Sterling & Wilson Renewable Energy Ltd

Sterling & Wils. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Sterling & Wilson Renewable Energy Ltd

₹ 443 -5.12%
20 Dec - close price
sterlingandwilsonre.com BSE: 542760 NSE: SWSOLAR
About

Sterling and Wilson Solar Ltd is one of the leading end-to-end solar engineering, procurement and construction (EPC) solutions provider globally and is also engaged in the operation and maintenance (O&M) of solar power projects. The company is backed by strong parentage of the Reliance Industries

Key Points

History[1]
Company was a part of Shapoorji Pallonji Group and is promoted by Shapoorji Pallonji and Company Pvt Ltd and Mr. Khurshed Daruvala. Post demerger from Sterling and Wilson Pvt Ltd, SWREL was incorporated in 2017 and is engaged in EPC and O&M for Solar Power Plants. In FY22, there was an acquisition of stake in SWREL by Reliance New Energy Ltd , a subsidiary of Reliance Industries. Currently REL owns 32.6% stake in the company. The company has set up its largest single location Solar Photovoltaic Plant of 1177 MW in Abu Dhabi.

Website BSE NSE
  • Market Cap ₹ 10,348 Cr.
  • Current Price ₹ 443
  • High / Low ₹ 828 / 424
  • Stock P/E
  • Book Value ₹ 41.4
  • Dividend Yield 0.00 %
  • ROCE 3.77 %
  • ROE -56.7 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 10.7 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -7.16%
  • The company has delivered a poor sales growth of -18.1% over past five years.
  • Company has a low return on equity of -152% over last 3 years.
  • Promoters have pledged 27.2% of their holding.
  • Earnings include an other income of Rs.108 Cr.
  • Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services

Part of Nifty MidSmallcap 400 BSE 250 SmallCap Index Nifty Total Market Nifty Smallcap 250 Nifty 500 Multicap 50:25:25

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
1,438.42 1,494.86 1,071.03 1,206.93 312.69 406.96 88.43 514.96 759.52 582.88 1,178.01 915.06 1,030.49
1,732.87 1,885.94 1,195.27 1,550.80 682.88 470.77 440.55 552.17 758.05 599.06 1,148.66 890.38 1,012.34
Operating Profit -294.45 -391.08 -124.24 -343.87 -370.19 -63.81 -352.12 -37.21 1.47 -16.18 29.35 24.68 18.15
OPM % -20.47% -26.16% -11.60% -28.49% -118.39% -15.68% -398.19% -7.23% 0.19% -2.78% 2.49% 2.70% 1.76%
31.32 7.37 23.44 4.13 98.11 10.69 -2.07 7.39 17.21 27.43 33.39 12.83 33.96
Interest 17.11 28.25 18.83 14.66 32.84 37.91 59.50 62.09 64.34 67.55 24.54 18.84 28.21
Depreciation 3.28 4.49 3.82 3.46 3.30 4.11 3.83 3.42 4.29 4.49 4.46 4.01 3.83
Profit before tax -283.52 -416.45 -123.45 -357.86 -308.22 -95.14 -417.52 -95.33 -49.95 -60.79 33.74 14.66 20.07
Tax % 0.29% 2.96% 2.56% -0.52% -3.09% 4.21% 0.86% -0.01% 9.13% 2.63% 95.85% 67.05% 57.30%
-284.35 -428.78 -126.61 -355.99 -298.71 -99.15 -421.11 -95.32 -54.51 -62.39 1.40 4.83 8.57
EPS in Rs -17.75 -22.27 -6.66 -18.66 -15.65 -5.34 -22.01 -5.03 -2.86 -2.73 0.06 0.18 0.30
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 13m Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
6,872 8,240 5,575 5,081 5,199 2,015 3,035 3,706
6,330 7,582 5,246 5,458 6,102 3,139 3,043 3,650
Operating Profit 542 658 329 -377 -903 -1,124 -7 56
OPM % 8% 8% 6% -7% -17% -56% -0% 2%
13 209 303 158 95 111 85 108
Interest 23 100 220 105 87 151 234 139
Depreciation 3 8 14 17 15 15 17 17
Profit before tax 529 759 398 -340 -910 -1,179 -172 8
Tax % 15% 16% 24% -15% 1% -0% 22%
451 638 304 -290 -916 -1,175 -211 -48
EPS in Rs 281.98 39.85 19.34 -17.80 -47.94 -61.65 -9.09 -2.19
Dividend Payout % 0% 0% 31% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: -18%
3 Years: -16%
TTM: 109%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 8%
TTM: 93%
Stock Price CAGR
10 Years: %
5 Years: 8%
3 Years: 5%
1 Year: 1%
Return on Equity
10 Years: %
5 Years: -68%
3 Years: -152%
Last Year: -57%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 16 16 16 16 19 19 23 23
Reserves 181 825 1,065 646 898 -244 946 942
184 2,228 1,234 479 446 2,030 516 907
4,540 2,323 2,719 2,568 2,137 1,386 2,816 3,012
Total Liabilities 4,920 5,392 5,034 3,709 3,500 3,190 4,301 4,885
21 31 45 46 42 44 56 48
CWIP 3 0 4 0 0 0 0 0
Investments 0 0 0 0 0 0 0 100
4,896 5,360 4,985 3,663 3,457 3,146 4,244 4,737
Total Assets 4,920 5,392 5,034 3,709 3,500 3,190 4,301 4,885

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
251 -723 338 201 -1,690 -1,829 538
-15 -924 1,018 409 949 -12 -5
-141 1,972 -1,313 -853 978 1,431 -286
Net Cash Flow 95 325 43 -243 238 -410 248

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 97 84 133 61 55 143 100
Inventory Days 1
Days Payable 253
Cash Conversion Cycle -155 84 133 61 55 143 100
Working Capital Days 13 113 113 47 48 271 117
ROCE % 50% 23% -14% -66% -65% 4%

Shareholding Pattern

Numbers in percentages

15 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
74.10% 78.56% 78.56% 76.69% 72.73% 72.73% 69.03% 67.56% 52.99% 52.94% 52.92% 45.75%
6.76% 2.33% 2.05% 2.65% 3.53% 4.13% 4.26% 3.37% 11.91% 10.50% 10.07% 14.08%
3.00% 3.17% 3.38% 3.90% 4.74% 5.55% 5.57% 5.94% 9.75% 10.64% 9.08% 9.70%
16.14% 15.94% 16.00% 16.76% 19.01% 17.61% 21.14% 23.14% 25.34% 25.91% 27.95% 30.47%
No. of Shareholders 1,41,7161,56,5941,63,8041,62,3831,58,0021,54,1501,53,1281,58,6491,48,9941,96,3082,44,7632,73,662

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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