Sterling and Wilson Renewable Energy Limited (SWSOLAR)

Construction · Construction · NSE · Updated 15 July 2026

₹242.07 ↓ 27.33% (1Y)

🎯 Key Takeaways

Sterling and Wilson Renewable Energy Limited is in a transitional phase marked by financial recovery and governance scrutiny following a period of operational distress. The company has shown sequential improvement in revenue and profitability from severe losses in FY24 to modest gains in FY25, but remains highly leveraged and sensitive to execution risks in international projects.
Revenue grew 78.3% QoQ to ₹1,837 in Q3FY25.
⚠️ Contingent liabilities from international arbitration against Shell could result in financial losses or reputational damage if the outcome is unfavora

Market Cap

₹4,666

P/E Ratio

169.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Sterling and Wilson Renewable Energy Limited is in a transitional phase marked by financial recovery and governance scrutiny following a period of operational distress. The company has shown sequential improvement in revenue and profitability from severe losses in FY24 to modest gains in FY25, but remains highly leveraged and sensitive to execution risks in international projects. Management is focused on stabilizing operations and resolving legacy disputes while navigating investor skepticism.

📰 What's Happening

Recent developments center on governance actions and international dispute resolution. At the 9th AGM on July 2, 2026, shareholders approved the adoption of audited standalone and consolidated financial statements for FY2026 and a waiver of recovery of excess remuneration paid to Manager Chandra Kishore Thakur, signaling ongoing concerns over past executive compensation practices. Concurrently, subsidiary SWSAPL initiated arbitration against Shell New Energies Australia on July 14, 2026, seeking up to AUD $28 million in compensation for disputes related to the Gangarri Solar Farm EPC and O&M contracts in Queensland, Australia, with potential financial recovery contingent on arbitration outcomes.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	88	515	760	583	1,178	915	1,030	1,837
Operating Profit	-354	-30	19	11	63	38	52	76
OPM %	-398.2%	-7.2%	0.2%	-2.8%	2.5%	2.7%	1.8%	3.8%
Net Profit	-421	-95	-55	-62	1	5	9	17
EPS	₹-22.00	₹-5.03	₹-2.86	₹-3.31	₹0.06	₹0.18	₹0.30	₹0.64

The company has demonstrated a clear turnaround in financial performance, with revenue rising from ₹583 crore in Q3FY24 to ₹1,837 crore in Q3FY25, and operating profit improving from a loss of ₹11 crore to a profit of ₹76 crore over the same period. Operating margins have expanded from negative 2.8% to 3.8%, and net profit has turned positive from a loss of ₹62 crore, indicating improved execution and cost management. This upward trend aligns with the timing of major project completions and the resolution of prior operational headwinds, though profitability remains volatile and sensitive to project mix and foreign exchange impacts.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the reviewed filings beyond operational updates on project execution and dispute resolution. However, the initiation of arbitration against Shell and the approval of financial statements at the AGM suggest a focus on resolving legacy issues and reinforcing governance. The board continues to emphasize compliance and stakeholder transparency, with Chairman Khurshed Daruvala highlighting audited financials and remuneration reforms as part of broader governance improvements.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Construction

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Larsen & Toubro Limited	5.38 L Cr	33.1	—	—	—
Rail Vikas Nigam Limited	59,006	45.4	—	—	—
NBCC (India) Limited	25,331	49.1	—	—	—
IRB Infrastructure Developers Limited	24,518	3.8	—	—	—
Kalpataru Projects International Limited	21,476	39.0	—	—	—
Cemindia Projects Limited	15,453	44.3	—	—	—
KEC International Limited	14,602	31.4	—	—	—
Techno Electric & Engineering Company Limited	13,909	36.5	—	—	—
Engineers India Limited	13,868	33.4	—	—	—
Ircon International Limited	13,416	17.6	—	—	—

🔗 Peer Stock Analyses

LT RVNL NBCC IRB KPIL

⚠️ Risk Factors

1. Contingent liabilities from international arbitration against Shell could result in financial losses or reputational damage if the outcome is unfavorable. 2. Past governance concerns, including the waiver of recovery of excess remuneration, may undermine investor confidence and attract regulatory or activist scrutiny. 3. High volatility in quarterly profitability and negative operating margins in recent history indicate execution and margin sustainability risks, particularly in overseas projects.

📋 Recent Filings

🧠 Analyst's Read

Sterling and Wilson Renewable Energy is navigating a fragile recovery, with financial improvements supported by project execution and dispute resolution efforts, but remaining vulnerable to governance and legal risks. Investors should monitor arbitration outcomes, margin trends in international contracts, and any updates on capital allocation strategy in the coming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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