Sterling and Wilson Renewable Energy Limited (NSE: SWSOLAR) Q4 2026 Earnings Call dated Apr. 24, 2026
Corporate Participants:
Sandeep Thomas Mathew — Head, Investor Relations
Chandra Kishore Thakur — Global Chief Executive Officer
Ajit Pratap Singh — Chief Financial Officer
Analysts:
Saurabh Srivastava — Analyst
Sameer Dalal — Analyst
Bhavik Shah — Analyst
Jayesh Shroff — Analyst
Nirmal Gore — Analyst
Akash Mehta — Analyst
Faisal Hawa — Analyst
Amish Kanani — Analyst
Deepak Poddar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Sterling and Wilson Renewable Energy Limited Q4FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Thomas Matthew, head IR for his opening remarks. Thank you. And over to you, Mr. Matthew.
Sandeep Thomas Mathew — Head, Investor Relations
Good morning and welcome everyone to the Q4FY26 earnings call. We have with us today Mr. C.K. Thakur, our global CEO Mr. Ajit Patap Singh, our CFO and SGA who are our IR partners. We will start today’s call with the key operational highlights for the quarter and industry outlook by Mr. Thakur followed by the financial highlights by Ajit Post which we will open up for Q and A. Thank you. And over to you Siketi.
Chandra Kishore Thakur — Global Chief Executive Officer
Thanks Sandeep. A very good morning to all of you. I’ll begin today’s call with an update on business operations and outlook. FY26 has been a very good year for us on multiple counts where we achieved certain important milestones. First, we have been able to bag new orders of more than 10,000 crore in this fiscal marking this fiscal as one of the most successful ever in the terms of order bookings for the company. The strong order inflow has reflected in our unexecuted order value exceeding 11,800 crores which provides good visibility for the future earnings.
Second, we have been able to deliver and commission almost 4.5 gigawatt AC equivalent to nearly 5.9 gigawatt DC of solar PV projects in India and international market. To put that numbers in perspective, the whole solar utility scale installations in India was approximately 28.3 gigawatt ac in financial year 26 as per MNRE data when you exclude rough rooftop Solar. So about 15% of solar projects commissioned in the country during last fiscal whereby Sterling envision which is a very proud moment for all of us.
Third, we continue to invest in building scale looking at the growth prospects available to us. Our employees headcount have now touched about 3,500 compared to 2005 a year ago. We are gearing up to do multiple gigawatt scale projects for key clients as that is the way we see the solar market gearing up in India. Fourth, the operation and maintenance segments which has still now been relatively a small contributor to top lines and profits is beginning to reach an inflection point. The total portfolio size has increased to 13.5 gigawatt from 8.67 gigawatt in last fiscal, making us probably one of the largest third party O& M players globally.
With a steady stream of our own EPOC projects and third party acquisitions, we believe the segments can be in positions to accelerate at a much rapid pace than in previous years. And finally, our financial performance, which Ajith will take you through in detail, has continued to improve despite some of the one off litigations related costs we incurred in fiscal 2026. Now let me give some additional color on our operational performance. New UPC orders inflow grew more than 43% year on year to 10,062 crore while we had conservative projected 15% growth in order inflows at the start of this fiscal year.
The unexpected geopolitical tensions coupled with high commodity price fluctuations meant that EPC ordering activities by developers in the fourth quarters was largely muted. During the fourth quarter we backed the prestigious new orders from Coal India when we were declared allowance for 1.2 gigawatt DC turnkey projects in Rajasthan. We also won a 50 megawatt project from a private IPP for a project in Maharashtra. Overall in fiscal 2026 we backed 12 new orders. Of these, 11 were EPC orders totaling nearly 5.2 gigawatt DC and one was a pure battery storage project of 790 megawatt hour.
In the Indian market we own 10 projects totaling 4.8 gigawatt DC with an order value of Rupees 7659 crores. The growth in domestic order inflows in value terms was approximately 30% compared to last fiscal, showcasing the strong under momentum in the international market. We own two projects from South Africa worth US$270million. As we have reported previously, another unique aspect of our orders this fiscal has been a larger skew towards turnkey projects which accounted for nearly 70% of our total orders.
As a result of the strong order inflow, our unexecuted order value is now at a record high of about 11,813 crores compared to 9,096 crores last fiscal. Domestic orders comprise about 78% of current TOV or about 9,250 crores. We had reported revenue of 5,836 crore in domestic EPC in financial year 26 so the growth visibility is good. Our UAV has projects where we have been declared L1 by PSU and we will need final LOA to start execution in those like the recent Coal India orders. Our international EoB is about 2,562 crores while our reported financial year 2016 revenue was 1444 crores.
Our international EPC business continues to grow rapidly due to the small base it started from Post Covid. We would like to reiterate that the Post Covid international projects have been profitable with gross margins higher than domestic EPC margins in many cases. Turnkey orders comprise about 2/3 of our current EOV and BOS orders make up the list. The skew towards turnkey is primarily due to recent Coal India and two South Africa projects. Being this fiscal, we remain confident of achieving our targeted margins in these projects.
Now coming to the industry outlook, our bid pipeline is pretty robust and heavily skewed towards India as we are anticipating another good year to start with Osmolarin PC players. Our current bid pipeline targets about 31 gigawatt overall, of which India is more than 27 gigawatt over and above. We also expect strong momentum from the battery storage market in this fiscal. In the international market, our key focus region continues to remain Middle East, Africa and select parts of Europe. We remain extremely prudent in terms of bidding in the international market and are very mindful of the risk.
