Waaree Renewable Technologies Ltd logo

Waaree Renewable Technologies Ltd

WAAREERTL NSE

Key Fundamentals

MicrocapPower GenerationPower
Market Cap
₹9,297 Cr
Volatility
Moderate
P/E Ratio
18.18
EBITDA
₹641 Cr
Return on Equity
50.32%
Debt to Equity
0.12
Book Value
₹89.52
52W High
₹1,358
52W Low
₹779.5

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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41 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 190% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 69.8%
  • Company's median sales growth is 139% of last 10 years

Weaknesses

1
  • Stock is trading at 9.96 times its book value

Growth Rate

Revenue Growth
106.59% ↗
Net Income Growth
109.92% ↗
Cash Flow Change
136.65% ↗
ROE
-14.65% ↗
ROCE
-10.61% ↗
EBITDA Margin (Avg.)
-5.30% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18d ago
AI opinion · based on fundamentals
Risk high

Waaree Renewable Technologies Ltd has a market cap of ₹9,561 Cr with a PE of 18.6x and a 5-year compounded profit CAGR of 190%. The stock trades at 10.2x book value and has seen a 1-year stock price decline of 13% despite TTM sales growth of 80%.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 190% CAGR indicates strong earnings momentum in the renewable energy space
  • 3-year average ROE of approximately 70% demonstrates highly efficient capital deployment relative to peers in the industrials sector
  • TTM sales growth of 80% shows continued strong demand for the company's offerings even on a larger revenue base
  • 10-year median sales growth of 139% reflects a sustained long-term structural growth trajectory in the renewables value chain
  • PE ratio of 18.6x appears moderate relative to the company's 76% TTM profit growth, implying a PEG well below 1
  • 5-year stock CAGR of 96% reflects significant long-term wealth creation for shareholders despite recent correction
  • 3-year compounded sales CAGR of 114% suggests the company has scaled rapidly and is capturing market share in India's expanding solar and renewable ecosystem
  • Company is expected to deliver a good upcoming quarter based on available operational indicators
Bear Case 8
  • Stock trades at 10.2x price-to-book value, which is elevated and leaves limited margin of safety if growth decelerates
  • 1-year stock price decline of 13% indicates recent negative sentiment or profit-booking despite strong fundamentals
  • Dividend yield of only 0.11% provides negligible income return, making investors entirely dependent on capital appreciation
  • Sustaining 190% profit CAGR or 114% sales CAGR over the next 3-5 years is mathematically challenging as the base expands beyond ₹9,500 Cr market cap
  • Debt-to-equity and ROCE data are unavailable, limiting visibility into the company's leverage position and true capital efficiency
  • High valuation multiples mean any quarterly earnings miss could trigger sharp de-rating given the growth premium embedded in the stock
  • The renewable energy sector in India is subject to policy changes, subsidy revisions, and competitive intensity that could compress margins from current elevated levels
  • 52-week high and low data are unavailable, making it difficult to assess where the stock sits in its recent trading range and whether downside risk is fully priced

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 15d ago
Positives 4
  • 800 MWac solar EPC orders won Jul 26

    Received Letters of Award for two ground-mounted Solar PV plants totaling 800 MWac. Domestic commercial orders scheduled for completion in FY28.

  • New Zealand solar market entry Jul 27

    Signed Early Contractor Involvement Agreement for a utility-scale solar PV and BESS project in New Zealand via consortium. ECI phase lasts ~4 months, potentially leading to a 24-month EPC contract.

  • INR 5,300 Cr unexecuted order book Jul 24

    Consolidated unexecuted order book at INR 5,300 crores to be executed over 12-18 months. Execution pipeline includes 27 GW Solar EPC in India, 10 GW internationally, and INR 20,000 crores in T&D projects.

  • Targeting 15% EBITDA margin Jul 24

    Management targets 15% EBITDA margin for current financial year and is pursuing data center EPC opportunities as a new growth segment.

