Sterling & Wilson Renewable Energy Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,299 Cr
- P/E
- 14.35
- ROE
- 40.07%
- PEG
- 0.46
- Price to sales
- 0.46
- Debt to equity
- 1.31
- 52W high / low
- ₹249 / ₹136
- Sales growth (5Y)
- 8.24%
- EBITDA margin
- 4.86%
- Net profit margin
- 4.58%
- Promoter holding
- 45.73%
- Sales (last year)
- ₹7,155 Cr
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
Guidance scorecard · Q2 FY27 call
What Sterling & Wilson Renewable Energy's management guided
and where it ranks in Construction
Construction
RevenueQ2 FY27 call
0–10%- The company maintains a guidance of up to 10% revenue growth for FY '27 despite some near-term challenges.
- Q3 and Q4 of FY '27 are expected to see stronger execution, with Q4 being the strongest quarter.
- O&M business revenue is expected to grow significantly, potentially doubling from around INR200 crores to INR400 crores by early next year, with a 10-15% annual increase thereafter.
- The O&M revenue share may increase from about 5% currently to up to 10% of total revenue in the future.
- International business revenue is set to rise significantly in H2 FY '27, driven by execution of an international order book of over INR5,500 crores.
2 more points from Sterling & Wilson Renewable Energy's call on revenue
Create a free account to keep reading this call
MarginsQ2 FY27 call
FlatSee what Sterling & Wilson Renewable Energy said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- It highlights the company’s business model growth, especially in the Operation & Maintenance (O&M) segment targeting steady revenue increase from INR200 crores to INR400 crores with approximately 20% margin.
- There is ongoing focus on expanding order books, including framework arrangements (e.g., with Adani for 1.2 GW per year) and expected large orders from Reliance Industries, indicating potential capital deployment on project execution.
- The company also actively monitors Battery Energy Storage Systems (BESS) opportunities, reflecting strategic investment interest in energy storage as the market grows.
- New credit lines of around INR4,600 crores secured to support working capital and project execution imply readiness for financial commitments supporting business growth.
FundraisingQ2 FY27 call
PlannedSee what Sterling & Wilson Renewable Energy said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- The company's order book remains robust, expected to stay above INR10,000 crores by end of FY 2027.
- International order book stands at INR5,538 crores, including projects in Egypt and South Africa, with execution starting in H2.
- Framework arrangement with Adani for 5 years: first year 1.2 GW completed; RFQ for next 1.2 GW received and order closure expected soon.
- Reliance orders are anticipated but not yet confirmed; expected to start soon with large chunk likely coming through Sterling and Wilson.
- Several domestic projects, including 4 large PSU projects, have faced delays due to pending PPAs and NTPs; expected to commence execution in Q3/Q4.
2 more points from Sterling & Wilson Renewable Energy's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,105 Cr | 10.9 | |
| 2 | 40%+ | Flat | ₹2,003 Cr | 8.8 | |
| 3 | 40%+ | Flat | ₹933 Cr | 7.9 | |
| 4 | 40%+ | Flat | ₹912 Cr | 7.8 | |
| 5 | 40%+ | Flat | ₹714 Cr | 13.0 | |
| 6 | 40%+ | Flat | ₹465 Cr | 15.3 |
Sign up free to see every company in the sector ranking and track Sterling & Wilson Renewable Energy.
