SWSOLAR

Sterling and Wilson Renewable Energy share price & financials

Global pure-play solar EPC and O&M provider spanning utility-scale, floating solar, storage and wind projects.

Price: ₹222.19
Market cap: ₹4.9k Cr
Sector: Construction
Calls analysed: 6

Latest concall · Q1 FY27 · call held 17 Jul 2026

Sterling and Wilson Renewable Energy Limited Q1 FY27

Revenue ₹1,590 cr Reported EBITDA ₹96 cr PAT ₹53 cr +36%Gross Margin 9.9%

What went well

Unexecuted Order Value (UOV) exceeded INR 13,000 crores, marking a historical high for the company.
Secured a landmark 1,000 MW AC solar PV plant integrated with 600 MWh BESS project in Egypt, valued at USD 560 million.
O&M segment revenue grew approximately 40% year-on-year, with peak capacities under operations reaching a record 18.3 gigawatts.

What to watch

Q1 FY27 revenue declined to INR 1,590 crores, lower both sequentially and year-on-year, primarily due to project delays and slower execution in international EPC.
The domestic solar EPC market remained slow for the second consecutive quarter due to geographical tensions, volatile commodity prices, and high domestic module prices.

Read the full call →

What Sterling and Wilson Renewable Energy Limited does

Sterling and Wilson Renewable Energy provides turnkey EPC (engineering, procurement, construction) and Balance of System solutions for utility-scale and floating solar power plants, along with solar-plus-storage, hybrid (including wind) and battery energy storage system (BESS) projects, earning through project-execution contracts. It also runs a separate long-term Operations & Maintenance (O&M) business that services solar assets it has built as well as plants built by third parties, earning recurring annuity-style fees. The company operates through in-house design and engineering teams and executes projects for utility-scale IPPs and PSUs across India and international markets including the Middle East, Africa, Southeast Asia, Australia and the Americas.

Segments

Domestic EPC
International EPC
Operations & Maintenance (O&M)

Global EPC portfolio (installed + under execution): 27.3 GWp
Global O&M portfolio: 13.5 GWp
Cumulative capacity commissioned: 17.2 GW
Capacity under construction: 10.1 GW
Country presence (offices): 28 countries
Countries with executed/ongoing projects: 20 countries

Founded 2017Headquarters Mumbai, IndiaEmployees 3,459 (March 2026) Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 4 delivered 3 missed 10 open

Indemnity Claim Realization went quiet said Q2 FY26 Promised: INR 178 crores... to be paid by November 30, 2025 Q1 FY27: Management provided a new guidance for indemnity realization in FY27 (INR 120-130 cr) but did not provide an update on this specific historical claim.
FY27 Revenue Growth YoY revised down said Q3 FY26 Promised: 15% to 20% Q1 FY27: Guidance for FY27 revenue growth revised down to '10% to 15%' from 'around 15%' in the previous quarter, citing project delays in Q1.
O&M Segment Margin revised down said Q1 FY26 Promised: 23% (Q1), 20-23% (Q2), 20-25% (Q3), 20% (Q4) Q1 FY27: Guidance reiterated to 'stabilize at around 20% level', consistent with the downward revision from Q4 FY26.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 9.8%, net profit up 35.9% against the same quarter last year.

₹ Cr · quarterly

Line item	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 +70%	2,092 +14%	1,946 −23%	1,590 −10%
Expenses	1,012	1,767	2,386	1,676	1,745	2,025	1,800	1,511
EBITDA	18	70	134	85	4 −78%	67 −4%	146 +9%	79 −7%
Margin	2%	4%	5%	5%	0%	3%	7%	5%
Other income	34	5	-13	21	-469	-12	53	20
Interest	28	31	31	29	36	47	42	39
Depreciation	4	3	3	3	3	3	3	3
Profit before tax	20	41	87	75	-503 −2615%	4 −90%	154 +77%	57 −24%
Tax rate	57%	58%	37%	48%	-5%	65%	8%	6%
Net profit	9	17	55	39	-478 −5411%	2 −88%	142 +158%	53 +36%
EPS	0.30	0.64	2.37	1.37	-20.26	-0.12	5.76	2.32

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −33.3% 1Y

1Y: ₹270.05 on 10 Sept 2025 → ₹180.22. High ₹270.9 (19 Sept 2025), low ₹148.88 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +0.6%; 17 Jul
Q4 FY26: −2.9%; 24 Apr
Q3 FY26: +6.0%; 16 Jan
Q2 FY26: −6.8%; 17 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 55.3% a year over 3 years, FY23 to FY26. Operating margin widened to 4.0%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹2.0k Cr	₹3.0k Cr	₹6.3k Cr	₹7.5k Cr
Operating profit	₹-1.1k Cr	₹-23 Cr	₹247 Cr	₹302 Cr
Operating margin	-56.1%	-0.8%	3.9%	4.0%
Interest	₹146 Cr	₹219 Cr	₹109 Cr	₹154 Cr
Depreciation	₹14 Cr	₹15 Cr	₹14 Cr	₹12 Cr
Net profit	₹-1.2k Cr	₹-211 Cr	₹86 Cr	₹-295 Cr
Net margin	-58.3%	-6.9%	1.4%	-3.9%
ROCE	-65.0%	4.0%	17.0%	27.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹16 Cr	₹19 Cr	₹19 Cr	₹23 Cr	₹23 Cr	₹23 Cr
Reserves	₹646 Cr	₹898 Cr	₹-244 Cr	₹946 Cr	₹447 Cr	₹626 Cr
Borrowings	₹479 Cr	₹446 Cr	₹2.0k Cr	₹516 Cr	₹1.2k Cr	₹1.2k Cr
Other liabilities	₹2.6k Cr	₹2.1k Cr	₹1.4k Cr	₹2.8k Cr	₹3.2k Cr	₹3.5k Cr
Total liabilities	₹3.7k Cr	₹3.5k Cr	₹3.2k Cr	₹4.3k Cr	₹4.9k Cr	₹5.3k Cr
Fixed assets	₹46 Cr	₹42 Cr	₹44 Cr	₹56 Cr	₹41 Cr	₹41 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Other assets	₹3.7k Cr	₹3.5k Cr	₹3.1k Cr	₹4.2k Cr	₹4.8k Cr	₹5.3k Cr
Total assets	₹3.7k Cr	₹3.5k Cr	₹3.2k Cr	₹4.3k Cr	₹4.9k Cr	₹5.3k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Mutual funds in SWSOLAR

Filings to Jul 2026

0 new, 1 added, 0 trimmed, 0 sold out — net +5.70 L shares (+63.4%).

Held by funds: ₹30 Cr; 2 schemes
Biggest holder: HDFC Large and Mid Cap Fund; ₹16 Cr · 0.1% of that fund

Scheme	Holding	Last month	Held since
HDFC Large and Mid Cap Fund HDFC Mutual Fund	₹16 Cr	held	Dec '22
HDFC Infrastructure Fund HDFC Mutual Fund	₹14 Cr	+5.70 L	Jun '26

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

1 added, 0 trimmed — net +5.70 L shares (+63.4%)

Funds are sitting on: -8%; vs est. average cost
Held by funds: ₹30 Cr; 2 schemes · ≈ 0.67% of the company
Biggest holder: HDFC Large and Mid Cap Fund; ₹16 Cr · 0.1% of that fund

Shares held by these funds −87%

Aug '23 14.70 L shares Jul '26

All earnings calls (5)

Read the Q1 FY27 call →

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