Company Overview

Engineering Clean
Energy at Scale

Sterling and Wilson Renewable Energy Limited (SWREL) is a leading provider of end-to-end solar Engineering, Procurement and Construction (EPC) and Operations & Maintenance (O&M) solutions, delivering large-scale renewable energy projects across diverse geographies and environments.

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Key Highlights

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Global Engineering Procurement Construction Portfolio

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Operations & Maintenance Portfolio

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Global Manpower

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Offices

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Locations

Projects in 0

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Investment Case

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Our Journey

Driving the
Solar Transition

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2011

  • Ventured into the solar EPC business

2013

  • Completed our first turnkey EPC project
  • Started international solar operations

2015

  • Recognised as the largest Indian solar EPC player
  • Constructed the largest single-axis tracker plant in India (60 MWp)

2016

  • Diversified into rooftop solar
  • Started third-party O&M services

2017

  • Demerger of Sterling & Wilson Solar from Sterling & Wilson Group
  • Incorporated a subsidiary in Spain
  • Commenced operations in the USA
  • Bagged the world’s largest single-location solar EPC project in Abu Dhabi

2018

  • Expanded operations in Australia by acquiring a controlling stake in GCO Electrical Pty. Ltd.

2019

  • Listed on BSE and NSE
  • Commissioned our first floating solar project of 450 kWp

2020

  • Ranked 2nd largest O&M player in the world by Wood Mackenzie

2021

  • Expanded our offerings to include Hybrid Energy, Energy Storage and Waste-to-Energy solutions

2022

  • Reliance New Energy acquired a 40% stake in SWREL
  • Awarded one of the largest domestic EPC contracts of 1.6 GW by NTPC

2023

  • Achieved a second consecutive mega order (1,500 MW) from NTPC
  • Raised INR 1,500 crore through the QIP route

2024

  • We closed five marquee project wins totalling over INR 2,400 crore
  • Achieved the highest unexecuted order value in SWREL’s history of more than INR 10,500 crore in October 2024

2025

  • Ventured into wind EPC
  • Our solar O&M portfolio crosses 9 GW

2026

  • Commissioned 4.5 GW AC capacities in FY26
  • Achieved highest annual turnover post IPO
Our Presence

Across Markets.
Across Continents.

SWREL’s footprint spans diverse geographies, reflecting the scale and reach of its solar EPC and O&M capabilities.

With offices in 28 countries and projects executed across 20 countries, we have delivered renewable energy solutions across North America, Latin America, Europe, the Middle East, Africa and the Asia-Pacific.

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Our Services

Our Four Pillars
of Execution

Utility-Scale Solar EPC

End-to-end EPC solutions for utility-scale projects.

Floating Solar

Innovative solar deployment on water bodies.

Hybrid & Energy Storage

Integrated solar and storage ecosystems.

Operations & Maintenance

Maximising plant performance and uptime.

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Key Performance Indicators

Indicators of
Execution and Growth

FY 2026 was marked by stronger execution, expanding scale and sustained operational momentum across the business. The following key performance indicators reflect our progress across project delivery, portfolio expansion, operational capabilities and financial performance, highlighting the resilience and discipline that shaped the year’s growth trajectory

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Chairman’s Message

A Defining Year in the
Energy Transition

Dear Esteemed Shareholders,

It is my privilege to address you through the pages of our Annual Report for FY 2026, a year that stands apart in the history of SWREL. What we have accomplished this year is a decisive step forward. From record revenues and landmark project execution to the deepening of our global footprint, this year has demonstrated that SWREL is not just participating in the clean energy transition; we are leading it!

Khurshed Daruvala

Chairman

Sterling & Wilson Group

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Global CEO’s Message

Built to Deliver.
Scaling to Lead.

Dear Esteemed Shareholders,

It is a great honour to address you in my capacity as Global Chief Executive Officer of Sterling and Wilson Renewable Energy Group. This Annual Report captures a year in which the organisation proved, decisively, that scale and quality of execution can and must coexist.

Chandra Kishore Thakur

Global CEO

Sterling and Wilson Renewable Energy Group

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Corporate Social Responsibility

Lighting Lives
Beyond Megawatts

At SWREL, our commitment to building a sustainable future extends well beyond the solar parks and wind turbines we erect. We believe that every megawatt of clean energy we deliver carries a social obligation to power not just grids, but lives. In FY 2026, SWREL channelled INR 1 crore towards meaningful CSR initiatives spanning skill development, livelihood support and health assurance, creating lasting impact across communities in Maharashtra and beyond.

