Sterling & Wilson Renewable Energy
Sterling & Wilson Renewable Energy
IndustrialsKey Fundamentals
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Key Insights
Weaknesses
4- 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoSterling & 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.
- 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
- 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 claude-opus-4.6 42d ago- 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.
- 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.
- 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
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Particulars | Mar 2018 13m | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | 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 |
| 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 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics + investor summaries across FY16–FY27.
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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
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