Sterling and Wilson Renewable Energy (SWSOLAR) Q4 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly and full-year revenue since listing, driven by strong domestic and international EPC execution and new market entries in wind and battery storage.

• Order inflow for FY2025 reached INR 7,051 crore, with 84% from the domestic market and significant growth in private IPP and PSU segments; unexecuted order value stands at over INR 9,096 crore.

• Entered new growth markets: battery energy storage solutions and wind EPC, expanding the hybrid project portfolio.

• Board approved audited standalone and consolidated results for FY25, with unmodified opinions from statutory auditors.

Financial highlights

• Q4 FY25 revenue grew 114% year-on-year and 37% quarter-on-quarter to INR 2,519 crore; full-year consolidated revenue was INR 6,341.46 crore, up 108% year-on-year.

• Q4 gross margin at 10.4%; full-year gross margin at 10.1%.

• Q4 operational EBITDA at INR 158 crore (6.3% margin); full-year operational EBITDA at INR 291 crore.

• Full-year consolidated net profit at INR 85.55 crore, reversing a loss of INR 210.79 crore in the previous year.

• Net debt at INR 178 crore as of March 31, 2025, with a fresh INR 200 crore term loan increasing cash balances.

Outlook and guidance

• Expecting 15%-20% revenue and order inflow growth in FY2026 over FY2025, excluding potential large orders from Reliance and Nigeria.

• Domestic order pipeline remains robust, with 22-23 GW of orders expected to be bid out in the next 6-9 months.

• O&M segment expected to see meaningful revenue pickup from H2 FY2026 as new projects transition to O&M.

• Management remains confident in recoverability of large receivables and investments, supported by projected cash flows and indemnity agreements.