Sterling & Wilson Renewable Energy Ltd

SWSOLAR

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Market Cap

₹ 4,964 Cr

P/E

23.75

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

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Overview

Detailed Summary

Sterling and Wilson Renewable Energy Limited offers comprehensive solar EPC and O&M solutions primarily for utility-scale projects across the globe. It operates in 28 countries, establishing a strong international footprint.

The company has achieved record high order inflows, with significant new project wins in both domestic and international markets, highlighting its growth trajectory and robust market positioning.

Despite adverse legal settlements affecting Q2 FY26 results, Sterling and Wilson remains focused on operational performance and is optimistic about sustaining growth and improving margins.

The company's involvement in large-scale projects, such as India's largest PV plant in Khavda, underscores its strategic focus on maintaining sustainable energy operations and expanding its solar EPC capabilities.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

4,964 Cr

Volatility

High Risk

P/E Ratio

23.8

Industry P/E

25.9

PEG Ratio

0.9

P/B Ratio

10.6

52W High

483.00

52W Low

196.55

Sales CAGR

107.61%

15.91%

3.50%

10Y

—

Profit CAGR

140.59%

—

0.10%

10Y

—

ROE

TTM

44.47%

0.74%

-2.58%

10Y

—

ROCE

TTM

23.95%

6.86%

3.57%

10Y

—

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

No. of Analysts

8

1Y Price Target

326.91 ▲ 55.49%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RELINFRA	142.90	5,839 Cr	1.42	0.35	0.00	24.27	35.16	11.30
IONEXCHANG	382.65	5,612 Cr	26.70	4.34	0.39	16.26	17.46	6.79
SWSOLAR	212.55	4,964 Cr	23.75	10.56	0.00	44.47	23.95	-7.55
ASHOKA	169.60	4,761 Cr	3.11	1.13	0.00	36.41	35.00	7.46
ORIANA	2200.90	4,472 Cr	28.21	8.77	0.00	36.38	36.11	13.66
PACEDIGITK	198.50	4,282 Cr	17.43	2.03	0.00	19.06	26.93	8.30
BONDADA	368.65	4,114 Cr	37.31	8.43	0.00	28.78	32.82	11.54

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	515	760	583	1,178	915	1,030	1,837	2,519	1,762	1,749
Expenses	552	758	599	1,149	890	1,012	1,767	2,386	1,676	1,745
Operating Profit	-37	1.47	-16	29	25	18	70	134	85	3.92
OPM %	-7.23	0.19	-2.78	2.49	2.70	1.76	3.83	5.30	4.85	0.22
Other Income	7.39	17	27	33	13	34	5.47	-13	21	-469
Interest	62	64	68	25	19	28	31	31	29	36
Depreciation	3.42	4.29	4.49	4.46	4.01	3.83	3.37	3.13	2.81	2.73
Profit Before Tax	-95	-50	-61	34	15	20	41	87	75	-503
Tax %	0.01	-9.13	-2.63	95.85	67.05	57.30	58.29	36.57	48.19	5.12
Net Profit	-95	-55	-62	1.40	4.83	8.57	17	55	39	-478
EPS in Rs	-4.09	-2.32	-3.30	0.06	0.18	0.30	0.63	2.37	1.37	-20.27

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	8,240	5,575	5,081	5,199	2,015	3,035	6,302	7,148
Expenses	7,598	5,271	5,470	6,112	3,145	3,058	6,055	6,841
Operating Profit	642	304	-389	-913	-1,130	-23	247	308
OPM %	7.79	5.46	-7.65	-17.57	-56.08	-0.74	3.92	4.30
Other Income	210	303	158	95	111	85	40	48
Interest	85	195	93	77	145	219	109	120
Depreciation	7.80	14	17	15	15	17	14	13
Profit Before Tax	759	399	-340	-910	-1,179	-172	163	223
Tax %	15.93	23.65	14.70	-0.62	0.32	-22.32	47.37	46.34
Net Profit	638	304	-290	-916	-1,175	-211	86	119
EPS in Rs	—	2,61,86,78,803.00	-12.22	-41.24	-50.08	-9.65	3.48	-15.90
Dividend Payout %	0.00	31.02	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	16	16	19	19	23	23
Reserves	825	1,065	646	898	-244	946	984
Borrowings	2,228	1,234	479	446	2,030	516	936
Other Liabilities	2,323	2,719	2,568	2,137	1,386	2,816	3,687
Total Liabilities	5,392	5,034	3,709	3,500	3,190	4,301	5,630
Fixed Assets	31	45	46	42	44	56	46
CWIP	0.00	3.58	0.39	0.39	0.08	0.00	0.00
Investments	0.17	0.46	0.00	0.00	0.00	0.00	0.01
Other Assets	5,360	4,985	3,663	3,457	3,146	4,244	5,584
Total Assets	5,392	5,034	3,709	3,500	3,190	4,301	5,630

