Sterling And Wilson Renewable Energy Limited (SWSOLAR)

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Sterling And Wilson Renewable Energy Limited (SWSOLAR) · mywealthgrid

About

Sterling And Wilson Renewable Energy Limited operates in civil construction within the Industrials sector. Quarterly revenues run ₹1.3–2.1 Cr with a market cap of ₹4,716.93 Cr, positioning it as a mid-sized construction player. Recent financial results show extreme volatility—from a ₹2,583.54 Cr loss (Sep 2025) to ₹67.8 Cr profit (Jun 2026)—raising questions about project execution or structural challenges.

Face value: ₹1

Market cap

₹3,849 Cr

P/E

—

P/B

5.9×

Dividend yield

ROE

-37.4%

ROCE

35.3%

Debt / equity

1.79

OPM

EPS (TTM)

₹-12.3

Book value

₹27.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Profit catastrophe in Sep 2025 (₹2,583.54 Cr loss, EPS -110.63) followed by recovery to ₹67.8 Cr (Jun 2026); verify root cause and recurrence risk to assess structural vs. project-specific exposure

Average OPM of 4% with D/E 1.79 leaves limited cushion for cost overruns or project delays; model debt service and profitability under adverse project-performance scenarios

Negative ROE of -37.35% and P/E n/a indicate persistent earnings destruction; verify whether Jun 2026 turnaround (EPS 2.9, 2.32) is durable or cyclical

No dividend since Feb 2020 despite occasional profitability; verify capital constraints, covenant restrictions, or cash-flow issues underlying the withholding

Generated analysis · source review pending

Growth drivers

Recent margin recovery: OPM 7.49% (Mar 2026) and 6.58% (Jun 2026) vs. 0.2–3.2% in Sep–Dec 2025; verify whether operational improvements or temporary cyclical relief

Profitability rebound: Jun 2026 net profit ₹67.8 Cr and ₹53.27 Cr (EPS 2.9, 2.32) vs. -₹2,583.54 Cr (Sep 2025); clarify business turnaround catalysts to assess durability

Revenue base stable at ₹1.3–2.1 Cr quarterly despite profit swings; verify order book and project pipeline to assess growth runway from this platform

Generated analysis · source review pending

1,755 historical price candles were omitted because the exchange source has not been verified.

₹164.8-3.7%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -17% (3-yr avg)
−Thin operating margin of 4%
−Modest revenue growth of 8.2% a year over the last 5 years
−Heavily leveraged (debt/equity 1.8)

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 25
Growth: 67
Valuation: 58

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,575	5,081	5,199	2,015	3,035	6,302	7,548
COGS	4,860	4,997	5,655	2,760	2,722	5,661	6,838
Gross profit	715	83	-456	-745	314	641	710
	411	472	457	385	336	394	408
	304	-389	-913	-1,130	-23	247	302
OPM %	5.5%	-7.7%	-17.6%	-56.1%	-0.7%	3.9%	4%
Depreciation	14	17	15	15	17	14	11
Interest	195	93	77	145	219	109	154
	303	158	95	111	85	40	-407
Profit before tax	399	-340	-910	-1,179	-172	163	-270
Tax	94	-50	6	-4	38	77	26
Tax %	23.7%	-14.7%	0.6%	-0.3%	22.3%	47.4%	9.5%
	304	-290	-916	-1,175	-211	86	-296
PAT margin %	5.5%	-5.7%	-17.6%	-58.3%	-6.9%	1.4%	-3.9%
EPS (₹)	19.3	-17.8	-54.2	-61.7	-10.4	3.5	-13.3
EPS adjusted (₹)	—	-17.8	-47.9	-61.7	-9.1	3.5	-13.3
	31%	—	—	—	—	0%	—
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	16	19	19	23	23	23
Reserves	646	898	-244	946	984	626
Minority interest	—	—	—	—	—	1
	468	435	2,030	477	901	1,164
	2,579	2,148	1,386	2,855	3,721	3,502
Total equity & liabilities	3,709	3,500	3,190	4,301	5,630	5,317
	46	42	44	111	46	41
CWIP	0	0	0	0	0	0
Investments	0	0	0	0	0	1
	3,663	3,458	3,146	4,190	5,584	5,276
Total assets	3,709	3,500	3,190	4,301	5,630	5,317

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
EPC business	7,277.44	676.67	3,150.08	3,210.91	—	—
Operation and maintenance service	268.37	41.5

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	12.8%	1.6%	-8.8%	-37%	10.3%	10.2%	9.4%
EBITDA margin %	5.5%	-7.7%	-17.6%	-56.1%	-0.7%	3.9%	4%
EBIT margin %	5.2%	-8%	-17.9%	-56.8%	-1.3%	3.7%	3.9%
PAT margin %	5.5%	-5.7%	-17.6%	-58.3%	-6.9%	1.4%	-3.9%
Working capital
Receivable days	—	61	55	143	100	73	87
Inventory days	—	0	0	0	0	0	0
Payable days	—	136	91	86	202	177	134
NWC days	—	-74	-35	57	-102	-105	-46
Leverage
Current ratio	—	1.16	1.29	1.1	1.35	1.28	1.16
Debt to EBITDA	—	—	—	—	—	3.65	3.85
Debt to equity	—	0.71	0.47	-9.02	0.49	0.9	1.79
Interest coverage	3	-2.7	-10.9	-7.1	0.2	2.5	3.2
Asset turnover	—	1.37	1.49	0.63	0.71	1.12	1.42
Return ratios
Return on assets %	—	-7.8%	-26.2%	-36.8%	-4.9%	1.5%	-5.6%
Return on capital employed %	—	-35.6%	-102.1%	-144.7%	5.3%	19.1%	35.3%
Return on equity %	—	-43.8%	-99.9%	522%	-21.7%	8.5%	-45.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.56%	52.98%	52.94%	52.91%	45.75%	45.73%	45.73%	45.73%	45.72%	45.72%	45.72%	45.72%
	3.38%	11.91%	10.5%	10.07%	14.08%	10.4%	8.44%	8.42%	7.1%	7.19%	6.97%	5.06%
	5.94%	9.78%	10.65%	9.09%	9.7%	9.82%	7.5%	5.02%	3.17%	2.98%	3.19%	4.8%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.12%	25.33%	25.91%	27.93%	30.47%	34.05%	38.33%	40.83%	44.01%	44.11%	44.12%	44.42%
No. of shareholders	—	—	—	—	—	—	—	—	3,66,222	3,54,219	3,37,694	3,29,077