The Post Covid project wins and corresponding strong execution has been showing us that our strategy has been working well in our core market. India has just crossed a landmark of 150 gigawatts of cumulative installed solar capacity. What makes this milestone truly extraordinary is the velocity at which it was accomplished. The last 50 gigawatts were added in just about 14 months compared to the 11 years it took India to reach its first 50 gigawatt level. I have no doubt that this growth will continue to benefit established solar EPC players like us.
At Current Market Dynamics we are closely monitoring solar module prices. EV module prices globally have been rising since January, driven in part by production cuts in China and the removal of Chinese export tax credits effective April 1 and due to the highly volatile commodity prices, especially key inputs like silver, etc. However, for our existing order book we have adequate back to back pricing protection in place with suppliers as well as appropriate contingencies buffers on the Reliance front.
We continue to remain in active dialogue. We have been putting in place strategies that will help us to quickly scale up as and when the need arises on the large multi year multi gigawatt solar rollout. With this I’ll ask Ajit to take you through the consolidated financial highlights. Thank you very much. Over to you Ajith.
Ajit Pratap Singh — Chief Financial Officer
Thank you Shikeri Sir Good morning everyone. We are pleased to report two significant financial milestones we achieved during the quarter. First, we achieved the highest annual turnover since listing of rupees 7548 crore which was 20% higher than FY25 and second, company achieved its highest year reported quarterly PAT number Since listing of INR142 crore in Quarter 4 FY26.
Our top line growth has been driven primarily on the back of a growing domestic EEPC business. For quarter 4 FY26 our revenue came in at rupees 1946 crore. Commodity price volatility impacted some of the supplies and material availability and company had to defer some of the supplies and revise the execution plans accordingly in Quarter 4 FY26 which led to the sequential and year on year drop in Q4 revenue. On the gross margin front, our FY26 gross margin improved to 10.5% versus 10.1% in FY25 primarily added by international EPC segment where margins reflected to 13.2% versus 8% in FY25 Q4 FY26 gross margins were strong in international EPC due to three projects achieving commissioning ahead of budget cost.
Reiterating CKT’s earlier point in his opening remarks of current international projects attractiveness in our portfolio, we reiterate that we anticipate EPC gross margins to range between 8 to 10% depending on whether they are turnkey or BOS orders. Quarterly fluctuations in margins are going to be dependent on type and quantum of projects recognized during a particular quarter. On the O and M side, we expect gross margin to stabilize at around 20% level. Our operational EBITDA which is operating revenues less recurring overheads amounted to rupees 444 crore this fiscal and grew 53% year on year.
The operational EBITDA margin was around 5.9% and we believe these are beginning to trend towards steady state levels. Our annual recurring overheads of 349 crore has remained steady this year and is at similar levels compared to last year. Even with higher revenue growth this fiscal, it is reflective of the operational leverage in the business on a quarterly basis. Stronger gross margins from the international EPC segment and lower recurring overheads drove the operational ebitda higher. Our quarter four FY26 reported EBITDA was also positively impacted by forex gain of approximately 35 crore.
Our quarter four PAT was a record 142 crore since listing. Reported FY26 PAT was negatively impacted by exceptional items of 611 crore primarily related to litigation matters reported during quarter two and quarter three leading to an annual loss of INR296 crore. Now coming to the balance sheet, our debt levels have declined by 149 crore compared to last quarter reflecting stronger cash flow generation and scheduled repayments done during the quarter. Our net working capital was at negative 329 crore compared to minus 407 crore in previous quarter due to a pickup in vendor payments in Q4.
We continue to make strong progress on fresh credit lines. On non fund based limits we have cumulatively been able to raise fresh credit lines to the tune of nearly 2,800 crore. With this we can now open the floor to questions and answers.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch tone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question. The first question comes from the line of Sourabh Srivastava with Arista Consulting. Please go ahead. Please go ahead Mr. Srivastava. Mr. Sivas, please unmute yourself and go ahead with the question.
Saurabh Srivastava
Good morning. Since there’s
Operator
No, just give me a moment. Mr. Sivaswa, please go ahead with the question.
Saurabh Srivastava
Am I audible now?
Operator
Yes
Saurabh Srivastava
Sir. What sort of traction can we expect in the operation and maintenance going forward? Though it has been a very wonderful appreciation from the last year. One thing, one question. And second sir, by what time can we expect this New Energy Reliance New Energy to be on board? Sir, Hello
Operator
Ladies and gentlemen, the management line has been disconnected. Please be on hold while we quickly get them reconnected. Ladies and gentlemen, the management line has been reconnected. Please go ahead.
Saurabh Srivastava
Hello sir, Good morning sir.
Chandra Kishore Thakur
Good morning.
Saurabh Srivastava
First of all congratulation on a very good number sir. And my first question is sir, there has been a decent traction in the operation and maintenance sir, what sort of view will you give going forward? Especially the third party operation and maintenance project. And sir, in the last on call you said that in the fourth quarter we may see something from the Reliance New energy. Is there any clarity, any Vision and what sort of margins can we expect from those projects? If any data available and sir, any update on Nigeria project?
Sir, ldoff is still on, sir.
