Sterling and Wilson Renewable Energy Limited — PPTs, 17-10-2025: Investor Presentation

Sterling and Wilson Renewable Energy (SW Solar) reported robust Q2FY26 revenue growth of 70% YoY to INR 1,749 Cr, driven by strong execution in domestic and international EPC projects. The company boasts a significant global presence with 24.4 GWp EPC and 9.1 GWp O&M portfolios across 28 countries.

Growth is fueled by strategic focus on integrated battery energy storage and floating solar solutions, leveraging its cost-effective India base and global reach. SW Solar secured INR 3,775 Cr in new orders year-to-date, boosting its unexecuted order value to INR 9,287 Cr, with 83.9% from India.

Recent developments include venturing into Wind EPC and its O&M portfolio crossing 9 GW. The company also secured new working capital facilities and saw ratings upgraded to BBB+ with a Stable Outlook. However, Q2FY26 saw a net loss of INR 478 Cr, primarily due to an exceptional one-time write-off of ~INR 580 Cr from an adverse arbitration ruling.

Despite the one-off impact, SW Solar maintains a negative net working capital of INR 279 Cr, generally favorable for an EPC business. The management outlook is positive, with a strong bid pipeline of 25.4 GW, indicating promising market opportunities in India and EMEA.