Heavy buying and Rs 8,750 crore order book: Back-to-back upper circuit in this Reliance-backed solar EPC stock; bags a new order worth Rs 2,400 crore!

Shares of the company gained more than 35 per cent in the last six months.

Shares of Sterling & Wilson Renewable Energy Limited were locked in the upper circuit on Friday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last two days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained about 35 per cent.

Sterling and Wilson Renewable Energy (SWRE) ended Q3FY24 on a high note, securing over Rs 2,400 crore in new orders from major players like Plenitude Spain and Green Infra Wind. This bonanza boosted their gross unexecuted order value to a whopping Rs 8,750 crore.

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Not only did the quarter see robust order inflows, but SWRE also made significant strides in reducing debt. The successful QIP raise of Rs 1,500 crore, along with promoter payments and customer settlements, helped clear all overdue debts and achieve substantial deleveraging.

Despite facing working capital challenges, SWRE managed to maintain profitability at the standalone level and deliver positive EBITDA on a consolidated basis. This resilience showcases their adaptability and commitment to financial stability.

With a strengthened order book, reduced debt burden, and continued profitability, SWRE is well-positioned to capitalize on the burgeoning solar market and solidify its position as a leading renewable energy solutions provider.

Sterling and Wilson Solar Limited is one of the leading end-to-end solar engineering, procurement, and construction (EPC) solutions providers globally and is also engaged in the operation and maintenance (O&M) of solar power projects. The company is backed by the strong parentage of Reliance Industries.

Disclaimer: The article is for informational purposes only and not investment advice.