Promoter holding down 21.84 percentage points since Sep 2023.

48 deals · 1 Oct 2021 – 23 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	12,41,955	₹225.27	₹27.98 Cr
23 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	11,98,648	₹226.09	₹27.10 Cr
20 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	30,55,809	₹216.91	₹66.28 Cr
20 Apr 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	23,14,169	₹218.33	₹50.53 Cr
20 Apr 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	23,14,169	₹218.16	₹50.49 Cr
20 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	23,05,693	₹218.20	₹50.31 Cr
20 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	23,05,693	₹218.09	₹50.28 Cr
20 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	20,22,697	₹216.09	₹43.71 Cr
20 Apr 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	16,51,352	₹217.47	₹35.91 Cr
20 Apr 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	16,37,786	₹217.41	₹35.61 Cr

1–10 of 48

1 / 5

Mr. Khurshed Yazdi DaruvalaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Chandra Kishore ThakurManager
Mr. Balanadu NarayanNon-Executive - Non Independent Director
Mr. Cherag Sarosh BalsaraNon-Executive - Independent Director
Mrs. Naina Krishna MurthyNon-Executive - Independent Director
Mr. Rahul DuttNon-Executive - Independent Director
Ms. Rukhshana Jina MistryNon-Executive - Independent Director
Mr. Saurabh AgarwalNon-Executive - Non Independent Director
Mr. Umesh Narain KhannaNon-Executive - Non Independent Director
Mr. Ajit Pratap SinghChief Financial Officer
Mr. Jagannadha Rao Ch. V.Company Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.14%

of the company's equity

All mutual funds

0.54%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.31 L	6.26	0.25%	0.142%	-7,238
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	2,263	0.04	0.01%	0.001%	+11
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	374	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Interim dividend24 Feb 2020 · ex-date₹6

1

Board meeting to consider results16 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

22 announcementsExport CSV

30 Sept 2026, 11:59 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 5:35 pmCompany Update

Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

22 Sept 2026, 12:15 pmCompany Update

Disclosure Of Information Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

22 Sept 2026, 8:47 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

21 Sept 2026, 4:33 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

16 Sept 2026, 4:25 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

10 Sept 2026, 7:41 pmCompany Update

Update On Ongoing Material Litigation(S) Or Dispute(S)

General PDF

24 Aug 2026, 4:52 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
30 Sept 2026, 11:59 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 5:35 pm	Company Update General	Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	12.8%	1.6%	-8.8%	-37%	10.3%	10.2%	9.4%
EBITDA margin %	5.5%	-7.7%	-17.6%	-56.1%	-0.7%	3.9%	4%
EBIT margin %	5.2%	-8%	-17.9%	-56.8%	-1.3%	3.7%	3.9%
PAT margin %	5.5%	-5.7%	-17.6%	-58.3%	-6.9%	1.4%	-3.9%
Working capital
Receivable days	—	61	55	143	100	73	87
Inventory days	—	0	0	0	0	0	0
Payable days	—	136	91	86	202	177	134
NWC days	—	-74	-35	57	-102	-105	-46
Leverage
Current ratio	—	1.16	1.29	1.1	1.35	1.28	1.16
Debt to EBITDA	—	—	—	—	—	3.65	3.85
Debt to equity	—	0.71	0.47	-9.02	0.49	0.9	1.79
Interest coverage	3	-2.7	-10.9	-7.1	0.2	2.5	3.2
Asset turnover	—	1.37	1.49	0.63	0.71	1.12	1.42
Return ratios
Return on assets %	—	-7.8%	-26.2%	-36.8%	-4.9%	1.5%	-5.6%
Return on capital employed %	—	-35.6%	-102.1%	-144.7%	5.3%	19.1%	35.3%
Return on equity %	—	-43.8%	-99.9%	522%	-21.7%	8.5%	-45.5%

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-723	338	201	-1,690	-1,829	602	40	-257
	-929	1,013	409	949	-12	-5	-77	-107
	1,972	-1,313	-853	978	1,431	-286	317	103
Net cash flow	325	38	-243	237	-410	311	280	-261
Free cash flow	-733	338	185	-1,703	-1,838	601	36	-269
CFO / Operating profit %	—	111%	—	—	—	—	16.3%	-85.2%

Sterling And Wilson Renewable Energy Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

1

Announcements

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Return on equity

EPC Business · revenue

Sterling And Wilson Renewable Energy Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends1

Board meetings1

Announcements

Dividends1

Board meetings1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Return on equity

EPC Business · revenue

1

1

1

1