Sterling and Wilson Renewable Energy
SWSOLAR · NSE · Small Cap
Sterling and Wilson Renewable Energy
Global utility-scale solar EPC; Reliance and Shapoorji Pallonji-backed. Returning to profitability after a difficult cycle.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Sterling and Wilson Renewable Energy: order book visibility + working capital discipline determine equity returns through the next solar capex cycle.
Bull case for Sterling and Wilson Renewable Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Sterling and Wilson Renewable Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Working capital days and customer concentration
- 06Commodity pass-through clauses in contracts
- 07Margin trajectory on order book mix
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 19.1x | — |
| Forward P/E | — | — |
| EV/EBITDA | 20.5x | — |
| EV/Sales | 0.8x | — |
| P/B | 7.7x | — |
| FCF Yield | -7.3% | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker SWSOLAR · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 5,199 | 2,015 | 3,035 | 6,302 | 7,548 |
| Operating Profit | -903 | -1,124 | -7 | 264 | 302 |
| OPM % | -17% | -56% | 0% | 4% | 4% |
| Net Profit | -916 | -1,175 | -211 | 86 | -296 |
| EPS (₹) | -47.94 | -61.65 | -9.09 | 3.49 | -13.25 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|
| Sales | 1,837 | 2,519 | 1,762 | 1,749 |
| OPM % | 4% | 5% | 5% | 0% |
| Net Profit | 17 | 55 | 39 | -478 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 19 | 19 | 23 | 23 | 23 |
| Reserves | 898 | -244 | 946 | 984 | 626 |
| Borrowings | 446 | 2,030 | 516 | 936 | 1,191 |
| Fixed Assets | 42 | 44 | 56 | 46 | 41 |
| Total Assets | 3,500 | 3,190 | 4,301 | 5,630 | 5,317 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | -1,690 | -1,829 | 538 | 38 | -257 |
| Investing | 949 | -12 | -5 | -75 | -107 |
| Financing | 978 | 1,431 | -286 | 317 | 103 |
| Net Cash Flow | 237 | -410 | 247 | 280 | -261 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary