SWSOLAR

Sterling and Wilson Renewable Energy Limited

Sterling and Wilson Renewable Energy Limited (SWSOLAR) financial statements and selected valuation metrics through 30 September 2026.

Industrials›Construction›Construction›Civil Construction

sterlingandwilsonre.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹165.47
Market cap
3,864 Cr
Stock P/E
18.8
P/B
5.37
Dividend yield
0.1%
ROE (FY26)
-47.5%
ROCE (FY26)
-6.4%
Operating margin (FY26)
3.9%
Debt / equity (FY26)
1.79
OCF / EBITDA (FY26)
-85.2%
OCF / EBITDA (3Y)
73.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

SWREL (Sterling and Wilson Renewable Energy) builds utility-scale solar and battery energy storage projects for power developers in India and overseas, and operates and maintains them afterwards.

Company snapshot

22ndBy market cap

Ranked among 90 companies in Civil Construction.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 95.3% of revenue

SegmentRevenue shareRevenuePBTAssets
EPC
95.3%
3,605 Cr330 Cr—
O&M
4.7%
177 Cr47 Cr—
Unallocated
0.0%
1 Cr0 Cr—

What we see

Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales583 Cr1,178 Cr915 Cr1,030 Cr1,837 Cr2,519 Cr1,762 Cr1,749 Cr2,092 Cr1,946 Cr1,590 Cr1,528 Cr
Operating expenses (approx.)599 Cr1,149 Cr890 Cr1,012 Cr1,767 Cr2,386 Cr1,676 Cr1,745 Cr2,025 Cr1,800 Cr1,511 Cr1,471 Cr
EBITDA-16 Cr29 Cr25 Cr18 Cr70 Cr134 Cr85 Cr4 Cr67 Cr146 Cr79 Cr56 Cr
OPM %-2.8%2.5%2.7%1.8%3.8%5.3%4.9%0.2%3.2%7.5%4.9%3.7%
Other income27 Cr33 Cr13 Cr34 Cr5 Cr-13 Cr21 Cr111 Cr19 Cr53 Cr20 Cr14 Cr
Interest68 Cr25 Cr19 Cr28 Cr31 Cr31 Cr29 Cr36 Cr47 Cr42 Cr39 Cr50 Cr
Depreciation4 Cr4 Cr4 Cr4 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr4 Cr
Profit before tax-61 Cr34 Cr15 Cr20 Cr41 Cr87 Cr75 Cr-503 Cr4 Cr154 Cr57 Cr17 Cr
Tax %-2.6%95.9%67.1%57.3%58.3%36.6%48.2%5.1%64.7%8.1%6.0%0.1%
Net profit-62 Cr1 Cr5 Cr9 Cr17 Cr55 Cr39 Cr-478 Cr2 Cr142 Cr53 Cr17 Cr
EPS (₹)₹-3.31₹0.06₹0.18₹0.30₹0.64₹2.37₹1.37₹-20.27₹-0.12₹5.76₹2.32₹0.82

