BSE: 542760 | NSE: SWSOLAR | Engineering - Construction | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Sterling and Wilson Renewable Energy Ltd is a average quality company.
The key valuation ratios of Sterling and Wilson Renewable Energy Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Sterling and Wilson Renewable Energy Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 0% | 158.8% | 52.9% | 24.6% | -13.7% | -66.3% | -65.4% | 3.8% | - |
| Value Creation Index ⓘ | NA | NA | NA | 10.8 | 2.9 | 0.8 | -2.0 | -5.9 | NA | -0.7 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 0 | 0 | 0 | 6,872 | 8,240 | 5,575 | 5,081 | 5,199 | 2,015 | 3,035 | 3,706 |
| Sales YoY Gr. | - | NA | NA | NA | 19.9% | -32.3% | -8.9% | 2.3% | -61.2% | 50.6% | - |
| Adj EPS ⓘ | 0 | 0 | 0 | 29.1 | 38.4 | 18.7 | -13.5 | -45.4 | -61.6 | -10.1 | -2.2 |
| YoY Gr. | - | NA | NA | NA | 31.9% | -51.4% | -172.4% | NA | NA | NA | - |
| BVPS (₹) ⓘ | 0 | 0 | 0 | 12.3 | 52.4 | 67.4 | 41.3 | 48.1 | -12.2 | 41.3 | 41.4 |
| Adj Net Profit ⓘ | 0 | 0 | 0 | 467 | 615 | 299 | -217 | -862 | -1,168 | -236 | -51 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | 251 | -723 | 338 | 201 | -1,690 | -1,829 | 538 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0.7 | -3.1 | 3.6 | 2.3 | -0.3 | -1.1 | 0.9 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | -18.1% | -15.8% | 50.6% | ||||
| Adj EPS ⓘ | NA | -176.6% | NA | NA | ||||
| BVPSⓘ | NA | -4.7% | 0% | NA | ||||
| Share Price | - | 8.5% | 5.5% | 56.4% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | 237.3 | 118.6 | 31.2 | -24.9 | -109.2 | -337.6 | -63.3 | -5.3 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 9 | 8.6 | 6.8 | -5.5 | -15.9 | -55.6 | -0.2 | 1.5 |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | 6.8 | 7.5 | 5.3 | -4.4 | -16.7 | -58.2 | -7.7 | -1.4 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0.9 | 2.7 | 1.1 | 0.7 | 0.5 | -8.7 | 0.5 | 0.5 |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 220 | 322 | 288 | 214 | 526 | 408 | 182 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | -48 | -15 | -35 | -41 | 21 | -35 | 50 |
Sales growth is good in last 4 quarters at 347.19%
Return on Equity is Poor
Sales growth has been subdued in last 3 years -15.78%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 10.4 | -2.2 |
| TTM Sales (₹ Cr.) | 3,562 | 3,706 |
| BVPS (₹.) ⓘ | 121.5 | 41.4 |
| Reserves (₹ Cr.) ⓘ | 2,812 | 943 |
| P/BV ⓘ | 3.92 | 11.50 |
| PE ⓘ | 45.59 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 298.50 / 828.00 |
| All Time Low / High (₹) | 69.75 / 828.00 |
| Market Cap (₹ Cr.) | 11,115 |
| Equity (₹ Cr.) | 23.4 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 35.9 |
| Pledged * | 39.50 | 40.89 | 38.93 | 39.52 | 39.48 | 38.75 | 37.38 | 37.16 | 34.88 | 27.15 |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|
| Sales | 6,872 | 8,240 | 5,575 | 5,081 | 5,199 | 2,015 | 3,035 |
| Operating Expenses ⓘ | 6,277 | 7,530 | 5,203 | 5,458 | 6,102 | 3,139 | 3,043 |
| Manufacturing Costs | 651 | 1,516 | 1,165 | 1,929 | 3,248 | 1,557 | 786 |
| Material Costs | 5,385 | 5,610 | 3,589 | 3,069 | 2,419 | 1,211 | 1,942 |
| Employee Cost | 99 | 178 | 240 | 208 | 228 | 248 | 211 |
| Other Costs ⓘ | 142 | 226 | 208 | 251 | 206 | 123 | 104 |
| Operating Profit ⓘ | 595 | 710 | 373 | -377 | -903 | -1,124 | -7 |
| Operating Profit Margin (%) | 8.7% | 8.6% | 6.7% | -7.4% | -17.4% | -55.8% | -0.2% |
| Other Income ⓘ | 13 | 210 | 303 | 158 | 95 | 111 | 85 |
| Interest ⓘ | 76 | 153 | 264 | 105 | 87 | 151 | 234 |
| Depreciation ⓘ | 3 | 8 | 14 | 17 | 15 | 15 | 17 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 529 | 759 | 399 | -340 | -910 | -1,179 | -172 |
| Tax ⓘ | 78 | 121 | 94 | -50 | 6 | -4 | 38 |
| Profit After Tax | 451 | 638 | 304 | -290 | -916 | -1,175 | -211 |
| PAT Margin (%) | 6.6% | 7.7% | 5.5% | -5.7% | -17.6% | -58.3% | -6.9% |
| Adjusted EPS (₹) | 28.2 | 39.9 | 19.3 | -17.8 | -47.9 | -61.7 | -9.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 31% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | |||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 197 | 841 | 1,081 | 662 | 913 | -232 | 963 | |||
| Share Capital ⓘ | 16 | 16 | 16 | 16 | 19 | 19 | 23 | |||
| Reserves ⓘ | 181 | 825 | 1,065 | 646 | 894 | -251 | 940 | |||
| Minority Interest | -3 | -3 | -8 | -4 | -11 | -15 | -14 | |||
| Debt | 184 | 2,228 | 1,224 | 468 | 435 | 1,815 | 320 | |||
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 700 | 246 | |||
| Short Term Debt | 184 | 2,228 | 1,224 | 468 | 435 | 1,115 | 74 | |||
