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!
A World Transformed by Renewable Energy
The global energy landscape in FY 2026 continued its relentless shift towards renewables. The economics of solar energy have never been more compelling, driven by sharply falling module costs, increasingly supportive government policy and the urgent imperative of decarbonisation. India remains at the vanguard of this transformation, having crossed the landmark milestone of 150 gigawatts of cumulative installed solar capacity. What makes this achievement truly extraordinary is the speed at which it was achieved; the last 50 GW were added in a mere 14 months, compared to the 11 years it took to reach the first 50 GW. India is now firmly on track to achieve its 500 GW renewable energy target by 2030 and is poised to become the third-largest renewable energy producer globally.
For a company like ours, built for scale and rooted in solar EPC expertise, this environment represents both validation and opportunity. The tailwinds are structural, and we are ideally positioned to harness them.
India’s last 50 GW of solar capacity were added in just 14 months compared to 11 years for the first 50 GW. We are living through an energy revolution, and SWREL is at its very centre.
FY 2026: A Year of Record-Setting Performance
I am delighted to report that FY 2026 has been our strongest year since listing across every significant metric.
Revenue reached INR 7,548 crore, our highest-ever annual turnover since our IPO, representing approximately 20% Y-O-Y growth. Our operational EBITDA* grew 53% Y-O-Y to INR 444 crore, reflecting the operating leverage inherent in our business as we scale. Our pro forma gross margins expanded to 10.5% from 10.1% in FY 2025, driven in particular by a strong recovery in international EPC margins, which rose to 13.2%.
Perhaps most gratifying of all, Q4 FY26 delivered our highest-ever quarterly PAT since listing, at INR 142 crore. It is a testament to the quality of execution, disciplined cost management and the maturing of our operational model.
On the execution front, the numbers speak for themselves; we commissioned approximately 4.5 GW AC of solar capacity. It is the highest annual capacity we have ever delivered. To contextualise this achievement, SWREL accounted for approximately 15% of all utility-scale solar installations commissioned in India during the fiscal year. This is a milestone that fills the entire organisation with immense pride.
Highest-Ever Annual Revenue Since Listing
which is ~20% Y-O-Y Growth
Highest Annual Execution in SWREL’s History
~15% of all Utility-Scale Solar Installed in India in FY 2026
An Order Book Built for Growth
Our commercial momentum has been equally impressive. New order inflows reached INR 10,062 crore, a robust 43% Y-O-Y growth across 12 projects, far exceeding the 15% growth we had conservatively projected at the start of the fiscal year. Our Unexecuted Order Value (UOV) now stands at INR 11,813 crore, the highest since the COVID period, providing excellent revenue visibility as we enter the next financial year.
Domestic order inflows were INR 7,659 crore, encompassing 10 projects totalling approximately 4.8 GW DC. Notably, a significant proportion of the 12 major orders bagged this year came from repeat clients. This was a powerful affirmation of the trust our customers place in our execution capabilities. International orders included two prestigious projects from South Africa worth approximately USD 270 million, showcasing our continued relevance in select high-quality global markets.
43% Y-O-Y Growth
in FY 2026 Order Inflows
Our order book is the sum of the relationships we have built, the trust we have earned and the promises we are committed to delivering. An Unexecuted Order Value of INR 11,813 crore entering FY 2027 gives us confidence like never before.
Diversification: Wind, BESS and the Energy Transition
A defining feature of the year in review has been our meaningful diversification into adjacent high-growth segments. We secured another large-scale Battery Energy Storage System (BESS) project—a 790 MWh BESS plant in Rajasthan, one of India’s largest battery energy storage projects at a single location in our country from an existing customer. This win demonstrates our in-house engineering capability for energy storage and gives us a significant head start in a segment poised for rapid growth.
We also deepened our presence in wind EPC, having ventured into this segment in FY 2025 and now building a credible pipeline. The combination of solar, wind, BESS and hybrid capabilities positions SWREL uniquely as a holistic energy transition partner, one that can offer clients integrated, round-the-clock renewable energy solutions. These new verticals are being well received in the market and are expected to contribute meaningfully to our order book and revenues in the years ahead.
A Growing and Globally Significant O&M Franchise
Our Operations & Maintenance business has reached a true inflection point. The O&M portfolio surged 50% Y-O-Y, from 8.7 GW to 13.5 GW, making SWREL one of the largest thirdparty O&M players globally. This growth has been achieved through a combination of our own EPC project commissioning and third-party portfolio acquisitions.
The O&M segment provides stable, annuity-like revenues and is a key differentiator for our business model. With gross margins stabilising at approximately 20% and a trajectory of further portfolio additions, we expect this segment to become an increasingly important contributor to SWREL’s overall earnings quality and investor confidence. Our centralised monitoring system, AI-enabled predictive analytics, robotic cleaning and mobile testing facilities collectively represent an O&M capability that is world-class in every respect.
A 50% Y-O-Y Surge
Our People, Our Planet, Our Responsibility
None of these achievements would be possible without the extraordinary commitment of our people. Our workforce has grown to 3,459 globally, with over 1,400 dedicated to O&M operations alone. I want to acknowledge and thank every member of the SWREL family for their dedication, resilience and shared sense of purpose.
Our commitment to sustainability is embedded in everything we do. As a company whose very business is the acceleration of clean energy, we are acutely conscious of our responsibility to the environment, to the communities where we operate and to society at large. Through our CSR initiatives encompassing inclusive education, women’s economic empowerment, digital inclusion and workforce development, we continue to create tangible social impact alongside our commercial achievements. We also continue to deepen our ESG commitments through sustainable procurement, responsible waste management and energy-efficient operations.
Safety remains a non-negotiable priority. The recognition we have received, including the OHSSAI Safety Award at the 9th Annual HSE Excellence & ESG Global Awards, reflects the seriousness with which we approach health and safety across all our project sites.
Looking Ahead
The road ahead is bright. India’s renewable energy ambitions are accelerating, the global solar market is expanding and SWREL is better positioned than at any prior point in its history to capitalise on what lies ahead. With a record order book, a surging O&M portfolio, a diversified capability set spanning solar, wind, BESS and hybrid solutions and a team that has demonstrated it can deliver at scale, we enter FY 2027 with confidence and purpose.
We are powering the energy revolution. With a record order book, a world-class O&M platform and capabilities spanning solar, wind, BESS and hybrid solutions, SWREL enters FY 2027 as a stronger, more diversified and more purposeful organisation than ever before.
Khurshed Daruvala
Chairman
Sterling & Wilson Group