🟡 At a Glance:
Sterling and Wilson Renewable Energy Ltd (SWSOLAR, CMP ₹285.95) has emerged as the L1 bidder for a 225 MW (AC) solar EPC project from a reputed PSU in Gujarat. This marks the company’s first domestic order of FY26, reinforcing its comeback trail after a rocky FY23–24 marked by margin pressure and project delays.
🏗️ About the Company
| Metric | Details |
|---|---|
| Name | Sterling and Wilson Renewable Energy Ltd |
| Industry | Renewable Energy — EPC |
| Founded | 2011 (carved out from Shapoorji Pallonji) |
| Headquarters | Mumbai, India |
| Market Cap | ₹6,000+ Cr (approx) |
| Business Model | Pure-play EPC for utility-scale solar, floating solar, hybrid, and storage projects |
| Presence | 28 countries — including India, SE Asia, Africa, Middle East, Europe, Australia, Americas |
| O&M Portfolio | 8.7 GWp (including 3rd party projects) |
This is not your average rooftop solar installer. SWSOLAR builds entire solar cities.
🔧 Project Details: Gujarat 225 MW EPC Order
📜 Tender Overview:
- Client: Reputed PSU (name undisclosed)
- Scope: Turnkey EPC (Engineering, Procurement, Construction)
- Capacity: 225 MW (AC)
- Location: Gujarat, India
- Nature: Grid-connected utility-scale solar
- Status: SWSOLAR has emerged as L1 bidder (lowest successful bid)
🧑💼 Management Says:
“Our first domestic order of FY26… from a very reputed PSU developer… domestic pipeline remains robust,”
— Mr. Chandra Kishore Thakur, Global CEO, SWREL
Translation? Chalo bhai, finally ghar ka order mila. Dollar ke liye door-door bhatakna kam hoga ab.
🔋 Why This Project Matters (Beyond PR)
🔸 Timing:
- FY25 saw erratic revenue and thin margins due to delayed payments and project cost escalations.
- This order signals the beginning of a rebound cycle with stable PSU payments and better visibility.
🔸 Strategic Geography:
- Gujarat = Renewable energy capital of India
- SWSOLAR has deep roots here. It’s like playing on home turf — fewer surprises, better execution.
🔸 Infra Push Tailwinds:
- With Modi 3.0 likely to continue the 500 GW renewable energy roadmap, expect more PSU EPC tenders — especially from NTPC, SECI, and state DISCOMs.
- SWREL is well positioned to grab a lion’s share if it continues the L1 winning streak.
📈 How’s the Financial Health?
FY24 and Q3FY25 snapshot:
| Metric | FY24 | Q3 FY25 |
|---|---|---|
| Revenue | ₹6,200 Cr | ₹1,430 Cr |
| EBITDA Margin | ~5.2% | ~6.1% |
| PAT | ₹(170) Cr Loss | ₹(38) Cr Loss |
| Order Book | ₹7,500 Cr+ | Updated number awaited |
Margins are still fragile, but improving with every project that includes price pass-through and better financing terms.
Also, post-debt restructuring and promoter support from Reliance (yep), the company is not in ICU mode anymore.
🧠 EduInvesting Take:
Sterling and Wilson Renewable Energy was down, but not out. FY23–24 was a horror show of delayed receivables, rising raw material prices, and international execution hurdles. But this 225 MW Gujarat order could be the start of a clean, solar-powered comeback.
💡 They’ve trimmed the fat. They’re winning PSU orders again. And unlike 2022, they actually know what their projects cost.
Still early days — but if the execution is solid, FY26 could be the year SWSOLAR finally justifies its ‘Renewable Giant’ tag.
🚨 Risks to Watch:
- Receivables Drag: Working with PSUs often means waiting… and waiting… for payments.
- Low Margins in EPC: Just because the order is big doesn’t mean the margins are. L1 bidding = price war.
- Execution Slippage: Any delay here = penalty city.
- Global Competition: From China to Canada, EPC is becoming brutally competitive.
📌 Tags:
solar energy stocks, Sterling Wilson order win, Gujarat solar tender, SWSOLAR share price, renewable energy India, 225 MW solar project, PSU EPC contract, EduInvesting solar news
✍️ By: Prashant Marathe
📅 Published: May 29, 2025