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-723	338	201	-1,690	-1,829	538	38
Cash from Investing Activity	-924	1,013	409	949	-12	-4.70	-75
Cash from Financing Activity	1,972	-1,313	-853	978	1,431	-286	317
Net Cash Flow	325	38	-243	238	-410	248	280

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	72.73%	72.73%	69.04%	67.56%	52.98%	52.94%	52.91%	45.75%	45.73%	45.73%	45.73%	45.72%
FIIs	3.53%	4.13%	4.26%	3.38%	11.91%	10.50%	10.07%	14.08%	10.40%	8.44%	8.42%	7.10%
DIIs	4.74%	5.55%	5.57%	5.94%	9.78%	10.65%	9.09%	9.70%	9.82%	7.50%	5.02%	3.17%
Public	19.00%	17.60%	21.13%	23.13%	25.32%	25.91%	27.93%	30.47%	34.05%	38.33%	40.83%	44.00%
Total Shareholders	1,58,002	1,54,150	1,53,128	1,58,649	1,48,994	1,96,308	2,44,763	2,73,662	3,14,074	3,40,026	3,53,316	3,66,222

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 03, 2025	Hrti private limited	Bulk	Buy	240.45	31.17 Cr	12,96,119	0.55
Nov 03, 2025	Hrti private limited	Bulk	Sell	240.50	25.88 Cr	10,76,007	0.46
Jun 30, 2025	Shapoorji pallonji and compan...	Insider - Promoter	Pledge	32.05	51.93 Cr	1,62,01,291	6.94
Feb 11, 2025	Morgan stanley asia singapore...	Bulk	Buy	282.20	102.84 Cr	36,44,105	1.56
Feb 11, 2025	Goldman sachs funds - goldman...	Bulk	Sell	282.46	96.82 Cr	34,27,631	1.46
Dec 23, 2024	Rajneesh shrotriya	Insider - Designated Person	Disposal	475.57	0.07 Cr	1,400	—
Dec 04, 2024	Jagannadha rao ch. v.	Insider - KMP	Disposal	487.50	0.05 Cr	1,000	—
Dec 04, 2024	Jagannadha rao ch. v.	Insider - KMP	Disposal	503.63	0.25 Cr	5,000	—
Dec 04, 2024	Jagannadha rao ch. v.	Insider - KMP	Disposal	493.00	0.05 Cr	1,000	—
Nov 19, 2024	Basavarajappa. c	Insider - Employee	Disposal	500.00	0.30 Cr	6,000	—

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

1 day ago

Kenya Tax Demand Reduced by 48%

Sterling and Wilson Renewable Energy Limited announces a reduction in tax demand from INR 51.10 Crore to INR 26.50 Crore by Kenya Revenue Authorities.

Investor Meet

1 day ago

Investor/Analyst Meeting Announcement

The company will hold a meeting with investors and analysts on December 18, 2025, as per SEBI Listing Regulations.

Regulatory Filing

5 days ago

Haryana GST Authority Order Received

Sterling and Wilson Renewable Energy Limited disclosed receipt of an order from Haryana GST authorities regarding input tax mismatch for FY 2018-19 amounting to Rs. 6.85 Lakhs, plus penalties.

Subsidiary Incorporation

6 days ago

Incorporation of New Subsidiary in Romania

Sterling and Wilson International Solar FZCO has formed a new wholly owned subsidiary named Sterling and Wilson Renewable Energy S.R.L in Romania as part of its expansion strategy.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 30

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