Sterling and Wilson Renewable Energy Limited has informed the Exchange about Investor Presentation
July 17, 2025
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001
National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex Bandra (East), Mumbai – 400 051
Scrip Code: 542760
Symbol: SWSOLAR
Dear Sir/ Ma’am,
Sub.: Investor presentation on the Unaudited Standalone and Consolidated Financial results of Sterling and Wilson Renewable Energy Limited (“the Company”) for the quarter ended June 30, 2025
Ref.: Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
Dear Sir/ Madam,
Pursuant to the Listing Regulations, please find enclosed herewith a copy of the Investor presentation on the Unaudited Standalone and Consolidated Financial results of the Company for the quarter ended June 30, 2025.
Request you to take the same on record.
Thanking you,
Yours faithfully, For Sterling and Wilson Renewable Energy Limited
Jagannadha Rao Ch. V. Company Secretary and Compliance Officer Encl.: As above
Sterling and Wilson Renewable Energy Limited Regd. Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai - 400043 Phone: (91-22) 25485300 | Fax: (91-22) 25485331 | CIN: L74999MH2017PLC292281 Email: info@sterlingwilson.com | Website: www.sterlingandwilsonre.com
The future of solar energy is
Bright
STERLING AND WILSON RENEWABLE ENERGY LIMITED ONE OF THE LEADING SOLAR EPC AND O&M SOLUTIONS PROVIDERS IN THE WORLD
Investor Presentation – Q1 FY26 17 Jul 2025
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Renewable Energy Limited (the “Company”), have been prepared solely for information purposes and is not a prospectus, disclosure document, placement document or other offering document under any law, nor does it form part of, and should not be construed as, any present or future invitation, recommendation or offer to purchase or sell securities of the Company or an inducement to enter into investment activity in any jurisdiction. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. If there is any subsequent offering of any security of the Company, it will be made pursuant to separate and distinct offering documentation, and in such case the information in this Presentation will be superseded in its entirety by any such offering documentation in final form.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain statements made in this Presentation may not be based on historical information or facts and may be “forward-looking statements” by reason of context, including those relating to the Company’s general business plans, planned projects and strategy, future financial condition and growth prospects, future developments in industry and competitive and regulatory environment. All forward-looking statements are based on judgments derived from the information available to the Company at this time. Forward-looking statements can be identified by terminology such as such as “potential,” "opportunity," “expected,” “will,” “planned,” "estimated", "continue", "on-going" or similar terms.
Forward looking statements are based on the current beliefs and expectations of the Company regarding future events, and are subject to various risks and uncertainties, many of which are difficult to predict. Actual results may differ materially from anticipated results due to factors beyond the Company’s control. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, adverse litigation or government action, and changes to laws and regulations applicable to our industry. This Presentation also contains certain financial and operational information relating to the Company that is based on management estimates. These estimates are based on management's past experience and subjective judgment, and the manner in which such estimates are determined may vary from that used for the preparation and presentation of similar information provided by other companies engaged in the sector in which our Company operates. Neither the Company nor its affiliates or advisors or representatives nor any of their respective affiliates or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements or management estimates are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecasted developments.. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions, regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.
2
Contents
Company Overview
Business Overview
Market Opportunity
Beyond Business
Our Journey
Track record
Financial Highlights
04
07
17
28
05
13
20
3
About us
| WHO WE ARE
Leading Solar EPC and O&M Solutions Provider
We offer Design, Detailed Engineering, Procurement, Construction, Installation, Commissioning and Operations & Maintenance services under turnkey EPC and BoS (Balance of System) solutions for utility-scale, and floating solar power projects. We also offer solar plus storage solutions.