Neutral 1
  • Q1FY27 earnings call scheduled Jul 20

    Analyst call hosted on July 23, 2026 to discuss Q1FY27 results with key management including the CFO.

TL;DR: Waaree Renewable is in a strong order-booking phase with 800 MWac in new domestic solar EPC wins and entry into the New Zealand market. The company has a healthy unexecuted order book of INR 5,300 crores and is diversifying into data centers and T&D. No visible headwinds emerged this week. The trend is clearly improving with expanding geographic reach and pipeline visibility into FY28.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
129
150
324
273
236
524
360
477
603
775
851
1,102
811
Expenses
116
119
236
198
195
453
288
350
486
617
692
896
652
Operating Profit
13
31
88
75
41
72
72
126
118
158
159
207
159
OPM %
10%
20%
27%
28%
17%
14%
20%
27%
19%
20%
19%
19%
20%
Other Income
1
1
1
2
3
3
4
1
5
5
7
8
7
Interest
1
2
0
4
3
4
3
4
4
4
3
3
7
Depreciation
1
2
2
2
2
2
2
2
2
2
2
2
2
PBT
12
28
86
72
40
69
71
121
117
157
160
210
157
Tax %
26%
25%
26%
29%
28%
23%
24%
23%
26%
26%
24%
25%
27%
Net Profit
9
21
64
51
28
54
54
94
87
117
122
157
114
EPS in Rs
0.88
1.98
6.18
4.93
2.73
5.14
5.14
9.01
8.3
11.22
11.66
15.08
10.97
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
0
0
0
1
5
2
8
154
342
876
1,597
3,331
3,539
Expenses
0
0
0
2
3
2
5
140
266
669
1,286
2,690
2,857
Operating Profit
0
0
0
0
2
0
3
13
76
207
311
641
683
OPM %
38%
27%
-15%
-16%
50%
1.5%
36%
9%
22%
24%
19%
19%
19%
Other Income
0
0
0
1
1
3
4
14
5
4
11
24
26
Interest
0
0
0
0
2
3
4
1
1
7
15
13
17
Depreciation
0
0
0
0
0
0
0
0
0
6
6
8
9
PBT
0
0
0
0
1
0
3
26
80
199
301
644
684
Tax %
25%
31%
0%
73%
65%
-52%
12%
21%
26%
27%
24%
25%
—
Net Profit
0
0
0
0
0
0
2
20
59
145
229
483
510
EPS in Rs
0.02
0.02
-0.01
0.02
0.06
-0.02
0.22
1.96
5.71
13.97
22.01
46.25
48.93
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
5%
4%
7%
5%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
10
10
10
10
10
21
21
21
21
21
21
21
Reserves
0
0
0
0
1
10
12
31
91
227
436
919
Borrowings
0
0
0
0
36
37
37
0
0
40
27
115
Other Liabilities
0
0
0
2
1
1
13
80
143
427
637
1,289
Total Liabilities
10
10
10
12
48
68
83
132
254
715
1,121
2,343
Fixed Assets
0
0
0
4
4
3
3
3
9
154
195
238
CWIP
0
0
0
0
0
0
0
0
80
3
56
111
Investments
1
1
0
0
32
32
32
1
0
9
52
31
Other Assets
10
10
10
9
13
33
48
128
165
549
818
1,962
Total Assets
10
10
10
12
48
68
83
132
254
715
1,121
2,343
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
0
0
-2
0
5
3
3
34
58
128
302
291
Investing
0
0
1
-3
-31
3
-8
19
-66
-114
-237
-272
Financing
0
0
1
2
27
-6
5
-39
-2
-7
-49
26
Net Cash Flow
0
0
0
0
0
0
0
13
-10
6
17
45
Free Cash Flow
0
0
-2
-3
4
3
3
33
-28
117
201
232
CFO/OP
-75
-69
4,700
-310
195
11,900
129
277
84
74
120
66
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
46
0
0
115
209
4
118
107
65
155
114
128
Inventory Days
—
—
—
—
—
—
44
5
53
17
2
16
Days Payable
—
—
—
—
—
—
260
159
111
168
69
108
Cash Conversion Cycle
46
0
0
115
209
4
-98
-47
7
3
46
37
Working Capital Days
10,460
7,140
9,111
-303
224
59
1,640
25
11
2
-10
11
ROCE %
1%
1%
0%
5%
11%
5%
9%
45%
99%
103%
82%
85%

