Sterling and Wilson Renewable Energy Limited (SWSOLAR)

Micro Cap

Infra 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.

₹152.44

-7.77 · -4.85%

Market cap ₹3,864 Cr

ThemesRenewable Energy EV Manufacturing+1 more

Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST

Details

Quote21 Oct, 03:31 pm IST

Base fundamentals18 Oct 2026 · screener

Official result overlay30 Sept 2026 · nse-xbrl

Latest result15 Oct, 05:36 pm IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags04 Jun 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)

Technical timing lens

Trend score and candlestick chart

26Bearish

full bear SMA stack · SMA20 -9.1% / mo · MACD − · near 52W low · sector -2.2pp vs Nifty 500 (3M)

Stock trend: 18

Sector RS: 38

Sector 3M: -7.9% vs Nifty 500 -5.6%

Infra FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

SWSOLARD candles · FIT view-29.4%

Latest close ₹152.44 on 2026-10-21

Bar

-4.8%

RSI

MACD hist

-0.24

52W pos

2026-10-21O ₹160.21H ₹160.45L ₹152.00C ₹152.44Vol 15.0L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

SWSOLARNifty InfraNifty 500

SWSOLAR: -26.5%
Nifty 500: -6.5%
Nifty Infra: -8.6%
Vs Nifty 500: -20.0 pp

Chart stats

21 Oct 2026

From 52W high: -41.5%
52W range position: 4%
ATR (14): 4.5%
Volume vs 20D: 1.16x
Avg traded value: ₹22.4 Cr
20D price channel: ₹152 - ₹186.7

Quarter ended 30 Sept 2026

Bad · 0

Rev -13% YoY · margin expansion

Revenue: ₹1,527.5 Cr; YoY -12.7%
PAT: ₹16.8 Cr; YoY NDF
Operating margin: 3.7%; QoQ -128 bps
PAT margin: 1.1%; QoQ -225 bps

Filed 15 Oct 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 4 Downtrend

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 16; -5 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 4 Downtrend
Sector rotation: #17; lagging · 93 stocks
Industry rotation: —; Fewer than five rank-eligible peers

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -0.24

Volume participation

1.2x average

Versus 20-session average

20-session position

1% of range

₹152 low · ₹186.66 high

Relative performance

vs Nifty 500

1M: -7.6 pp; stock -12.0%
3M: -20.0 pp; stock -26.5%
6M: -22.0 pp; stock -27.2%
1Y: -24.3 pp; stock -32.2%

From 52W high

-41.5%

High ₹260.8

52W range position

₹148 - ₹260.8

ATR (14)

4.5%

₹6.93

Avg traded value

₹22.4 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.

Suggested next step

Check latest quarters

Result consistency is weak; verify whether the thesis is improving or deteriorating.

U-Score

Legacy · FAIR VALUE

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Sept 2026

Bad · 0/100

Rev -13% YoY · margin expansion

Filed 15 Oct 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹1,527.5 Cr	-12.7%	-3.9%
EBITDA	₹56.1 Cr	+1302.5%	-28.7%
Operating margin	3.7%	+347 bps	-128 bps
PAT	₹16.8 Cr	NDF	-68.4%
PAT margin	1.1%	+2843 bps	-225 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 16.80
P/B: 5.32
EV/EBITDA: 13.32
Market Cap: 3864.00Cr

Profitability

ROE: 40.10%
ROCE: 26.80%
ROA: 4.07%
Dividend Y: —

Growth (CAGR)

Revenue 5Y: 8.00%
EPS 5Y: 26.00%
Revenue 3Y: 55.00%
EPS 3Y: 32.00%

Balance Sheet

Debt/Equity: 1.31
Interest Coverage: 1.96×
Altman Z: 2.34
Book Value: 31.00

Cash Flow

FCF Yield: —
FCF Positive Y: 4/5
OCF: -257.00 Cr
EPS TTM: 8.78

Shareholding

Promoter Hold: 45.73%
Promoter Pledge: 27.60%
Momentum 52W: 15%

Financial History

Updated 21/10/2026

Revenue

₹ Cr

Latest: 1,528-3.9% vs prev

Net Profit

₹ Cr

Latest: 16.8-68.4% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 32.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
SMA20 falling (~10.0% over last month) — short-term momentum negative.
RSI(14) at 32 — falling, no extreme reading.
MACD below signal but histogram contracting — bearish momentum easing.
Within 5% of 52-week low — testing support.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 4 Downtrend

1M return

-12.0%

3M return

-26.5%

6M return

-30.6%

1Y return

-32.1%

RS 1D

-3

RS 20D

-5

Sector rank

#17

Industry rank

Stage evidence

Price is 22.9% below the 30-week proxy.
The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
Both 3-month and 6-month returns are negative.

50-DMA

price below

200-DMA

price below

Sector

lagging

Industry

unranked

Relative-strength line vs Nifty 500 (base 100)

262 observations

21 Oct 2026Value 65.74-3.96%

RS vs Nifty 50066

Valuation & peers

U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

Premium Compounder

Fundamental score breakdown

U band · FAIR VALUE

Valuation7/30

Growth17/25

Quality20/20

Balance Sheet0/15

Cash Flow3/10

Piotroski

3/9 (+1)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

49/100 · legacy band FAIR VALUE

Positive drivers

Fair-value margin of safety is positive at 24.9%.
Quality contributes 20/20 to the score.
Growth contributes 17/25 to the score.

