Synopsis:
The shares of this solar engineering company were in focus today after the company received a contract for a turnkey EPC of a 240 MW AC solar project worth Rs 1,313 crore.
This company, which is one of the leading end-to-end solar engineering, procurement, and construction (EPC) solutions providers globally and is also engaged in the operation and maintenance (O&M) of solar power projects, was in the spotlight today following the announcement of the company bagging the solar project contract.
With the market cap of Rs 5,375 crore, the shares of Sterling & Wilson Renewable Energy Ltd made a high at Rs 237.85 and gained roughly 5.2 percent from its previous day’s closing price of Rs 225.95. The shares are trading at a PE at 26.4, whereas its industry PE is at 19.5
About the order
Sterling and Wilson Renewable Energy Ltd. (SWREL) has added another major win to its global order book by securing a 240 MW AC solar EPC project in South Africa, worth about Rs 1,313 crore. This is the company’s second project from the country this fiscal year and pushes its total order inflow past Rs 5,088 crore. The deal highlights how SWREL is steadily strengthening its presence in overseas markets where demand for clean energy is rising quickly.
With this new contract, SWREL is now working on four solar projects with four different developers in South Africa. The two earlier projects have already seen solid progress, helping the company build a strong reputation in the region. South Africa’s solar market is expanding fast as businesses look for reliable power, costs continue to fall, and the grid becomes more stable. These conditions create a favourable runway for SWREL to grow further and deepen its position in the market.
Financials and others
The revenue from sales is Rs 1,749 crore in Q2 FY26 versus Rs 1,030 crore in Q2 FY25, which is an increase of about 70 per cent on a YoY basis. However, the company has incurred a loss this quarter when we compare the Q2 FY25 profit of Rs 9 crore with the Q2 FY26 loss of Rs 478 crore.
SWREL has built a reputation for strong execution, having already delivered 11.6 GW of solar projects and currently working on another 12.8 GW across the globe. This shows the company’s ability to handle large, complex projects while maintaining quality and reliability.
Its order inflows also tell a positive story. The company has seen steady growth in new orders from Rs 4,387 crore in FY23 to Rs 6,023 crore in FY24, and then jumping to Rs 7,051 crore in FY25. This rise reflects increasing customer confidence and a healthy demand pipeline for its EPC services.
Even with projects spread internationally, SWREL’s core strength remains in India. Around 84.5% of its order book comes from the domestic market, giving the company a solid foundation as India continues to push aggressively toward renewable energy expansion.
Sterling and Wilson Renewable Energy Limited (SWREL) is a specialised global EPC provider focused entirely on renewable energy. The company handles end-to-end execution for large solar projects—covering utility-scale solar and floating solar installations, as well as hybrid and energy storage systems. Its total project portfolio stands at more than 22.8 GWp, which includes both completed plants and those currently being built.
Beyond construction, SWREL also operates a sizeable O&M business, managing 9.3 GWp of solar assets, including many projects developed by other companies. With a presence in 28 countries, SWREL has built a strong international footprint, actively operating across India, Southeast Asia, the Middle East, Africa, Europe, Australia, and the Americas. This wide geographic reach highlights the company’s capability to execute and support renewable energy projects globally.
Written by Leon Mendonca
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