Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS) Bundle
Born as a subsidiary of Shapoorji Pallonji and Company and Khurshed Daruvala to deliver end-to-end renewable EPC, Sterling and Wilson Renewable Energy Limited has rapidly scaled into a global player operating in 28 countries, attracted a strategic 40% stake acquisition by Reliance New Energy in 2022, and seen original promoters' stakes diluted to 7.54% (SPCPL) and 5.70% (Mr. Daruvala); the company posted a record Q4 revenue of INR 2,519 crore (up 114% YoY) and full-year revenue of INR 6,302 crore (up 108% YoY) in 2025, backs a robust pipeline with an unexecuted order book of ~INR 9,096 crore as of March 31, 2025, operates an O&M portfolio of 9.3 GWp solar projects, and is diversifying into wind and hybrid projects-securing its first Wind EPC in Rajasthan for a hybrid 69.3 MW wind plus 58 MW AC solar configuration while winning competitive L1 bids such as a 225 MW AC solar project in Gujarat-signaling aggressive expansion, strong execution capability, and multiple revenue streams from EPC, O&M and hybrid offerings
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS): Intro
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS) is a global renewable energy engineering, procurement and construction (EPC) and services provider, established as a subsidiary of Shapoorji Pallonji and Company Private Limited (SPCPL) with leadership roots involving Mr. Khurshed Daruvala. Focused on utility-scale solar, hybrid projects and balance-of-plant solutions, the company has scaled rapidly since inception and now operates across 28 countries spanning India, Southeast Asia, the Middle East, Africa, Europe, Australia and the Americas.- Founded as an SPCPL subsidiary with early leadership including Khurshed Daruvala
- Reliance New Energy Limited acquired a 40% stake in 2022, creating a strategic partnership for global expansion
- Expanded operations to 28 countries, building a diversified geographical footprint
Mission and Strategic Focus
Sterling and Wilson Renewable Energy's stated mission centers on accelerating the global energy transition by delivering cost-effective, large-scale renewable projects and lifecycle services that optimize yield and lower levelized cost of energy (LCOE). Strategic priorities include scaling utility-scale solar, entering wind EPC and hybrid projects, and adding asset lifecycle services (O&M, digital performance management, BOS optimization).- Deliver utility-scale and hybrid renewable projects at scale
- Expand services: engineering, procurement, construction, operations & maintenance
- Drive technological adoption to improve plant performance and O&M economics
How It Works - Core Business Model
The company operates across the project lifecycle from development support, EPC delivery to long-term operations and maintenance. Revenue is generated through multiple streams:- EPC contracts - turnkey project delivery for developers, utilities and IPPs
- Balance-of-plant and BOS supply - mounting structures, electricals, civil works
- Operations & Maintenance (O&M) - recurring contract revenues for asset uptime
- Hybrid & wind EPC - expanding into wind and solar-wind hybrids
- Aftermarket services and performance contracts - monitoring, spare parts and performance guarantees
Key Historical Milestones
- Establishment under Shapoorji Pallonji group with an initial focus on solar EPC
- 2022: Reliance New Energy Limited acquires 40% stake - strategic capital and market access boost
- Geographic scale-up to 28 countries across six continents
- First Wind EPC order secured via a hybrid project in Rajasthan: 69.3 MW wind + 58 MW AC solar
Financial and Operational Highlights (as of FY2025 / Q4 2025)
| Metric | Value |
|---|---|
| Q4 Revenue (Q4 FY2025) | INR 2,519 crore (114% YoY) |
| Annual Revenue (FY2025) | INR 6,302 crore (108% YoY) |
| Unexecuted Order Book (as on 31 Mar 2025) | INR 9,096 crore |
| Reliance New Energy Stake | 40% (acquired 2022) |
| Geographic Footprint | 28 countries |
| First Wind + Solar Hybrid Order | 69.3 MW wind + 58 MW AC solar (Rajasthan) |
Revenue Drivers and Profitability Levers
- Large-scale EPC project wins drive near-term top-line recognition; margin depends on execution efficiency and commodity costs
- O&M and long-term service contracts provide recurring, lower-volatility revenue and aftermarket margin expansion
- Geographic diversification reduces single-market exposure and enables cross-border EPC arbitrage
- Hybrid and wind entries broaden addressable market and support higher order-book visibility (INR 9,096 crore unexecuted)
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS): History
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS) was promoted by Sterling and Wilson Private Limited (SPCPL) and Mr. Khurshed Daruvala. Over time the company evolved from an engineering, procurement and construction (EPC) player into a vertically integrated renewables developer and service provider, expanding across solar PV, energy storage and O&M services.
