Sterling and Wilson Renewable Energy (SWREL) revenue from operations rose to ₹17.62 billion (~$204.88 million) in the first quarter (Q1) of the financial year (FY) 2026, a 93% year-on-year (YoY) increase from ₹9.15 billion (~$106.4 million).

This growth was driven by a ramp-up in the execution of engineering, procurement, and construction (EPC) projects across domestic and international markets.

Profit after tax stood at ₹390 million (~$4.53 million), a 680% YoY increase from ₹50 million (~$580,000), despite tax-related impacts.

The company’s gross profit stood at ₹2.05 billion (~$23.84 million), rising 101% from ₹1.02 billion (~$11.86 million) in the same quarter last year. This increase was supported by a reduction in input costs, including for solar modules and logistics.

The company’s gross margin improved slightly to 11.7% in Q1 FY 2026 from 11.1% in the same period of the previous year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹1.02 billion (~$11.86 million), rising 176% YoY from ₹370 million (~$4.3 million). The EBITDA margin rose to 5.8% from 4% due to better operational leverage and controlled recurring overheads.

EPC Projects, Order Book, and Execution Pipeline

The company’s total EPC portfolio, comprising commissioned and under-construction projects, stood at 22.8 GW as of June 2025, with 11.2 GW currently under execution. It has over 40 projects under execution globally.

India remains SWREL’s primary market, accounting for approximately 88.3% of the unexecuted order book, valued at ₹83.48 billion (~$970.7 million).

In Q1 FY 2026, revenue from domestic EPC projects stood at ₹12.65 billion (~$147.03 million), with a gross profit of ₹1.37 billion (~$15.93 million) and a gross margin of 10.8%.

Major ongoing domestic projects include one of India’s largest solar projects at Khavda, Gujarat, and a large-scale battery energy storage system (BESS) project.

The international EPC segment contributed ₹4.37 billion (~$50.8 million) to SWREL’s revenue. Its gross profit in this segment was ₹540 million (~$6.28 million), with a gross margin of 12.3%. International projects account for 11.7% of the total order book.

The company operates in 28 countries and has executed projects in 20. Its key markets include the Middle East and North Africa region (1,969 MW), the U.S. and Latin America (over 1,000 MW), Australia (1,113 MW), and the rest of Africa (610 MW).

New Orders and Pipeline

In Q1 FY 2026, SWREL secured new domestic orders worth ₹8.13 billion (~$94.53 million). It also has a bid pipeline of 30 GW planned for the financial year.

The company also has a major international project in Nigeria pending finalization, which includes a 961 MW solar and a 455 MWh BESS project.  It signed a memorandum of understanding with the Government of Nigeria and Sun Africa for this project.

SWREL recorded its highest-ever quarterly revenue of ₹25.19 billion (~$296.35 million) in Q4 FY 2025, a 114% YoY and 37% quarter-on-quarter growth.