Market Leader
Leading Solar EPC solutions provider in the world
E C N E L L E C X E
I
L A N O T A R E P O
EPC Portfolio 22.8 GWp
O&M Portfolio 9.3 GWp
Global Manpower 2,810
I
I
N O T N G O C E R L A B O L G
EPC and O&M of Abu Dhabi 1,177 MWp One of the world’s largest single location PV plant
Regional presence across 28 countries Significant cost benefit and timely execution
E S U O H R E W O P
C
I
T S E M O D
EPC and O&M 3GW+ in 2 projects Executing one of India’s largest PV plants at Khavda, Gujarat
Executing one of India’s largest BESS projects
Leading Solar O&M player globally
Leading Solar EPC
player in India
End-to-end “concept to commission” solar EPC
4
Journey
2013 Completed our first turnkey EPC project
Started international solar operations
2016 Diversified into Rooftop Solar
Started third- party O&M services
2011 Ventured into solar EPC business
2015
Recognized as the largest Indian solar EPC player
Largest single- axis tracker plant in India (60 MWp)
2018
Expanded operations in Australia by acquiring a controlling stake in GCO Electrical Pty Ltd
2020
Ranked 2nd largest O&M player in the world by Wood Mackenzie
2022
Reliance New Energy acquired 40% stake in Sterling and Wilson Renewable Energy Limited
Awarded one of the largest domestic EPC contract of 1.6 GW by NTPC
2024
SWREL closed five marquee project wins totaling over INR 2,400 crore
Achieved highest unexecuted order value in history of company of more than INR 10,500 cr in October 2024
2017 Demerger of S&W Solar from S&W Group
Incorporated a subsidiary in Spain
Started operations in USA
Bagged world’s largest single location solar EPC project in Abu Dhabi
2019
Listed on BSE and NSE
Commissioned our first floating solar project of 450 kWp
Ranked No. 1 solar EPC in the world by IHS Markit
2021 Expanded our offerings to include Hybrid Energy, and Energy Storage
2023 Achieved a second consecutive mega order (1,500 MW) from NTPC
Raised INR 1,500 crore through QIP route
2025 Ventured into Wind EPC
Solar O&M portfolio crosses 9 GW
5
Accreditations
| AND AWARDS
Demonstrating Business Excellence and Industry Leadership
OHSSAI Safety Award awarded at the 9th Annual HSE Excellence & ESG Global Award 2024
Khavda RE Project awarded Best FQA Lab Facility in RE Cluster at All India QA Meet 2024 of NTPC Limited
Recognized as a Top Brand EPC 2025 by EUPD Research
The Economic Times Energy Leadership awarded SWREL EPC Company of the Year 2023
SWREL bagged OHSSAI Occupational Health and Safety Award (GOLD) in the Power Sector in the year 2023
SWREL received Power Generation Project of the Year 2021
AFSIA’s Utility Scale Project of the Year bagged by SWREL in 2020
Awarded the Leading EPC Company by RenewX
Utility Scale Project of the Year by MESIA awarded to SWREL in 2020
6
Business Overview
Offerings
| SOLUTIONS AND SERVICES
01
Utility Scale Projects
03
Floating Solar
02
Hybrid & Energy Storage
04
Operation & Maintenance (O&M)
Turnkey EPC solutions for utility-scale projects
Sterling and Wilson Renewable Energy offers a range of turnkey and Balance of System (BoS) solutions for utility-scale, and floating solar power projects. The company also offers solar plus storage solutions, and Hybrid projects including Wind.
Our turnkey EPC solutions comprise design, engineering, procurement, construction, project management, testing, supply, installation and commissioning to operation and maintenance and connecting the solar power project to the grid.
All project design and execution services excluding the procurement of modules and components are offered as part of the BoS solutions.
Our Expertise
Utility Scale
• Rich experience with various module technologies • • • Bifacial Module (Experience with Robotic Cleaning)
Single-axis tracker string inverter Solar PV+ storage & Floating Solar
Utility Scale
Solar EPC
9
Fully Integrated Battery Energy Storage Solution
01
02
03
04
05
06
BATTERY MODULE + BMS
BATTERY RACKS & CONTAINER
PCS + MV STATION
EMS & HYBRID CONTROLLER
INSTALLATION & COMMISSIONING
OPERATIONS & MAINTENANCE
Long Term Supply Agreement with leading Battery Manufacturers
In House Containers Strong CFD and CAE Internal Design. ISO certified Process
Decade long MV side experience. Strong Service Level Agreements
Strong Partnerships with leading solutions providers
22.8 GWp of Installation & Commissioning experience in 28 countries.
9.3 GWp of Solar O&M Experience 450+ O&M Manpower
1. Analyzing the usage and load profile requirement of the BESS system.
1. Selecting the type of racks and number of Modules per rack.
2. Choosing the right
Chemistry & Battery make.
3. Reaffirming the
Degradation, Efficiency etc., from the suppliers
2. Container Design and
CFD analysis for HVAC system.
3. Firefighting, Lighting, Electrical, DC panels, Control Cabinets within the container
1. Choosing the optimum size of the PCS, MV Station to reduce the BESS footprint.
2. Asserting the optimum design temperature for the MV design.
3. Estimating the Power Factor requirements .
1. Studying the grid requirements.
2. Designing the functional requirements of the EMS/Hybrid Controller.
3. Designing a common
Power Plant Controller for the Solar and BESS side.
