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Sterling and Wilson Renewable Energy (SWSOLAR)₹153.22+1.00%Civil Construction
In the Sep 2026 quarter (consolidated), Sterling and Wilson Renewable Energy reported sales of ₹1,533 Cr, down 12.8% from Sep 2025, and net profit of ₹16.98 Cr. For the year to Mar 2026, sales were ₹7,575 Cr and net profit −₹296 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| 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 | 585 | 1,182 | 918 | 1,034 | 1,844 | 2,529 | 1,768 | 1,757 | 2,098 | 1,953 | 1,597 | 1,533 |
| Expenses | 597 | 1,146 | 887 | 1,009 | 1,762 | 2,380 | 1,672 | 1,740 | 2,018 | 1,795 | 1,506 | 1,466 |
| Operating Profit | −15.93 | 28.90 | 24.89 | 17.93 | 69.68 | 133 | 84.66 | 3.98 | 66.71 | 145 | 78.64 | 55.75 |
| OPM % | −2.8% | 2.5% | 2.7% | 1.8% | 3.8% | 5.0% | 4.8% | 0.2% | 3.2% | 7.0% | 5.0% | 3.7% |
| Other Income | 26.89 | 32.90 | 12.96 | 33.91 | 4.98 | −12.97 | 20.94 | −467 | −11.96 | 52.84 | 19.94 | 13.95 |
| Interest | 67.96 | 24.98 | 18.98 | 27.98 | 30.98 | 30.95 | 28.96 | 35.99 | 46.92 | 41.94 | 38.93 | 49.94 |
| Depreciation | 4.01 | 4.01 | 4.01 | 4.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 4.01 |
| Profit before tax | −60.94 | 33.97 | 14.99 | 19.98 | 40.95 | 86.96 | 74.94 | −503 | 4.01 | 154 | 56.95 | 16.99 |
| Tax % | 3.0% | 96.1% | 67.0% | 57.0% | 58.1% | 37.0% | 48.0% | −5.0% | 65.1% | 8.0% | 6.0% | 0.0% |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | −580 | −25.01 | 0.00 | 0.00 | 0.00 |
| Net Profit | −61.91 | 0.99 | 4.99 | 8.99 | 16.99 | 54.92 | 38.95 | −478 | 1.99 | 142 | 52.99 | 16.98 |
| EPS (Rs) | −2.74 | 0.07 | 0.19 | 0.31 | 0.65 | 2.38 | 1.38 | −20.27 | −0.13 | 5.77 | 2.33 | 0.83 |
| Mar 2018 13m | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,895 | 8,273 | 5,598 | 5,098 | 5,217 | 2,023 | 3,045 | 6,326 | 7,575 | 7,181 |
| Expenses | 6,317 | 7,563 | 5,228 | 5,439 | 6,088 | 3,129 | 3,035 | 6,023 | 7,213 | 6,784 |
| Operating Profit | 539 | 656 | 328 | −376 | −900 | −1,120 | −6.97 | 263 | 313 | 346 |
| OPM % | 8.0% | 8.0% | 6.0% | −7.0% | −17.0% | −56.0% | −0.2% | 4.2% | 4.2% | 4.8% |
| Other Income | 12.97 | 208 | 302 | 157 | 94.62 | 111 | 84.74 | 39.90 | −407 | 74.77 |
| Interest | 22.96 | 99.94 | 220 | 105 | 86.89 | 151 | 234 | 127 | 165 | 178 |
| Depreciation | 3.01 | 8.01 | 14.01 | 17.03 | 15.02 | 15.01 | 17.02 | 14.02 | 11.01 | 13.04 |
| Profit before tax | 529 | 759 | 398 | −340 | −910 | −1,178 | −172 | 163 | −270 | 232 |
| Tax % | 15.1% | 16.1% | 24.1% | −15.0% | 1.0% | 0.0% | 22.1% | 47.0% | 9.0% | — |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 1.01 | 0.00 | 0.00 | 0.99 | −641 | −25.01 |
| Net Profit | 451 | 637 | 304 | −290 | −915 | −1,174 | −211 | 85.87 | −296 | 214 |
| EPS (Rs) | 28.23 | 39.88 | 19.35 | −17.81 | −48.02 | −61.69 | −9.10 | 3.50 | −13.26 | 8.80 |
