India’s Media Giant on the Move: Why Network18 Deserves a Spot in Your Portfolio.....

~Sumon Mukhopadhyay 

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Introduction:

Network18 Media & Investments Ltd (Rs.55.90),  a pivotal entity within the Reliance Industries ecosystem, commands an expansive media footprint across India's television broadcasting, digital content, and regional news platforms. 

Through its key subsidiary, TV18 Broadcast Ltd, it operates leading channels such as CNBC-TV18, CNN-News18, and a formidable network under the News18 brand—establishing itself as a dominant force in the Indian media and entertainment sector.

Investment Rationale:

🔹Strategic Synergies with Reliance Group:

As a core asset of India’s largest conglomerate, Network18 benefits from exceptional financial strength and ecosystem support. Integration with Jio’s telecom and digital infrastructure enables seamless content delivery, cross-platform visibility, and long-term scalability—crucial in India's fast-evolving digital media economy.

🔹Comprehensive Pan-India Content Leadership:

From English-language business channels to Hindi and regional news, Network18 offers unmatched content diversity, ensuring deep audience engagement. Its wide portfolio mitigates risk and provides stable ad revenue across economic cycles.

🔹Accelerated Digital Growth Trajectory:

As India leads global internet user growth, Network18 is capitalizing on the surge in digital video consumption and mobile-first content strategies. Its OTT tie-ups, programmatic ad-tech stack, and strong digital brands like Moneycontrol, News18, Firstpost, and CNBCTV18.com have made it the #1 digital news network in India with over 300 million monthly active users.

🔹Upcoming General & State Elections (2025–2026):

India is entering a pivotal election cycle. Historically, national and state polls trigger a spike in political advertising, sponsored digital content, and TV news viewership. Network18, with its deep regional presence and editorial clout, is ideally positioned to monetize this uptick—boosting both ad revenues and brand equity during FY26.

Q1 FY26 Performance Analysis & Turnaround Narrative:

In Q1 FY26 (April–June 2025), Network18 posted a consolidated net profit of ₹148.85 crore, up from a net loss of ₹195.36 crore a year ago. Standalone net profit surged to ₹516.17 crore, aided by a ₹587 crore revaluation gain from its stake in Eenadu Television Pvt Ltd.

Standalone revenues dipped 4.9% YoY to ₹430.40 crore, while consolidated revenues declined 85.1% YoY to ₹467.86 crore. However, this is attributed to a high base effect from Q1 FY25, which saw election-linked ad spikes. Additionally, a sports-heavy quarter diverted advertiser budgets away from general news content.

Despite these pressures, the company improved its EBITDA margin from 0.5% to 1.0%, showcasing operational strength and cost discipline. Total expenses on a standalone basis declined 4.25% YoY.

The real story, however, is in digital. Network18 strengthened its leadership with a 220 bps YoY rise in TV news viewership share, largely fueled by regional markets. The launch of CNBC-TV18 ACCESS, a premium subscription-based offering, indicates its shift towards revenue diversification and direct-to-consumer monetization.

Attractive Valuation with Turnaround Potential:

With operational efficiencies, strong backing from Reliance, and increasing investor interest in Indian media and technology stocks, Network18 is emerging as a compelling long-term investment opportunity. The Q1 FY26 results confirm the turnaround narrative and provide confidence in its earnings trajectory as India heads into an election-heavy FY26.

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Risks:

Key risks include competition from digital-native platforms (e.g., YouTube, Instagram News), advertising market cyclicality, and evolving media regulations in India.

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Conclusion:

Network18 stands at the convergence of India’s growing media consumption, digital adoption, and political transformation. For global investors looking to tap into the India growth story, Network18 offers a rare combination of reach, resilience, and Reliance-backed scale. 

With a sharp earnings rebound in Q1 FY26 and major tailwinds from the 2025–2026 election cycle, this stock is well-positioned to ride the next wave of advertising and content monetization.

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Disclaimer:

The information provided in this blog post is for educational and informational purposes only and should not be construed as financial or investment advice. The content reflects personal opinions based on publicly available data and does not constitute a recommendation to buy, sell, or hold any security. Readers are advised to conduct their own research or consult a licensed financial advisor before making any investment decisions. The author is not responsible for any losses arising from the use of this information.

Coffee Day Enterprises (₹36.40): Debt Woes Shrink as Coffee Estates Offer Lifeline......

Crunching the Real Numbers Behind the Asset Valuation Hype.....

~Sumon Mukhopadhyay.

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When Café Coffee Day (CCD) first emerged on the Indian café scene in the late 1990s, few realized the sheer scale of agricultural operations backing the brand. 

Today, Coffee Day Enterprises Limited (CDEL), the parent company of CCD, is credited with managing one of Asia’s largest privately owned coffee plantations — a claim often pegged to a 20,000-acre figure. But how accurate is that number?

Origins of the Coffee Empire:

Founded by the late V.G. Siddhartha, CDEL’s backbone has always been its coffee estates nestled in the verdant hills of Chikkamagaluru and Mudigere in Karnataka. These plantations produce Arabica and Robusta beans that fuel the company’s beverage business and support exports through Amalgamated Bean Coffee Trading Company Ltd., CCD’s sourcing arm.

Digging into the Numbers:

📰 Source	Claimed Acreage	Notes
Wikipedia / CCD Profiles	~20,000 acres	Includes total holdings; touted as Asia’s largest private plantation
V.G. Siddhartha’s letter (2019)	~12,000 acres	Family and company owned plantations pre-crisis
Times of India / Economic Times	10,000–12,000 acres	Includes acquired and managed land across estate clusters
The News Minute / Slideshare	~15,000 acres	Located specifically in Chikkamagaluru and Mudigere

Note: The 20,000-acre figure likely combines personal, company, and associated entity holdings, whereas verified company-owned acreage sits between 12,000–15,000 acres.

Beyond Beans: Timber & Terrain:

These estates aren’t just about coffee. CCD has long held timber assets — primarily silver oak trees — that are intercropped for shade and commercial value. Such biodiversity has added both ecological complexity and financial worth to the plantations.

