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Sterling and Wilson Renewable Energy Ltd (SWSOLAR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 542760 NSE: SWSOLAR Engineering - Construction | Small Cap | Sterling and Wilson Share Price

₹235.60 13.45 (6.05%)

As on 19-Jun'26 16:59

Sterling and Wilson Renewable Energy Ltd (SWSOLAR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 542760 NSE: SWSOLAR Engineering - Construction | Small Cap | Sterling and Wilson Share Price

₹235.60 13.45 (6.05%)

As on 19-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹5,502 Cr.
Current Price
₹235.6
52-Week Low / High
₹148 / 341
TTM EPS
₹-13.3
TTM Sales
₹7,548 Cr.
Book Value per Share
₹27.7
P/E Ratio
0.00
Industry PE
31.7
Price to Book (P/B)
8.52
Lower than its 5-year historical median
Price to Sales (P/S)
0.73
Lower than its 5-year historical median
EV/EBITDA
11.86
In line with its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-35.85%
Underperforms industry median
Return on Capital Employed (ROCE)
-5.66%
Underperforms industry median
Return on Assets (ROA)
-5.44%
Operating Profit Margin
4.2%
Net Profit Margin
-3.92%
Gross Profit Margin
4.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
19.77%
Operating Profit Growth (1 Year)
-
18.51%
Net Profit Growth (1 Year)
-
-445.75%
Asset Quality
Promoter Holding
45.72%
Pledged shares (%) of Promoter's holding (%)
27.62%
Reserves
₹622 Cr.
Equity
₹23.4 Cr.
Face Value
₹1
All Time Low / High
₹69.75 / 828.00

Sterling and Wilson Renewable Energy stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Fair

Price Trend

Strong
Q.1 Is Sterling and Wilson Renewable Energy Ltd a good quality company?
Sterling and Wilson Renewable Energy Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Sterling and Wilson Renewable Energy Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Sterling and Wilson Renewable Energy Ltd vs industry peers?
Sterling and Wilson Renewable Energy Ltd revenue CAGR is 2.48%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Sterling and Wilson Renewable Energy Ltd?
Promoters hold 45.72% of the Sterling and Wilson Renewable Energy Ltd, with 27.62% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Sterling and Wilson Renewable Energy Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -3.93% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Sterling and Wilson Renewable Energy Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 0%158.8%52.9%24.6%-13.7%-66.3%-65.4%3.8%17.3%-5.7%-
Value Creation
Index
NA10.82.90.8-2.0-5.9NA-0.70.3-1.4-

Growth Parameters

Sales 06,8728,2405,5755,0815,1992,0153,0356,3027,5487,548
Sales YoY Gr.-NA19.9%-32.3%-8.9%2.3%-61.2%50.6%107.6%19.8%-
Adj EPS 029.138.418.7-13.5-45.4-61.6-10.13.60.8-13.3
YoY Gr.-NA31.9%-51.4%-172.4%NANANANA-78.2%-
BVPS (₹) 012.352.467.441.348.1-12.241.34327.727.7
Adj Net
Profit
0467615299-217-862-1,168-23683.318.1-309
Cash Flow from Ops. 0251-723338201-1,690-1,82953837.9-257-
Debt/CF from Ops. 00.7-3.13.62.3-0.3-1.10.923.8-4.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA8.2%55.3%19.8%
Adj EPS NANANA-78.2%
BVPSNA-7.7%NA-35.7%
Share Price - -1.3% -7.5% -25%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
0237.3118.631.2-24.9-109.2-337.6-63.38.42.2-47.9
Op. Profit
Mgn %
098.66.8-5.5-15.9-55.6-0.24.34.24
Net Profit
Mgn %
06.87.55.3-4.4-16.7-58.2-7.71.40.4-4.1
Debt to
Equity
00.92.71.10.70.5-8.70.50.91.80.8
Working Cap
Days
00220322288214526408252231111
Cash Conv.
Cycle
00-48-15-35-4121-35-71-6217