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Our Leadership

Board of Directors

Khurshed Daruvala is the Chairman of Sterling & Wilson Group, a diversified enterprise with key business verticals focusing on solar renewable energy, turnkey data centre, power backup solutions, Industrial EPC, MEP and T&D.

Mr. Khurshed Daruvala

Balanadu Narayan has done Master’s in Chemical Engineering from IIT-Madras. He has a rich and varied work experience of nearly 5 decades, out of which over 4 decades are with Reliance Group. He is well recognised as an industry stalwart...

Mr. Balanadu Narayan

Umesh Khanna is the Group Head—Coordination at Shapoorji Pallonji and Company Private Limited. With over four decades of experience, Umesh began his career with BHEL rising to the role of Regional Head— Southeast Asia...

Mr. Umesh Khanna

Saurabh Agarwal has done his Bachelor’s in Mechanical Engineering from IIT-Roorkee. He has a rich and varied work experience of nearly 31 years with Reliance Group. His experience spans various senior positions...

Mr. Saurabh Agarwal

Rukhshana Mistry is a practising Chartered Accountant with over 33 years of experience. She has been a member of the Board of Sterling and Wilson Renewable Energy Limited since March 27, 2019.

Ms. Rukhshana Mistry

Naina Krishna Murthy is a seasoned corporate lawyer and the Founding Partner of K Law, a leading full-service law firm in India. She began her career with Arthur Anderson and later served as in-house counsel at Biocon.

Ms. Naina Krishna Murthy

Cherag Balsara completed his Bachelor of Commerce from the Sydenham College of Commerce and Economics in 1989. Thereafter, he completed Bachelor of Laws in 1992 and enrolled at the Bar in 1992...

Mr. Cherag Balsara

Rahul Dutt is a Partner in the M&A and Private Equity Practice Group in Khaitan & Company (Mumbai Office). He specialises in mergers & acquisitions, joint ventures, franchising, technology licensing, infrastructure and commercial contracts...

Mr. Rahul Dutt
Chairman Non-Executive Director Non-Independent Director Independent Director
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Corporate Information

Key Managerial Personnel

Manager and Global CEO
Chandra Kishore Thakur
Chief Financial Officer
Ajit Pratap Singh
Company Secretary and Compliance Officer
Jagannadha Rao Ch V

Senior Management

Rajneesh Shrotriya

Chief Technology Officer

Jetty Choudary

Executive Vice President - Execution

Shiv Shankar Pandey

Executive Vice President - Execution

Mohammad Rehan Akhtar

Executive Vice President - Execution

Shiv Mishra

Executive Vice President - Operational Excellence

Basavarajappa C

Chief Human Resources Officer

Vikas Gulati

Chief Procurement Officer

Rajesh Mittal

Chief Information Officer

Anurag Jain

Senior Vice President - QHSE

Madhu T

Senior Vice President - Execution

Arvind Kumar Pandey

Senior Vice President - Execution

P V N Sai

Senior Vice President - Operations & Maintenance

Sanjay Singh Thakur

Senior Vice President - Planning & Project Control

Rohit Bhandari

Senior Vice President - Business Development & Sales

Mohammad Tariq

Senior Vice President - EPC (Domestic - Execution)

Sandeep Mathew

Senior Vice President - Investor Relations

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Awards and Accolades

Annual Greentech Environment Award

Received the 24th Annual Greentech Environment Award 2025 in the Environment Protection Category

ESG Impact Award

Winner of ESG Impact Award 2026

Safe Workplace of the Year

Recognised as the Safe Workplace of the Year in the Renewable Industry at India HSE Summit & Awards 2025 & 2026

Green Future Leadership Award

Honoured with the Green Future Leadership Award at the National Award for Excellence

OHSSAI ESG Award

Secured the OHSSAI ESG Award in the Gold Category

Appreciation Certificate and trophy from NTPC for Khavda Project

Received appreciation certificate and trophy from NTPC for Khavda Project, recognising the Company’s commitment to maintaining the highest Health, Safety and Environment (HSE) standards at site

Clean Power Generation Excellence Award

Honoured with the ‘Clean Power Generation Excellence Award’ at the National Awards for Excellence in Power & Energy during the 12th Mumbai Climate Summit & Awards 2025

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