Post-2019 Reassessment:

After V.G. Siddhartha’s untimely passing in 2019, scrutiny around the company’s finances and asset ownership intensified. Several assets were reevaluated for potential divestment, reshuffling ownership between CDEL and family-affiliated entities. This caused shifts in how estate acreage was recorded across different documents.

 Final Verdict

• Yes, CDEL through its subsidiaries manages extensive plantations, making it a major player in Asia’s coffee economy.
• But, the core company-controlled estate is more realistically pegged at 12,000 to 15,000 acres, based on documented filings and public statements.
• The 20,000-acre claim remains valid if understood as a cumulative figure spanning corporate and family holdings.

Land Valuation Analysis:

Recent estimates pegged the per-acre rate at ₹15 lakh, sparking discussions around total valuation across 20,000 acres. Let's revisit the math and offer a clear breakdown:

Land Valuation Table:

Per-Acre Rate	× 20,000 Acres	= Valuation (in ₹ crore)
₹15 lakh	₹1.5 million × 20,000	₹3,000 crore
₹22.5 lakh	₹2.25 million × 20,000	₹4,500 crore
₹30 lakh	₹3 million × 20,000	₹6,000 crore

Financial Performance: A Turnaround in Progress:

For the fourth quarter of FY25 (ending March 2025), CDEL reported a significantly reduced net loss of ₹33 crore, a marked improvement from the ₹303 crore loss recorded in the same quarter the previous year. Over the full fiscal year, the company further narrowed its net loss to ₹58 crore from ₹322 crore in FY24, signaling a positive trajectory in its financial recovery. 

Revenue growth complemented these efforts, with Q4 revenue rising by 7% year-on-year to ₹268 crore and full-year revenue increasing by 6% to ₹1,078 crore. A standout metric in CDEL’s performance was the substantial improvement in its EBITDA. The company reported a Q4 EBITDA of ₹89 crore, a stark contrast to the negative ₹319 crore in the corresponding quarter of FY24. For the full year, EBITDA reached ₹223 crore, compared to a negative ₹208 crore in the prior year. 

These figures underscore CDEL’s focus on operational efficiency and cost management, even as it continues to operate in a competitive market.

Strategic Debt Reduction and Asset Sales:

CDEL’s efforts to address its liquidity challenges and reduce its debt burden have been pivotal. As of March 31, 2025, the company reported a total default of ₹425.38 crore on interest and principal repayments for loans and unlisted debt securities, including ₹174.83 crore on principal and ₹5.78 crore on interest. The company attributed these delays to a liquidity crisis but has actively pursued asset resolutions to mitigate its financial strain.

A key move in this direction was the settlement agreement announced on March 17, 2025, to clear ₹205 crore in dues owed to two debenture holders. This settlement, approved by CDEL’s Audit Committee and Board, includes ₹55 crore from the sale of a 12.41% stake in Coffee Day Global Limited, a subsidiary operating the Café Coffee Day chain. Additionally, CDEL raised ₹55.80 crore through the sale of corporate buildings by Coffee Day Global and recorded a ₹15.55 crore profit from land sales by Coffee Day Hotels & Resorts Private Limited. These transactions reflect CDEL’s pragmatic approach to debt reduction and its commitment to long-term financial stability.

NCLAT Relief Boosts Investor Confidence:

A significant catalyst for CDEL’s recent stock performance was the National Company Law Appellate Tribunal’s (NCLAT) decision on March 3, 2025, to set aside insolvency proceedings initiated by IDBI Trusteeship Services Ltd over a ₹228.45 crore default. The ruling followed a legal battle that saw the Supreme Court set a February 21, 2025, deadline for NCLAT to resolve the appeal, with the risk of automatic resumption of insolvency proceedings if unmet. The NCLAT’s favorable verdict led to a 20% surge in CDEL’s stock price, hitting its upper circuit limit on both BSE and NSE, with shares reaching ₹30.78 and ₹30.63, respectively. This rally, coupled with a 56.71% stock price increase over six months, reflects renewed investor confidence in CDEL’s recovery efforts.

Conclusion: 

Coffee Day Enterprises Ltd (CDEL), the parent company of the iconic Café Coffee Day chain, has demonstrated notable resilience in its financial performance for the fiscal year 2025, navigating challenges with strategic debt reduction and operational improvements. Despite a turbulent past few years following the demise of its founder, V.G. Siddhartha, in 2019, CDEL has made significant strides in stabilizing its operations and strengthening its balance sheet, as reflected in its latest financial results and key corporate developments.

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Disclaimer: The plantation valuation estimates are speculative and based on market data, listing prices, and agricultural land trends in Karnataka. They do not reflect formal valuation reports or audited figures. Investors should exercise discretion and seek professional advice before making investment decisions.

Rajesh Exports Ltd: Gold Giant to Tech Trailblazer – A Cautious Investment Case......

Stock Price (as of July 27, 2025): ₹195.15.

Market Capitalization: ₹5,762 Cr.

Sector: Gems, Jewellery, and Watches.

Stock Symbols: NSE: RAJESHEXPO, BSE: 531500.

~Sumon Mukhopadhyay.

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Rajesh Exports Ltd (REL),

headquartered in Bengaluru, is one of the world’s largest gold refiners and jewellery exporters, processing over one-third of global gold output. With a vertically integrated presence across the gold value chain—from refining to retailing—the company dominates both domestic and international markets. Its retail arm, SHUBH Jewellers, operates primarily in Karnataka, with expansion plans underway.

However, REL is no longer just a gold play. The company has recently diversified into electric vehicle (EV) batteries and AMOLED display manufacturing through its subsidiaries ACC Energy Storage Pvt. Ltd. and Elest Pvt. Ltd., respectively. This article offers a balanced analysis of its core business, diversification strategy, and investment outlook based on verified financials and analyst perspectives.

