Sterling and Wilson Renewable Energy Ltd - Stock Valuation and Financial Performance

BSE: 542760 | NSE: SWSOLAR | Engineering - Construction | Small Cap

Sterling and Wilson Share Price

522.90 4.90 0.95%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Sterling and Wilson

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Sterling and Wilson Renewable Energy stock performance -

mw4me loader
P/E Ratio (CD):
0.00
Market Cap:
12,079.9 Cr.
52-wk low:
253.5
52-wk high:
647

Is Sterling and Wilson Renewable Energy Ltd an attractive stock to invest in?

1. Is Sterling and Wilson Renewable Energy Ltd a good quality company?

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

2. Is Sterling and Wilson Renewable Energy Ltd undervalued or overvalued?

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 Overvalued zone.

3. Is Sterling and Wilson Renewable Energy Ltd a good buy now?

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

10 Year X-Ray of Sterling and Wilson:

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

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 0%0%0%0%137.5%42%18.1%-8.4%-64.9%-68.2%-
Value Creation
Index
NANANANA9.22.10.3-1.6-5.8NA-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 00006,8728,2405,5755,0815,1992,0151,946
Sales YoY Gr.-NANANANA19.9%-32.3%-8.9%2.3%-61.2%-
Adj EPS 000029.138.418.7-13.5-45.4-61.6-27.1
YoY Gr.-NANANANA31.9%-51.4%-172.4%NANA-
BVPS (₹) 000012.352.467.441.348.1-12.245.5
Adj Net
Profit
0000467615299-217-862-1,168-631
Cash Flow from Ops. 0000251-723338201-1,690-1,829-
Debt/CF from Ops. 00000.7-3.13.62.3-0.3-1.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NA-21.8%-28.8%-61.2%
Adj EPS NA-216.2%-248.8%NA
BVPSNA-200%-156.6%-125.4%
Share Price - - 28% 74%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
0000237.3118.631.2-24.9-109.2-337.6-162.5
Op. Profit
Mgn %
000098.66.8-5.5-15.9-55.6-20.8
Net Profit
Mgn %
00006.87.55.3-4.4-16.7-58.2-32.4
Debt to
Equity
00000.92.71.10.70.5-8.7-
Working Cap
Days
00000220322288214526870
Cash Conv.
Cycle
00000-48-15-35-412153

Recent Performance Summary

No data to display

Return on Equity is Poor

Sales growth has been subdued in last 3 years -28.77%

Sales growth is not so good in last 4 quarters at 9.27%

Latest Financials - Sterling and Wilson Renewable Energy Ltd.

Standalone Consolidated
TTM EPS (₹) -6.5 -27.1
TTM Sales (₹ Cr.) 1,725 1,946
BVPS (₹.) 114 45.5
Reserves (₹ Cr.) 2,636 1,038
P/BV 4.54 11.38
PE 0.00 0.00
From the Market
52 Week Low / High (₹) 253.45 / 646.95
All Time Low / High (₹) 69.75 / 755.50
Market Cap (₹ Cr.) 12,080
Equity (₹ Cr.) 23.3
Face Value (₹) 1
Industry PE 42.7

Management X-Ray of Sterling and Wilson:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *60.8948.1830.8739.5040.8938.9339.5239.4838.7537.38
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Sterling and Wilson

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales6,8728,2405,5755,0815,1992,015
Operating Expenses 6,2777,5305,2035,4586,1023,139
Manufacturing Costs6511,5161,1651,9293,2481,557
Material Costs5,3855,6103,5893,0692,4191,211
Employee Cost 99178240208228248
Other Costs 142226208251206123
Operating Profit 595710373-377-903-1,124
Operating Profit Margin (%) 8.7%8.6%6.7%-7.4%-17.4%-55.8%
Other Income 1321030315895111
Interest 7615326410587151
Depreciation 3814171515
Exceptional Items 000000
Profit Before Tax 529759399-340-910-1,179
Tax 7812194-506-4
Profit After Tax 451638304-290-916-1,175
PAT Margin (%) 6.6%7.7%5.5%-5.7%-17.6%-58.3%
Adjusted EPS (₹)28.239.919.3-17.8-47.9-61.7
Dividend Payout Ratio (%)0%0%31%0%0%0%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 1978411,081662913-232
Share Capital 161616161919
Reserves 1818251,065646894-251
Minority Interest-3-3-8-4-11-15
Debt1842,2281,2244684351,815
Long Term Debt00000700
Short Term Debt1842,2281,2244684351,115
Trade Payables3,7401,9132,2211,8571,403650
Others Liabilities 868568801606659875
Total Liabilities 4,9865,5465,3183,5893,3993,092

Fixed Assets

Gross Block2751738688105
Accumulated Depreciation61928394661
Net Fixed Assets213145464244
CWIP 304000
Investments 000000
Inventories191315342
Trade Receivables1,8211,9002,030849784790
Cash Equivalents 10445549929150495
Others Assets3,0183,1462,7252,3992,0652,161
Total Assets 4,9865,5465,3183,5893,3993,092

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 251-723338201-1,690-1,829
PBT 529759399-340-910-1,179
Adjustment 28-43-2411822074
Changes in Working Capital -227-133842484-994-708
Tax Paid -77-106-128-61-16-22
Cash Flow From Investing Activity -19-9291,013409949-12
Capex -18-9-15-50-10-9
Net Investments -1-19-9-426-7
Others 1-9011,0374639334
Cash Flow From Financing Activity -1411,972-1,313-8539781,431
Net Proceeds from Shares 00001,0900
Net Proceeds from Borrowing 000000
Interest Paid -10-71-188-93-75-143
Dividend Paid 00-116000
Others -1312,043-1,009-760-371,575
Net Cash Flow 9132038-243237-410
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)229.17123.0231.66-33.28-116.29N/A
ROCE (%)158.7752.8624.64-13.69-66.31N/A
Asset Turnover Ratio1.381.561.031.141.490.62
PAT to CFO Conversion(x)0.56-1.131.11N/AN/AN/A
Working Capital Days
Receivable Days978212910357143
Inventory Days111101
Payable Days233171202237242308

Sterling and Wilson Renewable Energy Ltd Stock News

Sterling and Wilson Renewable Energy Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Sterling and Wilson on 28-Mar-2024 16:01 is ₹522.9.
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 28-Mar-2024 16:01 the market cap of Sterling and Wilson stood at ₹12,079.9.
The latest P/E ratio of Sterling and Wilson as of 28-Mar-2024 16:01 is 0.00.
The latest P/B ratio of Sterling and Wilson as of 28-Mar-2024 16:01 is 4.54.
The 52-week high of Sterling and Wilson is ₹647.0 and the 52-week low is ₹253.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Sterling and Wilson is ₹1,725 ( Cr.) .

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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