Sterling and Wilson Renewable Energy (SWREL) has raised its order inflow guidance for FY26 to over ₹11,000 crore, citing strong demand momentum and sustained execution across domestic and international markets.
The Mumbai-based renewable engineering, procurement and construction (EPC) firm reported new orders worth ₹3,086 crore during the third quarter, taking total order inflows for the first nine months of FY26 to ₹6,929 crore. A robust pipeline for the final quarter has prompted the company to revise its full-year guidance upwards, representing a projected 60% year-on-year increase.
Revenue and profitability improve
SWREL’s revenue for the first nine months of FY26 rose sharply to ₹5,602 crore, compared with ₹3,783 crore in the same period last year, marking a growth of nearly 48%. The company said improved credit ratings and additional lender support had strengthened its ability to execute projects and boosted customer confidence.
Operational profitability also improved significantly. EBITDA for the first nine months stood at ₹289 crore, more than double the ₹134 crore reported a year earlier.
The company’s unexecuted order value (UOV) climbed to around ₹10,413 crore, reflecting the scale of ongoing and upcoming projects.
Key contracts and global expansion
A major highlight of the quarter was the signing of a five-year framework agreement with Adani Green Energy, alongside SWREL’s first balance-of-system (BOS) order from the developer. The deal signals a shift by Adani Green towards working with third-party EPC players as it accelerates capacity expansion.
Internationally, SWREL secured its second project in South Africa, valued at $147 million. The company also added two new renewable energy projects in India, including a standalone battery energy storage system (BESS) order from a domestic independent power producer.
Commenting on the results, Global CEO C K Thakur said the company’s performance reflected strong execution capabilities and growing confidence among leading renewable energy developers, underlining the strength of SWREL’s long-term growth pipeline.
