Sterling and Wilson Renewable Energy Limited (SWREL), a leading home-grown renewable EPC player, has reported robust financial and operational performance for the third quarter of FY26, driven by strong execution and a sharp rise in order inflows.
The company recorded an impressive ~48% year-on-year growth in topline, achieving revenue of INR 5,602 crore during the first nine months of FY26, compared with INR 3,783 crore in the corresponding period last year. SWREL attributed the improved performance to an upgrade in its credit rating and continued support from lenders, which resulted in fresh credit lines and enhanced customer confidence.
Operational EBITDA for the first nine months of FY26 stood at INR 289 crore, more than doubling from INR 134 crore in 9MFY25, reflecting a 115% YoY increase.
Order inflows during the period remained strong at INR 6,929 crore in 9MFY26. On the back of sustained ordering momentum, the company revised its FY26 new order inflow guidance to over INR 11,000 crore, implying a growth of around 60% YoY.
During Q3 FY26, SWREL signed a five-year framework agreement with Adani Green and also secured its first balance-of-system (BOS) order from the developer. The company described this as a key milestone, highlighting growing confidence from one of India’s largest renewable energy developers and a strategic shift toward engaging third-party EPCs to support scale-up plans.
Internationally, SWREL secured its second order in South Africa, valued at USD 147 million, during the quarter. Domestically, it added two more renewable energy projects, including a pure battery energy storage system (BESS) order from a leading Indian independent power producer.
Commenting on the quarterly performance, Mr. C. K. Thakur, Global CEO, Sterling and Wilson Renewable Energy Group, said, “SWREL has delivered robust revenue growth displaying our strong execution skills in the domestic segment. The marquee order from Adani Green and signing a strategic 5-year framework agreement with them is an important milestone reflecting the strong faith placed in our company’s execution by globally renowned RE developers. Furthermore, our continued order inflows and growing opportunities across domestic and international markets underscore the strong potential of our business, reinforcing SWREL’s visibility and quality of its growth pipeline. This momentum demonstrates the strength of our underlying business fundamentals.”
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