Sterling and Wilson Renewable Energy Limited SWSOLAR NSETECH

Technology · Solar · India

https://www.sterlingandwilsonre.com

Sterling and Wilson Renewable Energy Limited provides renewable engineering, procurement, and construction (EPC) services in India, Europe, the Middle East, North Africa, rest of Africa, the United States, Latin America, and Australia. It operates through two segments, EPC Business; and Operations and Maintenance (O&M) Service. The company offers design and engineering; project management, long-term operations, plant maintenance, testing, connecting solar projects to the grid, and commissioning; solar plus storage solutions; and maintenance manual development, anchoring and mooring, issuance of design book module, equipment installation, and bathymetric and geotechnical assessment studies for utility-scale and floating solar, hybrid, energy storage, battery energy storage systems, and wind projects. It also engages in the import, export, and trading of solar modules, structures, invertors, and related accessories; installation and maintenance of renewable energy power generating facilities; setting up of power plants, solar energy systems, renewable energy systems, and hybrid energy systems and energy storage plants for power generation; integrated solid waste/biomass management, including the use of municipal solid waste, biomass, and synthetic gas for power generation; and other related activities. In addition, the company provides O&M and asset management solutions to EPC projects and third-party clients. It serves independent power producers, developers, and equity funds. The company was formerly known as Sterling and Wilson Solar Limited and changed its name to Sterling and Wilson Renewable Energy Limited in November 2021. Sterling and Wilson Renewable Energy Limited was founded in 2011 and is based in Mumbai, India.

Market & Price

Market Cap

₹4,383.04 Cr

Current Price

₹187.58

High / Low (52W)

₹336.55 / ₹148.88

Beta

0.76

Valuation

Stock P/E

Industry PE

25.13

Forward P/E

10.25

PEG Ratio

Book Value

₹27.81

Price to Book

6.74

P/S

0.58

EV/EBITDA

16.67

Dividend Yield

Profitability & Returns

ROCE

-9.63%

ROE

-35.95%

ROA

3.32%

Profit Margin

-4.10%

Op Margin

7.34%

EPS (Latest Qtr)

₹5.76

EPS (TTM)

₹-13.24

Balance Sheet & Liquidity

Debt/Equity

1.83

Quick Ratio

0.57

Current Ratio

1.16

Debt

₹1,191.43 Cr

Total Assets

₹5,317.42 Cr

Current Assets

₹4,767.98 Cr

Working Capital

₹660.06 Cr

Ownership

Promoter Holding

46.83%

Chg in Prom Hold

FII / Inst Holding

7.54%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹5,040.91 Cr

Total Revenue (TTM)

₹7,548.05 Cr

EBITDA

₹302.39 Cr

Free Cash Flow

₹234.77 Cr

Operating Cash Flow

₹-257.35 Cr

Shares Outstanding

₹23.35 Cr

Gross Margin

9.41%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

55.35%

Profit 5Y

24.51%

Revenue (YoY)

-22.80%

Earnings (YoY)

143.00%

PROS

Compounding revenue at 55.3% over 5 years.
Profit CAGR of 24.5% over 5 years.
Generates positive free cash flow.

CONS

Trading 44.3% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	SWSOLAR Sterling and Wilson Renewable Energy Limited NSETECH	187.58	-	₹4,383.04 Cr	-	-9.63%	-35.95%	55.35%	24.51%
2	TCS Tata Consultancy Services Limited NIFTY50NSEAITECH	2,258.90	16.61	₹8.17 L Cr	5.49%	54.93%	48.40%	5.80%	5.30%
3	INFY Infosys Limited NIFTY50NSEAITECH	1,160.90	15.01	₹4.70 L Cr	4.31%	41.66%	31.44%	3.44%	3.58%
4	HCLTECH HCL Technologies Limited NIFTY50NSEAITECH	1,183.80	19.31	₹3.20 L Cr	8.11%	27.21%	23.36%	8.65%	3.87%
5	WIPRO Wipro Limited NIFTY50NSEAITECH	204.25	16.26	₹2.14 L Cr	8.32%	18.42%	15.49%	4.05%	2.44%
6	TECHM Tech Mahindra Limited NIFTY50NSEAITECH	1,483.90	27.40	₹1.31 L Cr	3.44%	20.60%	16.61%	2.16%	-0.14%
7	LTM LTM Limited NSETECH	4,061.60	24.04	₹1.20 L Cr	1.85%	25.39%	21.29%	8.43%	4.41%
8	LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH	1,523.90	61.35	₹1.03 L Cr	-	27.64%	24.72%	0.98%	-
9	WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH	3,140.80	27.70	₹90,345.53 Cr	0.13%	24.21%	31.57%	71.63%	191.18%

Quarterly Results

Figures in INR.