- Founded/promoted by SPCPL and Khurshed Daruvala.
- Grew from EPC focus to include development, operations & maintenance, and integrated solutions.
- Strategic partnerships and capital raises enabled international expansion and technology adoption.
| Event | Date / Year | Key Detail |
|---|---|---|
| Promotion | Founding period (pre-IPO) | Promoted by SPCPL and Khurshed Daruvala |
| IPO / Listing | Listed on Indian exchanges | Transitioned to public company (ticker: SWSOLAR.NS) |
| Strategic investment | 2022 | Reliance New Energy Limited acquired a 40% stake |
| Post-investment ownership | Post-2022 | SPCPL 7.54%, Khurshed Daruvala 5.70%, Reliance New Energy 40% |
The 2022 transaction with Reliance New Energy Limited was a watershed moment, providing both capital and strategic capabilities. This partnership allowed Sterling and Wilson Renewable Energy Limited to scale project development, access advanced technology and broaden its geographic footprint.
- Reliance New Energy Limited: 40.00% (post-2022 acquisition)
- SPCPL (Sterling and Wilson Private Limited): 7.54% (post-acquisition)
- Mr. Khurshed Daruvala: 5.70% (post-acquisition)
- Remaining shares: held by public, institutional and other investors
How the ownership shift drives strategy:
- Capital infusion from Reliance supports large-scale project bidding and balance-sheet-backed development.
- Access to Reliance's supply chain, financing channels and energy-sector expertise accelerates technology adoption (e.g., bifacial modules, tracker systems, hybrid storage).
- Reduced promoter stake aligns incentives with a larger strategic partner and public minority holders, fostering governance and scale.
Sterling and Wilson Renewable Energy Limited's mission centers on delivering utility-scale and distributed renewable energy solutions, improving project lifecycle returns and sustaining long-term operations through O&M services. For more detailed background and context, see: Sterling and Wilson Renewable Energy Limited: History, Ownership, Mission, How It Works & Makes Money
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS): Ownership Structure
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS) is a leading global EPC (engineering, procurement and construction) player in utility-scale solar and increasingly in wind and hybrid projects. The company combines large-scale project execution capabilities with a growing services and O&M footprint. Mission and Values- Committed to delivering end-to-end renewable EPC solutions that enable integrated clean energy deployments worldwide.
- Focus on innovation and operational efficiency to drive sustainable growth while meeting evolving client energy needs.
- Values strong execution - evidenced by a robust order book and repeated on-time project completions across Asia, Africa, Middle East, Australia and Americas.
- Expanding renewable portfolio to include wind and hybrid energy projects to provide comprehensive clean-energy solutions.
- Prioritizes customer satisfaction through high-quality, timely delivery and long-term O&M support.
- Upholds integrity and transparency to foster trust with investors, clients and partners.
- EPC Contracts: Primary revenue from turnkey construction and commissioning of utility-scale solar (and hybrid/wind) power plants, including engineering, procurement and on-site construction.
- Balance-Sheet Projects: Select development/ownership stakes and project equity participation to capture long-term cash flows and asset monetization upside.
- Operation & Maintenance (O&M): Recurring revenue from long-term O&M contracts that stabilize cash flows after commissioning.
- Component Sourcing & Supply-Chain: Procurement scale and vendor relationships reduce project costs and improve margins.
- Geographic Diversification: Diversified revenues across markets reduce single-market risk and create cross-border growth opportunities.
| Metric | Figure |
|---|---|
| Installed capacity executed (cumulative) | ~6-8 GW+ |
| Order book (by value) | ~INR 10,000-15,000 crore |
| Annual Revenue (FY latest) | ~INR 8,000-12,000 crore |
| Net Profit (FY latest) | Positive but variable year-on-year (hundreds of crore INR) |
| Geographic presence | India, APAC, Middle East, Africa, Australia, Americas |
| Market capitalization (approx.) | Varies with market; publicly listed on NSE as SWSOLAR.NS |
- Promoter group (Shapoorji Pallonji / related entities) holds a controlling stake alongside public shareholders (institutional and retail). Exact promoter stake varies with filings and should be checked in the latest shareholding pattern for precise percentages.
- Listed entity with public float attracting domestic institutional investors, mutual funds and retail participation.
- Governance emphasizes project delivery accountability, contract risk management, and transparency in disclosures to investors and lenders.
- Turnkey EPC fees and margin on large utility-scale solar/hybrid projects.
- Recurring O&M fees after plant commissioning.
- Project development income and potential asset sales or monetization of retained equity.
- Supply-chain efficiencies and scale-driven procurement savings that improve gross margins.
- Geographic expansion enabling access to higher-margin international projects and diversified tender pipelines.
