SWREL says its FY2026 revenue hit a record high, driven mainly by the domestic EPC business, despite a weaker Q4 performance
Annual profit was impacted by exceptional items, even as quarterly PAT reached a record level
It sees strong revenue visibility ahead thanks to expanding orderbook, installed capacity, and O&M portfolio growth
India-headquartered global renewable energy EPC group Sterling and Wilson Renewable Energy Limited (SWREL) has reported its highest-ever annual revenue of INR 7,548 crore in FY2026 (ended March 31, 2026) since its listing in 2019. This is a 20% increase over the INR 6,302 crore the company reported in FY2025.
This includes INR 1,946 crore in Q4 FY2026, which declined from the previous year’s INR 2,519 crore. The domestic EPC market was the main driver (accounting for INR 1,641 crore of the quarterly revenue), followed by the international EPC and O&M segments.
For the reporting quarter, SWREL says the Profit After Tax (PAT) of INR 142 crore is its highest quarterly PAT since listing, but on an annual basis, it was negatively impacted by ‘exceptional items’ primarily related to litigation matters, leading to a loss of INR 296 crore.
EBITDA of INR 444 crore for FY2026 represented a year-on-year (YoY) growth of 53%, while gross profit of INR 793 crore improved by 24%.
The company added about 4.5 GW AC capacity in India and overseas, its highest yearly addition since listing. Its pending order value in FY26 rose to INR 11,813 crore, the highest since COVID, stated the management. SWREL’s O&M portfolio also increased by 50% YoY to 13.5 GW from 8.7 GW earlier. This secures steady annual recurring revenue and EBITDA potential, it added.
“As we look forward to FY27, our record INR 11,813 crore order book and expanded 13.5 GW O&M platform provide unmatched revenue visibility and stability,” said Sterling and Wilson Renewable Energy Group Global CEO Chandra Kishore Thakur. “Our diversification into Wind and BESS projects is being well appreciated and we see these two verticals contributing significantly to our future growth. This foundation positions SWREL to capture accelerated domestic and international growth.”
SWREL’s total portfolio of over 27.3 GW spans utility-scale solar, floating solar, hybrid, and energy storage and wind solutions, including projects commissioned and in various stages of construction. Recently, it was declared an L1 bidder for an 875 MW AC Coal India Limited solar project, along with landing a 50 MW AC order from a private IPP (see India Solar PV News Snippets).
