Sterling & Wilson Renewable Energy Ltd logo

Sterling & Wilson Renewable Energy Ltd

SWSOLAR NSE

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹4,805 Cr
Volatility
Moderate
P/E Ratio
-17.2
EBITDA
₹506 Cr
Return on Equity
-45.42%
Debt to Equity
1.84
Book Value
₹27.82
EPS
₹0
52W High
₹286.5
52W Low
₹148

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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51 extracted metrics + investor summaries across FY16–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Weaknesses

5
  • Stock is trading at 7.37 times its book value
  • Tax rate seems low
  • Company has a low return on equity of 9.18% over last 3 years.
  • Promoters have pledged 27.6% of their holding.
  • Promoter holding has decreased over last 3 years: -23.3%

Growth Rate

Revenue Growth
22.24% ↗
Net Income Growth
-445.96% ↘
Cash Flow Change
-779.38% ↘
ROE
-628.14% ↘
ROCE
-156.35% ↘
EBITDA Margin (Avg.)
44.25% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 9d ago
AI opinion · based on fundamentals
Risk high

Sterling & Wilson Renewable Energy Ltd is a mid-cap EPC company in the renewable energy space with a market cap of ₹4,832 Cr, currently trading at a negative P/E of -17 and 7.34x book value. The company has shown a sharp TTM profit growth of 186% and 3-year sales CAGR of 55%, but its stock has declined 27% over the past year amid governance concerns including significant promoter pledge and holding reduction.

Bull Case 8
  • TTM profit growth of 186% indicates a strong earnings recovery trajectory after years of losses
  • 3-year compounded sales growth of 55% demonstrates significant revenue scale-up in the renewable EPC segment
  • Last year ROE of 40% shows meaningful improvement in capital efficiency and profitability
  • 5-year compounded profit growth of 26% suggests the company is on a longer-term path toward sustainable profitability
  • India's renewable energy targets (500 GW by 2030) provide a substantial addressable market tailwind for solar EPC players
  • 3-year compounded profit growth of 32% shows consistent improvement in bottom-line performance over a medium-term horizon
  • Reliance New Energy (promoter post-acquisition) backing provides financial stability and access to large-scale solar projects
  • 5-year compounded sales growth of 8% even through challenging pandemic and working capital stress years shows business resilience
Bear Case 8
  • Promoters have pledged 27.6% of their holding, creating risk of forced selling or governance pressure
  • Promoter holding has decreased by 23.3% over the last 3 years, signaling potential lack of confidence or dilution
  • Stock is trading at 7.34x book value which is expensive for an EPC company with volatile earnings
  • Negative trailing P/E of -17 indicates the company is still not consistently profitable on a trailing basis
  • 3-year average ROE of only 9.18% is poor for a company trading at 7.34x book, implying stretched valuations relative to returns
  • 5-year ROE of -57% reflects deep historical losses and capital erosion that took years to stabilize
  • Stock has declined 27% over 1 year and delivered -20% CAGR over 3 years, showing sustained underperformance
  • Zero dividend yield with no payout history suggests the company prioritizes debt servicing or reinvestment over shareholder returns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 7d ago
Headwinds 1
  • Revenue falls 10% in Q1FY27 Jul 26

    Revenue declined 10% to ₹1,590 crore from slower international EPC execution, indicating near-term project delivery challenges.

Positives 3
  • PAT jumps 36% to ₹53 crore Jul 26

    Q1FY27 net profit rose 36% YoY to ₹53 crore (vs ₹38.69 crore in Q1FY26), driven by lower tax rates despite revenue decline.

  • Record order book at ₹13,000 crore Jul 26

    Unexecuted order value hit a record ₹13,000 crore, bolstered by a major Egypt project win, with FY27 revenue growth guidance maintained at 10-15%.

  • Arbitration seeks up to AUD $28M Jul 15

    Subsidiary filed LCIA arbitration against Shell New Energies Australia on Jul 14 seeking AUD $20.6M-$28.03M plus USD $1.64M for Gangarri Solar Farm EPC/O&M disputes.

Neutral 1
  • Q1FY27 earnings call held Jul 17 Jul 13

    Sterling & Wilson hosted its Q1FY27 earnings call on July 17, 2026, led by the Global CEO and CFO to discuss quarterly results.

