Sterling And Wilson - Credit Ratings Upgrade To Drive Execution; Retaining A 'Buy': Anand Rathi

Anand Rathi Report

A pure-play global solar EPC and operating and maintenance service provider, Sterling & Wilson Renewable Energy Ltd.’s record Q2 orderbook of Rs 105 billion and the upgraded credit rating will help it achieve its FY25 revenue target of Rs 80 billion.

Further, Reliance Industries Ltd.’s plan to set up a 100GW RE capacity (predominantly solar and battery storage) by 2030 to meet its net-zero goal could offer EPC opportunities of Rs 1.1 trillion over FY26-31 (opportunity of ~Rs 300 billion in EPC for the company; ~Rs 24 billion in O&M services).

We maintain our estimates and retain a Buy rating with an unchanged target price of Rs 870.

Risks: Adverse government policies, keen competition.

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