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Sterling & Wilson Renewable Energy
SectorIndustrials
Sterling & Wilson Renewable Energy Ltd (SWREL) is a global renewable energy EPC solutions provider. Originally incorporated as Rashmika Energy Private Limited in 2017, it later demerged from Sterling and Wilson Private Limited and changed its name. SWREL offers end-to-end EPC services for utility-scale solar, floating solar, and hybrid & energy storage solutions. The company provides project design, engineering, procurement, construction, and commissioning services, as well as operations and maintenance (O&M) for both its own projects and those built by third parties. SWREL has a presence in 28 countries across various regions including India, Southeast Asia, Middle East, Africa, Europe, Australia, United States, and Latin America. Its clients include independent power producers, developers, and equity funds. The company has a total portfolio exceeding 18 GWp of projects in various stages and manages an O&M portfolio of 7.6 GWp solar power projects.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Recurring O&M and debt reduction help, but EPC revenue and cash conversion are slowing.
O&M revenue grew from ₹64 Cr to ₹99 Cr from Q2 FY26 to Q2 FY27 as capacity doubled from 9.1 GW to 18.9 GW, adding recurring income
Consolidated revenue fell from ₹1,749 Cr to ₹1,527 Cr from Q2 FY26 to Q2 FY27, showing softer EPC execution
Bank borrowings fell from ₹1,194 Cr to ₹920 Cr from Q2 FY26 to Q2 FY27, reducing leverage and funding pressure
International EPC revenue collapsed from ₹492 Cr to ₹62 Cr from Q2 FY26 to Q2 FY27, sharply reducing overseas contribution
Shareholders equity rose from ₹460 Cr to ₹719 Cr from Q2 FY26 to Q2 FY27, strengthening the capital base
Receivables rose from ₹2,520 Cr to ₹3,005 Cr and receivable days stretched from 131 to 176 from Q2 FY26 to Q2 FY27, slowing cash conversion
India project capacity grew from 19,264 MW to 22,890 MW from Q2 FY26 to Q2 FY27, expanding the domestic execution base
New order inflows fell from ₹3,775 Cr to ₹985 Cr from Q2 FY26 to Q2 FY27, after peaking at ₹10,062 Cr in Q4 FY26, weakening future order momentum
Advances from customers rose from ₹768 Cr to ₹881 Cr from Q2 FY26 to Q2 FY27, improving customer-funded working capital
Operational EBITDA slipped from ₹62 Cr to ₹56 Cr from Q2 FY26 to Q2 FY27, after peaking at ₹156 Cr in Q4 FY26, showing weaker core earnings