Shareholding Pattern

As of Jun 2026
Promoters 74.32%
Public 19.52%
Others 4.09%
FIIs 1.98%
DIIs 0.09%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.27%
74.51%
74.51%
74.51%
74.51%
74.51%
74.51%
74.51%
74.51%
74.51%
74.48%
74.46%
74.46%
74.46%
74.44%
74.39%
74.39%
74.39%
74.39%
74.32%
74.32%
74.32%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.20%
0.83%
0.98%
0.99%
1.13%
1.31%
1.38%
1.70%
1.85%
1.98%
DIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.09%
0.01%
0.01%
0.00%
0.01%
0.24%
0.14%
0.12%
0.13%
0.09%
0.09%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
16.53%
18.46%
19.31%
19.18%
18.94%
18.91%
17.40%
16.97%
16.67%
16.55%
16.76%
16.86%
17.68%
18.48%
18.49%
19.07%
19.57%
19.62%
19.49%
19.58%
19.53%
19.52%
Others
9.20%
7.03%
6.18%
6.30%
6.54%
6.58%
8.09%
8.51%
8.82%
8.94%
8.76%
8.59%
7.65%
6.22%
6.08%
5.54%
4.68%
4.54%
4.63%
4.26%
4.20%
4.09%
No. of Shareholders
1,269
2,561
3,524
5,688
8,021
8,037
8,814
9,972
11,120
14,698
24,844
28,985
86,482
1,85,340
2,20,702
2,84,189
3,23,258
3,16,520
3,13,409
3,10,109
3,08,307
3,06,445

Documents

Frequently Asked Questions about Waaree Renewable Technologies Ltd

What does Waaree Renewable Technologies Ltd do?
Incorporated in 1999, Waaree Renewables Technologies Ltd is engaged in the business of generation of power through renewable energy sources and also provides consultancy services in this regard. [1] Waaree Energy is one of the largest vertically integrated new energy companies. It has India's lar...
Where is Waaree Renewable Technologies Ltd (WAAREERTL) listed?
Waaree Renewable Technologies Ltd is listed on the Indian stock exchanges. It is listed on NSE: WAAREERTL and BSE: 534618. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Waaree Renewable Technologies Ltd belong to?
Waaree Renewable Technologies Ltd operates in the Industrials sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Waaree Renewable Technologies Ltd?
Waaree Renewable Technologies Ltd has a market capitalisation of approximately ₹9297.21 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Waaree Renewable Technologies Ltd?
The Price-to-Earnings (PE) ratio of Waaree Renewable Technologies Ltd is 18.18. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Waaree Renewable Technologies Ltd?
Over the past 52 weeks, Waaree Renewable Technologies Ltd has traded between a low of ₹779.5 and a high of ₹1,358. This range helps investors understand the stock's price volatility and recent trading levels.
Does Waaree Renewable Technologies Ltd pay dividends?
Yes, Waaree Renewable Technologies Ltd has a dividend yield of 0.11%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Waaree Renewable Technologies Ltd?
Waaree Renewable Technologies Ltd has a Return on Equity (ROE) of 50.32%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Waaree Renewable Technologies Ltd on Tapetide?
On Tapetide, you can view Waaree Renewable Technologies Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1999, Waaree Renewables Technologies Ltd is engaged in the business of generation of power through renewable energy sources and also provides consultancy services in this regard. [1] Waaree Energy is one of the largest vertically integrated new energy companies. It has India's largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat.

Website waareertl.com
CEO Mr. Pujan Pankaj Doshi
Employees 171
Listed 2025-04-09
Face Value ₹ 2
Issued Size 10,43,45,792

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