SW Solar shares fall 2% after Q4 revenue declines 23%; net profit balloons 143%

Shares of Sterling and Wilson Renewable Energy (SW Solar) dropped 2% to their day’s low of Rs 216 on the BSE on Friday after it posted a consolidated net profit of Rs 135 crore for the quarter ended March 31, 2026, marking a 143% increase from Rs 55 crore reported in the same period last year.

Revenue from operations, however, declined 23% year-on-year to Rs 1,946 crore, compared to Rs 2,519 crore in the corresponding quarter of the previous financial year. Revenue slipped 7% quarter-on-quarter from Rs 2,092 crore recorded in the October-December quarter.

On a sequential basis, the company returned to profitability after reporting a loss of Rs 2.8 crore in Q3FY26.

Sterling and Wilson, a major MEP and EPC contractor across power, solar energy and data centres in India, reduced its total expenses by 24% year-on-year to Rs 1,844 crore, down from Rs 2,420 crore in Q4FY25. Expenses also fell 11% compared to the previous quarter.

These costs were primarily related to construction materials, stores and spare parts, employee benefits and finance charges, among others.

On the segment front, the EPC business generated revenue of Rs 1,863 crore in Q4FY26, lower than Rs 2,028 crore in Q3FY26 and Rs 2,459 crore in Q4FY25. Meanwhile, revenue from operations and maintenance services rose to Rs 81.26 crore, compared to Rs 63.25 crore in the preceding quarter and Rs 59 crore in the year-ago period.
FY26 was SWREL’s strongest period yet, delivering record quarterly PAT and 4.5 GW execution, as management said. “As we look forward to FY27, our record Rs 11,813 crore order book and expanded 13.5 GW O&M platform provide unmatched revenue visibility and stability. Our diversification into Wind and BESS projects is being well appreciated, and we see these two verticals contributing significantly to our future growth,” it added. SW Solar shares have been on a tear lately, soaring as much as 35% in the last 1 month. Despite the recent surge, the stock is down 3% in the last six months and about 34% in the last 1 year.

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