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8,240 Cr5,575 Cr5,081 Cr5,199 Cr2,015 Cr3,035 Cr6,302 Cr7,548 CrSign in free for the trailing twelve months
Operating expenses (approx.)7,598 Cr5,271 Cr5,470 Cr6,112 Cr3,145 Cr3,058 Cr6,055 Cr7,246 CrSign in free for the trailing twelve months
EBITDA642 Cr304 Cr-389 Cr-913 Cr-1,130 Cr-23 Cr247 Cr302 CrSign in free for the trailing twelve months
OPM %7.8%5.5%-7.7%-17.6%-56.1%-0.7%3.9%4.0%Sign in free for the trailing twelve months
Other income210 Cr303 Cr158 Cr95 Cr111 Cr85 Cr40 Cr204 CrSign in free for the trailing twelve months
Interest85 Cr195 Cr93 Cr77 Cr145 Cr219 Cr109 Cr154 CrSign in free for the trailing twelve months
Depreciation8 Cr14 Cr17 Cr15 Cr15 Cr17 Cr14 Cr11 CrSign in free for the trailing twelve months
Profit before tax759 Cr398 Cr-340 Cr-910 Cr-1,179 Cr-172 Cr163 Cr-270 CrSign in free for the trailing twelve months
Tax %15.9%23.6%14.7%-0.6%0.3%-22.3%47.4%-9.5%Sign in free for the trailing twelve months
Net profit638 Cr304 Cr-290 Cr-916 Cr-1,175 Cr-211 Cr86 Cr-296 CrSign in free for the trailing twelve months
EPS (₹)₹39.85₹19.33₹-17.80₹-54.21₹-61.65₹-10.40₹3.49₹-13.25Sign in free for the trailing twelve months
Dividend payout %——————0.0%—Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital16 Cr16 Cr16 Cr19 Cr19 Cr23 Cr23 Cr23 Cr
Reserves825 Cr1,065 Cr646 Cr898 Cr-244 Cr946 Cr984 Cr626 Cr
Borrowings2,228 Cr1,234 Cr479 Cr446 Cr2,030 Cr477 Cr901 Cr1,164 Cr
Other liabilities2,327 Cr2,728 Cr2,573 Cr2,148 Cr1,401 Cr2,869 Cr3,734 Cr3,502 Cr
Total liabilities5,392 Cr5,034 Cr3,709 Cr3,500 Cr3,190 Cr4,301 Cr5,630 Cr5,317 Cr
Fixed assets (net)27 Cr40 Cr38 Cr35 Cr38 Cr106 Cr42 Cr35 Cr
CWIP—3 Cr0.07 Cr0.07 Cr0.08 Cr0 Cr0 Cr0 Cr
Investments0.17 Cr0.46 Cr0 Cr0 Cr0 Cr0 Cr0.01 Cr0.50 Cr
Loans & advances—1,185 Cr905 Cr1 Cr2 Cr2 Cr2 Cr2 Cr
Inventories13 Cr15 Cr3 Cr4 Cr2 Cr1 Cr3 Cr2 Cr
Trade receivables1,900 Cr2,030 Cr849 Cr784 Cr790 Cr832 Cr1,254 Cr1,799 Cr
Cash & bank421 Cr463 Cr220 Cr458 Cr48 Cr296 Cr575 Cr314 Cr
Other assets3,031 Cr1,298 Cr1,695 Cr2,218 Cr2,310 Cr3,064 Cr3,754 Cr3,164 Cr
Total assets5,392 Cr5,034 Cr3,709 Cr3,500 Cr3,190 Cr4,301 Cr5,630 Cr5,317 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-723 Cr338 Cr201 Cr-1,690 Cr-1,829 Cr602 Cr40 Cr-257 Cr
Cash from investing-929 Cr1,013 Cr409 Cr949 Cr-12 Cr-5 Cr-77 Cr-107 Cr
Cash from financing1,972 Cr-1,313 Cr-853 Cr978 Cr1,431 Cr-286 Cr317 Cr103 Cr
Net cash flow325 Cr43 Cr-243 Cr238 Cr-410 Cr248 Cr280 Cr-261 Cr
Free cash flow (OCF − Capex)-733 Cr320 Cr185 Cr-1,703 Cr-1,838 Cr601 Cr36 Cr-269 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %27.5%25.7%-21.7%-61.6%-64.0%3.2%14.3%-6.4%
ROE %76.3%28.9%-43.4%-100.4%—-22.2%8.2%-47.5%
Debtor days8413361551431007287
Inventory days11000000
Days payable1241671359086283177133
Cash conversion cycle-39-33-74-3557-183-104-46
OCF / EBITDA %-112.7%111.0%————16.3%-85.2%
OCF / EBITDA % (3 years)——n.m.————73.1%
Debt / equity2.661.150.730.49—0.500.911.79
Current ratio1.171.251.161.291.101.351.281.16
Net debt / EBITDA2.812.53————1.322.81