Sterling and Wilson Renewable Energy financials and balance sheet

NSE: SWSOLARBSE: 542760ConstructionSmall Cap

Formerly Sterling and Wilson Solar

₹142.13₹6.30 (4.24%)BSE ₹142.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹148.43.

52-week range of traded prices to 23 Oct 2026

₹139.24Low, 23 Oct 2026₹260.80High, 23 Jun 2026

Market cap: ₹3,319 Cr810th largest listed
P/E: 16.2
P/E without one-offs: 14.1
P/B: 4.6
Dividend yield: Nonein the last 12 months
ROE: 34.4%
ROE without one-offs: 39.6%
ROCE: 20.4%
Debt to equity: 1.28
Volume, NSE: 20,39,94742.5% delivered

7 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Sterling and Wilson Renewable Energy annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹7,548 Cr, year to Mar 2026A loss in the year to Mar 2026, −₹296 Cr

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue7,548
Materials and goods−6,838
Employee costs−181
Other expenses−228
Operating profit302
Depreciation−11
Other income+204
One-off items−611
Finance costs−154
Profit before tax−270
Tax−26
Net profit−296

What the company owns

Plant, investments and other assets₹2,982 Cr
Receivables₹1,799 Cr
Cash and bank₹534 Cr
Inventory₹2 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹2,502 Cr
Borrowings₹1,164 Cr
Other liabilities₹1,001 Cr
Net worth₹651 Cr

Sterling and Wilson Renewable Energy business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Sterling and Wilson Renewable Energy segment results by quarter

Revenue by segment

₹7,548 CrTotal

EPC business₹7,277 Cr96.4% of total
Operation and maintenance service₹268 Cr3.6% of total
Other operating income₹2 Cr0.0% of total

Profit by segment

EPC business₹677 Cr94.2% of total
Operation and maintenance service₹42 Cr5.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

EPC business
Revenue, ₹ crore
5,391
4,826
4,974
1,824
2,825
6,064
7,277
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
657
−82
−585
−677
298
589
677
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Operation and maintenance service
Revenue, ₹ crore
184
252
223
190
210
236
268
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
89
100
55
9
34
50
42
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other operating income
Revenue, ₹ crore
0
3
2
2
0
2
2
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
0
0
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	5,575	5,081	5,199	2,015	3,035	6,302	7,548
Company revenue, as in its results	5,575	5,081	5,199	2,015	3,035	6,302	7,548
Revenue	5,391	4,826	4,974	1,824	2,825	6,064	7,277
Revenue growth	–	−10.5%	3.1%	−63.3%	54.9%	114.7%	20.0%
Profit	657	−82	−585	−677	298	589	677
Profit growth	–	–	–	–	–	97.8%	14.9%
Margin	12.2%	−1.7%	−11.8%	−37.1%	10.5%	9.7%	9.3%
Return on capital	177.7%	–	−147.3%	−78.0%	54.5%	164.9%	–
Assets	2,899	1,888	2,379	2,094	3,168	3,847	3,150
Liabilities	2,529	2,358	1,982	1,226	2,621	3,490	3,211
Capital employed	370	−470	397	868	547	357	−61
Revenue	184	252	223	190	210	236	268
Revenue growth	–	37.3%	−11.6%	−14.8%	10.8%	12.2%	13.7%
Profit	89	100	55	9	34	50	42
Profit growth	–	12.5%	−44.4%	−83.7%	272.7%	48.7%	−17.2%
Margin	48.3%	39.6%	24.9%	4.8%	16.0%	21.2%	15.5%
Return on capital	95.7%	103.4%	70.1%	14.2%	41.7%	98.4%	83.3%
Assets	117	150	118	124	122	100	115
Liabilities	24	54	39	60	41	49	65
Capital employed	93	97	79	64	81	51	50
Revenue	0	3	2	2	0	2	2
Profit	0	0	0	0	0	0	0
Margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Assets	0	0	0	0	0	0	0
Liabilities	0	0	0	0	0	0	0
Capital employed	0	0	0	0	0	0	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Sterling and Wilson Renewable Energy quarterly results