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Business Overview:

Rajesh Exports refines over 2,800 tonnes of precious metals annually, operating major facilities in India (Bangalore, Cochin) and internationally via Valcambi, Switzerland. Its jewellery products—handcrafted, machine-made, and cast—are exported to more than 70 countries.

REL's diversification strategy aligns with India’s ambition to achieve technological self-reliance. Its entry into EV battery manufacturing and AMOLED displays is supported by government Production Linked Incentive (PLI) schemes, but these projects are in their early stages and face execution risks.

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Project Rollouts: Lithium-ion Battery & AMOLED Display Plants:

Lithium-ion Battery Gigafactory – Karnataka:

In 2022, REL secured approval under the ACC PLI scheme to build a 5 GWh lithium-ion battery plant in Karnataka. Initially slated for completion by late 2024, the project has experienced delays due to local protests and procedural challenges. As of July 2025, the first production line is expected by Q4 FY26 (Jan–Mar 2026). If realized, this would place REL among the few Indian firms with in-house battery cell manufacturing capabilities.

AMOLED Display Board Fabrication – Telangana:

Elest Pvt. Ltd., a REL subsidiary, is building an AMOLED display fabrication plant in Telangana, with an investment of approximately ₹24,000 Cr. Although an MoU was signed in mid-2022, the project has been hampered by land acquisition issues and regulatory bottlenecks. Pilot production is now expected by H2 FY27 (Oct 2026–Mar 2027). This high-capex venture holds long-term promise but remains in its nascent phase.

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Financial Snapshot:

The most recent available financials are for Q3 FY25 (Oct–Dec 2024):

• Revenue: ₹96,651.88 Cr (↑44.37% QoQ)
• Net Profit: ₹35.50 Cr (↓22.08% QoQ, ↑185.6% YoY)
• P/E Ratio: 156.82 (vs. sector median 34.95)
• P/B Ratio: 0.39 (vs. sector median 3.47)
• Return on Capital Employed (ROCE): 0.6% (↓ from 14% five years ago)
• Debt: Near debt-free, reducing financial leverage risk

Concern: As of July 27, 2025, Q4 FY25 (Jan–Mar 2025) and Q1 FY26 (Apr–Jun 2025) results remain undisclosed, raising transparency and governance concerns, especially following past opacity regarding stake sales in ACC Energy Storage Pvt. Ltd.

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Store Expansion & Retail Outlook:

SHUBH Jewellers remains largely confined to Karnataka. Announced plans in 2023 to expand into Maharashtra and Tamil Nadu by October 2024 have stalled, reportedly due to local agitations and regulatory red tape. As of July 2025, no new stores outside Karnataka have been officially confirmed. The company’s much-anticipated e-commerce platform is still in beta, with no firm national rollout schedule.

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Government Policy Impacts:

• Gold Import Duty Reduction (Budget 2024): Customs duty was cut from 15% to 6%, improving margins for the refining and jewellery businesses.
• PLI Scheme Support: Both the EV battery and AMOLED display ventures qualify for government incentives, but only upon timely execution.
• Regulatory Scrutiny: On March 25, 2025, Indian stock exchanges sought clarifications over unusual price movements, indicating heightened regulatory oversight.

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Analyst Views & Brokerage Targets:

Analyst opinions remain divided:

• Simply Wall St (March 2025): Highlights declining ROCE and a 67% EPS drop over three years. Cites weak reinvestment efficiency and corporate governance concerns.
• Economic Times (Feb 2025): Bullish, projecting a target price of ₹600, citing the undervaluation and diversification upside.
• Equitymaster (April 2025): Neutral-to-cautious, estimating intrinsic value at ₹754.01, but warns of low ROE (6.87%), poor stock performance, and execution risk.
• MarketsMojo (June 2025): Notes a 6.69% short-term rally, but characterizes the stock as fundamentally weak with speculative upside.

Brokerage Targets (as of 2025):

• Economic Times: ₹600.
• Equitymaster Intrinsic Value: ₹754.01.

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Stock Performance:

The stock has underperformed both the Indian market and sectoral indices, with long-term erosion in shareholder value despite recent volatility-driven gains.

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Conclusion:

Rajesh Exports Ltd. represents a tale of two trajectories. On one hand, it is a global leader in gold refining with a debt-light balance sheet. On the other, it faces serious challenges—corporate governance red flags, financial result delays, and slow project execution.

Its bold moves into lithium-ion batteries (expected by Q4 FY26) and AMOLED displays (expected by H2 FY27) could transform its profile—but only if delivered on time and on budget. In the meantime, the absence of recent earnings reports and lack of traction in retail expansion dampen investor confidence.

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Investment Recommendation: Hold with Caution:

Long-term investors may retain their positions on faith in the diversification roadmap. However, new entrants should wait for:

• Release of Q4 FY25 and Q1 FY26 results,
• Demonstrable progress on EV battery and AMOLED projects,
• Execution on retail expansion,
• Improvement in return metrics and operational transparency.

At ₹195.15, the stock offers upside potential per brokerage estimates, but the risk-to-reward profile remains skewed toward caution.

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Disclaimer: This article is for informational purposes only and is not investment advice. Please consult a certified financial advisor before making any investment decisions.

MEP Infrastructure Developers Ltd: Navigating Financial Challenges with Steady Operations...

~Sumon Mukhopadhyay.

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Introduction:

MEP Infrastructure Developers Ltd (Rs.1.84), a Mumbai-based infrastructure company, has played a significant role in India’s toll collection and road development landscape since 2002. With a diversified portfolio across toll management, road construction, and civic infrastructure, MEP has managed over 120 projects in 15 states, including 222 toll plazas and 1,393 lane-km. 

While the company has faced substantial financial stress, including a notable default with the Municipal Corporation of Delhi (MCD), it remains operationally active, progressing through the Corporate Insolvency Resolution Process (CIRP) initiated in March 2024 by the National Company Law Tribunal (NCLT). 

MEP’s current focus on sustaining operations while pursuing financial restructuring marks a crucial phase in its journey toward stabilization.

