Sterling and Wilson Solar Limited provides engineering, procurement, and construction (EPC) services to solar power projects. Its EPC services primarily include the design and engineering functions, procurement of raw materials and selection of vendors, inspection and audit of suppliers, construction of the solar power project, and field quality monitoring of the project and commissioning services. The company also provides operations and maintenance services to third-party projects.


Sterling and Wilson has over 90 years of experience in offering EPC solutions with operations in 34 countries.


Company Background
Sterling & Wilson Solar
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At Glance
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Key Business
Largest global Solar EPC solutions provider, Sterling and Wilson Solar had a global market share of 4.6% in the year 2018 - a number more than double that of the 2nd largest company globally.
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Fall in the revenue has been recorded, On the other hand, an increase in the Gross margin shows a positive outlook towards the growing efficiency.


Revenues & Gross Margin


Revenue & Gross Margin from O&M

7.4 GW contracted O&M as at 12 Feb 2020. O&M constitutes 3.7% of revenue in 9M FY20 compared to 1% in 9M FY19

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Repaid external debt (principal) of Rs 13,400 mn since listing. Borrowings decreased by Rs 750 Cr. due to repayment of loan




Unexecuted Order Value
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39.9% of the orders are in process and rest 60.1% orders are to commence.

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Global Market Share

SW Solar holds 4.6% market share which is the largest in the EPC sector & a rapid growth in the market share can be spotted.


Shareholding Pattern
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A significant reduction in battery costs, Is driving the increased adoption of battery energy storage in solar PV plants with the supporting government policies


Market Growth
Solar share in annual power additions (%)
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  • Already among the lowest-cost power sources even without government incentives.

  • Declining utility-scale PV system costs and higher panel 40% efficiency to further improve cost competitiveness.

  • Greater efficiency in the installation and commissioning process.

  • The favorable regulatory environment and increasing commitments to combat climate change.

  • PV can be deployed faster to cover electricity demand gaps in areas with vulnerable electricity systems.

Entry Indicator


Technical Indicators