SWSOLAR wins Coal India 875 MW bid for Rs 3,490 crore

Key development from Coal India tender

Sterling and Wilson Renewable Energy Ltd (SWREL) said it has been declared the lowest (L1) bidder in a Coal India Ltd tender for a turnkey engineering, procurement and construction (EPC) package for an 875 MW (AC) grid-connected solar photovoltaic project. The project is planned in Bikaner, Rajasthan. The company disclosed that the total value of the Coal India contract, including operations and maintenance (O&M) and taxes, is around Rs 3,490 crore. The update was part of the company’s announcement of fresh domestic order wins. The development is notable because it adds a large single package to SWREL’s FY26 order inflow. The company also positioned the Coal India contract as a milestone win.

What SWREL said it has secured in FY26

In its broader update, SWREL said it has secured new domestic orders worth around Rs 3,550 crore. The Coal India package is the largest part of that amount, with a stated value of Rs 3,490 crore (including O&M and taxes). Separately, the company said it received another order for a 50 MW (AC) solar project in Maharashtra from a leading Indian private independent power producer (IPP). The company did not disclose the value of the 50 MW Maharashtra order in the provided information. Taken together, these announcements lifted SWREL’s reported EPC order inflows for FY26 beyond Rs 10,000 crore.

Project snapshot: Bikaner, Rajasthan

The Coal India tender relates to a grid-connected solar PV project with a capacity of 875 MW (AC). SWREL described its scope as a turnkey EPC package. The location disclosed is Bikaner district in Rajasthan, a major solar development region that has hosted multiple utility-scale projects due to land availability and strong solar irradiation. The company’s statement indicates it will execute the EPC scope and that the contract value includes O&M and taxes. Beyond these disclosed points, SWREL did not provide additional construction milestones, commissioning timelines, or counterparty project structure details in the provided text.

Additional order: 50 MW AC in Maharashtra

Alongside the Coal India tender outcome, SWREL said it has received an order for a 50 MW (AC) solar project in Maharashtra from a private IPP. The company did not identify the customer in the provided information. The order adds to SWREL’s domestic execution pipeline and contributes to the FY26 inflow figure reported by the company. With only the capacity and state disclosed, investors will likely look for subsequent updates that clarify scope, timelines, and revenue recognition, if the company chooses to disclose them in future filings.

FY26 order inflows cross Rs 10,062 crore

SWREL said that with the new wins, its total EPC order inflows for FY26 have crossed Rs 10,062 crore. The company also said this exceeds its initial target for the year, which was Rs 10,000 crore. Global CEO Chandra Kishore Thakur said the company was pleased to secure its first project from Coal India and to exceed its initial FY26 order target of Rs 10,000 crore. The disclosures in the provided text focus on order inflows rather than order book size, margins, or expected execution period. Still, crossing the stated inflow threshold early can be a key operating indicator for an EPC business.

Stock market reaction on April 20, 2026

On Monday, April 20, 2026, shares of Sterling and Wilson Renewable Energy jumped 14% after the company announced the order win from Coal India. The stock was cited among the top gainers on the BSE small-cap index. In morning trade, it was reported at Rs 221.33, up 14.06%. The move reflects how equity markets often react to large, named-counterparty order announcements, especially for project-focused companies where visibility of future work can influence sentiment.

Summary table of disclosed facts

Company footprint shared in the update

SWREL described itself as a builder of solar, wind, hybrid, and energy storage projects in India and overseas. The company said it has a portfolio of more than 26.1 GWp and manages maintenance operations for 10.1 GWp of solar projects across 28 countries. These operational statistics were presented as part of the company’s broader positioning as a renewable EPC player. The figures provide context on scale, especially when paired with large domestic wins.

Context from other recent solar EPC disclosures

Separate disclosures referenced in the provided text include a letter of intent (LOI) of around Rs 415 crore (including O&M and taxes) for a balance-of-systems (BOS) EPC package in Rajasthan. That LOI covered development of a 300 MW (AC) / 420 MWp (DC) solar PV project along with a 220/33 kV pooling substation. In one market update tied to that LOI, the stock was reported up 5.84% to a day’s high of Rs 281.70 on the NSE, and later cited trading 0.70% higher at Rs 268 as of 1:45 pm. Another filing mentioned that in August the company emerged as the L1 bidder in a tender raised by a reputed PSU developer for a turnkey EPC package for a 245 MW (AC) grid-connected solar PV project in Gujarat.

Why the Coal India win matters for investors

For an EPC contractor, a large named-client win typically improves near-term revenue visibility, subject to final award and execution. The disclosed Rs 3,490 crore value for the Coal India package is meaningful relative to the overall FY26 inflow number SWREL cited (Rs 10,062 crore). The win also broadens the company’s domestic customer profile, with the CEO explicitly calling it the company’s first project from Coal India. From a market perspective, the immediate share price move on April 20, 2026 suggests investors interpreted the update as a positive signal on execution pipeline and demand.

Conclusion

SWREL’s L1 status for Coal India’s 875 MW (AC) solar PV project in Bikaner, valued at about Rs 3,490 crore including O&M and taxes, anchors a set of domestic wins that took FY26 EPC order inflows beyond Rs 10,062 crore. The company also reported a separate 50 MW (AC) solar order in Maharashtra from a private IPP. The next key items for investors to track will be subsequent regulatory filings for any updates on final award, project timelines, and execution progress, as and when disclosed by the company.