Sterling & Wilson Renewable hits record $1.35bn UOV as aluminium demand in solar rises

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Sterling and Wilson Renewable Energy Ltd (SWREL) has reported its highest-ever Unexecuted Order Value (UOV) since the pandemic, closing the first quarter (Q1) of FY27 with an order pipeline of nearly INR 130 billion (USD 1.35 billion).

The milestone was supported by strong domestic EPC activity and a landmark international solar project in Egypt, highlighting continued growth in renewable infrastructure and the increasing use of aluminium-inclusive products like solar module frames, mounting structures, cable systems, battery enclosures and other EPC applications. 

The company also posted a 36 per cent year-on-year increase in profit after tax (PAT) during the quarter, while revenue from its operation and maintenance (O&M) business rose 40 per cent, indicating the expansion of its managed renewable assets portfolio.

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Egypt solar project strengthens international order pipeline

Among the quarter's major developments was the award of the USD 560 million West Minya Solar Power Project in Egypt. The project will be executed through a 50:50 joint venture between SWREL and one of Egypt's leading contractors.

The development comprises a 1,000 MW-AC solar photovoltaic (PV) plant integrated with a 600-MWh battery energy storage system (BESS), making it one of the country's largest utility-scale renewable energy projects.

Such large-scale installations typically require aluminium-intensive components, including solar PV module frames, tracker systems, mounting structures, inverter housings, battery containers and electrical infrastructure.

Domestic EPC business: key growth driver

SWREL said its domestic EPC business continues to underpin growth, supported by an order book of around INR 790 billion (USD 8.19 billion), providing healthy revenue visibility while maintaining gross margins in the 9-10 per cent range. The company also reduced its term debt by approximately INR 1.6 billion (USD 16.6 million) during the quarter through scheduled repayments.

Regarding the quarterly performance, Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy Group, commented, “We remain confident about our prospects because the company's UOV is robust. We expect this growth to reflect on the topline and bottom-line in the months ahead.”

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He remains confident about the growing order book as it holds “a testimony to the confidence our customers repose in us…our experienced and competent workforce will be able to deliver projects on schedule, adhering to committed timelines.”

Beyond the current order book, SWREL has a bid pipeline exceeding 27.7 GW, with operations spanning solar, wind, battery energy storage and third-party O&M services. The company currently has a renewable portfolio of over 28.7 GWp and manages 18.3 GWp of solar assets across 28 countries, reinforcing its position in the global renewable EPC market.