Chandra Kishore Thakur
Thank you Saurav. So first questions on your business outlook. Right. So third party. So you have seen that there has been good tractions on the O and M orders in the last few quarters and all Those our own EPC ONNs would be added. Part of them have been added in the last quarters and we continue to add in the last quarters. We have Also, I mean backed one orders from the large IPP company Sharintica for about 900 megawatt o and M orders. And the last years all those projects which have been trial operation that has been completed for them.
The opportunity will be coming up. So expecting support from our own EPC O&M orders, the third party orders will continue to flow in.
Saurabh Srivastava
Are the third party orders annual or multi year contracts?
Chandra Kishore Thakur
They are all multi years at least for two to three years. Some contracts are two years, most of them are for three years and few of them are also for the very, very long time.
Saurabh Srivastava
What are the margins? What sort of margins do we plan to settle for these third party OEMs?
Chandra Kishore Thakur
They are all in the range of 20 to 25%. So it all depends on what kind of orders or what kind of, you know, the scopes are. But it is not the fixed basically for every single orders we go for more than 25%. But of course I mean this all depends on the scope. So in Indian markets we are operating for more than 20% orders as of now.
Saurabh Srivastava
This is gross margins.
Chandra Kishore Thakur
Gross margins, yeah. On the second Question of Reliance, so Reliance, as you have been guiding the market sources, you have been deeply engaged with them. So there has been discussions on the technical parameters, the kind of, you know, configuration of the projects that they’re going to have and all. So for all on all fronts we are deeply engaged with them and traction would be seen in this financial year, I’m sure.
Saurabh Srivastava
Any clarity on margin?
Chandra Kishore Thakur
No. So all terms and conditions, everything are yet to be decided, discussed. So at this moment we can’t tell you any number.
Saurabh Srivastava
And the Nigerian one sir,
Chandra Kishore Thakur
Also Nigeria. Yeah. So basically it’s on the slopes again. I mean the election coming in and also I mean you can say that, I mean this will take much longer times. It may not be happening in maybe this financial year.
Saurabh Srivastava
Thank You.
Chandra Kishore Thakur
Thank you. Thanks Saurabh.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Sameer Talal with Natwarlal and sun stockbrokers. Please go ahead.
Sameer Dalal
Yeah. Hi. Congratulations on the good profitability. You know I have two questions. The first is, you know we saw some amount of slowdown or no pickup per se if you can say in the order execution given our order backlog. Right. Q4 Negro in the top line. So if you can throw some understanding on why this is. And the second question, would you be willing to give us some sort of guidance on what kind of revenue we can expect in the next financial year given the fact that order book is more or less I think a thousand crores more than what it was last year when we finished the previous year.
So does that mean that growth is going to taper down or do you think that order inflow in the first half will be so strong that you will be able to capture some of it and be able to grow stronger by the second half?
Chandra Kishore Thakur
Yeah. So Sameer. So on the quarter four order pickup. So the market has been generally been showing less traction because of you know the some unsuited these in the commodity pricings and all. So all those orders that were slated to be concluded in quarter four, most of them have been shifted to quarter one and not that our share has gone down in general the industries was seeing the traction of lower slowdown on the order book side. Your second question was on the revenue guidance. Right. So last year’s our track record has been very good and with the pretty good UAV of over 11,000 crores and orders will keep on flowing.
So there’s no question of tippering down. We will be definitely going at a reasonably let’s say 15%. I mean the growth. Yeah.
Sameer Dalal
The 16 growth that you’re targeting does this include maybe future orders from Reliance or that would be an add on to the 15 that you’re giving us kind of a view on based on your current order book.
Chandra Kishore Thakur
No. So this is based on to the current order books and the quarter on the orders that we’ll be getting in quarter three and quarter four because some of the some of the projects would definitely be coming under execution. So the orders enhance and these few of the orders will be coming to CPU for. But reliance is excluded out of this. We don’t consider reliance in this because Reliance orders unless it comes in, we can’t commit anything on this. Right.
Sameer Dalal
Fair enough. And last question if you allow me. You know you talked about doing the battery energy storage part of it. So what kind of tie ups do you have with companies that are making all these batteries? So when you set up your storage and if you do like a fully integrated project with setting up the solar plant with battery energy storage, just to understand how would the revenue look for a similar project where you’re purely doing a solar path versus with the battery energy storage and what would be the margin profile of that kind of orders and business.
Chandra Kishore Thakur
So this financial year will definitely witness the combination of solar plus battery as far as our strategic tie up with few of them is concerned. So I don’t have as of now the fully tie up but we keep on engaging with the manufacturers based on the, I mean the opportunities coming on project on project basis. So before bid is submitted we definitely get into the dialogue with the manufacturers to lock our prices with them so that any fluctuation during execution is not, I mean affecting us on our supply patterns or on the bottom line.
So, so I mean this is why I’m telling you this is the battery market in India itself is not very mature. So I mean there is no point at this stage when getting stuck up with one and then getting into trouble. So that is on the battery part and your second question was
Sameer Dalal
How would the pro, how would the revenue profile change and how would the margin profile change when you do these combined margin
Chandra Kishore Thakur
Profile on the batter will remain same. I mean we have been let’s say working depending upon the supply of battery in our scope or only POS for the battery so it will be around 8 to 10%. So if it is only, I mean let’s say the bus margin could be little more. If it is supply then the margin would be less depending upon the type of the orders that is coming on. So and the I’ll say let’s say around 20 to 25% in the quarter 2, quarter 3, not in quarter 1 but Q2, Q3 is, I mean 20% order, 20, 25% orders add on will keep on happening.
