Sterling and Wilson Renewable Energy Limited

NSE: SWSOLAR · Civil Construction

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52W Range₹135 – ₹261

Snapshot

Unlock Sterling and Wilson Renewable Energy Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Sterling and Wilson Renewable Energy Limited is a global engineering, procurement, and construction (EPC) provider specialising in solar power projects. The company also offers operations and maintenance services and trades in solar components such as modules, structures, and inverters.

Business Model

The company generates revenue through end-to-end EPC contracts for solar power developers and independent power producers. Additionally, it earns income from long-term operations and maintenance contracts and the trading of solar energy equipment.

  • Operational Presence:24 countries

Growth Outlook

Growth is driven by the global transition towards renewable energy and the increasing demand for large-scale solar infrastructure. The company leverages its extensive international footprint to capture opportunities in emerging and established solar markets.

Key Risks

  • Project Execution Risk. Delays in large-scale solar projects due to logistical challenges or site-specific issues can significantly impact profitability.
  • Commodity Price Volatility. Fluctuations in the cost of solar modules, steel, and other raw materials can compress margins on fixed-price EPC contracts.
  • Geopolitical and Regulatory Risk. Operating across 24 countries exposes the company to varying international trade policies, import duties, and changing renewable energy regulations.
  • Competitive Intensity. The solar EPC sector is highly fragmented, leading to aggressive price competition that may pressure contract bidding margins.

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Key Metrics

REVENUE

₹7,155 Cr

TTM · consolidated

-9.0%YoY

NET PROFIT

₹213 Cr

TTM · consolidated

+158.1%YoY

EPS

₹8.78

TTM · consolidated

+155.3%YoY

RETURN ON EQUITY

35.8%

TTM · consolidated

+113.8 ppYoY

RETURN ON CAPITAL EMPLOYED

35.8%

TTM · consolidated

+49.9 ppYoY

P/E

16.1×

Q2 FY27 · consolidated

16.1 vs 2.1x5Y avg

EV/EBITDA

9.1x

Q2 FY27 · consolidated

9.1 vs 10.1x5Y avg

EBITDA MARGIN

6.3%

TTM · consolidated

+1.0 ppYoY

NET PROFIT MARGIN

1.1%

Q2 FY27 · consolidated

+28.4 ppYoY

DEBT TO EQUITY

1.3x

Q2 FY27 · consolidated

-1.27xYoY

Peers · Civil Construction

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Sterling and Wilson Renewable Energy LimitedSWSOLAR
₹3,309 Cr16.1×9.12-9.0%6.3%35.8%35.8%-35.6%
Ahluwalia Contracts (India) LimitedAHLUCONT
₹3,676 Cr16.3×7.2012.0%10.0%11.7%14.8%-42.3%
PNC Infratech LimitedPNCINFRA
₹3,331 Cr5.3×5.711.8%26.1%9.1%11.2%-53.7%
J. Kumar Infraprojects LimitedJKIL
₹3,128 Cr8.2×3.91-2.5%15.8%11.9%19.0%-37.3%
PSP Projects LimitedPSPPROJECT
₹2,941 Cr40.1×12.6844.8%6.8%5.9%11.4%-20.1%
KNR Constructions LimitedKNRCON
₹2,893 Cr7.3×7.60-39.0%25.3%8.3%10.7%-43.2%

As of Q2 FY27

Financials