| Dividend payout % | 0.0% | 0.0% | 31.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15.96 | 15.96 | 15.96 | 15.96 | 18.94 | 18.94 | 22.93 | 22.95 | 22.94 |
| Reserves | 181 | 825 | 1,065 | 647 | 899 | −244 | 947 | 986 | 627 |
| Borrowings | 184 | 2,223 | 1,232 | 478 | 445 | 2,025 | 515 | 934 | 1,188 |
| Other Liabilities | 4,531 | 2,314 | 2,712 | 2,558 | 2,129 | 1,385 | 2,807 | 3,674 | 3,464 |
| Total Liabilities | 4,911 | 5,378 | 5,026 | 3,699 | 3,493 | 3,184 | 4,292 | 5,617 | 5,303 |
| Fixed Assets | 20.97 | 30.97 | 44.94 | 45.98 | 41.98 | 43.99 | 55.90 | 45.95 | 40.96 |
| CWIP | 3.01 | 0.00 | 4.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 4,887 | 5,346 | 4,977 | 3,653 | 3,450 | 3,140 | 4,235 | 5,571 | 5,262 |
| Inventories | 18.93 | 12.94 | 14.95 | 2.99 | 3.99 | 1.99 | 0.99 | 2.99 | 1.99 |
| Trade receivables | 1,828 | 1,907 | 2,038 | 852 | 787 | 792 | 835 | 1,258 | 1,805 |
| Cash & equivalents | 104 | 456 | 500 | 292 | 505 | 95.18 | 339 | 712 | 535 |
| Total Assets | 4,911 | 5,378 | 5,026 | 3,699 | 3,493 | 3,184 | 4,292 | 5,617 | 5,303 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 252 | −725 | 339 | 202 | −1,696 | −1,835 | 540 | 38.16 | −258 |
| Cash from investing activity | −14.96 | −922 | 1,016 | 408 | 947 | −11.98 | −4.99 | −74.83 | −107 |
| Cash from financing activity | −140 | 1,964 | −1,307 | −850 | 974 | 1,426 | −285 | 316 | 103 |
| Net cash flow | 95.33 | 326 | 43.18 | −244 | 239 | −411 | 249 | 281 | −262 |
| Capex | 17.93 | 9.96 | 17.94 | 15.95 | 12.97 | 8.97 | 0.99 | 3.99 | 10.96 |
| Free cash flow | 233 | −731 | 323 | 185 | −1,700 | −1,837 | 538 | 33.98 | −268 |
| CFO / OP % | 61.0% | −94.0% | 142.0% | −70.0% | 185.0% | 161.0% | −6,962.0% | 43.0% | −66.0% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 96 | 83 | 132 | 60 | 54 | 142 | 99 | 72 | 86 |
| Inventory days | 1 | — | — | — | — | — | — | — | — |
| Days payable | 252 | — | — | — | — | — | — | — | — |
| Cash conversion cycle | −154 | 85 | 134 | 62 | 56 | 144 | 101 | 74 | 88 |
| Working capital days | 13 | 14 | 33 | 13 | 17 | 32 | 89 | 25 | 6 |
| ROCE % | — | 50.0% | 22.9% | −14.1% | −66.1% | −65.1% | 4.0% | 16.9% | 26.9% |
For the Sep 2026 quarter, Sterling and Wilson Renewable Energy reported sales of ₹1,533 Cr, down 12.8% year on year and net profit of ₹16.98 Cr. The operating margin was 3.7%.
Sterling and Wilson Renewable Energy's sales for the year to Mar 2026 were ₹7,575 Cr; over the last twelve months they were ₹7,181 Cr.
Net profit for the year to Mar 2026 was −₹296 Cr, and ₹214 Cr over the last twelve months. Earnings per share over the same trailing period were ₹8.80.
Sterling and Wilson Renewable Energy reported borrowings of ₹1,188 Cr at Mar 2026, against cash and equivalents of ₹535 Cr.
Cash from operations was −₹258 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹268 Cr.