I mean so that kind of traction is being seen. So for sure the battery market seems to be very, very, very good for years this year and onwards, I mean over 50 GWh battery opportunities are being seen. So out of that definitely we’ll be getting some part of our in our shares. Yeah,
Sameer Dalal
Fair enough. Thank you very much for the info and I’ll get back in queue. Thank you for the time.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Bhavik Shah with Invexa Capital. Please go by.
Bhavik Shah
Yeah, hello sir. Am I audible?
Chandra Kishore Thakur
Yeah, hi, good morning.
Bhavik Shah
So My first question is how much of inflows can we expect from reliance in the current financial year? And say in terms of execution, when can we see the execution coming? When once we get the orders.
Chandra Kishore Thakur
Just before discussions, while I was addressing to Samir, I addressed this part. So I told you that deeply engaged with them, discussions are happening on the technologies and all those kind of tires and things by them.
Bhavik Shah
So actually trying to understand where is it getting hindered, like what is making it delay.
Chandra Kishore Thakur
I can’t be discussing more on these kind of things. But of course I mean Khawra being a large project, I mean the cuts being a very, very large project. So they are evaluating the pros and cons on the various technologies and all. Finally once they come to a point where they feel that the project is now quite fully launched on and thereafter only our role starts. So we are fully engaging them to support all those things onto understanding of the project, technical parts and other things. And as and when it comes then we’ll come back to you on the size of the orders and the timing of the orders and all.
Bhavik Shah
Okay, so until now we don’t see any clarity in near term, right?
Chandra Kishore Thakur
Oh clarity is that we are deeply engaged with them and the project is on with them. And I mean the, the largest shares maybe we’ll be expecting out of the project that we that will be coming for EPCS stage.
Bhavik Shah
Okay. And so in terms of our margins this quarter, was there any one off in terms of completion or anything? Because we have not seen such margins when our revenue has dropped, but our gross margins have improved. So what are those reasons which led to that improvement?
Chandra Kishore Thakur
So there were three projects, international projects which were towards fag end of completion. And so there are certain savings over the budgeted cost that has improved our overall margin, particularly that came from international projects.
Bhavik Shah
Okay. Because in the presentation you guided like we will continue to do at 8, 10% gross. So that’s the reason I’m asking. So is it a one off? We should consider
Chandra Kishore Thakur
It’s like savings over the budgeted cost in international projects.
Bhavik Shah
Okay, okay. And so say in this savings like how do we see the 11,000 crore order book in terms of our exhibition like how much of it is a fixed order book and how much the raw material inflation will affect this.
Chandra Kishore Thakur
Also all major items are tied up mostly let’s say the for the portions of, you know, the turnkey projects where the model comes comes up in our scope. So there also we have tied up back to back with the suppliers and the rest of the project. See the project timelines are I mean sort so six to nine months let’s say or one year. So I mean the fluctuations on the pricing of commodities also will not be impacting much.
Bhavik Shah
So when you say 6, 9, 12 months is my project execution and I have my 11,000 crore order book. So can we see a 10, 11,000 crore execution this year then?
Chandra Kishore Thakur
So I mean these orders, a few of them are orders coming where the NDP is still to be received. So those projects would be let’s say for 15 months, 14 months. But part of that will be coming in this fiscal. So the on the revenue side, I mean we will be growing let’s say at the 15% growth rates from the last quarter last year.
Bhavik Shah
Okay sir Anshud, all the best.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Jayesh Sarof with CASC Capital. Please go ahead.
Jayesh Shroff
Yeah. Hi. Thanks for giving me opportunity. I had a couple of questions. So in terms of the recent hike in raw material prices and coupled with a very very volatile USD INR rates, you think that this could adversely affect our margins? Although you already mentioned that you know raw material supplies are tied up. But can rupee dollar play a soft spot in terms of margins?
Chandra Kishore Thakur
Not really. Not really because so, so if you see the dollar valuation part of things that is not to our account basically most of the need for domestic supply we are purchasing from India. So they’re all fixed contract and such fluctuations is not impacting us for in for the internationals. I think we will be benefiting from the variations.
Ajit Pratap Singh
There is a natural hedge available because our revenue is also in USD so there won’t be any impact in terms of Significant Impact in terms of any foreign exchange variation.
Jayesh Shroff
All right. So net net depreciating rupee is actually beneficial to us. I mean that’s what is reflected in this quarter’s result also
Chandra Kishore Thakur
For the international market. Sure.
Jayesh Shroff
Okay. Secondly in terms of our, you know, wind excavation to get into wind energy projects also what is the status there?
Chandra Kishore Thakur
So we are doing one project for one of our clients and the projects on track and to remove the intermittency and all the orders inflow this year we are expecting that few, I mean there will be better tractions on the wind projects. So this one project which we are doing is already on track. We are expecting that we will be adding few more into the wind side.
Jayesh Shroff
Okay. So when you are giving a guidance of about 15% growth that would also include the Potential wind projects,
Chandra Kishore Thakur
Few of them. Yes, it could be. This is all inclusive
Jayesh Shroff
Or is it over and above our guidance? I mean I just wanted to check that.
Chandra Kishore Thakur
No, so that, that would be including battery, wind and solar, everything.