1. Exploring all the possible ways to reduce the Installation and Commissioning Cost of BESS.
2. Utilizing the common subcontractors, tools & machineries to reduce the cost
1. On Site & Off Site 24*7 monitoring services.
2. Long Term O&M
Contract.
3. Support during the
augmentation in future to reduce the initial capital cost
10
Floating Solar – Ushering in the next wave of sustainability
Floating solar plants have an advantage over ground-mounted solar plants owing to their negligible land requirement as these plants can be installed on reservoirs, industrial pools or even small lakes.
We offer turnkey EPC for floating solar PV plants. Our Services include:
• Anchoring & mooring installation • Project management & planning • Module/Equipment floating structure installation • Maintenance manual & design book issuance • Bathymetric study as per the terms & geotechnical assessment study
Floating Solar Solutions
We have constructed India’s first floating Solar Project - 455 kWp in Kerala, India
Solar EPC
11
India’s
1st
Floating Solar Project
O&M – Maintaining relationships that last Global Operations & Maintenance (O&M) portfolio, and strong expertise working with the leading equipment manufacturers and constructors. Over seven years experience in the O&M of solar power stations – meticulously caring for the useful life of assets, maximizing profitability, streamlining performance and availability, and minimizing consumption and operating costs
Centralized Monitoring System • Single Platform to Monitor Solar, Wind, Storage & Hybrid • Optimized O&M Cost Optimized frequency of plant maintenance & module cleaning • Accessibility via Mobile App & Web • • Artificial Intelligence & Machine learning
Real-time & Predictive Analytics Optimal generation with analytics
Solar O&M Best Practices Mark
✓ Our processes meet the highest international standards ✓ We follow the best practices towards O&M of solar projects ✓ We practice standard exhaustive checklist provided by Solar Power Europe and scored more than the threshold level
Our Expertise • Drone Thermography • IV Curve Diagnostic • Mechanized and Robotic Cleaning • Strong Analytics and Predictions • In-house Cable Fault Locating System • Computerized Maintenance Management System
Mobile Testing Facility • On-site flash testing of PV modules (Sun Simulator/ Flash Tester A+A+A+ class, Best in class) • On-site EL testing of PV modules (Electroluminescence Tester, On site EL tester, Best in class) • On-site thermography of PV modules (Infrared Imaging, Best in class) • On-site I-V array testing of strings / modules (Best in class)
O&M Manpower Strength •
544+ in-house team with expertise in advanced technologies
O&M
Asset Management
1Q FY 2026
9.3
GW
FY 2018
1.9
GW
O&M Portfolio has grown ~5X in 7 years * Total O&M capacity as of Jun 2025
12
On a Strong Footing
| TRACK RECORD
Strong Execution Record
Commissioned: 11.6 GW Under-Construction: 11.2 GW
Annual Global Installation
Strong Balance Sheet March 25 Net worth: INR 995 cr March 25 Net D/E: 0.18x BBB+ / Stable (Credit Rating) *
Core of Project Execution
Global Manpower Strength: 2,810
Over 40 projects under execution
New Order Inflows (INR Cr)
Revenue (INR Cr)
India Focused Order Book ^
6,023
7,051
4,387
FY23
FY24
FY25
* As of June 2025; ^ As of Mar 2025
6,302
x
3,035
FY24
FY25
2,015
FY23
International, 15.5%
India, 84.5%
13
On a Strong Footing
| LED BY A SEASONED TEAM
Chandra Kishore Thakur Global CEO
Ajit Pratap Singh CFO
Board of Directors
Mr. Khurshed Yazdi Daruvala
Ms. Rukhshana Jina Mistry
Chairman, Non-Executive, Non- Independent Director
Non-Executive, Independent Director
Mr. Saurabh Agarwal
Mr. Cherag Sarosh Balsara
Non-Executive, Non-Independent Director
Non-Executive, Independent Director
•
Joined SWRE in 2018
•
Joined SWRE in 2025
Mr. Balanadu Narayan
Ms. Naina Krishna Murthy
• Over 40 years experience in Power
• Over 25 years experience in Power,
