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 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,837 | 2,519 | 1,762 | 1,749 | 2,092 | 1,946 | 1,590 | 1,528 |
| Profit before tax | 41 | 87 | 75 | (503) | 4 | 154 | 57 | 17 |
| Net profit | 17 | 55 | 39 | (478) | 2 | 142 | 53 | 17 |
| EPS (₹) | 0.64 | 2.37 | 1.37 | (20.27) | (0.12) | 5.76 | 2.32 | 0.82 |
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. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.0 | 13.5 | 59 of 102 | 43% |
| P/B | 4.8 | 1.3 | 79 of 85 | 7% |
| ROCE | 7.0 | 6.1 | 45 of 98 | 55% |
| ROE | 9.8 | 6.3 | 24 of 84 | 72% |
| Debt / Equity | 1.3 | 0.4 | 80 of 87 | 8% |
| EBITDA margin | 3.7 | 10.3 | 90 of 105 | 14% |
| Revenue growth | (12.6) | 7.5 | 70 of 86 | 19% |
| Profit growth | 103.5 | 17.6 | 17 of 83 | 81% |
| Market cap | 3485 | 509 | 22 of 107 | 80% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · SEBI warns company over opposite share trades by employee | regulatory legal | medium | — | — |
| 23 Oct 2026 · Q2 FY27 transcript: INR12,481 crore order book and second-half growth outlook | investor communications | medium | — | — |
| 21 Oct 2026 · Kenya tax settlement cuts demand to INR 2.66 crore | business updates | medium | — | — |
| 19 Oct 2026 · SWSOLAR subsidiary files South Africa case to recover about Rs 25.5 Crore | regulatory legal | high | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 and H1 FY27 financial results | compliance | minimal | — | — |
| 16 Oct 2026 · Audio recording of Q2 FY27 investors call uploaded to company website | investor communications | medium | — | — |
| 15 Oct 2026 · SWREL Q2 FY27: Revenue dips YOY, O&M revenue up 55%, new orders worth INR 985 cr | investor communications | medium | — | — |
| 15 Oct 2026 · SWREL Q2 FY27: INR 1,527 cr revenue, returns to profit in H1 FY27 | compliance | low | — | — |
| 15 Oct 2026 · Q2 FY26 results: standalone profit at Rs 27.88 cr, revenue up 14% YoY | results | high | — | — |
| 15 Oct 2026 · Q2 FY27 Results: PAT at Rs 27.88 cr vs Loss Last Year | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.