Jayesh Shroff
All right. Okay. Just one more thing. I know you’ve been asked a lot of times about reliance New Energy. You know, answered so many of them. But any guidance or any idea in terms of when could the execution start? When could the order inflow Start for us?
Chandra Kishore Thakur
So, current year it should happen. But I mean just to pinpoint that it is going to happen this quarter or next, I’m not in a position to tell you now but this, this year definitely should happen.
Jayesh Shroff
Okay. So. Okay, I don’t want to push you on that but I mean this year it will not happen that this year means Q4 of FY27. Right.
Chandra Kishore Thakur
I will say no comment at this point.
Jayesh Shroff
Okay. And just one last thing. I mean we’ve taken a lot of hit on our international portfolio in terms of taking the write offs and everything. So is every kind of problem that we face there is behind us or is there something more that we need to provide for?
Chandra Kishore Thakur
So we are almost done. But there are few cases in the US market so I mean under court cases so that will take some time. But yes you can say other than the US cases more or less we are done.
Jayesh Shroff
So what would be the approximate value of those likely hits? I mean those projects
Chandra Kishore Thakur
Since it is a court cases and installs we have not, we are not considering that they will be losing the case and therefore the provision to be made at this stage because.
Jayesh Shroff
No, forget the provision but what is the value of the total contracts or for the cases that we are fighting for?
Chandra Kishore Thakur
We are out of money for around more than 200 crore and that is predominantly backed by the promoters Under agreement on the US.
Jayesh Shroff
So 200 crores the worst case scenario if we lose all the cases.
Chandra Kishore Thakur
But that’s backed by promoter. Yes, Inde amenity.
Jayesh Shroff
Yeah, yeah, yeah, that’s backed by promoter. But I mean at least we like to take the hit first and then recover the money. But 200 crore is the worst case scenario, right?
Chandra Kishore Thakur
So could we more. In fact. Yeah, We’ll Come back to you. So I think this on these numbers will come back to you, right?
Jayesh Shroff
No, I mean because this is important because you know, you know the performance of stock has gone down drastically primarily because we’ve taken so much of a hit. So now after taking so much of a hit you’re still saying that it could be a Bigger number. I mean that’s. So how big that number could be. You know, how many cases you are finally fighting for and what is the total amount of cases that we are fighting for?
Sandeep Thomas Mathew
See, I think at this point, since it is in litigation and it is expected to take time, it is difficult to assert a certain number. I think what Ajith has already alluded to is the point that as a company we are already cash out on 200 crore and most of it is indemnified. So there is no question of taking any hit on this 200 crore. It is money that will come to the company from the promoters once the case is settled. What CKT was alluding to and what we have always maintained is if the case goes adversely against us, then there is always a chance that there may be additional costs.
Like for example, in the last U.S. Case there were litigation costs which we had to wear, which was over and above the settlement that had to happen. So those are additional things and those can only be asserted at the time that the final resolution on those litigations happen. If it is in our favor, we won’t have to pay anything. But if it goes against us, then, you know, there could be additional costs. And I think that’s the point that CKT was trying to allude to here. And that’s exactly the reason why we are unable to put a number to it at this point of time as well.
Jayesh Shroff
No, I completely agree. But if you are, let’s say fighting for a total of 200 crores, the litigation cost will be some percentage of that. It will not be a multiple of that number. Right? I mean that is that understanding correct?
Sandeep Thomas Mathew
Can you just repeat that?
Jayesh Shroff
So if we are saying that our total outstanding cases, the amount, total that we are fighting for is about 200 crores and we are unable to put number, additional number to that because that could be some additional litigation cost. If we lose that we will have to pay. But that litigation cost or that additional amount would be a percentage of this 200 crores. It will definitely not be multiple of 200 crores. Right.
Sandeep Thomas Mathew
So the point is that we are speculating at this point on what that amount could be, isn’t it? I mean our view has been that we will be, you know, in a very, we are in a strong, very strong position with respect to this regards to this case. And effectively that you know, this case will go in our favor. So to say that, you know that, that first of all the case will go against us and then therefore the quantum of amount that’s
Jayesh Shroff
Correct. We are talking of worst case scenario. My question is that if we have to pay additional litigation cost, it cannot be more than 200 crores. It can be 10, 20, 30, 40% of 200 crores. Right. It cannot be 2 times 200 crores or 3 times 200 crores. That’s what asking
Sandeep Thomas Mathew
Litigation cost. Yes, but if, but it depends. All depends on the judgment is the point. Names
Chandra Kishore Thakur
And counter claims. There could
Jayesh Shroff
Be additional penalties. I mean this is the worst case scenario. Again I am repeating. But there could be additional penalties over and about 200 crores. That’s what you see.
Chandra Kishore Thakur
Yeah. If you lose the case, which change, chances are very remote.
Jayesh Shroff
Okay, so what is the likely timeline? You have any idea on this?
Chandra Kishore Thakur
Under court. So it can take maybe two years. Because US court, all of you are aware that it’s taking much longer times. So it might take two years in fact.
Jayesh Shroff
Okay. Okay. And we’ve settled a few cases earlier where you know it’s. I mean both of the parties have withdrawn the cases. And also I mean considering large write off that we have taken, are there any chances of recoveries or we would want to settle it, you know where both the parties just withdraw the cases.
