Sterling and Wilson Renewable Energy bags solar PV order worth ₹415 crore in Rajasthan

Sterling and Wilson Renewable Energy Limited (SWREL) on Tuesday, September 9, announced that it received a letter of intent (LOI) for the development of a solar photovoltaic (PV) project in Rajasthan for ₹415 crore.

The ₹415 crore contract includes operations and maintenance (O&M) and taxes, the company said in a regulatory filing.

The order received from a leading private independent power producer (IPP) is a BOS (balance of systems) EPC (engineering, procurement, and construction) package for the development of a 300 MW AC / 420 MWp DC solar PV Project, along with a 220/33 kV pooling substation.

Commenting on the order, Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy Group, said: “We are excited to partner with a leading global renewable developer with huge growth plans in the domestic market, and bag our first order from the Private IPP market this fiscal. The order is a testament to our strong execution capabilities, and we continue to build on our gross order inflows, which have exceeded ₹2,400 crore this year.”

In a separate filing in August, the company announced that it emerged as the lowest (L1) bidder in a tender raised by a reputed PSU developer for a turn-key EPC package to develop a 245 MW (AC) grid-connected solar PV project in Gujarat.

SWREL Q1 result

The company reported a close to eight-fold increase in its consolidated net profit to ₹38.7 crore in the first quarter of FY26, compared to ₹4.8 crore in the same period a year earlier.

Its revenue from operations stood at ₹1,761.6 crore during the quarter under review, marking a jump of 92.5% year-on-year (YoY) from ₹915 crore in the June quarter of FY25.

At an operational level, its EBITDA (earnings before interest, tax, depreciation, and amortisation) surged 244.35% YoY to ₹85.4 crore in Q1FY26, as against ₹24.8 crore in the year-ago period. Its EBITDA margin expanded to 4.85% during the quarter, from 2.71% in Q1FY25.

Shares of SWREL closed 0.13% lower at ₹265 apiece on the National Stock Exchange (NSE) on Tuesday. However, the announcement was made after the market closed.

SWREL is a global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider.

The company provides EPC services for utility-scale solar, floating solar, and hybrid & energy storage solutions and has a total portfolio of over 22.8 GWp (including projects commissioned and under various stages of construction).

The SWREL also manages an O&M portfolio of 9.3 GWp solar power projects, including those constructed by third parties.

Present in 28 countries today, Sterling and Wilson Renewable Energy Ltd has operations in India, Southeast Asia, the Middle East, Africa, Europe, Australia, and the Americas.