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 ₹ 6,506 Cr.
- Current Price ₹ 279
- High / Low ₹ 758 / 216
- Stock P/E 59.6
- Book Value ₹ 43.1
- Dividend Yield 0.00 %
- ROCE 17.0 %
- ROE 8.19 %
- 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 48.6 days to 24.9 days
Cons
- Stock is trading at 6.46 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 -76.2% 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 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 | TTM | |
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6,872 | 8,240 | 5,575 | 5,081 | 5,199 | 2,015 | 3,035 | 6,302 | 7,148 | |
6,330 | 7,582 | 5,246 | 5,458 | 6,102 | 3,139 | 3,043 | 6,038 | 6,841 | |
Operating Profit | 542 | 658 | 329 | -377 | -903 | -1,124 | -7 | 264 | 308 |
OPM % | 8% | 8% | 6% | -7% | -17% | -56% | -0% | 4% | 4% |
13 | 209 | 303 | 158 | 95 | 111 | 85 | 40 | 48 | |
Interest | 23 | 100 | 220 | 105 | 87 | 151 | 234 | 127 | 120 |
Depreciation | 3 | 8 | 14 | 17 | 15 | 15 | 17 | 14 | 13 |
Profit before tax | 529 | 759 | 398 | -340 | -910 | -1,179 | -172 | 163 | 223 |
Tax % | 15% | 16% | 24% | -15% | 1% | -0% | 22% | 47% | |
451 | 638 | 304 | -290 | -916 | -1,175 | -211 | 86 | 119 | |
EPS in Rs | 281.98 | 39.85 | 19.34 | -17.80 | -47.94 | -61.65 | -9.09 | 3.49 | 4.68 |
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: | -24% |
3 Years: | 28% |
TTM: | 197% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 1% |
3 Years: | -2% |
1 Year: | -58% |
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 | |||||||
Days Payable | 253 | |||||||
Cash Conversion Cycle | -155 | 84 | 133 | 61 | 55 | 143 | 100 | 73 |
Working Capital Days | 13 | 14 | 33 | 13 | 17 | 32 | 89 | 25 |
ROCE % | 50% | 23% | -14% | -66% | -65% | 4% | 17% |
Documents
Announcements
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Re-Appointment Of Mr. Chandra Kishore Thakur As The Manager Of The Company
2d - Shareholders approved re-appointment of Chandra Kishore Thakur as Manager from Sep 1, 2025 to Aug 31, 2027.
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Appointment Of Secretarial Auditor
2d - Shareholders approved Manish Ghia & Associates as secretarial auditors for FY2025-26 to FY2029-30.
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Shareholder Meeting / Postal Ballot-Outcome of AGM
2d - AGM Aug 21, 2025: FY2024-25 financials adopted; ESOP II 2025 and appointments approved.
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Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
2d - 8th AGM (21 Aug 2025): FY2024-25 financials adopted; all resolutions including ESOP II 2025 approved.
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Announcement under Regulation 30 (LODR)-Credit Rating
19 Aug - Acuité reaffirmed ACUITE BBB/Stable and A3+; company appealed and rejected reaffirmation.
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]