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Active Projects: Sustaining Operational Momentum:

MEP Infrastructure Developers Ltd (NSE: MEP, BSE: 539126) continues to execute four active projects, drawing on its core competencies in toll collection and infrastructure execution:

1. Athur Toll Plaza (NH-45, Tamil Nadu)

   • Model: Toll Collection.
   • Details: Positioned along the Tambaram–Tindivanam stretch, this project involves an annual remittance of ₹72.36 crore to the National Highways Authority of India (NHAI). The contract’s repeated renewals point to MEP’s operational reliability, contributing to a consistent revenue stream.

2. Khopoli Sewerage Network (Maharashtra):

   • Model: Civic Infrastructure.
   • Details: A ₹84.8 crore project aimed at creating a 38 km underground sewer network, a pumping station, and a 13 MLD sewage treatment plant. Currently in the design and soil investigation phase, the project signifies MEP’s expansion beyond toll operations into urban infrastructure.

3. Tata Steel Boundary Wall (Odisha):

   • Model: Construction.
   • Details: A ₹61.02 crore contract to construct a boundary wall for Tata Steel, with completion expected by October 31, 2027. This project enhances MEP’s presence in industrial infrastructure.

4. Short-Term Toll Collection Contracts (Multiple States):

   • Model: Toll Collection.
   • Details: MEP is executing various short-term contracts with entities like NHAI and Rajasthan Infrastructure Development Corporation (RIDCOR), involving remittances totalling approximately ₹460.94 crore in recent years. These contracts highlight MEP’s continued engagement in its core toll operations.

These ongoing projects illustrate the company’s ability to stay operationally relevant and maintain cash inflow despite the broader financial restructuring.

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Rs. 4,000 Crore MCD Default: Context and Developments:

MEP encountered a major financial hurdle due to a default of ₹3,927.06 crore, which could escalate to ₹4,970.81 crore with penalties, under its toll collection agreement with the South Delhi Municipal Corporation (SDMC)—now part of the consolidated Municipal Corporation of Delhi (MCD). The contract, which lasted from October 2017 to October 2022, required annual remittances of ₹1,206 crore for toll and Environment Compensation Charge (ECC) collection at 124 Delhi entry points.

The default was triggered by multiple factors, including COVID-19 lockdowns and declining toll collections due to traffic diversions from newer expressways.

In January 2024, the Bombay High Court allowed MCD to issue warrants for the attachment of MEP’s properties in Mumbai, Thane, Pune, and Chhatrapati Sambhajinagar to recover dues. 

However, MEP received a four-week reprieve (~until February 11, 2024) to pursue negotiation. With the contract term having expired in October 2022 and no confirmation of renewal, it is likely inactive, and MCD may have reassigned or terminated it.

The CIRP offers a formal mechanism to address this liability, allowing MEP to seek resolution under legal protection and with oversight.

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CIRP Progress: Structured Path Forward:

MEP entered CIRP on March 28, 2024, following a ₹127.86 crore default to Bank of India. The NCLT Mumbai Bench admitted the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), appointing Ravindra Kumar Goyal as the Interim Resolution Professional (IRP). A Section 14 moratorium was imposed, providing legal and operational breathing space to formulate a viable resolution.

Key CIRP Updates:

• June 2025 CoC Meeting: As per Sykes & Ray Equities (June 21, 2025), a Committee of Creditors (CoC) meeting took place before this date, reflecting active creditor engagement. This follows the 6th CoC meeting (October 24, 2024) and 12th meeting (before May 2025), suggesting consistent dialogue toward a resolution.

• Debt Resolution Efforts: Prior to CIRP, MEP had floated multiple One-Time Settlement (OTS) proposals to Bank of India (September 2022, December 2022, August 2023). These were not accepted, mainly due to deep haircuts and unclear funding mechanisms. Nonetheless, these efforts point to MEP’s intent to settle liabilities outside formal insolvency, before opting for the CIRP route.

• Liability Management: The CIRP has now enabled a structured discussion platform, not only with financial creditors but also with entities like MCD, regarding the ₹4,000 crore default. IRP Goyal’s role will be crucial in shaping revival strategies.

• Operational Continuity: The moratorium enables uninterrupted execution of ongoing contracts, helping MEP preserve some revenue flow during restructuring. The CIRP covers MEP’s rated liabilities of around ₹850 crore, apart from other dues.

These developments collectively demonstrate MEP’s effort to balance continuity with compliance, while working toward a resolution.

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Financial Results: Awaiting Q1 FY26 Amid CIRP Proceedings:

As of July 26, 2025, MEP Infrastructure Developers Ltd has not yet released its Q1 FY26 (April–June 2025) financial results. The statutory 45-day window for submission extends until mid-August 2025. The delay appears to be associated with the company’s ongoing Corporate Insolvency Resolution Process (CIRP), initiated by the National Company Law Tribunal (NCLT) on March 28, 2024.

The CIRP, governed by the Insolvency and Bankruptcy Code, imposes a structured framework—including a Section 14 moratorium—that prioritizes debt resolution and creditor engagement over routine operations such as financial reporting. Oversight by the Interim Resolution Professional and the scheduling of key Committee of Creditors (CoC) meetings—including the 12th CoC on February 7 and February 18, 2025, and another before June 21, 2025—may have diverted internal resources, contributing to the delay in result publication.

The most recent available financials (Q4 FY24) reported a standalone income of ₹26.04 crore and a net loss of ₹604.90 crore, underscoring ongoing financial strain. Nevertheless, MEP’s active project portfolio across toll and infrastructure segments offers a stabilizing foundation as the resolution process progresses.

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Conclusion:

MEP Infrastructure Developers Ltd, with over two decades of experience in toll operations and civic infrastructure, continues to execute four important projects—Athur Toll Plaza, Khopoli Sewerage Network, Tata Steel Boundary Wall, and various short-term toll contracts. The ₹4,000 crore MCD default, currently being addressed under the CIRP, alongside creditor meetings (latest before June 21, 2025), illustrates a transparent and regulated restructuring effort.

