Sterling and Wilson Renewable Energy Limited (SWSOLAR)
Micro CapInfra stocks · Micro cap · NSE
Sterling and Wilson Renewable Energy Limited (SWSOLAR) is a leading global solar EPC and O&M solutions provider. It offers turnkey EPC and BoS solutions for utility-scale, floating solar, and solar-plus-storage projects. With an operational presence in 28 countries, it also ventured into Wind EPC in 2025.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 7/100Rev -10% YoY · margin compression · PAT +36% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,590 Cr | -9.8% | -18.3% |
| EBITDA | ₹79 Cr | -7.1% | -45.9% |
| Operating margin | 5.0% | +20 bps | -200 bps |
| PAT | ₹53 Cr | +35.9% | -62.7% |
| PAT margin | 3.3% | +112 bps | -397 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 revenue declined YoY but PAT rose 36% YoY, driven by O&M growth. Gross margins compressed to 9.9%. Unexecuted Order Value reached a record INR 13,024 crore, with a significant new 1 GW + 600 MWh BESS project in Egypt.
The record Unexecuted Order Value and strong pipeline provide growth visibility, but Q1 FY27 saw lower EPC revenue recognition due to project commencement delays. Gross margin compression and increased receivable days warrant close monitoring, despite strong O&M portfolio growth.
Q1 FY27 Revenue by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Domestic EPC
Domestic UOV of ~INR 7,900 crore provides strong revenue and growth visibility, with a robust pipeline for EPC and BESS projects.
International EPC Expansion
International EPC is growing from a small base, with Middle East and Africa identified as key markets, including a new 1 GW + 600 MWh BESS project in Egypt.
O&M Portfolio Growth
O&M portfolio increased to 18.3 GW as of June 2026, driven by organic growth from own EPC projects and third-party acquisitions.
Battery Energy Storage Solutions (BESS)
The company has bagged a marquee turnkey project (1 GW + 600 MWh BESS) in Egypt, highlighting its integrated BESS capabilities.
Commissioned AC Capacities
The company commissioned 4.5 GW AC capacities in FY26.
O&M Portfolio Growth
The O&M portfolio has grown to ~18.3 GW as of June 2026, from 1.8 GW in FY 2018.
Record Order Book
The company achieved its highest unexecuted order value in history of more than INR 10,500 crore in October 2024, further increasing to INR 13,024 crore by June 2026.
Strong Domestic Pipeline
The pipeline for Domestic EPC and BESS continues to remain very strong, supporting future growth.
Growing O&M Business
The O&M portfolio continues to increase in size, with O&M revenue growing ~40% YoY in Q1 FY27, providing a stable annuity business.
EPC Revenue Recognition Delays
Q1 FY27 revenue was impacted by lower revenue recognition from the EPC segment, with six turnkey projects yet to commence execution.
Execution Delays
Six turnkey projects (3 domestic, 3 international) are yet to commence execution, impacting Q1 FY27 revenue recognition and potentially skewing revenue to 2HFY27.
Gross Margin Pressure
Q1 FY27 Gross margin of 9.9% is lower than Q1 FY26 (11.7%) and Q4 FY26 (12.0%), indicating potential pressure on profitability.
Working Capital Management
Receivable days increased to 161 in June 2026 from 138 in March 2026, indicating potential strain on working capital efficiency.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and seasonal impacts in project execution. QoQ comparison is important for tracking sequential momentum in project execution, order book conversion, and margin trends.
Order Inflow (YTD)
Q1 FY27 YTD order inflow was INR 2,641 crore, including a ~USD 280 mn share in a 1 GW + 600 MWh BESS project in Egypt.
Unexecuted Order Value (UOV)
UOV reached a record INR 13,024 crore as of June 2026, up from INR 11,813 crore in March 2026.
Revenue from Operations
Q1 FY27 revenue was INR 1,590 crore, down from INR 1,762 crore YoY (Q1 FY26) and INR 1,946 crore QoQ (Q4 FY26).
Gross Margin
Gross margin for Q1 FY27 was 9.9%, down from 11.7% YoY (Q1 FY26) and 12.0% QoQ (Q4 FY26).
Revenue Recognition Skew
Management expects higher revenue recognition towards 2HFY27 as six turnkey projects (3 domestic, 3 international) are likely to commence execution.
O&M Contribution Improvement
Management anticipates a significant improvement in O&M revenue and EBITDA contribution this fiscal due to the increased O&M portfolio size.
Margin Stabilization
Management expects Gross margins for EPC businesses to stabilize around 8-10% (depending on Turnkey/BOS), and O&M at ~20%.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Unexecuted Order Value (UOV) Conversion | INR 13,024 crore as of June 2026. | Timely commencement and execution of the six delayed turnkey projects to realize expected 2HFY27 revenue. |
| Gross Margin Trend | 9.9% in Q1 FY27. | Stabilization of EPC gross margins within the 8-10% range and O&M margins at ~20% as guided by management. |
| Receivable Days | 161 days as of June 2026. | Improvement in receivable days to demonstrate better working capital management and cash flow generation. |
| O&M Revenue/EBITDA Contribution | O&M revenue grew ~40% YoY in Q1 FY27. | Continued significant improvement in O&M segment's top-line and profitability contribution to overall financials. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -8.1% / mo · MACD − · sector +2.3pp vs Nifty (3M)
Technical chart
SWSOLARdaily · 1Y · AUTO+3.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 31.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.8% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 34% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 45.2%.
- Quality contributes 20/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Promoter pledge is 27.6%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 28th percentile within Infra. Main check: balance sheet trust is weak at 39/100.
Mixed Trust Lite: 4 years of positive FCF. Key concern: Promoter pledge is elevated at 27.6%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 28th pctile, median 64 · Micro: 11th pctile, median 73
109 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸4 years of positive FCF.
- ▸ROCE is 26.8%.
Trust risks
- ▸Promoter pledge is elevated at 27.6%.
- ▸Operating cash flow is negative at ₹-257 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.84.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 13.90
- P/B
- 6.69
- EV/EBITDA
- 18.05
- Market Cap
- 4349.00Cr
Profitability
- ROE
- 40.10%
- ROCE
- 26.80%
- ROA
- -5.28%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 55.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 1.84
- Interest Coverage
- 1.80×
- Altman Z
- 2.34
- Book Value
- 27.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -257.00 Cr
- EPS TTM
- -12.30
Shareholding
- Promoter Hold
- 45.73%
- Promoter Pledge
- 27.60%
- Momentum 52W
- 28%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.