Sterling and Wilson Renewable Energy Limited stands as a prominent player in India's renewable energy sector, serving as a global end-to-end renewable engineering, procurement, and construction (EPC) solutions provider. The company, listed on both NSE and BSE under the symbol SWSOLAR, has carved out a significant position in the rapidly growing clean energy market.
The company provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering and manages all aspects of project execution from conceptualizing to commissioning. Sterling and Wilson's operations span across multiple segments, with its segments including EPC and O&M. The company's impressive portfolio includes an EPC portfolio of about 14.7 GWp and operates across India, Africa, the Middle East, Australia, and Latin America.
The company's services extend beyond traditional solar EPC, as it also provides operations and maintenance (O&M) services, including for projects constructed by third parties. This diversified service offering has positioned Sterling and Wilson as a comprehensive renewable energy solutions provider in the global market.
Sterling and Wilson's ownership structure reflects strong institutional backing. In 2022, Reliance Industries acquired a 40% stake in the Company through its subsidiary Reliance New Energy Limited. As of March 2025, Reliance held 32.5% and Shapoorji Pallonji 6.9% stake in the company. The current promoter holding stands at 45.7%, indicating substantial promoter commitment to the business.
The company has demonstrated remarkable financial turnaround in recent periods. The current market cap stands at ₹7,857 crore, with reported revenue of ₹6,302 crore and profit of ₹85.6 crore for FY25. The Q3 FY25 results showed exceptional performance, with revenue from operations zooming 215.19% year on year (YoY) to Rs 1,837.20 crore in the quarter ended December 2024.
For the full FY25, the company achieved its highest-ever quarterly revenue performance since its public listing, recording INR 2,519 crore in Q4—reflecting a remarkable year-on-year (YoY) growth of 114% and a quarter-on-quarter (QoQ) increase of 37%. For the entire FY25, SWREL posted a revenue of INR 6,302 crore, marking an impressive 108% rise compared to the previous year.
The profitability metrics also show significant improvement. The company reported a consolidated net profit of Rs 14.83 crore in Q3 FY25 as against a net loss of Rs 63.67 crore in Q3 FY24. For FY25, the company reported a consolidated net profit of Rs 81.45 crore in FY25 as against a net loss of Rs 211.92 crore posted in FY24. Revenue from operations surged 107.61% YoY to Rs 6,301.86 crore reported in FY25.
- Q3 FY2024-25 Performance: Revenue from Operations: INR 1,837.20 crore, Net Profit: INR 14.83 crore
- Q4 FY2024-25 Performance: Revenue from Operations: INR 2,519 crore, Net Profit: (Specific Q4 Net Profit not provided)
- FY2024-25 Performance: Revenue from Operations: INR 6,302 crore, Net Profit: INR 81.45 crore
- Market Capitalization: ₹7,857 Crore
- Promoter Holding: 45.7%
- Reliance Stake: 32.5% (as of March 2025)
- Shapoorji Pallonji Stake: 6.9% (as of March 2025)
Sterling and Wilson provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering, managing all aspects of project execution from conceptualizing to commissioning. The company's operations span across multiple segments, including EPC and O&M. The company's impressive portfolio includes an EPC portfolio of about 14.7 GWp and operates across India, Africa, the Middle East, Australia, and Latin America.
The company's services extend beyond traditional solar EPC, as it also provides operations and maintenance (O&M) services, including for projects constructed by third parties. This diversified service offering has positioned Sterling and Wilson as a comprehensive renewable energy solutions provider in the global market.
Sterling and Wilson's core offering is EPC services for solar power projects. However, they have strategically expanded their portfolio to include operations and maintenance (O&M) services, catering to both their own constructed projects and those by third parties. The company is also actively pursuing diversification into wind EPC and hybrid energy projects, positioning itself to offer integrated clean energy solutions.
The company operates through a global presence, executing projects across India, Africa, the Middle East, Australia, and Latin America, demonstrating a broad market reach.
The company is strategically positioned to capitalize on the growing renewable energy sector. With its recent foray into wind EPC and continued focus on hybrid energy projects, the company is optimistic about expanding its renewable portfolio and delivering integrated clean energy solutions. This diversification strategy aligns with the broader trend toward comprehensive renewable energy solutions.
The company's order book provides significant visibility for future growth. The robust order inflow performance, especially in domestic markets, underscores the market's confidence in its project delivery and execution capabilities.
- P/E Ratio: 96.5
- Book Value: ₹43.1
- Dividend Yield: 0.00%
- ROCE: 16.0%
- ROE: 8.24%
These metrics reflect the company's current growth trajectory and market positioning, indicating reasonable operational efficiency despite potentially challenging market conditions.
The company has made significant improvements in its working capital management. Debtor days have improved from 105 to 72.6 days. The company's working capital requirements have reduced from 145 days to 47.2 days, indicating better cash flow management and operational efficiency.
Sterling and Wilson continues to maintain its market position with appropriate credit ratings. Infomerics Valuation and Rating has reaffirmed its ratings on the bank facilities of Sterling and Wilson Renewable Energy (SWREL). This is supported by the improvement in operating performance, a strong order book, reputed counterparties, a moderate capital structure, and satisfactory debt protection metrics.
The company's transformation from loss-making to profitable operations, combined with its strong order book and market position in the renewable energy sector, positions it well for continued growth in India's expanding clean energy market.
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