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Sterling & Wilson Renewable Energy

SWSOLAR NSE
₹150.25 +8.99 (+6.36%)
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹150.25 −81.47 −35.2% 1Y
Start ₹231.72

Key Fundamentals

MicrocapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
26.80%
Debt to Equity
1.84
EPS (TTM)
−₹12.30
Book Value
₹30.95
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
4.85
ROE
40.10%
Dividend Yield
0.00%
EBITDA
₹506 Cr
52W High
₹260.80
52W Low
₹135.02
Day Range
₹140.11 – ₹151.00
Volume
16,76,939

Peer Comparison

Industrials › Construction › Civil Construction

Sterling & Wilson Renewable Energy peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Sterling & Wilson Renewable Energy (this company)
₹150.25—₹3,400 Cr4.850.00%40.10%26.80%₹7,377 Cr−₹281 Cr
Median 8 companies₹246.0428.37₹21,696 Cr4.820.42%18.15%22.55%₹11,481 Cr₹841 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

26 Poor

Data confidence 93/100

pledge:28%

Category scores

Quality
21
Poor
Returns, margins, earnings quality 22% weight
Valuation
28
Poor
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
16
Poor
Solvency, leverage, coverage 9% weight
Momentum
14
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

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: -21.8%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish964
OscillatorsBullish162
Moving AveragesStrong Bearish802

Key readings

RSI (14)
44.03
Neutral
MACD (12,26,9)
−8.73
Bullish
SMA (50)
170.50
Bearish
SMA (200)
193.92
Bearish

As of

Analyst Rating

Based on 2 analysts
BUY100%

2 of 2 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
2
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+8.24%
3Y+55.31%
1Y+19.77%
TTM+3.20%

Net profit

Net profit growth by window
5YLoss widened by ₹6 Cr
3YLoss narrowed by ₹879 Cr
1YTurned to loss
TTMTurned to loss

Operating cash flow

Operating cash flow growth by window
5YTurned negative
3YOutflow narrowed by ₹1,572 Cr
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+11.58 pp
3Y+59.94 pp
1Y−0.03 pp
TTM−0.28 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹8,240 Cr
Mar 2020₹5,575 Cr
Mar 2021₹5,081 Cr
Mar 2022₹5,199 Cr
Mar 2023₹2,015 Cr
Mar 2024₹3,035 Cr
Mar 2025₹6,302 Cr
Mar 2026₹7,548 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹638 Cr
Mar 2020₹304 Cr
Mar 2021−₹290 Cr
Mar 2022−₹916 Cr
Mar 2023−₹1,175 Cr
Mar 2024−₹211 Cr
Mar 2025₹86.00 Cr
Mar 2026−₹296 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹352 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 1.5× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
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

94d ago

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.

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.

Quarterly Results

₹ Cr
SWSOLAR quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
515
760
583
1,178
915
1,030
1,837
2,519
1,762
1,749
2,092
1,946
1,590
1,528
Expenses
552
758
599
1,149
890
1,012
1,767
2,386
1,676
1,745
2,025
1,800
1,511
1,471
Operating Profit
−37
1
−16
29
25
18
70
134
85
4
67
146
79
56
OPM %
−7%
0.2%
−2.8%
2.5%
2.7%
1.8%
3.8%
5%
4.8%
0.2%
3.2%
7%
5%
3.7%
Other Income
7
17
27
33
13
34
5
−13
21
−469
−12
53
20
14
Interest
62
64
68
25
19
28
31
31
29
36
47
42
39
50
Depreciation
3
4
4
4
4
4
3
3
3
3
3
3
3
4
PBT
−95
−50
−61
34
15
20
41
87
75
−503
4
154
57
17
Tax %
0%
9%
3%
96%
67%
57%
58%
37%
48%
−5%
65%
8%
6%
0%
Net Profit
−95
−55
−62
1
5
9
17
55
39
−478
2
142
53
17
EPS (₹)
−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
—

Sep 2026: from the results filed on 15 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SWSOLAR profit and loss, annual, ₹ crore
Particulars 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 (₹)
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

₹ Cr
SWSOLAR balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
SWSOLAR cash flow, annual, ₹ crore
Particulars 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

Ratios

SWSOLAR financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Sterling & Wilson Renewable Energy insights

67 extracted metrics across FY16–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 45.72%
  • Public 37.77%
  • Others 7.43%
  • DIIs 5.33%
  • FIIs 3.75%

27.62% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Sterling & Wilson Renewable Energy

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 trades as SWSOLAR on the NSE and under code 542760 on the BSE.
Which sector does Sterling & Wilson Renewable Energy Ltd belong to?
Sterling & Wilson Renewable Energy Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the 52-week high and low of Sterling & Wilson Renewable Energy Ltd?
Over the last 52 weeks Sterling & Wilson Renewable Energy Ltd has traded between ₹135.02 and ₹260.8 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Sterling & Wilson Renewable Energy Ltd?
Sterling & Wilson Renewable Energy Ltd reported a return on equity of 40.10%. Its debt-to-equity ratio is 1.84.

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 20 Aug 2019
Face Value ₹1

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