Sterling and Wilson Renewable Energy Ltd.

•

sterlingandwilsonre.comBSE: 542760NSE: SWSOLAR

Market Cap₹ 4,206 Cr.

Current Price

High / Low₹ 273 / 148

Stock P/E—

Book Value₹ 30

Price to Book5.39

Dividend Yield0.00 %

ROCE-5.7 %

ROE-35.9 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Solar EPC business: 96.4% • Operation & maintenance service: 3.6% • Unallocated: 0.0%

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

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

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	303.00	120.52	26710.00	692.49	12.88	9.42
12.	SWSOLAR	180.10	0.00	4206.08	0.00	53.27	37.68	1590.13	-9.74	-5.66	4.95

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.91	45.75	45.73	45.73	45.73	45.72	45.72	45.72	45.72
	10.07	14.08	10.39	8.43	8.41	7.11	7.19	6.97	5.07
	9.08	9.70	9.82	7.50	5.02	3.18	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
	27.94	30.47	34.05	38.33	40.83	44.00	44.11	44.12	44.41

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Schedule of meet

2026-07-31

Resignation of Director/KMP/SMP

2026-07-31 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-07-31

Resignation

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

Credit Rating

2026-07-31 - Sterling and Wilson Renewable Energy Limited has informed the Exchange about Credit Rating

2026-07-24

Analysts/Institutional Investor Meet/Con. Call Updates

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

Disclosure under SEBI Takeover Regulations

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

Analysts/Institutional Investor Meet/Con. Call Updates

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

Copy of Newspaper Publication

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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Sterling and Wilson Renewable Energy Ltd.

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Name

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

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

-16

134

146

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%

-13

-469

-12

Interest

Depreciation

Profit before Tax

-95

-50

-61

-503

154

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

-478

142

-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

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%

210

303

158

111

-407

-408

Interest

153

264

105

151

234

127

165

164

Depreciation

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

-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%

31.04%

0.00%

—

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-3

-8

-4

-11

-15

-14

-13

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

Capital Work in Progress

832

1,254

1,799

Cash & Bank

104

455

499

291

504

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

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

-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

320

-243

237

-410

248

280

-261

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.91

45.75

45.73

45.72

10.07

14.08

10.39

8.43

8.41

7.11

7.19

6.97

5.07

9.08

9.70

9.82

7.50

5.02

3.18

2.98

3.19

4.80

Government

0.00

27.94

30.47

34.05

38.33

40.83

44.00

44.11

44.12

44.41

Sterling and Wilson Renewable Energy Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Sterling and Wilson Renewable Energy Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI