Sterling & Wilson Renewable Energy

Listed EPC / O&M — per-stock model.

As of 21 Aug 2026

EPC / O&M—

CMP ₹192NSE: SWSOLAR

Latest concall

Q4 FY26 · 24 Apr 2026

FY26 record revenue ₹7,548cr +20%; Q4 rev ₹1,946cr, Q4 PAT ₹142cr (record).
FY26 net loss ₹296cr on exceptional/litigation items despite strong Q4.
Order inflows ₹10,062cr +43%; unexecuted order book ₹11,813cr at Mar-26.
Bid pipeline ~31 GW (India >27 GW); ~20% of new orders from BESS.

Order-book execution

₹11,813cr book gives ~1.5 years' revenue; FY27 execution weighted to India utility EPC.

Management guidance

FY27 revenue growth ~15% on order book, excluding Reliance New Energy orders.
EPC gross margins guided 8-10%; O&M gross margins stabilising ~20%.
Battery storage a rising share of order intake and bid pipeline.

Sterling & Wilson RE Q4 FY26 concall, Apr 24 2026; ScanX, Whalesbook, Multibagg, MarketsMojo

Order book

₹11,813cr

Revenue FY26E

7,548₹ cr

EBITDA margin

4.2%

P/E

14.4×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY18	6,872	542	8.0%	451	—	—	—	—	—	282.0	—
FY19	8,240	658	8.0%	638	—	—	—	—	—	39.9	—
FY20	5,575	329	6.0%	304	—	—	—	—	—	19.3	—
FY21	5,081	-377	-7.0%	-290	—	—	—	—	—	-17.8	—
FY22	5,199	-903	-17.0%	-916	—	—	—	—	—	-47.9	—
FY23	2,015	-1,124	-56.0%	-1,175	—	—	—	—	—	-61.6	—
FY24	3,035	-7	-0.2%	-211	—	—	—	—	—	-9.1	—
FY25	6,302	264	4.2%	86	—	—	—	—	—	3.5	—
FY26	7,548	314	4.2%	-296	—	—	—	—	—	-13.3	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	515	-37	-7.0%	-95	-18.4%
Q2FY24	760	1	0.2%	-55	-7.2%
Q3FY24	583	-16	-2.8%	-62	-10.6%
Q4FY24	1,178	29	2.5%	1	0.1%
Q1FY25	915	25	2.7%	5	0.6%
Q2FY25	1,030	18	1.8%	9	0.9%
Q3FY25	1,837	70	3.8%	17	0.9%
Q4FY25	2,519	134	5.0%	55	2.2%
Q1FY26	1,762	85	4.8%	39	2.2%
Q2FY26	1,749	4	0.2%	-478	-27.3%
Q3FY26	2,092	67	3.2%	2	0.1%
Q4FY26	1,946	146	7.0%	142	7.3%
Q1FY27	1,590	79	5.0%	53	3.3%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

14.4×

EV / EBITDA

19.2×

P/B

6.9×

Operating metrics

What the rest of the dashboard tracks for Sterling & Wilson Renewable Energy — capacity, auctions, offtake, manufacturing and returns.

Policy exposure

Schemes whose impact note names this company

Policy

Basic Customs Duty (BCD) on Cells/ModulesTradeActive
Shields all domestic makers (Waaree, Premier, Vikram, Adani) by pricing up Chinese imports; raises input costs for EPCs and developers (Sterling & Wilson, Tata Power) still reliant on imported cells.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026