Chandra Kishore Thakur
No. So our efforts are to mutually agree and settle the case in our favor. If that happens then that is a win win situation. Right. And if it doesn’t happen then in any case we are either in the arbitrations or we are into the court. So then we will wait for the judgment from the either arbitration panel or from the court. But our efforts are always there to settle if it comes to our terms and condition.
Jayesh Shroff
Okay, that’s it from my side. Thank you sir.
Chandra Kishore Thakur
Thank you.
Operator
Thank you. Next question comes on the line of Nirmal with Aditya Birla Sun Life AMC limited. Please go.
Nirmal Gore
Hello sir, thank you for taking my question. Am I audible?
Chandra Kishore Thakur
Yeah. Good morning. Hello.
Nirmal Gore
Yes, thank you sir for taking my question. So you discussed briefly about Bess as a space. I just wanted to understand how are you approaching this in terms of building your order book in general. And in addition to that just wanted to understand what are the capex and timelines like and in terms of customer expectations, how are they preferring standalone or hybrid? And how is the Bess capacity determined by an ipp?
Chandra Kishore Thakur
So yes, it’s a good question. Basically so if we look at the overall industry scenario, so one is that megawatt capacity addition from solar wind is projected which is onto the domain. So let’s say from the government of India target point of view, still we have to reach from let’s say 250 megawatt to 500 megawatts. 250. So solar alone will have the space for 150 megawatt additions and then rest of the other renewables. Now since the energy generated from the renewables never been at par with the thermal power plants or the fossil fuel power plants and therefore there has been a strong urge to add the batteries so the hybrid will continue.
Therefore the wind also will take traction and the battery also will keep on adding. So for on the current reports published by MNRE we are expecting that around 60 megawatt hours gigawatt hour kind of battery opportunity would be coming. And there is also policy, I mean taken out by ministry that with every single solar plant installation there has to be two hours of this capacity additions. Right? So now again it depends on the, I mean whether it is for the only utilities for 2 hours as per the mandatory condition requirement or from the captive point of view where people would be looking for around the clock battery addition.
So the battery storage opportunities will definitely be keep on adding to this and therefore we are also equally prepared. So I mean as of now when we give the guidance for the our revenue growth, this would be mixed up the battery and then the solar and part of wind also. So from the CAPEX perspective we see then there is a huge opportunities coming from I mean all three.
Nirmal Gore
Okay, so for like a standalone project, what are the CapEx intensity like? And
Chandra Kishore Thakur
I say this is Stacy out of our the current order book UAV when you say 11,000 odd, we have around 300, close to 300 crores coming from the battery. But the orders that will inflow, that will come as a inflow in the rest of the quarters will determine on the kind of, you know, the opportunity that will be coming in. So on the conservative number you can say that let’s say in our new orders books I’m expecting 20% order to come from the battery. This will be from the solar signals. Okay,
Nirmal Gore
So and just one last question. So currently when you are approaching customers they are preferring hybrid over standalone. Is it, is that understanding correct? No standalone BSS projects, right?
Chandra Kishore Thakur
No, there are, I mean stand on BSS project also because as per all those projects that have been built only as a solar they are also as per their obligations now they have, they are adding some 20%, 15%, 10% I mean depending upon the hours of storage energy requirement. So that is also coming up. So that both ways. So the projects that will be coming, that will be coming as a Hybrid for solar and battery or maybe wind and battery or maybe solar, wind on battery and there would be a standalone battery also.
So both, all three kinds of. You know that I mean the market opportunities are being seen.
Nirmal Gore
Okay, so thank you. Thank you so much for the answers.
Chandra Kishore Thakur
Thank you. Thanks Nimar.
Operator
Thank you. Next question comes from the line of Akash Mehta with Canada HSBC Live. Please go ahead.
Akash Mehta
This one question just wanted to understand on the last historically, I mean when you mentioned that you are engaging with Reliance, what exactly done till now have visited the ground and done some checks or what exactly is happening in terms of the engagement? Yeah.
Chandra Kishore Thakur
No, so on Reliance, see we are the APC players. Reliance is developer, right? And since it is a large development project by them, so the mode of executions are being decided by them. So supply to their scope, part supply in the EPC scope, executions by EPC or the construction company, all those things are being discussed. Since it is a huge investment, therefore it’s important that there should be enough time for them also to give on the selection of the technology and all those kind of things.
So our involvement in this practice is that we as a, I mean very strong and you know, the maybe India’s number one EPC player in solar, I mean deeply engaging with them in discussions of every single bit of things. Right. And then once it comes for the final rollout stage then I mean our expectation is that we should be getting the largest share from them.
Akash Mehta
Okay, thank you.
Chandra Kishore Thakur
And one is.
Operator
Ladies and gentlemen, the management line has been disconnected. Please be on hold while we quickly get them reconnected. Sam. Ladies and gentlemen, the management line has been reconnected. Please go ahead. I’ll promote the next participant. That is Faisal Hawa from HG Hawaiian Co. Please go ahead.
Faisal Hawa
So where do we stand on the bank ratings? Is there any chance of any improvement and are we finding it now difficult to get BGS issued because of the downgrade of our ratings? And what are the kind of set Us? What are the kind of terms they have set? If we have to improve our ratings, Does it mean addition to any kind of equity?