While financial challenges remain, MEP’s ability to maintain operations and engage with stakeholders positions it for a measured recovery. As discussions evolve under the oversight of the IRP and the Committee of Creditors, shareholders and creditors alike will watch closely for signs of operational consistency and financial turnaround.

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Bibliography:

Press Trust of India. (2024, April 3). NCLT initiates insolvency proceeding against MEP Infrastructure. PTI News. Retrieved from: https://www.ptinews.com/story/business/nclt-initiates-insolvency-proceeding-against-mep-infrastructure/1403192

Sykes & Ray Equities. (2025, June 21). MEP Infrastructure Developers Ltd. – CoC meeting update. SRE News. Retrieved from: https://www.sre.co.in/news-details/eod-4292069

The Indian Express. (2024, January 14). Tax default: Delhi civic body moves Bombay HC to attach MEP Infrastructure’s properties. The Indian Express. Retrieved from: https://indianexpress.com/article/cities/mumbai/tax-default-delhi-civic-body-bombay-hc-properties-9109342/

Insolvency Tracker. (2024, April 3). MEP Infrastructure Developers to undergo insolvency resolution process. Insolvency Tracker. Retrieved from: https://insolvencytracker.in/2024/04/03/mep-infrastructure-developers-to-undergo-insolvency-resolution-process/

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Disclaimer:

This article is intended for informational purposes only and does not constitute an investment recommendation or a solicitation to buy, sell, or hold any securities. The information presented has been compiled from publicly available sources believed to be reliable; however, no guarantee is made as to the accuracy, completeness, or timeliness of the data. 

Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions. The author and the publishing platform disclaim any liability for financial losses or damages arising from the use of this content.

India’s Global Tech Ascent: From Sunlight to Silicon......

~ Sumon Mukhopadhyay.

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In a world inching closer to an energy and data-driven epoch, Indian companies are quietly scripting stories that blend sunlit landscapes with silicon intelligence.

As climate concerns intensify and data becomes the new oil, Indian firms are crafting a fresh narrative—one that links solar grids in Africa with AI-powered systems in global boardrooms. From Nigeria’s emerging solar fields to Mumbai’s growing neural networks, these companies are no longer confined to solving local problems. They are reshaping global possibilities.

This is not just a story of outsourcing—it’s a shift powered by innovation and ambition. Whether it's lighting up a town in Nigeria or decoding risk patterns in a bank's backend, India's tech journey today reflects an international outlook with grounded expertise.

Powering Nigeria’s Future:

Among the vanguards of this story is Sterling and Wilson Renewable Energy Ltd. (SW Solar Ltd. Ra.289.40), stepping into the heart of Africa’s energy revolution. In Nigeria, where energy gaps are often as deep as its mineral reserves, SW Solar Ltd is working alongside American partner Sun Africa to co-develop two massive solar PV parks: 

🔹The 350 MW Lafia Solar PV Park in Nasarawa and,

🔹The 270 MW Gombe Solar PV Park. 

Together, these projects could deliver clean energy to over 1 million households, addressing Nigeria’s stark energy access gap, where nearly 40% of the population lacks reliable electricity, according to the International Energy Agency. 

Both projects are in the permitting phase, with commissioning expected by 2026. Ownership lies with Niger Delta Power. These ventures are part of SW Solar’s broader strategy spanning markets like South Africa and Spain, highlighting India’s growing footprint in global renewable energy deployment.

What sets these ventures apart is their collaborative structure. This tripartite model—where SW Solar brings engineering expertise, Sun Africa provides co-development and financing muscle, and Niger Delta Power ensures local ownership—signals a shift in renewable energy projects in the Global South. 

It moves away from top-down aid models toward equitable partnerships that blend global expertise with local priorities. Though financial terms remain under wraps, SW Solar’s optimism suggests these deals could anchor future orders across sub-Saharan Africa, powering not just homes but a narrative of credibility for Indian EPC firms abroad.

AI: The New Engine of Insight:

While solar panels stretch across African plains, another revolution is reshaping Indian firms like 3i Infotech Ltd (Rs.23.82). Within the buzzwords of “Digital India” and "Industry 5.0” lies a push to reimagine IT services with machine intelligence. Generative AI is at the heart of this shift, especially in the BFSI sector. 

At 3i Infotech Ltd, its Altiray platform powers conversational AI that handles customer queries in multiple Indian languages, reducing response times by 30%. In fraud detection, AI models analyze transaction patterns in real-time, flagging anomalies with 90% accuracy. Beyond India, these tools are being adapted for markets from Southeast Asia to the Middle East, where linguistic diversity and financial risks demand scalable solutions.

Through AI lab collaborations with academic institutions, 3i Infotech Ltd is crafting a hybrid reality where human insight is augmented, not replaced, by machines. The result? Faster onboarding, reduced costs, and nuanced customer engagement across borders.

Navigating Global Hurdles:

Yet, these ambitions face hurdles. In Nigeria, regulatory delays and land acquisition challenges could slow SW Solar’s projects, as seen in similar ventures across Africa. Similarly, AI adoption in BFSI sectors globally grapples with data privacy concerns and high implementation costs. Indian firms, however, are navigating these complexities with agility—leveraging local expertise in Nigeria and building privacy-compliant AI frameworks to stay competitive.

From Grids to Algorithms:

What unites Nigeria’s solar grids and Mumbai’s AI engines is more than India’s export ambitions—it’s a shared reliance on data and innovation. 

Solar projects like Lafia and Gombe depend on AI-driven analytics for site selection, energy forecasting, and grid optimization. Conversely, AI firms like 3i Infotech draw inspiration from infrastructure giants, scaling their solutions to power global markets. 

SW Solar Ltd and 3i Infotech Ltd are not alone—firms like Tata Power Ltd, Infosys Ltd, and Wipro Ltd are similarly blending renewable energy and AI to capture global markets, signaling a broader industry shift. Together, they represent India’s new export model: not just products, but integrated systems of energy and intelligence.