Pro shows every company guiding 40%+ revenue growth →Full Construction rankingFinancials of Sterling & Wilson Renewable Energy
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Sterling & Wilson Renewable Energy
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 52.99% | 52.94% | 52.92% | 45.75% | 45.74% | 45.74% | 45.74% | 45.73% | 45.73% | 45.73% | 45.73% | 45.73% |
| FIIs + | 11.91% | 10.50% | 10.07% | 14.08% | 10.39% | 8.43% | 8.41% | 7.11% | 7.19% | 6.96% | 5.07% | 3.75% |
| DIIs + | 9.75% | 10.64% | 9.08% | 9.70% | 9.82% | 7.50% | 5.02% | 3.18% | 2.98% | 3.19% | 4.80% | 5.32% |
| Public + | 25.34% | 25.91% | 27.95% | 30.47% | 34.05% | 38.33% | 40.83% | 44.00% | 44.11% | 44.12% | 44.41% | 45.21% |
| No. of Shareholders | 1,48,994 | 1,96,308 | 2,44,763 | 2,73,662 | 3,14,074 | 3,40,026 | 3,53,316 | 3,66,222 | 3,54,219 | 3,37,694 | 3,29,077 | 3,22,033 |
Financials of Sterling & Wilson Renewable Energy
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 760 | 583 | 1,178 | 915 | 1,030 | 1,837 | 2,519 | 1,762 | 1,749 | 2,092 | 1,946 | 1,590 | 1,528 |
| Expenses + | 758 | 599 | 1,149 | 890 | 1,012 | 1,767 | 2,386 | 1,676 | 1,745 | 2,025 | 1,800 | 1,511 | 1,471 |
| Operating Profit | 1 | -16 | 29 | 25 | 18 | 70 | 134 | 85 | 4 | 67 | 146 | 79 | 56 |
| OPM % | 0.2% | -2.8% | 2.5% | 2.7% | 1.8% | 3.8% | 5% | 4.8% | 0.2% | 3.2% | 7% | 5.0% | 3.7% |
| Other Income + | 17 | 27 | 33 | 13 | 34 | 5 | -13 | 21 | -469 | -12 | 53 | 20 | 14 |
| Interest | 64 | 68 | 25 | 19 | 28 | 31 | 31 | 29 | 36 | 47 | 42 | 39 | 50 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 |
| Profit before tax | -50 | -61 | 34 | 15 | 20 | 41 | 87 | 75 | -503 | 4 | 154 | 57 | 17 |
| Tax % | 9% | 3% | 96% | 67% | 57% | 58% | 37% | 48% | -5% | 65% | 8% | 6% | 0% |
| Net Profit + | -55 | -62 | 1 | 5 | 9 | 17 | 55 | 39 | -478 | 2 | 142 | 53 | 17 |
| EPS in Rs | -2.86 | -2.73 | 0.06 | 0.18 | 0.30 | 0.64 | 2.37 | 1.37 | -20.26 | -0.12 | 5.76 | 2.32 | 0.82 |
Financials of Sterling & Wilson Renewable Energy
Profit & Loss
Annual income statement trend
| Mar 2018 13m | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 6,872 | 8,240 | 5,575 | 5,081 | 5,199 | 2,015 | 3,035 | 6,302 | 7,548 | 7,155 |
| Expenses + | 6,330 | 7,582 | 5,246 | 5,458 | 6,102 | 3,139 | 3,043 | 6,038 | 7,234 | 6,808 |
| Operating Profit | 542 | 658 | 329 | -377 | -903 | -1,124 | -7 | 264 | 314 | 348 |
| OPM % | 8% | 8% | 6% | -7% | -17% | -56% | -0.2% | 4.2% | 4.2% | 4.9% |
| Other Income + | 13 | 209 | 303 | 158 | 95 | 111 | 85 | 40 | -408 | 75 |
| Interest | 23 | 100 | 220 | 105 | 87 | 151 | 234 | 127 | 165 | 178 |
| Depreciation | 3 | 8 | 14 | 17 | 15 | 15 | 17 | 14 | 11 | 13 |
| Profit before tax | 529 | 759 | 398 | -340 | -910 | -1,179 | -172 | 163 | -270 | 232 |
| Tax % | 15% | 16% | 24% | -15% | 1% | -0% | 22% | 47% | 9% | |
| Net Profit + | 451 | 638 | 304 | -290 | -916 | -1,175 | -211 | 86 | -296 | 213 |
| EPS in Rs | 28.19 | 39.85 | 19.34 | -17.80 | -47.94 | -61.65 | -9.09 | 3.49 | -13.25 | 8.78 |
| Dividend Payout % | 0% | 0% | 31% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Sterling & Wilson Renewable Energy
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 19 | 19 | 23 | 23 | 23 | 23 |