Chandra Kishore Thakur
So there is first question, there is no downgrade in the rating. We are rated as triple B plus. In the beginning of the year we were rated as triple B minus. So during the year we have been upgraded for a rating by two notch. In terms of support from the bank, we have been able to secure broadly 2,800 crore new credit lines during the last fiscal and bankers are supporting. In fact recently we got additional sanction from our Lead bank also and we have added few new banks in our consortium during the year so we are getting support from the banks.
Our cost for LCN bank guarantees also got reduced during the year significantly and the moment we’ll get additional orders and We have better visibility in terms of revenue, we are hopeful to get additional credit lines also based on the requirement.
Faisal Hawa
And sir, about Adani orders, do you think that those may be much quicker because they are already on the go in Khowra and generally they are more, much more Agile in the solar space.
Chandra Kishore Thakur
Yeah. So basically this timeline for this project execution is around 13 months and the project is, I mean doing really well. So it’s a dc. I mean that’s the pace that we are keeping and then orders will keep on flowing. I believe that’s our long term understanding with Salani is right.
Faisal Hawa
And sir, how do you see the international space going? So is there any chance that we get some larger orders from other places apart from the Nigeria order? And can you give some color as to, you know, what kind of bidding competition was there in the Coal India order which we recently won? Has that the bidding Velocity subsided?
Chandra Kishore Thakur
No. So Coal India orders will say yeah, so Coal India, they have a good portfolio basically coming in. So that was their I think second project of the last size and there were quite a few numbers of the bidders in this including LNTs and the larger players. And of course we have been declared L1. NTP is still awaited. With this we are expecting that we should be participating in the Coal India tender sideways. So then the PSU front, cpc, ntpc, Coal India, sjbnl, they really remain to be a large developers on the international order booking side.
Yes, I mean this year you can see some skewness towards the more international projects. That’s The traction we can clearly see. And our focus area still remain the Africa, Middle east and select countries in Europe. So the size and the quantum of the orders I can’t comment to at this stage. But then you can always expect that from the last years the order book positions in international markets will definitely be more than that. We are closely working on few of the projects which are a fairly very large size and we are in better positions to get this order.
Faisal Hawa
Okay, thank you. Appreciate your answering my question so well.
Chandra Kishore Thakur
Thank you. Thanks.
Operator
Thank you. Next question comes from the line of Amish Kanani with novice investment manager. Please go ahead.
Amish Kanani
Yeah. Hi sir. So congrats on Coal India. You know, order L1 at least as of now. Answer. The observation is that we know we are we are able to engage with Reliance Adani Group and also you know, PSU spender like coal India which means, you know, it reiterates our, you know, market leadership position of all the, you know, capex on the solar side. So the question to you sir is one, you had mentioned that you know, we have an X kind of order bid pipeline and last year, you know we had, we were successful in you know, achieving say 15% market share in all India spending of solar.
Sir, based on your understanding of this order big pipeline which may be a subset of all India orders, what is the likely win rate? You know, maybe a large percentage variation also may happen because you know, a large coal India order type, wind may not be predictable but any range of likely win ratio would really help us to understand this year’s, you know, order book growth if at all. We can get some
Chandra Kishore Thakur
Historically, if you see that our hit ratio had been, you know, around 25 to 28%. Right. And even today with respect to the last year’s orders and the overall market positioning that we have, our market share in the solar space is around 25% more than 25%. Right. So and with the next couple of years, four years to I mean achieve the target of 2030, the opportunities are, if not, I mean we’ll say, I mean it is more than the opportunities that have been made available in the last year also. So with this run rate, our cap, my market share would be definitely more than 25%.
That’s what I can give you at this stage.
Amish Kanani
That’s helpful. And sir, what are the key reasons why these, you know, slowdown has happened recently and you know, because of which this fourth quarter order book was a bit slower and historically we understood the execution timeline was 6 to 9% in our case. But you’re mentioning one of the faster moving order also is now say 13 months maybe our ticket size of the order book has, you know, grown which is probably taking this. So if you can give us some sense of one outstanding, you know, order book execution timeline for the order book.
And second sir, what are the key reasons which is holding up this, you know, overall order, you know, pace? Is it more due to this, you know, international issues that you had mentioned about you know, pricing of you know, key, you know, material including China, you know, export withdrawal subsidy that you had mentioned or silver prices or is it, you know, India issues on terms of land availability and some old issues which are, you know, continuous to bother us?
Chandra Kishore Thakur
Yeah, so basically there are a couple of reasons. So for the last quarter slowdown I will say that there was basically commodities price surge. So from January onwards, if you see the LME prices for copper, seleniums, other things going up. So the developers chose to probably take a backseat for some times. I mean just post. So that was one. And then for the larger industrial perspective, if you see the connectivity is particularly in one of the regions, Rajasthan. I mean there has been two major areas in the India, Rajasthan and Gujarat.
So in Rajasthan some of the projects, I mean in these substitution projects are known connectivity issues are really cool around more than 40 gigawatt of kind of things are where the PPA is already signed but the connectivity is not there. So those are the. And they are. There was a GIB issue as well. So those were the reasons why the project’s development in large towns were basically delayed. But now since GIB decisions from the court has already come and the substitutions, all those which were supposed to be commissioned in 2027 or maybe early 2028, I think delayed by quarter of weeks, a quarter of months.
Right. And so but then 22, 2028 would be the time and then all those things will clear. So I’m not in fact, I mean understanding that basically because of, I mean while it has impacted the, I mean development in Rajasthan, but going forward the kind of, you know, the odd opportunity that you have seen that will keep on coming.
