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 ₹ 7,471 Cr.
- Current Price ₹ 320
- High / Low ₹ 758 / 216
- Stock P/E 91.7
- Book Value ₹ 43.1
- Dividend Yield 0.00 %
- ROCE 16.0 %
- ROE 8.24 %
- Face Value ₹ 1.00
Pros
- Company is expected to give good quarter
- Debtor days have improved from 105 to 72.6 days.
- Company's working capital requirements have reduced from 145 days to 47.2 days
Cons
- Stock is trading at 7.42 times its book value
- The company has delivered a poor sales growth of 2.48% over past five years.
- Company has a low return on equity of -76.1% over last 3 years.
- Promoters have pledged 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 Nifty 500 BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 13m | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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6,872 | 8,240 | 5,575 | 5,081 | 5,199 | 2,015 | 3,035 | 6,302 | |
6,330 | 7,582 | 5,246 | 5,458 | 6,102 | 3,139 | 3,043 | 6,055 | |
Operating Profit | 542 | 658 | 329 | -377 | -903 | -1,124 | -7 | 247 |
OPM % | 8% | 8% | 6% | -7% | -17% | -56% | -0% | 4% |
13 | 209 | 303 | 158 | 95 | 111 | 85 | 40 | |
Interest | 23 | 100 | 220 | 105 | 87 | 151 | 234 | 109 |
Depreciation | 3 | 8 | 14 | 17 | 15 | 15 | 17 | 14 |
Profit before tax | 529 | 759 | 398 | -340 | -910 | -1,179 | -172 | 163 |
Tax % | 15% | 16% | 24% | -15% | 1% | -0% | 22% | 47% |
451 | 638 | 304 | -290 | -916 | -1,175 | -211 | 86 | |
EPS in Rs | 281.98 | 39.85 | 19.34 | -17.80 | -47.94 | -61.65 | -9.09 | 3.49 |
Dividend Payout % | -0% | -0% | 31% | -0% | -0% | -0% | -0% | -0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 2% |
3 Years: | 7% |
TTM: | 108% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | -23% |
3 Years: | 28% |
TTM: | 139% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 7% |
3 Years: | 2% |
1 Year: | -55% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | -74% |
3 Years: | -76% |
Last Year: | 8% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 181 | 825 | 1,065 | 646 | 898 | -244 | 946 | 984 |
184 | 2,228 | 1,234 | 479 | 446 | 2,030 | 516 | 936 | |
4,540 | 2,323 | 2,719 | 2,568 | 2,137 | 1,386 | 2,816 | 3,687 | |
Total Liabilities | 4,920 | 5,392 | 5,034 | 3,709 | 3,500 | 3,190 | 4,301 | 5,630 |
21 | 31 | 45 | 46 | 42 | 44 | 56 | 46 | |
CWIP | 3 | -0 | 4 | 0 | 0 | 0 | -0 | -0 |
Investments | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 |
4,896 | 5,360 | 4,985 | 3,663 | 3,457 | 3,146 | 4,244 | 5,584 | |
Total Assets | 4,920 | 5,392 | 5,034 | 3,709 | 3,500 | 3,190 | 4,301 | 5,630 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
251 | -723 | 338 | 201 | -1,690 | -1,829 | 538 | 38 | |
-15 | -924 | 1,018 | 409 | 949 | -12 | -5 | -75 | |
-141 | 1,972 | -1,313 | -853 | 978 | 1,431 | -286 | 317 | |
Net Cash Flow | 95 | 325 | 43 | -243 | 238 | -410 | 248 | 280 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Debtor Days | 97 | 84 | 133 | 61 | 55 | 143 | 100 | 73 |
Inventory Days | 1 | 0 | ||||||
Days Payable | 253 | 220 | ||||||
Cash Conversion Cycle | -155 | 84 | 133 | 61 | 55 | 143 | 100 | -147 |
Working Capital Days | 13 | 113 | 113 | 47 | 48 | 271 | 117 | 47 |
ROCE % | 50% | 23% | -14% | -66% | -65% | 4% | 16% |
Documents
Announcements
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Closure of Trading Window
2h - Trading window closed from July 1 until 48 hours post Q1 2025 results announcement.
- Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011. 27 Jun
- Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 27 Jun
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Announcement under Regulation 30 (LODR)-Credit Rating
12 Jun - Sterling and Wilson's credit ratings upgraded to IVR BBB+/Stable and IVR A2 by Infomerics.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
6 Jun - Sterling and Wilson Renewable Energy to hold investor meetings on June 13 and June 25, 2025.
Annual reports
Concalls
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May 2025Transcript PPT REC
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Jan 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT REC
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Apr 2024Transcript PPT REC
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Feb 2024Transcript PPT
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Jan 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Jul 2023Transcript PPT REC
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Apr 2023Transcript PPT
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Jan 2023Transcript PPT
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Oct 2022Transcript PPT
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Jul 2022Transcript PPT
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Apr 2022Transcript PPT
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Feb 2022Transcript PPT
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Nov 2021Transcript PPT
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Aug 2021Transcript PPT
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Jul 2021Transcript PPT
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Mar 2021Transcript PPT
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Feb 2021TranscriptPPT
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Nov 2020Transcript PPT
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Sep 2020TranscriptNotesPPT
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Sep 2020Transcript PPT
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Jun 2020Transcript PPT
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Feb 2020Transcript PPT
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Feb 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Nov 2019TranscriptNotesPPT
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]