Sterling and Wilson Renewable Energy Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Solar EPC business: 96.4% • Operation & maintenance service: 3.6% • Unallocated: 0.0%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Operating margins have improved to 4.1% from -50.3%
- Latest quarter profit grew 37.7% YoY, showing strong momentum
- Working capital cycle has improved - days down from 66 to 32
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 250.1% versus prior year
- Company has a low return on equity of -28.3% over last 3 years
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 5.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| SWSOLAR | 180.10 | 0.00 | 4206.08 | 0.00 | 53.27 | 37.68 | 1590.13 | -9.74 | -5.66 | 4.95 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 515 | 760 | 583 | 1,178 | 915 | 1,030 | 1,837 | 2,519 | 1,762 | 1,749 | 2,092 | 1,946 | 1,590 | |
| 552 | 758 | 599 | 1,149 | 890 | 1,012 | 1,767 | 2,386 | 1,676 | 1,745 | 2,025 | 1,800 | 1,554 | |
| Operating Profit | -37 | 1 | -16 | 29 | 25 | 18 | 70 | 134 | 85 | 4 | 67 | 146 | 36 |
| OPM % | -7.23% | 0.19% | -2.78% | 2.49% | 2.70% | 1.76% | 3.83% | 5.30% | 4.85% | 0.22% | 3.20% | 7.49% | 2.29% |
| 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 |
| Profit before Tax | -95 | -50 | -61 | 34 | 15 | 20 | 41 | 87 | 75 | -503 | 4 | 154 | 57 |
| Tax % | 0.01% | -9.13% | -2.63% | 95.85% | 67.05% | 57.30% | 58.29% | 36.57% | 48.19% | 5.12% | 64.69% | 8.12% | 5.97% |
| Net Profit | 0 | 0 | 0 | 0 | 5 | 9 | 17 | 55 | 39 | -478 | 2 | 142 | 53 |
| -5.03 | -2.86 | -3.31 | 0.06 | 0.18 | 0.30 | 0.64 | 2.37 | 1.37 | -20.27 | -0.12 | 5.76 | 2.32 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6,872 | 8,240 | 5,575 | 5,081 | 5,199 | 2,015 | 3,035 | 6,302 | 7,548 | 7,377 | |
| 6,277 | 7,530 | 5,203 | 5,458 | 6,102 | 3,139 | 3,043 | 6,038 | 7,235 | 7,123 | |
| Operating Profit | 595 | 710 | 373 | -377 | -903 | -1,124 | -7 | 264 | 313 | 253 |
| OPM % | 8.66% | 8.62% | 6.69% | -7.42% | -17.37% | -55.76% | -0.24% | 4.19% | 4.15% | 3.43% |
| 13 | 210 | 303 | 158 | 95 | 111 | 85 | 40 | -407 | -408 | |
| Interest | 76 | 153 | 264 | 105 | 87 | 151 | 234 | 127 | 165 | 164 |
| Depreciation | 3 | 8 | 14 | 17 | 15 | 15 | 17 | 14 | 11 | 12 |
| Profit before Tax | 529 | 759 | 398 | -340 | -910 | -1,179 | -172 | 163 | -270 | -288 |
| Tax % | 14.78% | 15.93% | 23.65% | 14.70% | -0.62% | 0.32% | -22.32% | 47.37% | -9.45% | 2.45% |
| Net Profit | 451 | 638 | 304 | -290 | -916 | -1,175 | -211 | 86 | -296 | -281 |
| EPS | 0.00 | 39.85 | 19.33 | -17.80 | -54.21 | -61.65 | -9.09 | 3.49 | -13.25 | — |
| Dividend Payout % | 0.00% | 0.00% | 31.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 8%
- 3 Years:
- 55%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -12%
- 3 Years:
- -21%
- 1 Year:
- -33%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -109%
- 3 Years:
- -28%
- Last Year:
- -36%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 19 | 19 | 23 | 23 | 23 |
| Minority Interest | -3 | -3 | -8 | -4 | -11 | -15 | -14 | -13 | 1 |
| 181 | 825 | 1,065 | 646 | 894 | -251 | 940 | 981 | 622 | |
| 184 | 2,228 | 1,231 | 477 | 443 | 2,026 | 351 | 581 | 563 | |
| Trade Payables | 3,740 | 1,913 | 2,221 | 1,857 | 1,403 | 650 | 1,508 | 2,750 | 2,502 |
| 868 | 568 | 794 | 597 | 651 | 664 | 1,429 | 1,283 | 1,565 | |
| Total Liabilities | 4,986 | 5,546 | 5,318 | 3,589 | 3,399 | 3,092 | 4,237 | 5,605 | 5,277 |
| 21 | 31 | 45 | 46 | 42 | 44 | 56 | 46 | 41 | |
| Capital Work in Progress | 3 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 |
| 19 | 13 | 15 | 3 | 4 | 2 | 1 | 3 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 832 | 1,254 | 1,799 | |
| Cash & Bank | 104 | 455 | 499 | 291 | 504 | 95 | 339 | 711 | 534 |
| 4,839 | 5,046 | 4,755 | 3,248 | 2,849 | 2,951 | 3,008 | 3,592 | 2,900 | |
| Total Assets | 4,986 | 5,546 | 5,318 | 3,589 | 3,399 | 3,092 | 4,237 | 5,605 | 5,277 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 330 | -622 | 417 | 262 | -1,684 | -1,813 | 602 | 86 | -209 | |
| Cash from Investing | -19 | -929 | 1,013 | 409 | 949 | -12 | -5 | -75 | -107 |
| Cash from Financing | -141 | 1,972 | -1,313 | -853 | 978 | 1,431 | -286 | 317 | 103 |
| 91 | 320 | 38 | -243 | 237 | -410 | 248 | 280 | -261 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about update on material litigation(s) or dispute(s) or the outcome impacting the Company
2026-08-24 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Schedule of meet
2026-07-31 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-07-31 - Sterling and Wilson Renewable Energy Limited has informed the Exchange regarding Resignation of Sandeep Mathew as Other of the company w.e.f. July 31, 2026.
2026-07-31 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Credit Rating
2026-07-24 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Transcript of the Investors Call held July 17, 2026, on the Unaudited Standalone and Consolidated Financial results of the Company for the quarter ended June 30, 2026
2026-07-23 - Khurshed Yazdi Daruvala has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-07-17 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Link of audio recording of the Investors/ Analysts conference call on the Unaudited Consolidated and Standalone Financial results of the Company for the quarter ended June 30, 2026
2026-07-17 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Copy of Newspaper Publication on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026
News
Recent coverage and analyst commentary for SWSOLAR
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