWSS initiates new arbitration against OEG Inc., USA, to pursue undetermined counterclaims
- Counterclaims were originally reserved under an arbitration order dated March 13, 2025
- A 3-member arbitration panel has been formally constituted under AAA rules
- Follow-up to prior company disclosure dated December 20, 2025; claim amount remains not disclosed
Sterling and Wilson Renewable Energy Limited (SWSOLAR) has informed stock exchanges about an upcoming investor/analyst interaction. Officials of the company are scheduled to meet investors on Thursday, August 27, 2026. The meeting is being organized by DAM Capital Advisors Limited under Regulation 30 of the SEBI LODR Regulations. No financial numbers, presentation materials, or unpublished price-sensitive information were disclosed in this intimation.
- Meeting scheduled with investors and analysts on August 27, 2026
- Interaction organized by DAM Capital Advisors Limited
- Intimation submitted pursuant to Regulation 30 of SEBI Listing Regulations
- Notice filed with BSE and NSE on August 24, 2026
Mr. Sandeep Mathew, Senior Vice President of Investor Relations and designated Senior Management Personnel (SMP), has resigned from Sterling and Wilson Renewable Energy Limited effective July 31, 2026. The resignation is cited as being for personal reasons. This management change comes as the company navigates a recovery phase, reporting a TTM revenue of ‡7,548 Cr and a TTM net loss of ‡296 Cr.
- Resignation of Senior Vice President – Investor Relations effective July 31, 2026
- Individual was classified as Senior Management Personnel (SMP) under SEBI regulations
- Company reported TTM revenue of ‡7,548 Cr and a net loss of ‡296 Cr for FY26
- The resignation letter was submitted on June 23, 2026, with a notice period ending July 31, 2026
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.
- 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
Khurshed Yazdi Daruvala, a promoter of Sterling and Wilson Renewable Energy Limited (SWSOLAR), has submitted a mandatory annual declaration under SEBI Takeover Regulations. The filing confirms that the promoter and Persons Acting in Concert (PAC) did not create any new encumbrances or pledges on their equity shares during the 2024-2025 financial year, beyond what was already disclosed. This is a routine compliance procedure intended to provide transparency regarding promoter shareholding stability. As of the latest data, the total promoter holding in the company stands at 45.73%.
- Declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Confirms no new direct or indirect encumbrances were created during the financial year 2024-2025.
- Promoter holding remains stable at 45.73% as of March 2026.
- The filing specifically covers the promoter group led by Khurshed Yazdi Daruvala.
Sterling and Wilson Renewable Energy Limited (SWSOLAR) has released the audio recording of its earnings conference call held on July 17, 2026. The call addressed the company's unaudited financial performance for the first quarter of FY27, ended June 30, 2026. This follows a significant turnaround in the previous quarter (Mar 2026), where the company reported a PAT of Rs 141.59 Cr. Investors can access the recording on the company's website to evaluate management's commentary on the domestic EPC pipeline and O&M margin targets.
- Conference call conducted on July 17, 2026, at 10:00 a.m. IST
- Discussion focused on unaudited results for the quarter ended June 30, 2026
- Company operates within a TTM revenue base of Rs 7,548 Cr
- Management continues to oversee a global project portfolio exceeding 22.6 GWp
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.
- 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
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.
- 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.
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.
- 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
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 108% YoY to INR 6,301.86 Cr in FY25. The EPC segment grew 114.7% to INR 6,064 Cr, while the O&M segment grew 12.2% to INR 236.1 Cr. 1H FY26 revenue reached INR 3,510 Cr, up 80% YoY from INR 1,946 Cr.
Geographic Revenue Split
The company has shifted focus primarily to the domestic Indian market, which now constitutes the majority of the INR 9,096 Cr order book. International operations span 25 countries including Africa, USA, Australia, and the Middle East, but domestic EPC projects are the primary growth driver.
Profitability Margins
Gross margins were 10.1% in FY25 but dipped to 8.9% in Q2 FY26. Net profit margin was 1.36% in FY25 (INR 85.55 Cr) compared to -6.94% in FY24. Q2 FY26 reported a PAT loss of INR 478 Cr due to exceptional write-offs.
EBITDA Margin
EBITDA margin was 3.92% (INR 246.73 Cr) in FY25, a significant improvement from -0.74% in FY24. However, Q2 FY26 saw an EBITDA loss of INR 470 Cr due to a one-time INR 580 Cr write-off related to US arbitration.