Amish Kanani
Okay, so sorry, this year may not be as bad as say last year in terms of the. Hopefully. Hopefully it should not be as well. Right. And so the last question is here on the, on the exceptional, you know, side, you know, the question is one, we provided for that 611 crores of this year’s, you know, exceptional items because of which overall, you know, you are is at a loss. The question is one, is there any outstanding payment that we’ve done? For sure, you know, promoters, the hostile promoters we need to pay us.
And that can come as this year’s income as a reversal one and two, is there any, is there any, you know that the out of settlement that we have done, you know, which we have press release was given yesterday. Is there any upside or downside in terms of known, you know, and settled cases? Just if you can update us there.
Chandra Kishore Thakur
So on the prestige, whatever we have given yesterday on that settlement, there is neither any upside nor any downside. So we have to. The case has been closed and without any liability or payment obligation either of the party on that 611 crore write off, whatever we did, there was some payment outgo from our side. To the customer, to the party and we have already paid the full amount by end of this quarter. And this case was unindemnified matter. So there is nothing which can be recovered from the promoter on this particular case.
On other cases based on, based on the Christian crystallization of the liability and closure of the cases we can raise the claim on our, on the promoters, on the soil promoters which whatever cases are crystallized by the 30th of September and we’ll do that based on outcome of all those cases.
Amish Kanani
Okay, so as of now there is no claim on promoters and they have been paying as and when you know that that is crystallizing, sir, can we use that
Chandra Kishore Thakur
Last year on the promoters they paid it full around 180 crore.
Amish Kanani
Okay, thanks a lot for all the clarification and all the best, sir. Thank you.
Chandra Kishore Thakur
Thank you.
Operator
Thank you. Next question comes from the line of Deepak Buddhar with Sapphire Capital. Please go ahead.
Deepak Poddar
Yeah, I’m audible, sir.
Chandra Kishore Thakur
Yeah. Good morning. Yeah,
Deepak Poddar
Hi. Good morning. So sir, few queries from my side now. The bit pipeline that you mentioned is around close to 31 gigawatt rate. So can you also tell me in terms of rupees crores, how much would that amount to?
Chandra Kishore Thakur
No overall opportunities. If you see that is over 50,000 crores. Basically maybe 55,000 crores. Right. In the, I mean overall. So as you have been, I mean out of this, let’s say our market shares will continue to be 25%. So the order books would be in the range of 10, I mean 15% more than the order book that you have this year, something like this. Right. So
Deepak Poddar
15% currently close to 12,000 crores. So 15%. So. So basically close to 14,000 crores order book we may target by FY27N. Would that be a fair assumption? Yeah,
Chandra Kishore Thakur
So basically there depends on lot of factors. I mean you say I’ve seen the geopolitical wars and all those things. So conservatively we feel that we must be growing at 15% growth rate right. From the last year. So yeah, 15%
Deepak Poddar
Growth rate both in order book as well as in revenue. Is that is what we are looking at, right?
Chandra Kishore Thakur
I think so, yeah, you’re right.
Deepak Poddar
Okay. And you had mentioned, I think gross margin representation, gross margin from EPC business to stabilize around 8 to 10% and O&M at 20%. I mean this is the medium term view we have on the, on the margin front, right?
Chandra Kishore Thakur
Yeah, right. That’s right. Depending on the nature of the job, whether it is turnkey or Only bus.
Deepak Poddar
Correct. And what does it translate to? EBITDA margin? I mean, 4 to 5%. Would that be a fair number to look at for us?
Chandra Kishore Thakur
Yeah. So our overheads would be in the range of 4 to 4.5% max to match, Huh?
Deepak Poddar
Yeah, 4 to 4 and a half percent. So even if you assume an average of, let’s say 9%. So. So yeah, I mean 4 to 5% would be a fair range. I mean, where as a company we can work with rate. Hello?
Chandra Kishore Thakur
Yeah.
Deepak Poddar
Okay, that, that. That’s right. Okay, understood. And in terms of BSS, I think you mentioned about 20 of orders you expect to get from BSS opportunities, right? Going forward, would that be right?
Chandra Kishore Thakur
Yeah, that’s the basically kind of mix trend which is being witnessed in the market. So hybrid portions will definitely be adding on. So keeping that opportunity in mind, we expect that our orders will be also adding around, let’s say, 20% of the overall market in the segment of the storage, battery and storage.
Deepak Poddar
And what’s the margin profile we expect in bss?
Chandra Kishore Thakur
Could be same as the solar. I mean, the margin profile will not change. So 8 to 10%
Deepak Poddar
Gross margin.
Chandra Kishore Thakur
Yeah, 8 to 10%. If it is, let’s say only. Only the balance of supply for the battery project, standalone battery project, could be 10%. If it is including the supply of the battery, then it could be 8%. Yeah.
Deepak Poddar
Okay, understood. Fair point. I got it. Yeah, that would be it from my side. I mean, I wish you. Wish you all the very best. Thank you.
Chandra Kishore Thakur
Thank you. Thanks.
Operator
Thank you, sir. Ladies and gentlemen, due to time constraint. That was the last question. With that, we conclude today’s early conference on behalf of Sterling and Wilson Renewable Energy Limited. That concludes this conference. Thank you for joining us. You may now disconnect your lines.