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales6,8728,2405,5755,0815,1992,0153,0356,3027,548
Operating Expenses + 6,2777,5305,2035,4586,1023,1393,0436,0387,235
Manufacturing Costs6511,5161,1651,9293,2481,5577861,1042,151
Material Costs5,3855,6103,5893,0692,4191,2111,9424,5614,688
Employee Cost 99178240208228248211200181
Other Costs 142226208251206123104173215
Operating Profit 595710373-377-903-1,124-7264313
Operating Profit Margin (%) 8.7%8.6%6.7%-7.4%-17.4%-55.8%-0.2%4.2%4.1%
Other Income + 13210303158951118540204
Exceptional Items 00000000-611
Interest 7615326410587151234127165
Depreciation 3814171515171411
Profit Before Tax 529759399-340-910-1,179-172163-270
Tax 7812194-506-4387726
Profit After Tax 451638304-290-916-1,175-21186-296
PAT Margin (%) 6.6%7.8%5.5%-5.7%-17.6%-58.3%-6.9%1.4%-3.9%
Adjusted EPS (₹)28.239.919.3-17.8-47.9-61.7-9.13.5-13.3
Dividend Payout Ratio (%)0%0%31%0%0%0%0%0%0%

Valuation of Sterling and Wilson - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1978411,081662913-2329631,004646
Share Capital 161616161919232323
Reserves 1818251,065646894-251940981622
Debt +1842,2281,2244684351,815320553545
Long Term Debt00000700246524497
Short Term Debt1842,2281,2244684351,115743047
Minority Interest-3-3-8-4-11-15-14-131
Trade Payables3,7401,9132,2211,8571,4036501,5082,7502,502
Others Liabilities 8685688016066598751,4601,3101,583
Total Liabilities 4,9865,5465,3183,5893,3993,0924,2375,6055,277

Fixed Assets

Net Fixed Assets +213145464244564641
Gross Block2751738688105132114101
Accumulated Depreciation61928394661766860
CWIP 304000000
Investments 000000001
Inventories191315342132
Trade Receivables1,8211,9002,0308497847908321,2541,799
Cash Equivalents 10445549929150495339711534
Others Assets 3,0183,1462,7252,3992,0652,1613,0083,5922,900
Total Assets 4,9865,5465,3183,5893,3993,0924,2375,6055,277

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 251-723338201-1,690-1,82953838-257
PBT 529759399-340-910-1,179-172163-270
Adjustment 28-43-241182207417894796
Changes in Working Capital -227-133842484-994-708568-95-684
Tax Paid -77-106-128-61-16-2228-75-51
Cash Flow From Investing Activity + -19-9291,013409949-12-5-75-107
Capex -18-9-15-50-10-9-1-4-11
Net Investments -1-19-9-426-7-12-81-111
Others 1-9011,03746393348915
Cash Flow From Financing Activity + -1411,972-1,313-8539781,431-286317103
Net Proceeds from Shares 00001,09001,47571
Net Proceeds from Borrowing 000001,500-1,097479246
Interest Paid -10-71-188-93-75-145-216-116-154
Dividend Paid 00-116000000
Others -1312,043-1,009-760-3776-448-5310
Net Cash Flow 9132038-243237-410248280-261

Financial Ratio

PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)229.17123.0231.66-33.28-116.29N/A-57.678.7-35.85
ROCE (%)158.7752.8624.64-13.69-66.31N/A3.817.26-5.66
Asset Turnover Ratio1.381.561.031.141.490.620.831.281.39
PAT to CFO Conversion(x)0.56-1.131.11N/AN/AN/AN/A0.44N/A
Working Capital Days
Receivable Days96.8082.40128.70103.4057.30142.6097.5060.4073.80
Inventory Days10.700.900.600.300.500.200.100.10
Payable Days233170.60202.40237242307.60202.40169.50203.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *37.3837.1634.8827.1527.6227.6227.6227.6227.6227.62
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Sterling and Wilson Renewable Energy Ltd FAQs

The current trading price of Sterling and Wilson on 19-Jun-2026 16:59 is ₹235.6.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-Jun-2026 the market cap of Sterling and Wilson stood at ₹5,502 Cr

The latest P/E ratio of Sterling and Wilson as of 18-Jun-2026 is 0.00.

The latest P/B ratio of Sterling and Wilson as of 18-Jun-2026 is 12.09.

The 52-week high of Sterling and Wilson is ₹341.0 and the 52-week low is ₹148.3.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Sterling and Wilson is ₹6,164 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Sterling and Wilson Renewable Energy Ltd is a average quality company.

The key valuation ratios of Sterling and Wilson Renewable Energy Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Sterling and Wilson Renewable Energy Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Sterling and Wilson Renewable Energy Ltd

Sterling and Wilson Solar, the Solar EPC Division of Sterling and Wilson Private Limited, commenced operations in 2011 and was subsequently demerged in 2017. This division was formed to tap into the growing renewable energy market. The company is the leading solar EPC solutions provider in the world, with a presence across many countries. An impressive portfolio of several solar power projects with an aggregate capacity of 10.6 GWp across geographies has positioned Sterling and Wilson Solar as the leading solar EPC solutions provider in the world. Sterling and Wilson Solar strategically focuses on markets that have conducive solar power policies and high solar resources as well as invests in geographies with long-term solar opportunities.