Metric	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026
Revenue	1,837.20 Cr	2,519.11 Cr	1,761.63 Cr	2,092.21 Cr	1,945.61 Cr
Cost of Revenue	1,664.84 Cr	2,256.30 Cr	1,563.37 Cr	1,916.09 Cr	1,721.47 Cr
Gross Profit	172.36 Cr	262.81 Cr	198.26 Cr	176.12 Cr	224.14 Cr
Operating Expenses	105.40 Cr	132.37 Cr	115.61 Cr	112.03 Cr	81.26 Cr
Operating Income	66.96 Cr	130.44 Cr	82.65 Cr	64.09 Cr	142.88 Cr
EBITDA	75.80 Cr	120.91 Cr	106.57 Cr	54.69 Cr	198.69 Cr
Interest Expense	31.34 Cr	31.06 Cr	29.09 Cr	47.44 Cr	41.70 Cr
Pretax Income	41.09 Cr	86.72 Cr	74.67 Cr	4.39 Cr	154.11 Cr
Tax Provision	23.95 Cr	31.71 Cr	35.98 Cr	2.84 Cr	12.52 Cr
Net Income	14.83 Cr	55.38 Cr	31.97 Cr	-2.77 Cr	134.57 Cr
Diluted EPS	0.63	2.37	1.37	-0.12	5.76

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	2,013.36 Cr	3,035.11 Cr	6,301.86 Cr	7,548.05 Cr
Cost of Revenue	-	2,761.76 Cr	2,721.82 Cr	5,660.90 Cr	6,837.80 Cr
Gross Profit	-	-748.40 Cr	313.29 Cr	640.96 Cr	710.25 Cr
Operating Expenses	-	340.99 Cr	327.70 Cr	408.57 Cr	419.44 Cr
Operating Income	-	-1,089.39 Cr	-14.41 Cr	232.39 Cr	290.81 Cr
EBITDA	-	-1,043.50 Cr	47.64 Cr	286.57 Cr	-104.88 Cr
Interest Expense	-	120.54 Cr	203.15 Cr	109.45 Cr	153.78 Cr
Pretax Income	-	-1,178.74 Cr	-172.32 Cr	162.54 Cr	-270.24 Cr
Tax Provision	-	-3.78 Cr	38.47 Cr	76.99 Cr	25.55 Cr
Net Income	-	-1,169.55 Cr	-211.92 Cr	81.45 Cr	-309.43 Cr
Diluted EPS	-	-61.65	-10.40	3.49	-13.25

Compounded Sales Growth

5 Years:	55.35%
1 Year:	-22.80%

Compounded Profit Growth

5 Years:	24.51%
1 Year:	143.00%

Stock Price Performance

1 Year:	-33.90%
6 Months:	-16.56%
3 Months:	-8.28%
1 Month:	-9.96%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	3,190.37 Cr	4,300.51 Cr	5,630.02 Cr	5,317.42 Cr
Current Assets	-	2,973.68 Cr	4,120.90 Cr	5,178.99 Cr	4,767.98 Cr
Cash & Equivalents	-	47.90 Cr	295.63 Cr	575.46 Cr	314.11 Cr
Inventory	-	1.57 Cr	1.14 Cr	2.61 Cr	2.11 Cr
Receivables	-	790.25 Cr	831.69 Cr	1,254.03 Cr	1,799.27 Cr
Total Liabilities	-	3,430.67 Cr	3,345.50 Cr	4,635.50 Cr	4,666.19 Cr
Current Liabilities	-	2,700.34 Cr	3,045.54 Cr	4,038.85 Cr	4,107.92 Cr
Long Term Debt	-	700.00 Cr	246.21 Cr	523.79 Cr	497.42 Cr
Total Debt	-	2,029.61 Cr	515.68 Cr	936.31 Cr	1,191.43 Cr
Total Equity	-	-225.08 Cr	969.17 Cr	1,007.06 Cr	649.75 Cr
Shares Outstanding	-	18.97 Cr	23.32 Cr	23.35 Cr	23.35 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	-1,829.21 Cr	538.40 Cr	37.88 Cr	-257.35 Cr
Investing Cash Flow	-	-11.78 Cr	-4.71 Cr	-74.95 Cr	-106.74 Cr
Financing Cash Flow	-	1,431.26 Cr	-285.96 Cr	316.98 Cr	102.74 Cr
Capital Expenditure	-	-9.24 Cr	-1.01 Cr	-4.35 Cr	-11.22 Cr
Free Cash Flow	-	-1,838.45 Cr	537.39 Cr	33.53 Cr	-268.57 Cr
Net Change in Cash	-	-409.73 Cr	247.73 Cr	279.91 Cr	-261.35 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	-37.2%	10.3%	10.2%	9.4%
Operating Margin %	-	-54.1%	-0.5%	3.7%	3.9%
Net Margin %	-	-58.1%	-7.0%	1.3%	-4.1%
ROE %	-	519.6%	-21.9%	8.1%	-47.6%
ROCE %	-	-222.3%	-1.1%	14.6%	24.0%

Shareholding Pattern

Insiders

46.83%

Institutions

7.54%

Public Float

14.18%

Analyst View

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SWSOLAR · Technology