NSE: SWSOLAR · BSE: 542760
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC business (96%), Operation and maintenance service (4%), Other operating income (0%). Project-driven, asset-light EPC with a growing recurring O&M annuity in utility-scale renewables; commodity- and execution-sensitive.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,199 | 2,015 | 3,035 | 6,302 | 7,548 |
| EBITDA (ex other income) | (913) | (1,130) | (23) | 247 | (309) |
| margin % | (17.6) | (56.1) | (0.7) | 3.9 | (4.1) |
| Owners' profit | (909) | (1,170) | (212) | 81 | (309) |
| EPS, as reported (₹) | (54.21) | (61.65) | (10.40) | 3.49 | (13.25) |
| ROE % · ROCE % | (101.1) · (88.7) | 489.0 · (211.0) | (22.1) · 3.7 | 8.6 · 17.1 | (45.4) · (9.6) |
| Debt / equity (x) | 0.49 | (8.45) | 0.50 | 0.91 | 1.79 |
| Cash from operations | (1,690) | (1,829) | 602 | 40 | (257) |
| Capex | (13) | (9) | (1) | (4) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,030 | 1,837 | 2,519 | 1,762 | 1,749 | 2,092 | 1,946 | 1,590 |
| Profit before tax | 20 | 41 | 87 | 75 | (503) | 4 | 154 | 57 |
| Net profit | 9 | 17 | 55 | 39 | (478) | 2 | 142 | 53 |
| EPS (₹) | 0.30 | 0.64 | 2.37 | 1.37 | (20.27) | (0.12) | 5.76 | 2.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC business | 5,249 | 69.5 |
| Operation and maintenance service | 205 | 2.7 |
| Other operating income | 1 | 0.0 |
| EPC | 2,028 | 26.9 |
| O&M | 63 | 0.8 |
| Unallocated | 1 | 0.0 |
| Total, before eliminations | 7,548 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,35,992 | 32.3 | 4.17 | 19.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 43,725 | 48.7 | 4.45 | 31.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,595 | 21.6 | 3.18 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| NBCC (INDIA) LIMITED | 22,448 | 30.3 | 6.98 | 18.9 | 23.1 | 29.7 | 13.5 | 9.6 |
| IRB INFRA DEV LTD. | 21,849 | 16.8 | 1.04 | 10.0 | 4.1 | 2.5 | 7.6 | 55.6 |
| CEMINDIA PROJECTS LIMITED | 21,576 | 35.9 | 8.99 | 18.3 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,007 | 20.4 | 5.09 | 17.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,793 | 27.4 | 2.84 | 19.3 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 6.2 | 1.5 | 82 of 87 | 6% |
| ROCE | (22.3) | 10.0 | 107 of 109 | 2% |
| ROE | (45.4) | 9.2 | 91 of 91 | 0% |
| Debt / Equity | 1.8 | 0.3 | 88 of 91 | 3% |
| EBITDA margin | 6.2 | 12.4 | 72 of 88 | 18% |
| Revenue growth | (9.7) | 6.2 | 68 of 86 | 21% |
| Profit growth | 37.7 | 2.7 | 22 of 84 | 75% |
| Market cap | 4044 | 454 | 21 of 110 | 82% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 22 Sept 2026 · SWREL bags INR 985 crore orders in Rajasthan and South Africa | business updates | high | — | — |
| 21 Sept 2026 · Officials to attend JM Financial investor conference on September 24 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Intimation of investor conference attendance on Sep 21, 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Update on US subsidiary arbitration against OEG Inc | regulatory legal | high | — | — |
| 24 Aug 2026 · Company officials to meet investors and analysts on August 27, 2026 | board shareholder meetings | low | — | — |
| 31 Jul 2026 · SVP Investor Relations Sandeep Mathew resigns for personal reasons | management changes | medium | — | — |
| 31 Jul 2026 · Acuite downgrades and withdraws credit ratings on multiple facilities | credit debt | medium | — | — |
| 24 Jul 2026 · Q1 FY27 call: UOV hits record INR13,000 crores, Egypt order of USD560M | investor communications | medium | — | — |
| 23 Jul 2026 · Promoter confirms no new encumbrance on Sterling & Wilson Renewable Energy shares | ownership changes | medium | — | — |
| 17 Jul 2026 · Audio recording of Q1 FY27 investors call now available on company website | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.