Sterling and Wilson Renewable Energy Limited (SWREL), one of India’s leading renewable energy EPC players, has announced impressive financial results for the first quarter of FY26, underscoring its strategic execution capabilities and resilient performance across domestic and international markets. The company reported a remarkable 93% year-on-year revenue growth, with its profit after tax (PAT) jumping by a staggering 680%, showcasing a significant turnaround in operational and financial efficiency.
CK Thakur, Global CEO of Sterling and Wilson Renewable Energy Group, commented on the results, stating, “SWREL's Q1 FY26 performance reflects the strong focus on execution and a disciplined approach in our financial strategy. Our operational efficiency demonstrated across markets has driven a steadfast revenue growth of 93% year-on-year. As we deepen our presence in India, our priority will always be to deliver unmatched value through performance, innovation, and a robust clean energy portfolio.”
For Q1 FY26, SWREL recorded a revenue of INR 1,762 crore, compared to INR 913 crore in the same quarter of the previous fiscal. This sharp growth has been attributed to the accelerated execution of projects both in India and overseas, despite facing logistical and operational hurdles due to cross-border tensions impacting domestic project schedules.
The company’s gross profit stood at INR 205 crore in Q1 FY26, nearly doubling from INR 102 crore in Q1 FY25. This reflects an improved gross margin of 11.7% versus 11.1% a year earlier. The margin enhancement was largely supported by the softening of key raw material and input costs, as well as the optimization of supply chain processes across its EPC operations.
Segment-wise, Sterling and Wilson reported margin improvements across all major business verticals—Domestic EPC, International EPC, and Operations & Maintenance (O&M). This consistent performance underlines the company’s focused approach to enhancing value at every level of project delivery.
Earnings before interest, tax, depreciation, and amortization (EBITDA) rose to INR 102 crore in Q1 FY26, up 176% from INR 37 crore in Q1 FY25. The EBITDA margin stood at 5.8%, demonstrating better cost control and project-level profitability. These results were further bolstered by stable recurring overheads, a sign of the company’s fiscal prudence in managing growth without incurring proportionate increases in fixed costs.
The company posted a PAT of INR 39 crore for the quarter, a substantial increase from INR 5 crore in Q1 FY25. Although slightly lower than the Q4 FY25 PAT of INR 55 crore, this sequential dip is in line with typical quarterly variations, and the YoY growth remains a strong indicator of overall business momentum.
The company’s operational momentum is supported by a robust order book and an expanding portfolio in key international geographies. In addition to large-scale solar EPC contracts, Sterling and Wilson is also increasingly diversifying its clean energy solutions, integrating energy storage systems and hybrid technologies to meet the evolving demands of the global energy transition.
As the renewable energy sector gains further policy and investment traction, especially in India’s commitment to achieving 500 GW of non-fossil fuel capacity by 2030, companies like Sterling and Wilson are well-positioned to capitalize on emerging opportunities. SWREL’s agile project execution, strong supply chain network, and proven engineering capabilities continue to make it a preferred EPC partner for utility-scale solar and hybrid projects.
Looking ahead, the company aims to maintain its growth trajectory through geographic diversification, margin-focused execution, and sustained investment in technology and talent. The Q1 FY26 results not only underscore SWREL’s resilience in a challenging macroeconomic environment but also reaffirm its strategic roadmap toward building a cleaner, more energy-efficient future.
With its Q1 performance setting a strong tone for the remainder of the fiscal year, Sterling and Wilson Renewable Energy is expected to continue its upward trajectory, playing a pivotal role in shaping India’s and the world’s transition to sustainable energy solutions.