| Trade Payables | 3,740 | 1,913 | 2,221 | 1,857 | 1,403 | 650 | 1,508 | |||
| Others Liabilities ⓘ | 868 | 568 | 801 | 606 | 659 | 875 | 1,460 | |||
| Total Liabilities ⓘ | 4,986 | 5,546 | 5,318 | 3,589 | 3,399 | 3,092 | 4,237 | |||
Fixed Assets | ||||||||||
| Gross Block | 27 | 51 | 73 | 86 | 88 | 105 | 132 | |||
| Accumulated Depreciation | 6 | 19 | 28 | 39 | 46 | 61 | 76 | |||
| Net Fixed Assetsⓘ | 21 | 31 | 45 | 46 | 42 | 44 | 56 | |||
| CWIP ⓘ | 3 | 0 | 4 | 0 | 0 | 0 | 0 | |||
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Inventories | 19 | 13 | 15 | 3 | 4 | 2 | 1 | |||
| Trade Receivables | 1,821 | 1,900 | 2,030 | 849 | 784 | 790 | 832 | |||
| Cash Equivalents | 104 | 455 | 499 | 291 | 504 | 95 | 339 | |||
| Others Assetsⓘ | 3,018 | 3,146 | 2,725 | 2,399 | 2,065 | 2,161 | 3,008 | |||
| Total Assets ⓘ | 4,986 | 5,546 | 5,318 | 3,589 | 3,399 | 3,092 | 4,237 | |||
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 251 | -723 | 338 | 201 | -1,690 | -1,829 | 538 |
| PBT ⓘ | 529 | 759 | 399 | -340 | -910 | -1,179 | -172 |
| Adjustment ⓘ | 28 | -43 | -24 | 118 | 220 | 74 | 178 |
| Changes in Working Capital ⓘ | -227 | -1338 | 42 | 484 | -994 | -708 | 568 |
| Tax Paid ⓘ | -77 | -106 | -128 | -61 | -16 | -22 | 28 |
| Cash Flow From Investing Activity ⓘ | -19 | -929 | 1,013 | 409 | 949 | -12 | -5 |
| Capex | -18 | -9 | -15 | -50 | -10 | -9 | -1 |
| Net Investments | -1 | -19 | -9 | -4 | 26 | -7 | -12 |
| Others ⓘ | 1 | -901 | 1,037 | 463 | 933 | 4 | 8 |
| Cash Flow From Financing Activityⓘ | -141 | 1,972 | -1,313 | -853 | 978 | 1,431 | -286 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 1,090 | 0 | 1,475 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 1,500 | -1,097 |
| Interest Paid ⓘ | -10 | -71 | -188 | -93 | -75 | -145 | -218 |
| Dividend Paid ⓘ | 0 | 0 | -116 | 0 | 0 | 0 | 0 |
| Others ⓘ | -131 | 2,043 | -1,009 | -760 | -37 | 76 | -445 |
| Net Cash Flow ⓘ | 91 | 320 | 38 | -243 | 237 | -410 | 248 |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 229.17 | 123.02 | 31.66 | -33.28 | -116.29 | N/A | -57.67 | |||
| ROCE (%) | 158.77 | 52.86 | 24.64 | -13.69 | -66.31 | N/A | 3.8 | |||
| Asset Turnover Ratio | 1.38 | 1.56 | 1.03 | 1.14 | 1.49 | 0.62 | 0.83 | |||
| PAT to CFO Conversion(x) | 0.56 | -1.13 | 1.11 | N/A | N/A | N/A | N/A | Working Capital Days | ||
| Receivable Days | 97 | 82 | 129 | 103 | 57 | 143 | 98 | |||
| Inventory Days | 1 | 1 | 1 | 1 | 0 | 1 | 0 | |||
| Payable Days | 233 | 171 | 202 | 237 | 242 | 308 | 202 | |||
Sterling and Wilson Solar, the Solar EPC Division of Sterling and Wilson Private Limited, commenced operations in 2011 and was subsequently demerged in 2017. This division was formed to tap into the growing renewable energy market. The company is the leading solar EPC solutions provider in the world, with a presence across many countries. An impressive portfolio of several solar power projects with an aggregate capacity of 10.6 GWp across geographies has positioned Sterling and Wilson Solar as the leading solar EPC solutions provider in the world. Sterling and Wilson Solar strategically focuses on markets that have conducive solar power policies and high solar resources as well as invests in geographies with long-term solar opportunities.
The inception of Sterling and Wilson is deep-rooted in the legendary friendship between Shapoorji Mistry Sr. and Mehervan Daruvala which later evolved into a powerful business partnership. In 1971, Wilson Electric Works merged with Sterling Investments, a group company of the Shapoorji Pallonji Group, to form an EPC powerhouse called Sterling and Wilson. The decision empowered the company to ride on global opportunities and emerge as a leading market player in due course. The new entity Sterling and Wilson Private Limited commenced its operations in the 1970s with a few large-scale projects in the Middle East, further venturing into the Asian subcontinent and various other countries. Within a short span it created a strong presence in regions such as the Middle East, Africa, Europe, the Americas, and Australia. Sterling and Wilson currently has operations in many countries.
Business area of the company
Sterling and Wilson Solar is the largest pure-play Solar EPC outside China, and offers a complete range of Solar EPC solutions like design, engineering, procurement, construction, project management, and operations and maintenance.
Sub verticals
Awards
Milestones
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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