₹ crore	Mar 2020Filed 24 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 8 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
Revenue from operations	5,575	5,081	5,199	2,015	3,035	6,302	7,548
	5,271	5,470	6,112	3,145	3,058	6,055	7,246
Materials and goods bought	4,860	4,997	5,655	2,760	2,722	5,661	6,838
Employee costs	240	208	228	248	211	200	181
Other expenses	171	264	230	137	125	194	228
Operating profit before depreciation	304	−389	−913	−1,130	−23	247	302
Operating margin	5.5%	−7.7%	−17.6%	−56.1%	−0.7%	3.9%	4.0%
Materials, % of revenue	87.2%	98.4%	108.8%	137.0%	89.7%	89.8%	90.6%
Employee costs, % of revenue	4.3%	4.1%	4.4%	12.3%	7.0%	3.2%	2.4%
Other expenses, % of revenue	3.1%	5.2%	4.4%	6.8%	4.1%	3.1%	3.0%
Depreciation and amortisation	14	17	15	15	17	14	11
Operating profit after depreciation	290	−405	−928	−1,145	−39	232	291
Other income	303	158	95	111	85	40	204
Finance costs	195	93	77	145	219	109	154
Profit before one-off items and tax	398	−340	−910	−1,179	−172	163	341
One-off items	0	0	0	0	0	0	−611
Profit before tax	398	−340	−910	−1,179	−172	163	−270
	94	−50	6	−4	38	77	26
Current tax	98	12	4	−1	4	37	41
Deferred tax	−4	−62	2	−2	35	40	−15
	304	−290	−916	−1,175	−211	86	−296
Belonging to the company's shareholders	310	−285	−909	−1,170	−212	81	−309
Belonging to outside owners of subsidiaries	−6	−5	−6	−5	1	4	14
Other comprehensive income	47	−125	70	25	−70	−51	−50
Total comprehensive income	351	−415	−846	−1,149	−281	35	−346
Net margin	5.5%	−5.7%	−17.6%	−58.3%	−6.9%	1.4%	−3.9%

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2020Filed 24 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 8 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 15 Oct
	1,073	658	906	−240	955	995	651	719
	1,081	662	917	−225	969	1,007	650	723
Share capital	16	16	19	19	23	23	23	23
Reserves	1,065	646	898	−244	946	984	626	699
Belonging to outside owners of subsidiaries	−8	−4	−11	−15	−14	−13	1	−4
	1,234	479	446	2,030	477	901	1,164	920
Repayable after a year	7	9	8	711	246	524	497	278
Repayable within a year	1,227	470	438	1,319	230	378	666	642
	3,941	3,016	2,561	2,700	3,046	4,039	4,108	4,175
Trade payables	2,221	1,857	1,403	650	1,508	2,750	2,502	2,526
Other financial liabilities	103	167	55	50	125	68	61	69
Other liabilities	253	356	442	603	1,131	804	826	901
Provisions	114	153	212	74	50	15	17	19
Tax owed	23	14	10	5	1	24	37	18
	20	35	33	730	300	597	558	337
Other financial liabilities	–	0	0	0	31	27	18	13
Other liabilities	–	–	0	0	0	0	0	–
Provisions	14	26	25	19	22	46	42	46
Total assets	5,034	3,709	3,500	3,190	4,301	5,630	5,317	5,232
	91	224	193	217	180	451	549	513
Plant in use, after depreciation	40	38	35	38	106	42	35	–
Plant being built	3	0	0	0	0	0	0	–
Intangible assets	2	8	7	6	5	4	7	0
Goodwill	3	0	0	0	0	0	0	0
Intangible assets being developed	0	0	0	0	0	0	0	6
Loans given	1	1	0	0	0	0	0	0
Other financial assets	–	5	48	72	0	289	338	243
Deferred tax	36	121	101	98	64	25	41	201
Other assets	4	51	2	2	5	91	129	28
	4,944	3,485	3,307	2,974	4,121	5,179	4,768	4,719
Inventories	15	3	4	2	1	3	2	2
Trade receivables	2,030	849	784	790	832	1,254	1,799	2,041
Cash and cash equivalents	463	220	458	48	296	575	314	94
Other bank balances	36	71	47	47	44	135	220	198
Current investments	0	0	0	0	0	0	1	0
Loans given	1,185	905	1	2	2	2	2	3
Other financial assets	233	210	761	1,264	1,270	1,052	800	933
Tax paid in advance	1	1	2	2	2	1	0	0
Other assets	980	1,227	1,251	818	1,675	2,156	1,630	1,448
Net debt	734	188	−58	1,934	137	191	629	629