The inception of Sterling and Wilson is deep-rooted in the legendary friendship between Shapoorji Mistry Sr. and Mehervan Daruvala which later evolved into a powerful business partnership. In 1971, Wilson Electric Works merged with Sterling Investments, a group company of the Shapoorji Pallonji Group, to form an EPC powerhouse called Sterling and Wilson. The decision empowered the company to ride on global opportunities and emerge as a leading market player in due course. The new entity Sterling and Wilson Private Limited commenced its operations in the 1970s with a few large-scale projects in the Middle East, further venturing into the Asian subcontinent and various other countries. Within a short span it created a strong presence in regions such as the Middle East, Africa, Europe, the Americas, and Australia. Sterling and Wilson currently has operations in many countries.

Business area of the company

Sterling and Wilson Solar is the largest pure-play Solar EPC outside China, and offers a complete range of Solar EPC solutions like design, engineering, procurement, construction, project management, and operations and maintenance.

Sub verticals

  • Utility-Scale
  • Solar Rooftop
  • Floating Solar
  • Solar PV + Energy Storage
  • Operation and Maintenance

Awards

  • 2014: Energize Award for ‘Excellence in Solar Power EPC’
  • 2014: Energise Award for ‘Excellence in Innovation in Solar Energy’
  • 2015: Intersolar Award (Solar Projects in India) for the 11 MWp Total Turnkey Solar Project in Maharashtra under JNNSM PH II
  • 2015: Certificate of special recognition in the category of ‘Excellence in EPC’
  • 2016: Trophy in the category of ‘Utility Scale Solar EPC Contractor’
  • 2016: Recognised for “immense contribution to the infrastructure sector” by Economic Times’ Best Infrastructure Brands
  • 2017: ‘Project of the Year’ by Middle Eastern Solar Industry Association at MESIA Solar Awards
  • 2017: Award for ‘Excellence in Renewable Energy Project Execution’ from Central Board of Irrigation and Power, India
  • 2017: RE Assets India’s Gold winner in the category of ‘Solar O&M Contractor of the Year - Roof top scale’
  • 2017: Certificate of honour as a ‘Leading EPC – Solar – Ground Based’
  • 2018: World’s EPC Excellence for Solar and Storage
  • 2018: Solar + Power Awards’ EPC of the Year
  • 2018: Specialist Contractor of the Year
  • 2018: Certificate of honour in the category ‘RE International Excellence - Indian Companies’
  • 2018: Certificate of honour as a ‘Leading EPC – Solar – Ground Based’
  • 2019: Renewables Company of the Year
  • 2020: ‘Utility-Scale Solar Project of the Year’ at MESIA Solar Awards
  • 2020: 'Utility Scale Project of the Year’ at AFSIA Solar Awards
  • 2020: MEED Project of the Year
  • 2020: Mega Project of the Year

Milestones

  • 2011: Ventured into Solar EPC business in India
  • 2011: Secured EPC projects of 50 MWp
  • 2013: Completed first turnkey EPC project in Rajasthan, India
  • 2013: Started International Solar Operations
  • 2014: Commenced first international solar project (90 MWp) in South Africa
  • 2015: Largest single-axis tracker plant in India (60 MWp)
  • 2015: Recognised as the largest Indian solar EPC player according to an independent industry data provider
  • 2016: Ventured into Rooftop Solar
  • 2016: Started third-party O&M services
  • 2017: Demerger of S&W Solar from S&W Group
  • 2017: Expanded operations in the USA
  • 2017: Incorporated a Subsidiary in Spain to cater to European and Latin America markets
  • 2017: Bagged the world’s largest single- location EPC project order (1177 MWp) in Abu Dhabi
  • 2018: Diversification in Solar + Storage
  • 2018: Expanded operations in Australia by acquiring controlling stake in GCO Electrical Pty Ltd
  • 2019: Recognized as the world’s largest solar EPC solutions provider by IHS Markit
  • 2019: Emerged as a global player with presence and operations across India, Middle East, Africa, South East Asia, Europe, US and Australia.
  • 2019: Listed on BSE and NSE
  • 2019: Commissioned first floating solar project of 450KW in India
  • 2020: Ranked India 1 and Global 2 as per Wood Mackenzie’s 2020 Global PV Operations & Maintenance Report
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