Sterling & Wilson Renewable Energy Ltd

Sterling & Wils. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Sterling & Wilson Renewable Energy Ltd

₹ 282 -0.30%
21 May 12:05 p.m.
sterlingandwilsonre.com BSE: 542760 NSE: SWSOLAR
About

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

Key Points

History[1]
Company was a part of Shapoorji Pallonji Group and is promoted by Shapoorji Pallonji and Company Pvt Ltd and Mr. Khurshed Daruvala. Post demerger from Sterling and Wilson Pvt Ltd, SWREL was incorporated in 2017 and is engaged in EPC and O&M for Solar Power Plants. In FY22, there was an acquisition of stake in SWREL by Reliance New Energy Ltd , a subsidiary of Reliance Industries. Currently REL owns 32.6% stake in the company. The company has set up its largest single location Solar Photovoltaic Plant of 1177 MW in Abu Dhabi.

Website BSE NSE
  • Market Cap ₹ 6,588 Cr.
  • Current Price ₹ 282
  • High / Low ₹ 811 / 216
  • Stock P/E 20.7
  • Book Value ₹ 129
  • Dividend Yield 0.00 %
  • ROCE 13.2 %
  • ROE 11.2 %
  • Face Value ₹ 1.00
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Pros

  • Company is expected to give good quarter
  • Debtor days have improved from 99.6 to 74.4 days.
  • Company's working capital requirements have reduced from 256 days to 50.3 days

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 0.83% over last 3 years.
  • Promoters have pledged 27.6% of their holding.
  • Earnings include an other income of Rs.205 Cr.
  • Promoter holding has decreased over last 3 years: -32.8%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services

Part of BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE Industrials

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
619 793 214 293 158 384 642 541 1,140 885 996 1,487 2,018
687 906 355 337 274 401 634 532 1,085 833 954 1,412 1,912
Operating Profit -69 -112 -141 -44 -116 -17 8 9 55 52 42 75 107
OPM % -11% -14% -66% -15% -74% -5% 1% 2% 5% 6% 4% 5% 5%
21 26 118 40 30 48 68 62 93 52 71 48 34
Interest 19 14 31 37 59 52 55 61 24 19 25 31 31
Depreciation 1 2 1 2 1 2 2 3 3 3 2 2 2
Profit before tax -68 -102 -55 -42 -147 -23 18 7 121 83 86 90 107
Tax % -14% 2% 0% 6% 2% 0% 17% 8% 27% 11% 12% 14% 14%
-58 -104 -55 -45 -151 -23 15 6 89 74 75 77 92
EPS in Rs -3.06 -5.48 -2.92 -2.37 -7.94 -1.20 0.78 0.27 3.81 3.15 3.21 3.32 3.95
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 13m Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
6,126 8,210 4,537 3,176 3,460 1,458 2,706 5,387
5,934 7,991 4,304 3,386 3,679 1,869 2,644 5,111
Operating Profit 192 220 233 -209 -219 -411 62 276
OPM % 3% 3% 5% -7% -6% -28% 2% 5%
25 155 372 154 102 214 271 205
Interest 13 68 167 79 81 143 200 106
Depreciation 2 3 6 8 8 7 9 10
Profit before tax 202 304 431 -143 -205 -347 123 366
Tax % 35% 36% 27% -22% -18% 2% 29% 13%
132 196 317 -111 -168 -355 87 318
EPS in Rs 82.30 12.23 19.75 -6.95 -8.83 -18.72 3.74 13.63
Dividend Payout % 0% 0% 30% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 4%
3 Years: 16%
TTM: 99%
Compounded Profit Growth
10 Years: %
5 Years: 0%
3 Years: 57%
TTM: 265%
Stock Price CAGR
10 Years: %
5 Years: 14%
3 Years: -5%
1 Year: -64%
Return on Equity
10 Years: %
5 Years: -3%
3 Years: 1%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 16 16 16 16 19 19 23 23
Reserves 219 423 686 496 1,482 1,150 2,657 2,983
67 1,175 606 392 359 1,851 511 931
3,545 2,962 2,607 2,872 2,112 1,037 2,496 3,063
Total Liabilities 3,847 4,575 3,916 3,776 3,973 4,057 5,687 7,001
10 12 28 34 28 33 47 39
CWIP 0 0 3 0 0 0 0 0
Investments 4 6 4 371 371 371 371 804
3,833 4,557 3,881 3,371 3,573 3,652 5,269 6,157
Total Assets 3,847 4,575 3,916 3,776 3,973 4,057 5,687 7,001

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
347 149 -273 -10 -1,261 -580 1,027 -18
-51 -934 965 225 501 -1,088 -702 -188
-257 1,056 -821 -275 982 1,346 -85 320
Net Cash Flow 39 270 -128 -59 222 -322 240 114

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 131 77 124 88 62 137 88 74
Inventory Days 1 13 0
Days Payable 205 2,059 197
Cash Conversion Cycle -72 77 -1,922 88 62 137 88 -122
Working Capital Days 14 56 85 26 100 600 117 50
ROCE % 39% 41% -6% -9% -8% 10% 13%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
78.56% 76.69% 72.73% 72.73% 69.03% 67.56% 52.99% 52.94% 52.92% 45.75% 45.74% 45.74%
2.05% 2.65% 3.53% 4.13% 4.26% 3.37% 11.91% 10.50% 10.07% 14.08% 10.39% 8.43%
3.38% 3.90% 4.74% 5.55% 5.57% 5.94% 9.75% 10.64% 9.08% 9.70% 9.82% 7.50%
16.00% 16.76% 19.01% 17.61% 21.14% 23.14% 25.34% 25.91% 27.95% 30.47% 34.05% 38.33%
No. of Shareholders 1,63,8041,62,3831,58,0021,54,1501,53,1281,58,6491,48,9941,96,3082,44,7632,73,6623,14,0743,40,026

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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