A Quiet Revolution:

As climate uncertainties loom and data reshapes economies, India’s fusion of renewable energy and intelligent computing may redefine global progress. From Nigeria’s sunlit plains to the algorithms powering global finance, Indian firms are not just participants but architects of a new era. 

Will this quiet pivot—blending watts with wits—set the stage for the next global growth story? Tracking India’s journey offers a lens into the future of technology and sustainability.

SW Solar Ltd’s Share Price Crash: A Market Blunder Fueled by Hype.....

~Sûmōn Mukhopadhyay 

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In the news article (Moneycontrol, July 18), it was reported that shares of Waaree Energies, Premier Energies, and Sterling & Wilson Solar (SW Solar) dropped by up to 4% after U.S. companies petitioned for tariffs on solar panel imports from India.

Now, here's the catch:

👉 SW Solar Ltd (Rs.299.40) doesn’t even manufacture solar panels.

It’s an EPC (Engineering, Procurement & Construction) player that executes solar power projects — it buys panels from various suppliers based on market rates and project requirements.

I reiterate: it’s an EPC powerhouse—building solar projects, not manufacturing modules. It sources panels from whoever offers the best deal.

So why did the stock fall?

🧠 Pure Sentiment. Blind Panic. Zero Sense.

• The news triggered a broad “solar sector” selloff, where investors dumped anything remotely connected to solar — without checking what each company actually does.
• Waaree and Premier, both panel manufacturers, could indeed face export hurdles if tariffs are imposed by the US.
• But SW Solar? It can easily switch to local manufacturers if imported modules become costlier — giving it more sourcing options, not fewer.
• In fact, if Indian panel makers start offloading more modules domestically (due to reduced U.S. demand), SW Solar could procure panels at better prices — improving margins.

Conclusion:

The Takeaway:

The selloff in SW Solar Ltd (Rs 299.40) was misplaced — a textbook case of market overreaction to a headline without understanding the business model.

Reliance’s $100 Billion Clean Energy Portfolio: Fueling SW Solar Lrd's Global Agility.....

~Sumon Mukhopadhyay.

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The mention of Reliance Industries’ $100 billion clean energy portfolio marks a transformative chapter for Sterling and Wilson Solar Ltd or SW Solar Ltd (Rs.298.30), a wholly-owned subsidiary of Reliance New Energy Solar (RNES). 

This expansive portfolio, far from being just a monetary commitment, acts as a strategic buffer and growth catalyst—enhancing SW Solar’s resilience amid evolving trade dynamics, including regulatory headwinds in the U.S. Below, we examine how this diversified energy ecosystem positions SW Solar for sustained global success. Photo: RIL.

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What Is the $100 Billion Clean Energy Portfolio?

Launched in 2021, Reliance’s clean energy blueprint began with an initial $10 billion commitment, evolving into a broader $100 billion ecosystem by 2030. Managed by RNES, the portfolio spans solar, wind, green hydrogen, energy storage, and supporting infrastructure. It reflects Reliance’s ambition to build a multi-continent renewable energy network through strategic investments and operational scale.

Core Pillars:

• Solar Manufacturing: A 10 GW facility in Jamnagar, Gujarat, enabling integrated module production and boosting supply chain autonomy.
• Renewable Capacity: Over 100 GW of solar and wind energy targeted across India, with SW Solar leading EPC execution.
• Green Hydrogen: Participation in marquee ventures like the $1.9B NEOM Green Hydrogen project in Saudi Arabia.
• Global Reach: Expansion into Europe, Africa, and Latin America—reducing overexposure to any single regional market.

With Reliance’s market capitalization exceeding $200B (as of 2025), the portfolio not only funds projects—it insulates them from shocks such as U.S. trade regulations.

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Strategic Support for SW Solar Ltd:

SW Solar is central to the execution of this green energy vision. While recent U.S. anti-dumping tariffs impact 5–10% of SW Solar’s revenue, the broader portfolio enables a seamless transition and uninterrupted growth. Here’s how:

🧨Financial Strength

• Reliance’s size cushions SW Solar from near-term U.S. revenue dips, providing both liquidity and stability.
• A healthy net debt/EBITDA ratio of 0.8x (2024) allows for market recalibration without financial stress.

🧨Supply Chain Sovereignty

• The Jamnagar facility neutralizes exposure to imported module tariffs, including “Chinese circumvention” penalties.
• Inventory flexibility enables realignment toward tariff-free markets with higher project potential.

🧨Expanding Global Footprint

• India: A 4.8 GW solar pipeline, aligned with national renewable targets.
• Saudi Arabia: Premium EPC contracts in the hydrogen space—unaffected by solar-specific duties.
• Europe: 1.1 GW solar-plus-storage projects, capitalizing on EU decarbonization mandates.

These initiatives underpin a projected 6% revenue CAGR, targeting $5.1 billion by 2026.

🧨Operational Flexibility

• Engineering and logistics can be swiftly redirected across geographies.
• Strategic focus on green hydrogen and storage opens up high-growth, tariff-resistant verticals.

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Navigating the U.S. Market Shift:

While U.S. tariffs pose challenges, their impact on SW Solar is measured—not debilitating.

Key Highlights:

• 90–95% of revenue comes from outside the U.S., anchoring the business globally.
• Reliance’s financial strength absorbs potential margin hits, preserving SW Solar’s industry-leading EBITDA margins.
• Real-time resource reallocation ensures continuity in delivery and pipeline execution.

Estimated EBITDA impact on Reliance remains under 1% by 2027, underscoring the limited risk exposure.

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Competitive Distinction:

SW Solar’s unique strength lies in its integration with Reliance’s expansive infrastructure. 

Unlike Adani Solar (India-focused) or First Solar (U.S.-centric), SW Solar enjoys geographical flexibility and vertical integration. 

Its leadership in hydrogen and energy storage echoes broader global trends, which BloombergNEF projects will grow at over 20% CAGR through 2030.

For institutional and global investors, this synergy reflects not just stability—but forward leadership in the evolving clean energy landscape.