& EPC sector
EPC & Manufacturing sector
• Prior experience includes President
• Prior experience includes CFO at
and CEO - Power and Infrastructure business at Punj Lloyd Limited, COO - EPC Vertical at Lanco Infratech Limited, and over 22 years at NTPC Ltd
• Mechanical Engineer & MBA, Certified first level-A portfolio director from PMA/IPMA
Transrail, Group CFO at OPG, and leadership roles at JSW, Vedanta, Jaypee and Lohia Group
• Company Secretary, CFA, Cost and Management Accountant, L.L.B., MS in Finance. He has also completed CMA from USA, CPFA from UK, and MCSI from UK
Non-Executive, Non-Independent Director
Non-Executive, Independent Director
Mr. Umesh Khanna
Mr. Rahul Dutt
Non-Executive, Non-Independent Director
Non-Executive, Independent Director
14
Why Us
| WHAT DIFFERENTIATES US
Expeditious Quick Decision Making & well-defined internal processes leading to timely execution
Experience Strong Track Record of executing complex & large-scale EPC projects leading to high customer retention and repeat business
Talent Pool Strong in-house Design and Engineering team providing customized solutions
Cost Effective Leveraging the Low-Cost India Base for global execution providing cost competitive solutions
Global Presence One of the only Global Pure-Play Solar EPC players with a significant presence and operational experience across geographies
Strong Relationships A Bankable Player with strong relationships with customers and other key stakeholders
15
Our Presence
| ACROSS THE GLOBE
Europe 266 MWp
UK
Spain
Italy
Jordan
Kazakhstan
USA 455 MWp
Morocco
Egypt
UAE
Vietnam
USA
Mexico
MENA 1,969 MWp
Mali
Nigeria
Saudi Arabia
Thailand
Oman
Kenya
Tanzania
Zambia
India
India 17,596 MWp
Singapore
Southeast Asia 323 MWp
Philippines
Latin America 575 MWp
Chile
Argentina
Namibia
South Africa
Rest of Africa 610 MWp
Australia
Australia 1,113 MWp
New Zealand
16
Offices in 28 Countries
Projects in 20 Countries
As of June 30, 2025
Market Opportunity
Solar Market Outlook
| INDIA SOLAR INSTALLATIONS GROWTH TRAJECTORY REMAINS STRONG
PROJECTED ANNUAL ‘UTILITY-SCALE + COMMERCIAL’ PV INSTALLATIONS IN INDIA (GW)
58.6
50.6
42.4
44.9
43.7
37.9
31.7
12.8
2023
2024
2025E
2026E
2027E
2028E
2029E
2030E
Source: BNEF
18
Solar Market Outlook
| CORE INTERNATIONAL MARKETS’ OUTLOOK IS ALSO PROMISING
PROJECTED ANNUAL ‘UTILITY-SCALE + COMMERCIAL’ INSTALLATIONS IN EMEA (GW)
63.9
66.6
60.7
59.7
56.8
57.2
55.7
47.4
9.4
12
22.9
25.5
18.1
27.1
28.2
31.9
2023
2024
2025E
2026E
2027E
2028E
2029E
2030E
Europe
Middle East & Africa
Source: BNEF
19
Financial Highlights | Q1 FY 2026
Financials
| KEY HIGHLIGHTS FOR Q1 FY26
REVENUE (INR CR)
GROSS PROFIT (INR CR)
93% YoY
2,519
1,762
101% YoY
263
205
915
102
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Operational EBITDA (INR CR)
PAT (INR CR)
392% YoY
158
123
680% YoY
55
39
25
5
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
21
Financials
| KEY HIGHLIGHTS FOR Q1 FY26
UOV AS ON JUNE 2026
UOV BY REGION
9,096
8,348
International 11.7%
MAR 2025
JUN 2025
ORDER INFLOW – 100% DOMESTIC
BID PIPELINE – FY26
India, 88.3%
INR 813 cr
100%
International 13%
30.0 GW
India 87%
22
Financials
| BALANCE SHEET STRONG; DEBT RATINGS UPGRADED
DEBT LEVELS STABLE (INR CR)
RATINGS UPGRADED IN Q1 FY26
902
810
383
178
Gross Debt
Net Debt
Mar-25
Jun-25
•
•
•
Ratings of Working Capital facilities and Term Loans upgraded to BBB+ with Stable Outlook in June 2025 by Infomerics Ratings
Improved ratings likely to help enhance / tie-up new working capital facilities, and reduce LC / BG charges
Fresh sanctions for working capital facilities from 3 new banks
NET WORKING CAPITAL REMAINS NEGATIVE (INR CR)
RECURRING OVERHEADS REMAIN STABLE
Q1FY25
Q4FY25
Q1FY26
105
77
83
-348
-602
-732
Q1FY25
Q4FY25
Q1FY26
23
Financials
| CONSOLIDATED PROFIT & LOSS – Q1 FY26
INR Crore
Q1FY26
Q1FY25
Q4FY25
FY2025
REVENUE BY SEGMENT (INR CR)
GROSS PROFIT BY SEGMENT (INR CR)
