STRLNG & WIL REN ENE LTD

Builds and commissions utility-scale solar PV and battery energy storage projects on an EPC basis, alongside long-term operations and maintenance services for those projects. In FY26, the EPC business generated ₹7,277.44 cr (96.4% of segment revenue) with EBIT of ₹676.67 cr, while operation and maintenance services contributed ₹268.37 cr (3.6%) with EBIT of ₹41.5 cr. Customers include renewable power developers, large industrial groups and government utilities in India and overseas; a recent 1,000 MW solar PV plus 600 MWh BESS order in Egypt, valued at about USD 560 million, was won through a 50:50 JV with Hassan Allam Construction. As of Q1 FY27, unexecuted order value stood at a record ₹13,000 cr, the domestic order book was about ₹7,900 cr, and the bid pipeline reached 27.7 GW. The O&M portfolio scaled to a record 18.3 GWp in Q1 FY27, with management guiding to 25 GW+ by FY28 via its own EPC completions and third-party additions. Materials — solar modules, batteries and balance-of-system equipment — made up 90.6% of revenue, leaving the business heavily exposed to commodity prices, working capital and project execution timing.