Sterling & Wilson Q1 profit up 36%, order book at ₹13,000 cr
Unexecuted order value hits post-Covid high with $560 mn Egypt solar-storage project. Domestic EPC orders at ₹7,900 cr; O&M revenue grows 40% YoY.
— 4 earlier stories on Sterling and Wilson Renewable Energy Ltd. →What's new
- Q1 net profit rose 36% YoY to ₹53.27 cr.
- Unexecuted order book at ~₹13,000 cr, highest since Covid.
- O&M revenue up 40% YoY; term debt down ₹160 cr sequentially.
Why this matters
The order book, at over 2x trailing revenue, offers strong near-term visibility. Steady domestic EPC margins of 9-10% and debt reduction point to improving financial health. But the marquee Egypt order was pre-disclosed, so this press release confirms already signalled progress.
What we're watching
- Execution pace on the Egypt solar-storage project.
- Debt reduction trajectory.
- Sustained domestic EPC margin discipline.
The full read
Sterling & Wilson's Q1 numbers are largely confirmatory. But the confirmation is good. Profit rose 36% to ₹53.27 crore while the unexecuted order book touched ~₹13,000 crore – the highest since the pandemic. The $560 million Egypt solar-storage project, already announced, is the marquee contributor. O&M revenue, a high-margin stream, grew 40%; that is the real story for margin quality. Domestic EPC margins held at 9-10%, and term debt fell ₹160 crore sequentially. The update adds little that the market didn't already know from the order announcement and board meeting. But it turns that knowledge into a cleaner picture: order backlog ample, debt easing, recurring revenues gaining scale. Execution risk remains. Still, the base for FY27 is stronger than it was a year ago. Not a surprise. That is the point.
Questions answered
- How does the ₹13,000 cr order book compare to past peaks?
- It is the highest unexecuted order value since the Covid-19 pandemic, reflecting a strong recovery in order inflows, especially from the international solar-storage segment.
- What is the revenue visibility from the order book?
- At ₹13,000 cr against trailing twelve-month revenue of ~₹5,900 cr, the book offers over two years of revenue coverage, assuming steady execution and no cancellations.
- How much of the order book is domestic versus international?
- Domestic EPC orders stand at ₹7,900 cr, implying international orders (including the Egypt project) make up the remaining ~₹5,100 cr.
- Is the 36% PAT growth driven by operations or lower base effect?
- The profit growth of 36% YoY is largely operational, supported by higher O&M revenue and stable margins. The prior period had a lower base, but the absolute profit of ₹53.27 cr is close to the quarterly run-rate of the last reported quarter (₹142 cr in Mar 2026).
- What is the current debt level and how has it changed?
- Term debt fell by ₹160 cr sequentially due to scheduled repayments. The company's debt-to-equity ratio stood at 1.79 as of the last trailing data, indicating moderate leverage.
Sterling and Wilson Renewable Energy Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on SWSOLAR →- 16 Jul 2026 · 1:23 PM IST Sterling & Wilson Q1 profit up 36%, order book at ₹13,000 cr
- today Sterling & Wilson cuts FY27 revenue growth view to 10-15%
- 1d ago Sterling & Wilson swings to profit sequentially, revenue dips
- 2d ago Sterling & Wilson takes Shell to arbitration over AUD 28M solar farm claim
- 18d ago Sterling & Wilson lands $560M Egypt solar-storage EPC contract