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Swing Capital

Sterling & Wilson Renewable Energy Ltd

NSE: SWSOLAR BSE: 542760Energy

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

₹195
52W: ₹148 — ₹349
PE 15.6 · Book ₹19.6 · +895% vs book
Market Cap₹4,560 Cr
Stock P/E15.6Price to Earnings
ROCE15.3%Return on Capital
ROE16.8%Return on Equity
Div. Yield0%Face Value ₹1

Weaknesses

  • −Stock is trading at 9.74 times its book value
  • −Tax rate seems low
  • −Company has a low return on equity of 10.7% over last 3 years.
  • −Promoters have pledged 27.6% of their holding.
  • −Promoter holding has decreased over last 3 years: -27.0%

Shareholding Pattern

Promoters45.73%
FIIs6.96%
DIIs3.19%
Public44.12%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.92%45.75%▼7.245.74%▼0.045.74%45.74%45.73%▼0.045.73%45.73%
FIIs10.07%14.08%▲4.010.39%▼3.78.43%▼2.08.41%▼0.07.11%▼1.37.19%▲0.16.96%▼0.2
DIIs9.08%9.7%▲0.69.82%▲0.17.5%▼2.35.02%▼2.53.18%▼1.82.98%▼0.23.19%▲0.2
Public27.95%30.47%▲2.534.05%▲3.638.33%▲4.340.83%▲2.544%▲3.244.11%▲0.144.12%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales5411,1408859961,4872,0181,3631,2761,8061,719
Expenses5321,0858339541,4121,9121,2911,2711,7201,624
Operating Profit9555242751077358595
OPM %2%5%6%4%5%5%5%0%5%6%
Net Profit6897475779278-2,58473-78
EPS ₹0.273.813.153.213.323.953.36-110.633.13-3.35

AI Insights

Revenue Trend

Mar 2026 revenue at ₹6,164Cr, up 14.4% YoY. OPM at 4%.

Debt Position

Borrowings at ₹1,188Cr. Debt-to-equity ratio: 2.72x. High leverage — monitor closely.

Institutional Flow

DIIs: 3.19% (-2.38pp change). FIIs: 6.96% (+2.70pp change). Promoters hold 45.73%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 15% (Mar 2026). Working capital days: -34.

Valuation

PE 15.6x with 15.3% ROCE. Price is 895% above book value of ₹19.6. Dividend yield: 0%.

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