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Conclusion: Strength in Adaptation:

SW Solar’s future won’t be dictated by temporary market turbulence but by its ability to adapt and scale within Reliance’s green energy architecture. From manufacturing autonomy and project diversity to next-gen technologies, SW Solar is well-positioned to weather trade disruptions and seize global opportunities. The U.S. market shift is not a setback—it’s a strategic pivot that underscores the company's resilience and long-term vision.

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Q. Is it correct that SW Solar gets support from Reliance's $100 billion clean energy fund?

Yes, with a nuance:

✔ What’s correct:

SW Solar, a wholly-owned subsidiary of Reliance New Energy Solar (RNES), benefits from Reliance’s $100 billion clean energy strategy.

It accesses financial, strategic, and supply chain support within this ecosystem.

The portfolio’s scale helps SW Solar navigate challenges like U.S. anti-dumping tariffs by leveraging Reliance’s infrastructure and resources.

Key clarification:

The "$100 billion clean energy fund" is not a liquid cash reserve or dedicated fund. It represents RNES’s planned investments, assets, and projects targeting a cumulative value by 2030. SW Solar is an execution arm of this strategy, not a direct recipient of a specific fund.

Investment Rationale: Sterling and Wilson Renewable Energy Ltd (SWSOLAR) – A Global Solar EPC Leader.....

~Sumon Mukhopadhyay.

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CMP: ₹300.50 

Market Cap: ~₹7,016 Cr (based on ~233.5 million shares, July 2025)  

P/E Ratio: ~64.0 (trailing, based on annualized Q1 FY26 EPS)  

Industry: Renewable Energy – Solar EPC and O&M.

Business Overview: 

Sterling and Wilson Renewable Energy Ltd (SWSOLAR) is a global leader in solar EPC (Engineering, Procurement, and Construction) and O&M (Operations & Maintenance) services. Their portfolio spans:

- Utility-scale solar projects (including floating and rooftop)

- Hybrid energy and battery storage solutions

- Presence in 28 countries, including India, the Middle East, Africa, Southeast Asia, Europe, the U.S., Australia, and Latin America. Photo: India Property Dekho.

Key highlights include:

- EPC Portfolio: Delivered 19.4 GWp of solar projects globally.

- O&M Portfolio: Manages 8.2 GWp, including third-party assets, for recurring revenue.

Emerging Segments: Expanding into floating solar, hybrid energy systems, and battery energy storage systems (BESS), aligning with global clean energy trends.

They were originally part of the Shapoorji Pallonji Group, but Reliance New Energy now holds a 32.5% stake, making it the dominant promoter.

SWSOLAR serves independent power producers, developers, and equity funds, leveraging end-to-end capabilities in project design, procurement, construction, commissioning, and asset management (Sterling and Wilson Renewable Energy Limited, 2022).

Detailed Ownership Structure: Strategic Backing:

Historical Context: Rooted in the Shapoorji Pallonji Group, a 160-year-old Indian conglomerate with a strong infrastructure legacy.

Current Ownership: Reliance New Energy Ltd (a Reliance Industries subsidiary) holds a 32.5% stake (acquired 2022), providing strategic and financial synergies. Shapoorji Pallonji retains a 6.9% stake, with public and institutional investors holding the rest.

Promoter Holding: 45.7%, down from 76.7% over three years due to dilution, offset by Reliance’s entry (Screener, 2025).

Waaree Group Clarification: SWSOLAR has no ownership or operational ties with the Waaree Group. A 2021 merger involving Sterling & Wilson–Waaree Pvt Ltd was a one-time structural event with no ongoing linkage.

Q1 FY26 Financial Performance: Strong Turnaroun:

SWSOLAR’s Q1 FY26 results (April–June 2025) reflect robust growth:

Revenue: ₹1,761.63 crore, up 92.5% YoY from ₹915.06 crore (Q1 FY25), though down 30.1% QoQ from ₹2,519.11 crore (Q4 FY25) due to seasonal project cycles (Business Standard, 2025).

Gross Profit: ₹205 crore, up 101% YoY, with gross margins at 11.7% (Business Standard, 2025).

EBITDA: ₹102 crore, up 176% YoY, with margins at 5.8%, driven by cost optimization (SolarQuarter, 2025).

Net Profit (PAT): ₹31.97 crore, up 663% YoY from ₹4.19 crore, marking consecutive profitable quarters (Business Standard, 2025).

Order Inflow: ₹2,170 crore (₹1,154 crore international, ₹1,016 crore domestic). Unexecuted order book: ₹9,396 crore (July 18, 2025), ~1.5x FY25 revenue (SolarQuarter, 2025).

Debt and Working Capital: Net debt reduced 90% to ₹97 crore (June 2024); working capital days improved from 145 to 47.2 (Saur Energy, 2024).

Analysis: YoY growth reflects SWSOLAR’s ability to capitalize on India’s solar boom and global demand. The QoQ dip is typical, with H2 contributing 60–65% of annual revenue. Margin expansion and debt reduction signal financial strength (SolarQuarter, 2025).

Policy Tailwinds: Structural Growth Drivers:

India’s renewable energy policies fuel SWSOLAR’s growth:

🧨PLI Scheme: Enhances domestic module supply, reducing EPC input costs.

🧨Import Restrictions: Curbs on Chinese solar equipment boost domestic competitiveness.

🧨500 GW Target: India’s goal of 500 GW non-fossil fuel capacity by 2030 drives EPC and O&M demand (Financial Express, 2025).

🧨PM Surya Ghar Muft Bijli Yojana: Subsidies for rooftop solar fuel domestic pipelines.

🧨State Tenders: Strong presence in Gujarat (e.g., 225 MW PV project) and Rajasthan ensures order flow (Tickertape, 2025).

Globally, SWSOLAR benefits from ESG investment flows and demand in the Middle East, Africa, and Europe.

The US Anti-Dumping Duty Concerns:

Context: On July 18, 2025, SWSOLAR shares fell 4% after U.S. manufacturers filed trade petitions accusing Indian firms of dumping subsidized solar modules, following high duties on Southeast Asian suppliers (e.g., 3,521% on Cambodia) (Equitymaster, 2025).

