Sterling & Wilson wins ₹985 crore renewable orders

Sterling & Wilson Renewable Energy Limited secured two orders worth over ₹985 crore across India and South Africa. The orders include a 534.3 MWp balance of system package in Rajasthan and two BESS projects in South Africa with a combined capacity of 616 MWh. The Rajasthan order is from a new Indian IPP, while the South Africa order comes from a repeat customer. The South Africa contract is a turnkey EPC project and will be the company’s second-largest utility-scale BESS project. The Rajasthan project is also expected to avoid around 0.8 million tonnes of CO2 emissions after commissioning. The order inflow is positive, but I would not look at the ₹985 crore figure in isolation. In Q1 FY27, revenue fell 9.7% to ₹1,590 crore and EBITDA declined 8% to ₹79.6 crore, while EBITDA margin remained at 5%. Net profit rose 69% to ₹54 crore, helped by factors beyond the operating revenue growth. The new orders can improve the order book and future revenue visibility, but execution and margins will decide how much of this converts into earnings. The stock jumped 7.7% to ₹186.66 on September 22 before trading around ₹180.35. I would watch ₹186.66 as the immediate resistance and ₹170 to ₹175 as the near-term support zone. A sustained move above ₹186.66 with continued order inflows would strengthen the setup, while weak execution or margin pressure would remain a risk. My stance is positive on the order inflow, but I would wait for evidence of better revenue growth and margin improvement before turning more constructive.

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