BSE: 513575
STERLING POWERGENSYS LTD
Sells solar systems and trades in industrial goods from a Mumbai base, with FY26 revenue of Rs 23.80 crore. The business grew revenue about 89% year-on-year in FY26, reaching a net profit of Rs 0.99 crore at an EBITDA margin of 6.45%. Reported costs are dominated by other operating expenses at 2.9% of revenue, with employee costs at 1.2% and depreciation at 0.2%; materials cost is recorded at 0% of revenue. The statutory auditor flagged an emphasis-of-matter note on the financial statements, and operating cash flow was negative in FY26. The company's other equity remained negative at year-end, though improved from the prior year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar Segment, Trading of goods, Other Services. Small-scale solar systems and industrial goods trading business with thin reported margins.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 7 | 13 | 24 |
| EBITDA (ex other income) | (1) | (0) | (1) | (1) | 1 |
| margin % | (174.5) | (84.0) | (7.5) | (7.3) | 3.9 |
| Owners' profit | 0 | (1) | 3 | 0 | 1 |
| EPS, as reported (₹) | 0.20 | (1.39) | 5.56 | 0.36 | 1.87 |
| ROE % · ROCE % | (5.4) · 6.4 | 26.9 · (17.4) | 1995.2 · 103.1 | 58.0 · 9.9 | 71.2 · 38.1 |
| Debt / equity (x) | (2.75) | (2.01) | 17.07 | 7.70 | 1.62 |
| Cash from operations | (0) | 0 | (1) | (0) | (0) |
| Capex | 0 | 0 | 0 | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 1 | 1 | 1 | 1 | 5 | 17 | 1 |
| Profit before tax | 0 | (0) | (0) | (0) | (0) | (0) | 2 | (0) |
| Net profit | 0 | (0) | (0) | (0) | (0) | (0) | 2 | (0) |
| EPS (₹) | 0.02 | (0.17) | (0.53) | (0.35) | (0.39) | (0.26) | 3.08 | (0.16) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Solar Segment | 10 | 44.2 |
| Trading of goods | 12 | 52.4 |
| Other Services | 1 | 3.5 |
| Total, before eliminations | 23 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 47,010 | 97.6 | 25.05 | 81.1 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 32,374 | 87.3 | 10.56 | 56.3 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 28,600 | 52.1 | 6.41 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 23,149 | 72.0 | 11.57 | 40.8 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 21,672 | 62.6 | 4.55 | 30.8 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,592 | 100.7 | 6.14 | 57.0 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 14,712 | 516.7 | 4.32 | 44.3 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 14,156 | 55.6 | 8.41 | 58.0 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.8 | 28.5 | 24 of 130 | 82% |
| P/B | 8.5 | 3.4 | 92 of 112 | 18% |
| ROCE | 34.4 | 11.3 | 6 of 142 | 97% |
| ROE | 71.2 | 9.8 | 3 of 113 | 98% |
| Debt / Equity | 1.6 | 0.2 | 107 of 113 | 5% |
| EBITDA margin | (9.2) | 12.4 | 106 of 110 | 4% |
| Revenue growth | (13.2) | 20.6 | 97 of 114 | 15% |
| Profit growth | 52.8 | 17.1 | 40 of 109 | 64% |
| Market cap | 12 | 322 | 133 of 141 | 6% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 25 Sept 2026 · Trading window closed for Q2 FY27 results period | compliance | minimal | — | — |
| 16 Sept 2026 · 41st AGM: All 4 resolutions passed with 100 percent votes in favour | board shareholder meetings | low | — | — |
| 12 Sept 2026 · Sterling Powergensys 41st AGM concludes; 4 resolutions voted on, results awaited | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Sterling Powergensys publishes 41st AGM notice in newspapers | compliance | minimal | — | — |
| 17 Aug 2026 · AGM notice and 41st annual report filed for FY26 | board shareholder meetings | medium | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 14 Aug 2026 · Q1 FY27 results: Loss narrows to INR 8.58L; revenue drops about 13% YoY | results | high | — | — |
| 14 Aug 2026 · Q1 FY27 results: Revenue down, loss narrows YoY | results | high | — | — |
| 7 Aug 2026 · Board meeting on Aug 14 for Q1 FY27 results and AGM notice | results | low | — | — |
| 14 Jul 2026 · Quarterly Compliance Certificate Under SEBI Regulation 74(5) | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.