Rebuttal:

Limited U.S. Exposure: The U.S. contributes ~5–10% of revenue, with India and other regions driving the **₹9,396 crore order book (SolarQuarter, 2025).

Geographic Diversification: Orders like a $1.5 billion Nigeria MoU and projects in Europe and Latin America reduce U.S. reliance (Saur Energy, 2024).

BESS Pivot: Expansion into battery energy storage systems, less affected by module duties, diversifies revenue (Equitymaster, 2025).

Market Opportunity: U.S. duties on Southeast Asia create a supply gap, positioning SWSOLAR as a non-Chinese supplier with potential for long-term contracts.

Management Strategy: SWSOLAR is exploring legal and diplomatic remedies, leveraging Reliance’s influence and India’s trade agreements (SolarQuarter, 2025).

Outlook: Short-term margin pressure is possible, but SWSOLAR’s diversified portfolio and domestic focus mitigate risks, with opportunities in non-U.S. markets.

Brokerage Targets:

🧨Nuvama (July 2023): ‘Buy’ with ₹454 target (~51% upside) (Business Today, 2023).

🧨MNCL (February 2024): ₹800 target (~166% upside), citing PSU and international orders (INDmoney, 2025).

🧨INDmoney (February 2025): ₹420 target (~40% upside), based on financial recovery (INDmoney, 2025).

Projections:

Order Book: ₹10,000–12,000 crore by FY26 end (Tickertape, 2025).

Revenue: 20–30% YoY growth in FY26, with H2 driving ~60–65% of revenue (SolarQuarter, 2025).

EBITDA Margins: 6–8% by FY26, supported by cost efficiencies (Business Standard, 2025).

PAT: ₹150–200 crore in FY26, driven by execution and margins (SolarQuarter, 2025).

Strategic Advantages:

Reliance Synergies: Access to Reliance’s module sourcing and financing for projects like its 20 GW solar rollout (Business Today, 2023).

Global Scale: 19.4 GWp EPC portfolio across 28 countries (Sterling and Wilson Renewable Energy Limited, 2022).

Execution Expertise: Recent 225 MW Gujarat project** win (Tickertape, 2025).

Financial Turnaround: 90% debt reduction to ₹97 crore, working capital at 47.2 days (Saur Energy, 2024).

Institutional Support: Investors include Vanguard Group, HSBC AMC, and 17 mutual fund schemes (INDmoney, 2025).

Key Risks:

The US Anti-Dumping Duties: Potential margin pressure, mitigated by diversification.

Thin Margins: ~5–6% margins vulnerable to commodity and forex risks.

Execution Delays: EPC project delays may impact revenue.

High Valuation: P/E of ~64.0 requires sustained earnings growth.

Conclusion: A High-Conviction Solar Play:

At ₹300.50, SWSOLAR offers exposure to India’s renewable energy megatrend, backed by Reliance New Energy (32.5% stake) and a ₹9,396 crore order book. Its global EPC leadership and alignment with India’s 500 GW target by 2030 drive growth. Brokerage targets (₹420–₹800) reflect optimism, with 20–30% revenue growth projected for FY26. The U.S. anti-dumping issue is a short-term headwind, mitigated by diversified markets and BESS focus. High valuations require patience, ideal for long-term, risk-tolerant investors.

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References:

🧨Business Standard. (2025, July 18). "Sterling and Wilson Renewable posts PAT of nearly Rs 32 crore in Q1 FY26". https://www.business-standard.com/markets/capital-market-news/sterling-and-wilson-renewable-posts-pat-of-nearly-rs-32-crore-in-q1-fy26-125071801053_1.html

🧨Business Today. (2023, July 17). "Sterling and Wilson Renewable Energy shares jump 18% today; here’s why". https://www.businesstoday.in/markets/company/stock-sterling-and-wilson-renewable-energy-share-price-jumps-18-today-heres-why-390216-2023-07-17

🧨Equitymaster. (2025, April 22). "Why Sterling and Wilson Renewable Energy share price is rising". https://www.equitymaster.com/detail.asp?date=04/22/2025&story=1&title=Why-Sterling-and-Wilson-Renewable-Energy-Share-Price-is-Rising

🧨Financial Express. (2025). "500 GW target by 2030 within reach: After a brief lull, RE capacity gathers pace in Q1". https://www.financialexpress.com/

🧨INDmoney. (2025, February 7). "Swsolar share price today – SWSOLAR stock price, live NSE/BSE charts". https://www.indmoney.com/stocks/sterling-wilson-renewable-energy-ltd/swsolar-share-price

Saur Energy. (2024, April 21). "FY24: Sterling & Wilson reports surged income, reduced losses". 

https://www.saurenergy.com/solar-energy-news/fy24-sterling-wilson-reports-surged-income-reduced-losses

🧨Saur Energy. (2024, July 18). "Q1 results: Sterling & Wilson reports profit, gets Rs 2.1cr orders". 

https://www.saurenergy.com/solar-energy-news/q1-results-sterling-wilson-reports-profit-gets-rs-2-1cr-orders

🧨Screener. (2025, April 24). "Sterling & Wilson Renewable Energy Ltd share price". https://www.screener.in/company/SWSOLAR/

🧨SolarQuarter. (2025, July 21). "Sterling and Wilson Renewable Energy delivers strong Q1 FY26 results with 93% surge in revenue and ₹39 crore profit after tax". https://solarquarter.com/2025/07/21/sterling-and-wilson-renewable-energy-delivers-strong-q1-fy26-results-with-93-surge-in-revenue-and-₹39-crore-profit-after-tax/

🧨Sterling and Wilson Renewable Energy Limited. (2022, March 31). "Sterling and Wilson Renewable Energy: Solar EPC contractors". https://www.sterlingandwilsonre.com/businesses/solar-epc

🧨Tickertape. (2025, April 24). "Sterling and Wilson Renewable Energy stock price chart". https://www.tickertape.in/stocks/sterling-and-wilson-renewable-energy-SWSOLAR.