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 30 Jun	Mar 2022Filed 8 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 15 Oct
	201	−1,690	−1,829	602	40	−257	78
	262	−1,674	−1,807	574	105	−181	150
	601	−994	−750	525	−106	−697	−26
Receivables	1,131	65	35	−42	−437	−562	−241
Inventories	11	−1	2	0	−1	1	0
Payables	−317	−504	−688	1,482	856	−335	114
Other working capital	−225	−554	−99	−915	−523	198	102
Tax paid	−61	−16	−22	28	−75	−51	−66
Capital spending	16	13	9	1	4	11	4
Free cash flow	185	−1,703	−1,838	601	36	−269	74
	409	949	−12	−5	−77	−107	40
Plant and property sold	0	0	0	0	0	0	0
Interest received	244	48	4	8	9	15	9
	−853	978	1,431	−286	317	103	−338
Borrowings raised	77	18	1,584	895	665	600	158
Borrowings repaid	−833	−51	−4	−2,433	−240	−358	−406
Interest paid	−93	−75	−143	−216	0	0	0
Lease payments	−5	0	−5	−7	−9	−8	−5
Dividends paid	0	0	0	0	0	0	2
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	1,090	0	1,475	7	1	0
Net change in cash	−243	237	−410	311	280	−261	−221

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the year to Mar 2020.

Consolidated, ₹ per share, years to March.Sterling and Wilson Renewable Energy dividend history

₹ per share	Mar 2020Filed 24 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 8 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
Earnings per share	₹19.33	−₹17.80	−₹54.21	−₹61.65	−₹10.40	₹3.49	−₹13.25
Diluted earnings per share	₹19.33	−₹17.80	−₹54.21	−₹61.65	−₹10.39	₹3.49	−₹13.25
Dividend per share	₹6.00	–	–	–	–	–	–
Book value per share	₹67.41	₹41.26	₹48.33	−₹11.87	₹41.56	₹43.13	₹27.83
Dividend payout	31.0%	–	–	–	–	–	–
Shareholder yield	–	0.0%	−18.1%	0.0%	−12.1%	−0.1%	0.0%
Market cap at the year end (₹ crore)	1,235	4,145	6,033	5,531	12,192	5,846	3,477

Ratios

Consolidated, years to March.Sterling and Wilson Renewable Energy PE ratio and valuation