TL;DR: Sterling & Wilson shows strong profit growth and a record order book of ₹13,000 crore, but near-term revenue execution remains a concern with a 10% decline from slower international projects. The Shell arbitration could yield a material recovery if successful. With management maintaining 10-15% FY27 revenue growth guidance and a healthy pipeline, the trend is cautiously improving provided execution catches up to order intake.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
515
760
583
1,178
915
1,030
1,837
2,519
1,762
1,749
2,092
1,946
1,590
Expenses
552
758
599
1,149
890
1,012
1,767
2,386
1,676
1,745
2,025
1,800
1,511
Operating Profit
-37
1
-16
29
25
18
70
134
85
4
67
146
79
OPM %
-7%
0.2%
-2.8%
2.5%
2.7%
1.8%
3.8%
5%
4.8%
0.2%
3.2%
7%
5%
Other Income
7
17
27
33
13
34
5
-13
21
-469
-12
53
20
Interest
62
64
68
25
19
28
31
31
29
36
47
42
39
Depreciation
3
4
4
4
4
4
3
3
3
3
3
3
3
PBT
-95
-50
-61
34
15
20
41
87
75
-503
4
154
57
Tax %
0%
9%
3%
96%
67%
57%
58%
37%
48%
-5%
65%
8%
6%
Net Profit
-95
-55
-62
1
5
9
17
55
39
-478
2
142
53
EPS in Rs
-5.03
-2.86
-2.73
0.06
0.18
0.3
0.64
2.37
1.37
-20.26
-0.12
5.76
2.32
Figures in ₹ Crores

Profit & Loss

  Mar 2018 13mMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
6,872
8,240
5,575
5,081
5,199
2,015
3,035
6,302
7,548
7,377
Expenses
6,330
7,582
5,246
5,458
6,102
3,139
3,043
6,038
7,234
7,081
Operating Profit
542
658
329
-377
-903
-1,124
-7
264
314
295
OPM %
8%
8%
6%
-7%
-17%
-56%
-0.2%
4.2%
4.2%
4%
Other Income
13
209
303
158
95
111
85
40
-408
-408
Interest
23
100
220
105
87
151
234
127
165
164
Depreciation
3
8
14
17
15
15
17
14
11
12
PBT
529
759
398
-340
-910
-1,179
-172
163
-270
-288
Tax %
15%
16%
24%
-15%
1%
0%
22%
47%
9%
—
Net Profit
451
638
304
-290
-916
-1,175
-211
86
-296
-281
EPS in Rs
282
39.85
19.34
-17.8
-47.94
-61.65
-9.09
3.49
-13.25
-12.3
Div. Payout %
0%
0%
31%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
16
16
16
16
19
19
23
23
23
Reserves
181
825
1,065
646
898
-244
946
984
626
Borrowings
184
2,228
1,234
479
446
2,030
516
936
1,191
Other Liabilities
4,540
2,323
2,719
2,568
2,137
1,386
2,816
3,687
3,476
Total Liabilities
4,920
5,392
5,034
3,709
3,500
3,190
4,301
5,630
5,317
Fixed Assets
21
31
45
46
42
44
56
46
41
CWIP
3
0
4
0
0
0
0
0
0
Investments
0
0
0
0
0
0
0
0
0
Other Assets
4,896
5,360
4,985
3,663
3,457
3,146
4,244
5,584
5,276
Total Assets
4,920
5,392
5,034
3,709
3,500
3,190
4,301
5,630
5,317
Figures in ₹ Crores

Cash Flow

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
251
-723
338
201
-1,690
-1,829
538
38
-257
Investing
-15
-924
1,018
409
949
-12
-5
-75
-107
Financing
-141
1,972
-1,313
-853
978
1,431
-286
317
103
Net Cash Flow
95
325
43
-243
238
-410
248
280
-261
Free Cash Flow
233
-732
323
185
-1,700
-1,838
538
34
-268
CFO/OP
61
-94
142
-70
185
161
-6,962
43
-66
Figures in ₹ Crores

Ratios

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
97
84
133
61
55
143
100
73
87
Inventory Days
1
—
—
—
—
—
—
—
—
Days Payable
253
—
—
—
—
—
—
—
—
Cash Conversion Cycle
-155
84
133
61
55
143
100
73
87
Working Capital Days
13
14
33
13
17
32
89
25
6
ROCE %
—
50%
23%
-14%
-66%
-65%
4%
17%
27%

