Sterling and Wilson Solar Ltd is one of the leading end-to-end solar engineering, procurement and construction (EPC) solutions provider globally and is also engaged in the operation and maintenance (O&M) of solar power projects. The company is backed by strong parentage of the Reliance Industries
PromotersThe company was earlier a part of the Shapoorji Pallonji Group. In 2022, Reliance Industries acquired a40% stakein the Company through its subsidiary Reliance New Energy Limited. As of March 2025, Reliance held 32.5% and Shapoorji Pallonji 6.9% stake in the company.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Larsen & Toubro | 4140.60 | 35.43 | 569573.02 | 0.82 | 4678.01 | 15.63 | 67983.53 | 10.44 | 14.49 | 270722.51 | 12.67 | 16074.88 | 3926.09 | 5.62 | 4.98 | 1.32 |
| 2. | Rail Vikas | 358.30 | 65.80 | 74706.27 | 0.48 | 230.52 | -19.73 | 5122.97 | 5.52 | 14.72 | 20026.00 | 4.70 | 1135.41 | 230.29 | 7.82 | 6.40 | 0.52 |
| 3. | NBCC | 118.54 | 47.93 | 32005.80 | 0.57 | 156.69 | 25.71 | 2910.20 | 18.99 | 33.17 | 12751.71 | 5.04 | 667.83 | 153.52 | 11.98 | 4.68 | 0.00 |
| 4. | IRB Infra.Devl. | 41.89 | 28.90 | 25297.37 | 0.72 | 140.82 | 41.00 | 1751.02 | 10.42 | 7.82 | 8024.67 | 48.08 | 875.41 | 140.82 | 1.24 | 2.01 | 1.02 |
| 5. | Kalpataru Proj. | 1194.50 | 24.85 | 20398.78 | 0.75 | 237.39 | 91.27 | 6528.57 | 32.43 | 15.95 | 25498.99 | 8.25 | 821.04 | 240.05 | 2.93 | 2.36 | 0.69 |
| 6. | KEC International | 727.80 | 28.36 | 19374.04 | 0.76 | 160.75 | 88.21 | 6091.56 | 19.13 | 17.98 | 23335.94 | 7.26 | 683.11 | 160.75 | 3.43 | 2.75 | 0.94 |
| 7. | Ircon Intl. | 177.26 | 27.76 | 16671.58 | 1.49 | 136.51 | -32.68 | 1976.75 | -19.23 | 11.60 | 9787.96 | 7.43 | 600.65 | 138.65 | 2.58 | 3.74 | 0.80 |
| 8. | Sterling & Wils. | 211.28 | 16.29 | 4934.06 | 0.00 | -2583.54 | -26.85 | 1276.07 | 28.12 | 13.48 | 6144.78 | 4.23 | 302.96 | 54.88 | 10.50 | 5.00 | 2.60 |
| – | Median: 116 Co. | 130.2 | 18.45 | 536.58 | 0.0 | 9.21 | 19.04 | 149.57 | 10.73 | 18.3 | 510.67 | 12.79 | 31.74 | 9.16 | 2.26 | 6.93 | 0.44 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 293 | 541 | 1,487 | 384 | 885 | 1,363 | 158 | 1,140 | 2,018 | 214 | 642 | 996 | 1,276 |
Expenses | 337 | 532 | 1,412 | 401 | 833 | 1,291 | 274 | 1,085 | 1,912 | 355 | 634 | 954 | 1,271 |
Operating Profit | -44 | 9 | 75 | -17 | 52 | 73 | -116 | 55 | 107 | -141 | 8 | 42 | 5 |
Other Income | 40 | 62 | 48 | 48 | 52 | 63 | 30 | 93 | 34 | 118 | 68 | 71 | -2,592 |
Profit before tax | -42 | 7 | 90 | -23 | 83 | 104 | -147 | 121 | 107 | -55 | 18 | 86 | -2,623 |
Tax % | 6% | 8% | 14% | 0% | 11% | 24% | 2% | 27% | 14% | 0% | 17% | 12% | -1% |
Net Profit | -45 | 6 | 77 | -23 | 74 | 78 | -151 | 89 | 92 | -55 | 15 | 75 | -2,584 |
EPS in Rs | -2.37 | 0.27 | 3.32 | -1.20 | 3.15 | 3.36 | -7.94 | 3.81 | 3.95 | -2.92 | 0.78 | 3.21 | -110.63 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
Sales | 6,126 | 8,210 | 4,537 | 3,176 | 3,460 | 1,458 | 2,706 | 5,387 | 6,145 |
Expenses | 5,934 | 7,991 | 4,304 | 3,386 | 3,679 | 1,869 | 2,644 | 5,101 | 5,885 |
Operating Profit | 192 | 220 | 233 | -209 | -219 | -411 | 62 | 286 | 260 |
Other Income | 25 | 155 | 372 | 154 | 102 | 214 | 271 | 205 | -2,448 |
