Solar EPC major beats estimates on stronger execution at home and abroad, improved input costs lift margins
Sterling and Wilson Renewable Energy Limited (SWREL) — trading on the BSE (Scrip Code 542760) and NSE (Symbol SWSOLAR) — reported consolidated revenue of ₹1,762 crore for the quarter ended 30 June 2025 (Q1 FY26), a 93 % jump from ₹915 crore a year earlier. Net profit soared 680 % YoY to ₹39 crore, compared with ₹5 crore in Q1 FY25.
Gross profit almost doubled to ₹205 crore, pushing the gross margin up to 11.7 % (versus 11.1 % last year) as prices of key inputs such as modules and logistics moderated. Margin expansion was visible across the company’s domestic EPC, international EPC and operations-and-maintenance (O&M) businesses.
EBITDA leapt 176 % YoY to ₹102 crore, lifting the margin to 5.8 %. Management said the improvement was driven by “stable recurring overheads” and tighter project-execution controls, even as domestic operations faced intermittent cross-border supply-chain challenges.
Commenting on the performance, Global CEO CK Thakur said the numbers underscore “a disciplined financial strategy and relentless focus on execution across markets,” adding that SWREL will continue to “deliver unmatched value through performance, innovation and a robust clean-energy portfolio” as it deepens its presence in India.
Looking ahead, the Mumbai-headquartered EPC contractor — which claims a global renewable pipeline exceeding 22.8 GWp — expects softer commodity prices and a healthy international order book to sustain momentum, while policy support for India’s 500 GW non-fossil target offers long-term tailwinds.
SWREL shares closed Thursday at ₹327.35 on the NSE, down 0.5 %, with the results released after market hours.