Main drags

Promoter pledge is 27.6%.
Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Valuation is weaker at 7/30; verify the latest quarterly trend.

Sector valuation model

Execution business valuation: EV/EBITDA plus order and working-capital risk

Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.

Execution EV/EBITDA

Primary lens

EV/EBITDA and PE against execution quality and margin stability.

Secondary checks

Order book, receivables, working capital, debt, operating cash flow.

Main risk check

Order wins matter only if they convert into cash and margins.

16.8

5.3

EV/EBITDA

13.3

ROE

40.1%

ROCE

26.8%

FCF Yield

—

Debt/Equity

1.3

MoS

+24.9%

Score movement

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.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 49

Legacy U-Score band

FAIR VALUE

Previous: FAIR VALUE

Margin of safety

+24.9%

Previous: +21.0%

Score history

12 stored score snapshots. Latest stored move: -2 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹78.26

-94.8% MoS

Growth-justified P/E

23.1

Growth-justified Value

₹202.82

+24.9% MoS

PEG

0.59

Comparable companies

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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

WAAREERTL

Micro

Waaree Renewable Technologies Limited

Solarworld Energy Solutions Limited

Zodiac Energy Limited

Ganesh Green Bharat Ltd.

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis under stressReviewed 2026-07-17T00:41:54.766Z

Management commentary snapshot

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.

Current business mix

Q1 FY27 Revenue by Segment

Latest issuer-disclosed distribution across 3 reported categories.

Domestic EPC88.2%

International EPC6.5%

O&M5.3%

Growth engines

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.

Capacity and execution

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.

Tailwinds

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.

Headwinds

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.

Risk radar

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

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare BOTH

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.

Sector KPIs management disclosed

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).

Management forward view

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%.

Thesis monitor

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.

Trust Score

56Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 27th percentile within Infra. Main check: balance sheet trust is weak at 39/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026

management-trust-v1

109 docs text-extracted · 33 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

18th percentile

overall median 67 · Infra: 27th pctile, median 64 · Micro: 11th pctile, median 73

Evidence depth

Financial-only

109 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Needs extra due diligence; demand valuation comfort and recent improvement.

Read 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.

Promoter

watch · holding, pledge, alignment

Cash flow

watch · profit to cash conversion

Balance sheet

weak · leverage and solvency

Discipline

strong · capital discipline

Results

weak · quarterly consistency

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.

Compare Infra stocks Browse Indian stocks starting with S Explore fundamental stock screeners Browse Indian investment themes

Related companies

Waaree Renewable Technologies Limited (WAAREERTL)Solarworld Energy Solutions Limited (SOLARWORLD)Surana Solar Limited (SURANASOL)Zodiac Energy Limited (ZODIAC)Ganesh Green Bharat Ltd. (GGBL)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Sterling and Wilson Renewable Energy Limited (SWSOLAR)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Sept 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Execution business valuation: EV/EBITDA plus order and working-capital risk

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Q1 FY27 Revenue by Segment

Domestic EPC

International EPC Expansion

O&M Portfolio Growth

Battery Energy Storage Solutions (BESS)

Commissioned AC Capacities

O&M Portfolio Growth

Record Order Book

Strong Domestic Pipeline

Growing O&M Business

EPC Revenue Recognition Delays

Execution Delays

Gross Margin Pressure

Working Capital Management

What management said, and what results must prove

Order Inflow (YTD)

Unexecuted Order Value (UOV)

Revenue from Operations

Gross Margin

Revenue Recognition Skew

O&M Contribution Improvement

Margin Stabilization

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Sterling and Wilson Renewable Energy Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Sterling & Wilson Renewable Energy wins Rajasthan 534.3 MWp and South Africa 616 MWh BESS orders worth over INR 985 crore.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Pursuant to Regulation 30 of the SEBI Listing Regulations, please find below details of the schedule of Investor conference which the official(s) of the Company …

Announcement under Regulation 30 (LODR)-Credit Rating 31 Jul - Acuité downgraded/withdrew ratings on ₹7,574.97 crore bank facilities and ₹100 crore commercial paper.

Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul - The Newspaper Publication on the Unaudited Standalone and Consolidated Financial ....

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Jul - Pursuant to Regulation 30 read with Schedule III to the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 , read with Regulation ....

Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Jun - SWREL JV wins USD 560 million Egypt solar+BESS project, 1,000 MWac and 600 MWh storage.

Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jun - The newspaper publication with respect to information on the 9th AGM of the Company published in Financial ....

Reg. 34 (1) Annual Report. 9 Jun

Announcement under Regulation 30 (LODR)-Credit Rating 27 Apr - Infomerics reaffirmed SWREL ratings on Rs 6,465.21 crore bank facilities; outlook remains Negative.

Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Apr

Annual Report 2026

Annual Report 2025