Interest | 13 | 68 | 167 | 79 | 81 | 143 | 200 | 116 | 124 |
Depreciation | 2 | 3 | 6 | 8 | 8 | 7 | 9 | 10 | 9 |
Profit before tax | 202 | 304 | 431 | -143 | -205 | -347 | 123 | 366 | -2,322 |
Net Profit | 132 | 196 | 317 | -111 | -168 | -355 | 87 | 318 | -2,335 |
EPS in Rs | 82.30 | 12.23 | 19.75 | -6.95 | -8.83 | -18.72 | 3.74 | 13.63 | -100.00 |
Dividend Payout % | 0% | 0% | 30% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 16 | 16 | 16 | 16 | 19 | 19 | 23 | 23 | 23 |
Reserves | 219 | 423 | 686 | 496 | 1,482 | 1,150 | 2,657 | 2,983 | 446 |
Borrowings | 67 | 1,175 | 606 | 392 | 359 | 1,851 | 511 | 931 | 1,221 |
Other Liabilities | 3,545 | 2,962 | 2,607 | 2,872 | 2,112 | 1,037 | 2,496 | 3,063 | 2,404 |
Total Liabilities | 3,847 | 4,575 | 3,916 | 3,776 | 3,973 | 4,057 | 5,687 | 7,001 | 4,095 |
Fixed Assets | 10 | 12 | 28 | 34 | 28 | 33 | 47 | 39 | 37 |
Gross Block | 15.19 | 20.09 | 42.48 | 53.88 | 52.39 | 64.14 | 85.60 | 85.49 | – |
Accumulated Depreciation | 4.73 | 7.84 | 14.26 | 20.37 | 24.57 | 30.87 | 38.84 | 46.41 | – |
CWIP | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 4 | 6 | 4 | 371 | 371 | 371 | 371 | 804 | 560 |
Other Assets | 3,833 | 4,557 | 3,881 | 3,371 | 3,573 | 3,652 | 5,269 | 6,157 | 3,498 |
Total Assets | 3,847 | 4,575 | 3,916 | 3,776 | 3,973 | 4,057 | 5,687 | 7,001 | 4,095 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 347 | 149 | -273 | -10 | -1,261 | -580 | 1,027 | -18 |
Cash from Investing Activity | -51 | -934 | 965 | 225 | 501 | -1,088 | -702 | -184 |
Cash from Financing Activity | -257 | 1,056 | -821 | -275 | 982 | 1,346 | -85 | 320 |
Net Cash Flow | 39 | 270 | -128 | -59 | 222 | -322 | 240 | 118 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Debtor Days | 131 | 77 | 124 | 88 | 62 | 137 | 88 | 74 |
Inventory Days | 1 | – | 13 | – | – | – | – | – |
Days Payable | 205 | – | 2,059 | – | – | – | – | – |
Cash Conversion Cycle | -72 | 77 | -1,922 | 88 | 62 | 137 | 88 | 74 |
Working Capital Days | 14 | 4 | 37 | -18 | 63 | 314 | 85 | 24 |
ROCE % | – | 39% | 41% | -6% | -9% | -8% | 10% | 13% |
Direct from BSE filings, auto-summarised
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Stock Analysis
Sterling and Wilson Renewable Energy Limited (SWREL) is a global leader in solar EPC solutions, providing end-to-end services for solar power projects. It also engages in the operation and maintenance of these projects, catering to both domestic and international markets.
Strong order book position with new wins like the Adani Green framework agreement and projects in Rajasthan and Uttar Pradesh. Expansion into the European market via Portugal and Romania to tap into new growth avenues. Raised full-year order inflow guidance to over INR 11,000 Cr.
Order Book: January 2026 = ~INR 10,413 Cr
Significant consolidated net loss for 9MFY26 due to cumulative exceptional items and legacy issues. Ongoing legal and tax disputes across various jurisdictions continue to pose financial risks. Credit ratings have seen downward revisions and negative outlooks.
Upcoming board meetings and investor calls for future financial results and business updates.
Corporate Announcements