| Reserves | 181 | 825 | 1,065 | 646 | 898 | -244 | 946 | 984 | 626 | 699 |
| Borrowings + | 184 | 2,228 | 1,234 | 479 | 446 | 2,030 | 516 | 936 | 1,191 | 943 |
| Other Liabilities + | 4,540 | 2,323 | 2,719 | 2,568 | 2,137 | 1,386 | 2,816 | 3,687 | 3,476 | 3,566 |
| Total Liabilities | 4,920 | 5,392 | 5,034 | 3,709 | 3,500 | 3,190 | 4,301 | 5,630 | 5,317 | 5,232 |
| Fixed Assets + | 21 | 31 | 45 | 46 | 42 | 44 | 56 | 46 | 41 | 41 |
| CWIP | 3 | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 4,896 | 5,360 | 4,985 | 3,663 | 3,457 | 3,146 | 4,244 | 5,584 | 5,276 | 5,191 |
| Total Assets | 4,920 | 5,392 | 5,034 | 3,709 | 3,500 | 3,190 | 4,301 | 5,630 | 5,317 | 5,232 |
Financials of Sterling & Wilson Renewable Energy
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 251 | -723 | 338 | 201 | -1,690 | -1,829 | 538 | 38 | -257 |
| Cash from Investing Activity + | -15 | -924 | 1,018 | 409 | 949 | -12 | -5 | -75 | -107 |
| Cash from Financing Activity + | -141 | 1,972 | -1,313 | -853 | 978 | 1,431 | -286 | 317 | 103 |
| Net Cash Flow | 95 | 325 | 43 | -243 | 238 | -410 | 248 | 280 | -261 |
| Free Cash Flow | 233 | -732 | 323 | 185 | -1,700 | -1,838 | 538 | 34 | -268 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 61% | -94% | 142% | -70% | 185% | 161% | -6,962% | 43% | -66% |
Financials of Sterling & Wilson Renewable Energy
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 97 | 84 | 133 | 61 | 55 | 143 | 100 | 73 | 87 |
| Inventory Days | 1 | ||||||||
| Days Payable | 253 | ||||||||
| Cash Conversion Cycle | -155 | 84 | 133 | 61 | 55 | 143 | 100 | 73 | 87 |
| Working Capital Days | 13 | 14 | 33 | 13 | 17 | 32 | 89 | 25 | 6 |
| ROCE % | 50% | 23% | -14% | -66% | -65% | 4% | 17% | 27% |
Guidance history
How Sterling & Wilson Renewable Energy's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 0–10% | Flat | Planned | Planned | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
5 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −35.6% | 16% |
| Last 6 months | −33.2% | 6% |
| Last 3 months | −32.0% | 3% |
The price is 82.7% below its all-time high of ₹820.65 (18 May 2024). Stocks more than 20% below their peak have their score halved, so 9 became 5.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Sterling & Wilson Renewable Energy: 0.4 × 16 + 0.4 × 6 + 0.2 × 3 = 9, halved to 5 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Sterling & Wilson Renewable Energy's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
Others in Construction this season
- H.G. Infra Engg. (Q2 FY27)
Consolidated Revenue from Operations for Q2 FY27: ₹9,735.87 million, up 7.6% YoY from ₹9,045.03 million in Q2 FY26 (Page 14). Key investor presentation takeaway
- Kay Cee (Q2 FY27)
Revenue for H1 FY27 is ₹133.89 crore (₹13,388.53 lakhs), up 60% from ₹83.33 crore (₹8,332.76 lakhs) in H1 FY26. Key investor presentation takeaways from Kay Cee
- Sadbhav Infrastructure Projects (Q2 FY27)
Year-on-year revenue increase: INR 509.3 million, approximately a 33.7% increase. Key results statement takeaways from Sadbhav Infrastructure Projects Ltd's Q2
- Viviana Power (Q2 FY27)
For the quarter ended 30th September 2026, Viviana Power Tech Limited reported consolidated revenue from operations of ₹11,668.02 lakhs, compared to ₹9,062.85…