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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

₹ 221 -2.60%
20 Oct 11:14 a.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

Promoters
The company was earlier a part of the Shapoorji Pallonji Group. In 2022, Reliance Industries acquired a 40% stake in the Company through its subsidiary Reliance New Energy Limited. As of March 2025, Reliance held 32.5% and Shapoorji Pallonji 6.9% stake in the company. [1] [2]

Website BSE NSE
  • Market Cap ₹ 5,158 Cr.
  • Current Price ₹ 221
  • High / Low ₹ 638 / 216
  • Stock P/E 17.0
  • Book Value ₹ 20.1
  • Dividend Yield 0.00 %
  • ROCE 13.5 %
  • 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 141 days to 24.3 days

Cons

  • Stock is trading at 11.3 times its book value
  • 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 0.81% over last 3 years.
  • Promoters have pledged or encumbered 27.6% of their holding.
  • 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

Industrials Construction Construction Civil Construction

Part of BSE 500 BSE SmallCap BSE Allcap BSE Industrials BSE 250 SmallCap Index

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
214 293 158 384 642 541 1,140 885 996 1,487 2,018 1,363 1,276
355 337 274 401 634 532 1,085 833 954 1,412 1,912 1,291 1,271
Operating Profit -141 -44 -116 -17 8 9 55 52 42 75 107 73 5
OPM % -66% -15% -74% -5% 1% 2% 5% 6% 4% 5% 5% 5% 0%
118 40 30 48 68 62 93 52 71 48 34 63 -2,592
Interest 31 37 59 52 55 61 24 19 25 31 31 29 33
Depreciation 1 2 1 2 2 3 3 3 2 2 2 2 2
Profit before tax -55 -42 -147 -23 18 7 121 83 86 90 107 104 -2,623
Tax % 0% 6% 2% 0% 17% 8% 27% 11% 12% 14% 14% 24% -1%
-55 -45 -151 -23 15 6 89 74 75 77 92 78 -2,584
EPS in Rs -2.92 -2.37 -7.94 -1.20 0.78 0.27 3.81 3.15 3.21 3.32 3.95 3.36 -110.65
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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 TTM
6,126 8,210 4,537 3,176 3,460 1,458 2,706 5,387 6,145
5,934 7,991 4,304 3,386 3,679 1,869 2,644 5,101 5,885
Operating Profit 192 220 233 -209 -219 -411 62 286 260
OPM % 3% 3% 5% -7% -6% -28% 2% 5% 4%
25 155 372 154 102 214 271 205 -2,448
Interest 13 68 167 79 81 143 200 116 124
Depreciation 2 3 6 8 8 7 9 10 9
Profit before tax 202 304 431 -143 -205 -347 123 366 -2,322
Tax % 35% 36% 27% -22% -18% 2% 29% 13%
132 196 317 -111 -168 -355 87 318 -2,335
EPS in Rs 82.30 12.23 19.75 -6.95 -8.83 -18.72 3.74 13.63 -100.02
Dividend Payout % 0% 0% 30% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 4%
3 Years: 16%
TTM: 73%
Compounded Profit Growth
10 Years: %
5 Years: 0%
3 Years: 57%
TTM: 24%
Stock Price CAGR
10 Years: %
5 Years: 1%
3 Years: -8%
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 Sep 2025
Equity Capital 16 16 16 16 19 19 23 23 23
Reserves 219 423 686 496 1,482 1,150 2,657 2,983 446
67 1,175 606 392 359 1,851 511 931 1,221
3,545 2,962 2,607 2,872 2,112 1,037 2,496 3,063 2,404
Total Liabilities 3,847 4,575 3,916 3,776 3,973 4,057 5,687 7,001 4,095
10 12 28 34 28 33 47 39 37
CWIP 0 0 3 0 0 0 0 0 0
Investments 4 6 4 371 371 371 371 804 560
3,833 4,557 3,881 3,371 3,573 3,652 5,269 6,157 3,498
Total Assets 3,847 4,575 3,916 3,776 3,973 4,057 5,687 7,001 4,095

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 -184
-257 1,056 -821 -275 982 1,346 -85 320
Net Cash Flow 39 270 -128 -59 222 -322 240 118

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
Days Payable 205 2,059
Cash Conversion Cycle -72 77 -1,922 88 62 137 88 74
Working Capital Days 14 4 37 -18 63 314 85 24
ROCE % 39% 41% -6% -9% -8% 10% 13%

Shareholding Pattern

Numbers in percentages

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
76.69% 72.73% 72.73% 69.03% 67.56% 52.99% 52.94% 52.92% 45.75% 45.74% 45.74% 45.74%
2.65% 3.53% 4.13% 4.26% 3.37% 11.91% 10.50% 10.07% 14.08% 10.39% 8.43% 8.41%
3.90% 4.74% 5.55% 5.57% 5.94% 9.75% 10.64% 9.08% 9.70% 9.82% 7.50% 5.02%
16.76% 19.01% 17.61% 21.14% 23.14% 25.34% 25.91% 27.95% 30.47% 34.05% 38.33% 40.83%
No. of Shareholders 1,62,3831,58,0021,54,1501,53,1281,58,6491,48,9941,96,3082,44,7632,73,6623,14,0743,40,0263,53,316

* 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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