Sterling and Wilson Renewable Energy Concludes FY26 with Record Revenue and 43% Order Growth
Sterling and Wilson Renewable Energy Limited (SWREL) announced its audited financial results for the fourth quarter and the Financial Year ended March 31, 2026. The results highlighted a year of significant operational milestones, recording the highest annual revenue and quarterly profit after tax (PAT) since the company’s listing.The company achieved a historic turnover of INR 7,548 crore in the fiscal year, reflecting a steady ~20% year-over-year (YoY) growth in the top line.
Record Performance Highlights
SWREL reported key financial and operational metrics that signal robust market positioning and execution excellence:| Metric | Value | YoY Change / Comparison |
|---|---|---|
| Annual Revenue (FY26) | INR 7,548 crore | Highest since listing |
| Quarterly PAT (Q4 FY26) | INR 142 crore | Highest since listing |
| Annual Order Inflow (FY26) | INR 10,062 crore | 43% YoY increase (from 12 projects) |
| FY26 Execution Capacity | ~4.5 GW AC | Highest annual capacity delivered to date |
| Unexecuted Order Value (UOV) | INR 11,813 crore | Highest since the COVID period |
| O&M Portfolio Size | 13.5 GW | 50% YoY increase (from ~8.7 GW) |
The financial performance was supported by strong operational efficiency. Gross margins expanded to 10.5% in FY26, up from 10.1% in FY25. Operational EBITDA increased 53% YoY, reaching INR 444 crore. Furthermore, net debt decreased by INR 149 crore from the last quarter, fueled by healthy cash flow momentum.
Expanding Market Presence and Future Visibility
The company underscored its execution capabilities by commissioning a total of ~4.5 GW AC across projects in both Indian and international markets during FY26. This milestone was complemented by the substantial growth in the Operation and Maintenance (O&M) portfolio, which surged 50% YoY to 13.5 GW, ensuring steady annual recurring revenue and EBITDA potential.Speaking on the results, Mr. Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy Group, emphasized that FY26 marked the strongest period for SWREL. He pointed to the combination of record quarterly PAT, 4.5 GW execution, and the strengthening of the team.
Mr. Thakur noted that the record INR 11,813 crore order book and the expanded 13.5 GW O&M platform provide unmatched revenue visibility and stability for the coming years. He highlighted that the company’s diversification into Wind and BESS projects is set to contribute significantly to future growth.
The order pipeline remains strong, with the company successfully being named the L1 bidder for a 1,182 MWdc turnkey project from Coal India and securing a BOS order for a 50 MWdc project from a leading Indian Independent Power Producer (IPP).
SWSOLAR Stock Price Movement
Shares of Sterling and Wilson Renewable Energy Limited are edging higher to ₹222.17 as of 2:42 PM today, rallying 1.61% on positive momentum. The stock continues to show strong buying interest, supported by a total traded volume of 17.98 million shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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