Capital Expenditure
Not explicitly disclosed in INR Cr, but the company availed a new term loan of INR 700 Cr in FY25 to meet working capital and project requirements for its expanding order book.
Credit Rating & Borrowing
Ratings for working capital and term loans were upgraded to BBB+ with a Stable Outlook in June 2025 by Infomerics. Interest coverage ratio improved to 2.62x in FY25 from 0.29x in FY24.
Operational Drivers
Raw Materials
Solar modules represent the most significant cost component for turnkey EPC projects; other materials include steel structures, copper cables, and inverters.
Import Sources
Not specifically detailed by country, but the company manages module price volatility through fixed-price arrangements and customer-borne cost contracts.
Key Suppliers
Not disclosed in available documents; however, the company uses fixed-price arrangements with various global and domestic suppliers to mitigate volatility.
Capacity Expansion
The O&M portfolio grew to 9.1 GW as of September 2025, up from 8.7 GW in March 2025. The company has a total project portfolio of over 22.6 GWp commissioned or under construction.
Raw Material Costs
Raw material costs are highly volatile; module-inclusive turnkey projects led to a gross margin dip from 11.7% in Q1 FY26 to 8.9% in Q2 FY26 as module supply carries lower margins than Balance of System (BoS) work.
Manufacturing Efficiency
Not applicable as the company is an EPC/O&M service provider; efficiency is measured by project execution speed and O&M margins (targeted at 20-23%).
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be achieved by focusing on the domestic Indian EPC market, expanding the high-margin O&M portfolio (targeting 20-23% margins), and leveraging the strong parentage of Reliance New Energy Ltd to secure large-scale projects.
Products & Services
Solar EPC services (turnkey and BoS), Operation and Maintenance (O&M) services for solar power plants, and hybrid energy solutions including battery storage.
Brand Portfolio
Sterling and Wilson Renewable Energy (SWREL).
New Products/Services
Expansion into hybrid solar-wind projects and battery energy storage systems (BESS) within the O&M and EPC segments.
Market Expansion
Aggressive expansion in the Indian domestic market with a bid pipeline for FY26 and a focus on third-party O&M contracts.
Market Share & Ranking
Established leader in solar EPC with a 22.6 GWp portfolio; specific market share percentage not disclosed.
Strategic Alliances
Strong linkage with Reliance Group (Reliance New Energy Ltd holds 32.50%) and indemnity agreements with Shapoorji Pallonji Group.
External Factors
Industry Trends
The industry is shifting toward large-scale domestic tenders and hybrid renewable projects. SWREL is positioning itself by moving away from risky international EPC toward stable domestic BoS and O&M.
Competitive Landscape
Operates in a highly competitive tender-based environment against other global and domestic solar EPC players.
Competitive Moat
Moat is built on strong promoter backing (Reliance Group), a massive 22.6 GWp execution track record, and an indemnity agreement that protects the balance sheet from legacy liabilities exceeding INR 300 Cr.
Macro Economic Sensitivity
Highly sensitive to global solar module price trends and interest rate fluctuations affecting project viability for clients.
Consumer Behavior
Increased demand from public sector and large corporate entities for green energy to meet ESG goals.
Geopolitical Risks
Legal and arbitration risks in international markets, as evidenced by the INR 580 Cr write-off from a US-based subcontractor dispute.
Regulatory & Governance
Industry Regulations
Subject to solar import duties (BCD/ALMM) in India and local regulatory standards in 25 operating countries.
Environmental Compliance
Business is inherently ESG-positive as a renewable energy provider; no specific compliance cost in INR disclosed.
Taxation Policy Impact
Not specifically detailed beyond standard corporate tax rates.
Legal Contingencies
Significant legal issues include a US subcontractor arbitration award resulting in an INR 580.1 Cr write-off and an OEG Inc settlement of INR 19.95 Cr. Total contingent liabilities stood at INR 1,054.89 Cr as of March 2024.
Risk Analysis
Key Uncertainties
Crystallization of material contingent liabilities not covered by indemnity could impact liquidity by over 10-15%.
Geographic Concentration Risk
Increasing concentration in the Indian market, which provides stability but increases dependency on domestic policy.
Third Party Dependencies
High dependency on module suppliers for turnkey projects; module costs can fluctuate by 20-30% annually.
Technology Obsolescence Risk
Risk is mitigated by in-house R&D and design teams focusing on the latest solar and storage technologies.
Credit & Counterparty Risk
Exposure to loss-making subsidiaries via loans of INR 1,521.41 Cr; recovery depends on these subsidiaries' ability to collect receivables.
