Sterling and Wilson Renewable Energy (SWREL), the engineering, procurement, and construction (EPC) arm of the Shapoorji Pallonji Group, recorded its highest-ever quarterly revenue of ₹25.19 billion (~$296.35 million) in the fourth quarter (Q4) of the financial year (FY) 2025, a 114% year-over-year (YoY) and 37% quarter-on-quarter growth.

The company reported a net profit of ₹550.1 million (~$6.42 million) for the quarter. The net profit stood at ₹855.5 million (~$9.99 million) for FY 2025.

The company’s revenue for FY 2025 was ₹63.02 billion (~$30.94 million), increasing 108% YoY from ₹30.35 billion (~$18.59 million).

Gross margins for Q4 were ₹2.63 billion (~$741.88 million), and the earnings before interest, tax, depreciation, and amortization (EBITDA) were ₹1.58 billion (~$357 million).

For FY 2025, SWREL reported a gross margin of ₹6.38 billion (~$75.06 million) and an operational EBITDA of ₹2.91 billion (~$34.24 million).

As of March 31, 2025, the company’s order book was approximately worth ₹90.96 billion (~$1.07 billion), compared to ₹80.84 billion (~$951.06 million) during the previous year.

FY 2025 saw overall order inflows of ₹70.51 billion (~$829.53 million). Domestic order inflows accounted for ₹58.97 billion (~$693.76 million), a 21% YoY increase.

CK Thakur, Global CEO, Sterling and Wilson Renewable Energy Group, stated that the company is positioned for significant growth across markets due to a strong project pipeline in domestic and international segments.

“With our recent foray into wind EPC and continued focus on hybrid energy projects, we are optimistic about expanding our renewable portfolio and delivering integrated clean energy solutions,” he said.

SWREL provides EPC services for utility-scale and floating solar, hybrid and energy storage, and wind projects. The company has a total portfolio of over 23 GW, which includes commissioned and under-construction projects. It also manages an operation and maintenance portfolio of 8.8 GW solar projects, including projects by third parties.

SWREL posted a net profit of ₹171.4 million (~$1.97 million) in the third quarter of FY 2025, swinging from a net loss of ₹623.9 million (~$7.21 million) in the same quarter the previous year.

In January this year, Sterling and Wilson received relief from the Andhra Pradesh High Court in a ₹630 million (~$7.28 million) dispute. The court ruled that solar power projects are ‘composite supplies’ of moveable property, attracting 5% GST, not ‘works contracts’ taxable at 18%.