Sterling and Wilson Renewable Energy Ltd (SWREL) has strengthened its position as a diversified clean energy player, with significant progress in battery energy storage systems (BESS), wind EPC and operations & maintenance (O&M), according to Chairman Khurshed Daruvala’s message in the company’s Annual Report 2026.
The company secured a major 790 MWh Battery Energy Storage System project in Rajasthan during FY26, marking one of India’s largest battery energy storage installations at a single location. The project, awarded by an existing customer, highlights SWREL’s growing capabilities in energy storage and provides an early advantage in a segment expected to witness rapid growth.
Expands beyond solar
Daruvalla said SWREL continued to diversify beyond its core solar EPC business by strengthening its presence in wind EPC, a segment it entered in FY25. The company is also building a pipeline of hybrid renewable energy projects, enabling it to offer integrated solar, wind and storage solutions.
“The combination of solar, wind, BESS and hybrid capabilities positions SWREL uniquely as a holistic energy transition partner,” he noted, adding that these new business verticals are expected to make a meaningful contribution to future order inflows and revenues.
O&M portfolio crosses 13 GW
The company’s Operations & Maintenance business emerged as another key growth driver during the year. SWREL’s O&M portfolio expanded 50% year-on-year to 13.5 GW from 8.7 GW, making it one of the world’s largest third-party renewable energy O&M service providers.
The growth was driven by both internally commissioned EPC projects and acquisitions of third-party portfolios. Daruvala highlighted that the O&M segment provides stable, annuity-like revenue streams and serves as a key differentiator in the company’s business model.
He added that gross margins in the O&M business have stabilised at around 20%, while investments in AI-enabled predictive analytics, robotic cleaning systems, centralised monitoring and mobile testing facilities have strengthened the company’s operational capabilities.
Strong domestic and international order wins
During FY26, SWREL secured domestic order inflows worth ₹7,659 crore across 10 projects representing approximately 4.8 GW DC capacity. A large share of the company’s major orders came from repeat customers, underscoring confidence in its execution capabilities.
On the international front, the company won two projects in South Africa valued at about USD 270 million, reinforcing its presence in select overseas markets.
Best performance since listing
FY26 marked SWREL’s strongest year since its listing, with record execution and project delivery.
The company commissioned around 4.5 GW AC of solar capacity during the fiscal year, the highest annual capacity addition in its history. According to Daruvala, SWREL accounted for nearly 15% of all utility-scale solar installations commissioned in India during FY26.
The achievement reflects the company’s growing scale and execution strength as it expands beyond solar EPC into energy storage, wind power and integrated renewable energy solutions, positioning itself to benefit from the accelerating global energy transition.