Shareholding Pattern

As of Jun 2026
Promoters 45.72%
Public 37.21%
Others 7.20%
FIIs 5.06%
DIIs 4.80%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
69.36%
69.36%
69.36%
74.10%
78.56%
78.56%
76.69%
72.73%
72.73%
69.04%
67.56%
52.98%
52.94%
52.91%
45.75%
45.73%
45.73%
45.73%
45.72%
45.72%
45.72%
45.72%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
3.38%
0.00%
10.50%
10.07%
14.08%
10.40%
8.44%
8.42%
7.10%
7.19%
6.97%
5.06%
DIIs
4.40%
4.20%
3.62%
3.01%
3.17%
3.38%
3.90%
4.74%
5.55%
5.57%
5.94%
6.30%
10.65%
9.09%
9.70%
9.82%
7.50%
5.02%
3.17%
2.98%
3.19%
4.80%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.96%
12.89%
12.42%
12.24%
12.60%
12.97%
13.73%
14.76%
14.59%
16.42%
18.89%
17.62%
20.03%
21.70%
23.50%
26.90%
30.14%
33.26%
37.29%
37.62%
36.95%
37.21%
Others
17.28%
13.55%
14.60%
10.65%
5.67%
5.08%
5.68%
7.77%
7.13%
8.97%
4.23%
23.09%
5.88%
6.24%
6.97%
7.15%
8.19%
7.57%
6.71%
6.49%
7.17%
7.20%
No. of Shareholders
43,209
71,206
65,779
1,42,196
1,56,594
1,63,804
1,62,383
1,58,002
1,54,150
1,53,128
1,58,649
1,51,416
1,96,308
2,44,763
2,73,662
3,14,074
3,40,026
3,53,316
3,66,222
3,54,219
3,37,694
3,29,077

Documents

1
Concall - Feb 2020 Feb 2020
2
Concall - Sep 2020 Sep 2020
3
Concall - Nov 2019 Nov 2019
4
Concall - Feb 2020 Feb 2020
5
Concall - Feb 2020 Feb 2020

Frequently Asked Questions about Sterling & Wilson Renewable Energy Ltd

What does Sterling & Wilson Renewable Energy Ltd do?
Sterling and Wilson Solar Ltd is one of the leading end-to-end solar engineering, procurement and construction (EPC) solutions provider globally and is also engaged in the operation and maintenance (O&M) of solar power projects. The company is backed by strong parentage of the Reliance Industries
Where is Sterling & Wilson Renewable Energy Ltd (SWSOLAR) listed?
Sterling & Wilson Renewable Energy Ltd is listed on the Indian stock exchanges. It is listed on NSE: SWSOLAR and BSE: 542760. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Sterling & Wilson Renewable Energy Ltd belong to?
Sterling & Wilson Renewable Energy Ltd operates in the Industrials sector within the Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Sterling & Wilson Renewable Energy Ltd?
Sterling & Wilson Renewable Energy Ltd has a market capitalisation of approximately ₹4805.15 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Sterling & Wilson Renewable Energy Ltd?
The Price-to-Earnings (PE) ratio of Sterling & Wilson Renewable Energy Ltd is -17.20. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Sterling & Wilson Renewable Energy Ltd?
Over the past 52 weeks, Sterling & Wilson Renewable Energy Ltd has traded between a low of ₹148 and a high of ₹286.5. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Sterling & Wilson Renewable Energy Ltd?
Sterling & Wilson Renewable Energy Ltd has a Return on Equity (ROE) of -45.42%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Sterling & Wilson Renewable Energy Ltd on Tapetide?
On Tapetide, you can view Sterling & Wilson Renewable Energy Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Sterling and Wilson Solar Ltd is one of the leading end-to-end solar engineering, procurement and construction (EPC) solutions provider globally and is also engaged in the operation and maintenance (O&M) of solar power projects. The company is backed by strong parentage of the Reliance Industries

Website sterlingandwilsonre.com
CEO Mr. Chandra Kishore Thakur
Employees 2,499
Listed 2019-08-20
Face Value ₹ 1
Issued Size 23,35,31,720

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