Sterling & Wilson Renewable Energy Ltd
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
- Market Cap ₹ 5,564 Cr.
- Current Price ₹ 238
- High / Low ₹ 642 / 216
- Stock P/E 17.2
- Book Value ₹ 129
- Dividend Yield 0.00 %
- ROCE 13.5 %
- ROE 11.2 %
- Face Value ₹ 1.00
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
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 0.81% over last 3 years.
- Promoters have pledged or encumbered 27.6% of their holding.
- Earnings include an other income of Rs.216 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
Industrials Construction Construction Civil Construction
Part of BSE 500 BSE SmallCap BSE Allcap BSE Industrials BSE 250 SmallCap Index
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | 5,865 | |
5,934 | 7,991 | 4,304 | 3,386 | 3,679 | 1,869 | 2,644 | 5,101 | 5,568 | |
Operating Profit | 192 | 220 | 233 | -209 | -219 | -411 | 62 | 286 | 296 |
OPM % | 3% | 3% | 5% | -7% | -6% | -28% | 2% | 5% | 5% |
25 | 155 | 372 | 154 | 102 | 214 | 271 | 205 | 216 | |
Interest | 13 | 68 | 167 | 79 | 81 | 143 | 200 | 116 | 116 |
Depreciation | 2 | 3 | 6 | 8 | 8 | 7 | 9 | 10 | 10 |
Profit before tax | 202 | 304 | 431 | -143 | -205 | -347 | 123 | 366 | 387 |
Tax % | 35% | 36% | 27% | -22% | -18% | 2% | 29% | 13% | |
132 | 196 | 317 | -111 | -168 | -355 | 87 | 318 | 323 | |
EPS in Rs | 82.30 | 12.23 | 19.75 | -6.95 | -8.83 | -18.72 | 3.74 | 13.63 | 13.84 |
Dividend Payout % | 0% | 0% | 30% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 4% |
3 Years: | 16% |
TTM: | 83% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 0% |
3 Years: | 57% |
TTM: | 76% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 2% |
3 Years: | -8% |
1 Year: | -54% |
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 | -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% |
Documents
Announcements
- Closure of Trading Window 30 Sep
-
Draw Down Of Standby Letters Of Credit Arranged By Sterling And Wilson Solar Solutions Inc. (SWSS), A Step-Down Subsidiary Of Sterling And Wilson Renewable Energy Ltd. Incorporated In The United States Of America
22 Sep - Customer called USD 7,187,989.98 standby LC; SWSS reimbursed (≈INR63.47 Crore); recovery litigation ongoing.
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Update On Material Litigation(S) Or Dispute(S)- Disclosure Under Regulation 30 Read With Para B Of Part A Of Schedule III Of The SEBI (LODR) Regulations, 2015 (SEBI Listing Regulations)
22 Sep - Interim arbitral award dismisses subsidiary's USD55.06m claim; Conti awarded USD6.44m plus interest (~INR56.8Cr).
-
Update On Material Dispute(S)-Disclosure Under Reg. 30 Read With Para B Of Part A Of Schedule III Of SEBI Listing Regulations
19 Sep - SARS revised tax demand to ZAR18.90m (~INR9.59Cr) from ZAR80.47m (~INR40.24Cr) on Sept 19, 2025.
-
Disclosure Of Information Under Regulation 30 Of The SEBI (LODR) Regulations, 2015.
18 Sep - Kenya Revenue Authority issued tax, VAT and PAYE assessments totaling ~INR50.41 Crore for 2020–2023; company will appeal.
Annual reports
Concalls
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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]