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS): Mission and Values
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS) is a global pure-play, end-to-end renewable energy EPC solutions provider with an integrated model spanning development support, engineering, procurement, construction, commissioning, and long-term operations. The company's stated mission centers on accelerating the global energy transition by delivering cost-competitive, reliable renewable energy projects while embedding safety, sustainability and innovation across its operations.- Core values: safety-first culture, engineering excellence, client-centric delivery, sustainability and continuous innovation.
- Ownership: majority ownership under the Shapoorji Pallonji (SP) Group; publicly listed on Indian exchanges (NSE/BSE) as SWSOLAR.NS.
- Global footprint: projects and services across multiple regions leveraging local partnerships and regulatory compliance to scale execution efficiency.
- Business development & contracts: securing EPC contracts, developer/IPP agreements, and long-term O&M contracts.
- Detailed engineering: site surveys, system design (PV, mounting, BOS, grid interface), modelling and performance guarantees.
- Procurement: sourcing modules, inverters, BOS components and balance-of-plant-mixing global sourcing with local procurement to optimise cost and schedule.
- Construction & commissioning: civil, mechanical and electrical works, grid interconnection, testing and performance validation to agreed P90/P50 metrics.
- Operations & maintenance: long-term asset management, preventive and corrective maintenance, performance monitoring and reporting under O&M contracts or third-party service agreements.
- EPC contract revenue: turnkey project delivery for utilities, IPPs and corporate offtakers-major share of near-term revenues.
- O&M services: recurring annuity-like income from a large operations portfolio, including third-party assets (scale, predictability).
- Hybrid & storage integration: higher-value projects that include BESS and controls, commanding premium margins.
- Balance-of-plant and engineering services: specialist scopes (foundations, transmission, SCADA, floating structures).
- Advisory, retrofits and asset management: project optimisation, repowering and performance enhancement fees.
| Metric | Reported / Approximate Figure |
|---|---|
| O&M portfolio (solar) | 9.3 GWp (includes third-party assets) |
| Geographic presence | Operations across 30+ countries (global regions: APAC, Middle East & Africa, Americas, Europe) |
| Primary technology offerings | Utility-scale PV, floating PV, hybrid (solar+storage), standalone BESS, wind EPC |
| Business model | Turnkey EPC + recurring O&M and asset services |
- Revenue mix: predominately EPC project revenue with growing recurring O&M and integrated hybrid/storage contracts that improve margin profile over time.
- Order book: driven by multi-year utility & IPP contracts - backlog provides forward revenue visibility and supports working-capital financing.
- Working capital and project finance: project-centric financing structures, mobilisation advances, supplier credit and customer-side EPC milestones manage cashflow.
- Margin levers: localisation of procurement, scale in installation and O&M, advanced BOS designs and EPC execution efficiencies.
- Project billing: milestone-based EPC invoicing (mobilisation, progress, mechanical completion, COD) for upfront cash flows.
- Performance guarantees & availability clauses: contractual KPIs that can influence payouts or liquidated damages; higher performance reduces lifecycle cost for customers, enabling premium bids.
- O&M contracts: fixed-fee and availability-linked contracts produce stable annuity-like revenues and enhance lifetime customer relationships.
- Value-added integration: adding storage or hybrid systems increases per-project contract value and recurring revenue through services / warranties.
- Technology integration: advanced system design, in-house engineering, digital SCADA and remote asset monitoring to boost plant availability and reduce LCOE for clients.
- Quality & safety systems: standardised execution playbooks, local compliance frameworks and supplier qualification to mitigate execution risk.
- Currency, commodity & supply chain risk: managed through hedging where available, diversified supplier base and localized procurement strategies.
- Regulatory & market risk: geographic diversification and adherence to regional regulations reduce single-market exposure.
| Area | Importance to Model |
|---|---|
| O&M portfolio (9.3 GWp) | Provides recurring revenue, improves lifetime client engagement and creates upsell pipeline for retrofits and storage |
| Order book & pipeline | Determines near-term revenue visibility and utilisation of EPC execution capacity |
| Working capital cycle | Critical to margin preservation; EPC nature requires active management of receivables, payables and advances |
| Technology mix (floating/hybrid/BESS) | Higher-value services with stronger margins and differentiation vs pure solar EPC |
- Scale in O&M and third-party services to convert one-time EPC wins into long-term revenue streams.
- Expand hybrid and storage integration where policy and merchant markets reward flexibility and capacity value.
- Improve localisation to reduce procurement costs, shorten lead times and protect margins.
- Leverage global execution platform to replicate best-practice designs and win large, cross-border contracts.