Revenue from Operations
Gross Profit
Gross Margin %
EBITDA
EBITDA Margin %
PBT
PBT Margin %
PAT
PAT Margin
1,762
205
11.7%
102
5.8%
75
4.2%
39
2.2%
915
102
2,519
6,302
263
638
11.1%
10.4%
10.1%
37
4.0%
15
1.6%
5
0.5%
116
4.6%
87
3.4%
55
2.2%
276
4.4%
163
2.6%
86
1.4%
O&M 60
International EPC 437
O&M 14
International EPC 54
Domestic EPC 1,265
Domestic EPC 137
• Revenue has grown 93% YoY in Q1, aided by higher execution pace in Domestic and International EPC projects, despite domestic execution challenges due to cross-border tension
• Gross margins came in at 11.7% in Q1 compared to 10.1% for FY25 aided by softening in certain key input costs. Domestic (10.8%) and International EPC (12.3%) gross margins
have trended higher in Q1 while we have seen O&M segment gross margins revert to steady-state levels
• Reported Q1 EBITDA came in at INR 102 crore (5.8% EBITDA margin) and is up 176% YoY, due to higher margins seen this quarter. Recurring overheads have remained stable
compared to FY25
• Q1 FY26 PAT of INR 39 crore while significantly higher YoY, was impacted by higher tax outflow due to higher standalone profitability, and South Africa project taxes
24
Financials
| CONSOLIDATED BALANCE SHEET – June 2025
INR Crore
Jun-25
Mar-25
Breakdown of Net Working Capital (INR Crore)
Jun-25
Mar-25
Liabilities + Shareholders’ Equity
Shareholders Equity
Bank Borrowings
Other Liabilities
Total Liabilities + Shareholders’ Equity
Assets
Fixed assets (including right to use assets)
Cash & Bank balance (including fixed deposit)
Other assets
Total Assets
993
810
3,101
4,904
43
427
4,434
4,904
995
902
3,733
5,630
46
724
4,860
5,630
Current Assets
Inventories
Receivables (including unbilled)
Receivable days
Advances to suppliers
Current Liabilities
Trade payables
Payable days
Advances from Customers
Net Working Capital
2,556
4
2,414
125
138
2,904
2,251
132
653
(348)
2,941
3
2,582
150
356
3,543
2,750
177
793
(602)
• Net debt has increased due to higher payment of vendors from the fresh loan taken at end of Q4. Gross Borrowings have however, decreased sequentially (QoQ) due to start of
repayment of IREDA loan
• Net working capital continues to remain negative at INR 348 crore as at June 2025
25
Outlook
| MOU ANNOUNCED
•
Sterling and Wilson Solar Solutions, Inc (SWSS), the US step down subsidiary signed a MOU with the Government of the Federal Republic of Nigeria, along with its consortium partner Sun Africa in September 2022
• MOU is for the development, design, construction, and commissioning of solar PV power plants aggregating 961 MWp at five different
locations in Nigeria along with battery energy storage systems (BESS) with total installed capacity of 455 MWh
•
•
Final terms have been negotiated
Procedural steps are still underway but are slower than anticipated; Awaiting final contract signing
SWREL signed a MOU with Nigerian government & Sun Africa to design and construct 961 MW
26
Beyond Business
Corporate
| SOCIAL RESPONSIBILITY
As a responsible organization, we strive to ensure the well being of all our stakeholders, by placing sustainability at the heart of everything we do.
OHSSAI Safety Award 2024
s e i t i
v
i t c A R S C r u O
Inclusive Learning Environment
Women Economic Empowerment
Digital Inclusion
Industry Ready Workforce
OUR PROCESSES SUPPORT
• Outreach • Growth • Encouragement • Collaboration • Engagement
• Communities • Employees • Regulators • Vendor Partners • Environment
28
For further information, please contact:
Company :
Investor Relations Advisors :
Sterling and Wilson Renewable Energy Limited
Strategic Growth Advisors Private Limited
CIN: L74999MH2017PLC292281
CIN: U74140MH2010PTC204285
Mr Sandeep Mathew Head – Investor Relations
Email: ir@sterlingwilson.com
www.sterlingandwilsonre.com
Mr Jigar Kavaiya / Mr. Parin Narichania
+91 9920602034 / +91 9930025733
Email: jigar.kavaiya@sgapl.net / parin.n@sgapl.net
www.sgapl.net