Ratio	Mar 2020Filed 24 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 8 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
Revenue growth	–	−8.9%	2.3%	−61.2%	50.6%	107.6%	19.8%
Operating profit growth	–	–	–	–	–	–	22.4%
	28.7%	−32.7%	−115.2%	−338.2%	−57.0%	8.2%	−37.4%
	–	−61.4 pts	−82.5 pts	−223.0 pts	281.2 pts	65.2 pts	−45.6 pts
From the net margin	–	−57.7 pts	−69.2 pts	−267.1 pts	297.5 pts	67.5 pts	−34.4 pts
From asset turnover	–	−1.4 pts	−24.6 pts	222.6 pts	−14.1 pts	6.0 pts	−2.3 pts
From borrowing	–	−2.3 pts	11.4 pts	−178.5 pts	−2.2 pts	−8.3 pts	−8.9 pts
Return on capital employed	12.6%	−35.7%	−68.6%	−64.0%	−2.7%	12.3%	16.0%
Cash conversion	–	–	–	–	–	47.1%	–
Interest cover	1.5	–	–	–	–	2.1	1.9
Debt to equity	1.15	0.73	0.49	–	0.50	0.91	1.79
Receivable days	133	61	55	143	100	73	87
Inventory days	1	0	0	0	0	0	0
Payable days	167	136	91	86	202	177	134
Cash conversion cycle, days	−33	−74	−35	57	−102	−105	−46
Working capital days	113	47	48	271	116	47	38
Asset turnover	1.11	1.16	1.44	0.60	0.81	1.27	1.38
Assets per rupee of net worth	4.66	5.02	4.57	9.67	10.07	5.03	6.61
Sales per rupee of plant	140.43	133.85	147.70	52.52	28.60	150.08	217.21
Capital spending to depreciation	–	1.00	0.90	0.63	0.06	0.30	0.99
Plant being built, % of plant in use	8.2%	0.2%	0.2%	0.2%	0.0%	0.0%	0.0%

Interest cover is left blank for the years to Mar 2021, Mar 2022, Mar 2023 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the year to Mar 2023: net worth is below zero, so there is no shareholders' money to set the borrowings against.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −5.7%
Cash from operations against operating profit: −85.2%

Measure	5 years	3 years
Revenue growth, yearly rate	8.2%	55.3%
Return on equity, average	−107.9%	−28.7%
Return on capital employed, average	−21.4%	8.5%
Operating margin, average	−13.3%	2.4%
Net margin, average	−17.1%	−3.2%
Asset turnover, average	1.10	1.15
Cash conversion cycle, days, average	−46	−84
Interest cover, average	–	2.0
Debt to equity, average	0.92	1.06

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−3,134	385	−257
Cash from investing	748	−189	−107
Cash from financing	2,543	134	103
Capital spending	39	17	11
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	2,573	1,483	1
Borrowings raised	3,763	2,160	600
Borrowings repaid	3,088	3,032	358

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	3	1	7	4	2
Altman Z-scorePublished threshold 1.81	2.22	2.36	2.71	0.53	3.54	2.52	2.11
Beneish M-scorePublished threshold −1.78	–	1.48	−2.14	−1.33	−5.55	−0.41	−1.99
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−20.59	−4.86	19.91	−21.57	2.47	1.25
Receivables growth less revenue growthOur threshold 0 percentage points	–	−49.32	−9.97	62.04	−45.39	−56.83	23.70
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−81.53	13.06	−8.56	−25.98	20.94	−39.95
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	4.41	11.09	3.50	28.41	4.17	−10.33
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.00	0.01	0.00	0.00	–	0.00
Effective tax ratePublished threshold 17.16 per cent	23.65	–	–	–	–	47.37	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.22	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
31 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE BBB-Review, Downgrade	Negative	825
31 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE BBB-Review, Downgrade		4,571.47
31 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	Not ApplicableReview, Other		200
31 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE A3Review, Downgrade		50
31 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Commercial Papers	Not ApplicableReview, Other		100
27 Apr 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Rating	IVR A2Review, Re-affirm		175
27 Apr 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Rating	IVR BBB+Review, Re-affirm	Negative	6,290.21
17 Dec 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Bank Facilities	IVR BBB+Review, Re-affirm	Negative	5,675.99
17 Dec 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long/Short Term Bank Facilities	IVR BBB+/IVR A2Review, Re-affirm	Negative	53
17 Dec 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Bank Facilities	IVR A2Review, Re-affirm		175
17 Dec 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Bank Facilities	WithdrawnReview, Other

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.