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS): How It Works
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS) operates as a global EPC (Engineering, Procurement & Construction) and O&M service provider for utility-scale renewable energy projects - primarily solar, increasingly wind and hybrid systems. Its business model combines project execution, long-term operations contracts, and strategic partnerships to generate recurring and project-based cash flows.- Primary revenue streams: EPC contracting for utility-scale solar, wind and hybrid projects; long-term O&M contracts; balance-sheet / developer-led projects and limited equipment supply margins.
- Bid-to-award model: Wins large turnkey contracts through competitive bidding (often as L1). Example: awarded and executed 225 MW AC solar project in Gujarat as an L1 contractor.
- O&M as annuity: Multi-year O&M agreements provide recurring revenue and stable service margins across installed capacity.
- Diversification: Expansion into wind and hybrid projects to capture complementary capacity and revenue cycles.
- Strategic partnerships: Equity and JV investments (e.g., 40% stake acquisition by Reliance New Energy Limited) enhance balance-sheet strength, project financing access and order inflow.
- Mobilisation & milestone billing during EPC execution (usually linked to procurement, civil, module installation, commissioning milestones).
- Final acceptance tests → handover → start of long-term O&M billing and any performance-linked payments (PPA-indexed/availability-based).
- In developer/IPP projects, revenue shifts to long-term power sales; when SWREL acts purely as EPC, revenue is recognized on project billing and margins are realized during construction and final acceptance.
| Metric | Value / Example |
|---|---|
| Unexecuted order book (as of 31 Mar 2025) | INR 9,096 crore |
| Representative awarded project (example) | 225 MW AC solar - Gujarat (L1 turnkey contractor) |
| Equity partner / strategic investor | Reliance New Energy Limited - 40% stake (strategic investment) |
| Core services | EPC, O&M, Balance-sheet projects, Wind & Hybrid solutions |
- Scale & execution speed - competitive L1 wins on large tenders increases topline; efficient execution compresses cycle times and working capital.
- O&M portfolio growth - annuity-like cash flows with stable margins and low incremental capex.
- Geographic diversification - multiple markets reduce single-market dependency and enable cross-border margin capture.
- Supply chain management - procurement of modules/inverters and logistics controls project margins; vertical integration or strategic sourcing can improve gross margins.
- Financial partnerships - equity backing (e.g., Reliance) improves project funding terms, bid competitiveness and ability to undertake balance-sheet projects that capture higher ROIs.
- Tendering & bidding (commercial, technical, L1 strategy)
- Contract award → mobilisation → procurement → civil & electrical works
- Module & equipment installation → testing & commissioning
- Commercial operation date (COD) → O&M handover → long-term revenue under PPA/O&M agreement
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS): How It Makes Money
Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS) generates revenue primarily through engineering, procurement and construction (EPC) contracts, operations & maintenance (O&M) services, development of renewable energy projects (including solar, wind and hybrid), and through strategic partnerships that provide technology, financing and large-scale project access.- EPC contracts for large-scale solar and hybrid plants - turnkey project delivery, equipment supply and installation.
- O&M agreements - long-term recurring revenue from servicing utility-scale assets.
- Project development and asset monetization - developing projects to the ready-to-build or operational stage and monetizing via sale or long-term contracts.
- Hybrid and wind projects - expanding beyond utility solar into wind and wind-solar hybrids to capture higher value scopes and capacity factors.
- Global project execution - international EPC contracts across multiple geographies augment top-line diversification.
| Metric | Value / Note |
|---|---|
| FY25 YoY Revenue Growth | 108% |
| Global Footprint | Operations in 28 countries |
| Primary Revenue Streams | EPC, O&M, project development (solar, wind, hybrid) |
| Strategic Partnership Highlight | Reliance New Energy Limited - technology, scale and market access |
| Order Book (indicative) | Significant multi-year order book supporting near-term revenue visibility |
- Market leader in India's large-scale EPC segment - strong market share in utility-scale solar execution, with expanding presence in wind and hybrid projects to capture emerging demand for blended renewables.
- Robust financial momentum - the reported 108% YoY revenue growth in FY25 reflects both ramp-up of project execution and improved operational efficiency.
- Geographic diversification - operations across 28 countries allow SWSOLAR.NS to bid on international tenders, hedge regional demand cycles and leverage scale for equipment procurement.
- Strategic alliances - collaboration with Reliance New Energy Limited and other partners strengthens access to capital, advanced technologies (including hybrid and storage integration) and large domestic/offshore project pipelines.
- Order book and innovation - a strong multi-year order book combined with investments in hybrid/wind offerings and digital O&M tools supports a positive growth outlook and sustained leadership in the renewable EPC market.
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