US litigation exposure
Ongoing US court cases involve ~₹200 cr cash out, promoter-indemnified, but additional costs could arise if cases go against the company.
STERLINGANDWILSONRENEWAB / bear-case history
Track the concerns that keep returning.
Sterling and Wilson · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Commodity price volatility
Rising solar module and commodity prices (copper, silver) since January 2026 have muted Q4 ordering; management has back-to-back protection for existing orders but new bids face uncertainty.
Reliance order delay
Despite deep engagement, no clarity on timing or size of Reliance New Energy orders; management expects it 'this year' but declined to commit to a quarter.
Execution slowdown in Rajasthan
Grid connectivity issues and GI court cases have delayed project development in Rajasthan, impacting order conversion and execution timelines.