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Waaree Renewable Technologies

WAAREERTL NSE
₹732.10 No trade today
P/E
16.55
View as Markdown
MCP
Close 4 Nov 2026 ₹732.10 −449.30 −38.0% 1Y
Start ₹1,181.40

Key Fundamentals

MicrocapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
85.00%
Debt to Equity
0.91
EPS (TTM)
₹44.24
Book Value
₹107.15
Market Cap
—
P/E (TTM)
16.55
P/B
6.83
ROE
68.60%
Dividend Yield
0.14%
EBITDA
₹662 Cr
52W High
₹1,213.00
52W Low
₹653.75
Volume
0

Peer Comparison

Industrials › Power › Power Generation › Other Electrical Equipment

Waaree Renewable Technologies peer comparison
Waaree Energies
₹2,408.0018.15₹67,713 Cr4.320.17%32.50%38.40%₹30,043 Cr₹4,003 Cr
Apar Industries
₹15,998.0054.39₹65,476 Cr7.860.39%20.30%31.80%₹24,389 Cr₹1,181 Cr
Premier Energies
₹904.0024.61₹40,624 Cr9.530.11%41.00%32.70%₹8,466 Cr₹1,674 Cr
Diamond Power Infrastructure
₹385.85111.84₹22,658 Cr—0.00%—10.40%₹2,348 Cr₹182 Cr
MTAR Technologies
₹6,036.50137.95₹19,040 Cr22.570.05%12.60%15.20%₹1,080 Cr₹134 Cr
Emmvee Photovoltaic Power
₹246.4112.03₹16,196 Cr3.890.43%50.70%44.60%₹6,023 Cr₹1,418 Cr
Avalon Technologies
₹2,041.00102.05₹13,437 Cr18.920.00%16.50%19.30%₹1,764 Cr₹134 Cr
Waaree Renewable Technologies (this company)
₹732.1016.55₹7,718 Cr6.830.14%68.60%85.00%₹3,216 Cr₹461 Cr
Median 8 companies₹1,472.5039.50₹20,849 Cr7.860.13%32.50%32.25%₹4,620 Cr₹821 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

60 Good

Data confidence 100/100

Category scores

Quality
73
Strong
Returns, margins, earnings quality 22% weight
Valuation
64
Good
Cheap vs sector & own history 24% weight
Growth
91
Strong
Sales & profit trajectory 9% weight
Financial Health
59
Good
Solvency, leverage, coverage 9% weight
Momentum
14
Poor
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 69.5%
  • Company's median sales growth is 139% of last 10 years

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish964
OscillatorsBullish162
Moving AveragesStrong Bearish802

Key readings

RSI (14)
44.72
Neutral
MACD (12,26,9)
−33.97
Bullish
SMA (50)
802.73
Bearish
SMA (200)
902.50
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10YZero base
5Y+234.12%
3Y+113.56%
1Y+108.58%
TTM+45.19%

Net profit

Net profit growth by window
10YZero base
5Y+199.63%
3Y+101.54%
1Y+110.92%
TTM+30.97%

Operating cash flow

Operating cash flow growth by window
10YZero base
5Y+149.66%
3Y+71.19%
1Y−3.64%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10YNo sales
5Y−18.26 pp
3Y−2.98 pp
1Y−0.23 pp
TTM−1.75 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹0.00 Cr
Mar 2018₹1.00 Cr
Mar 2019₹5.00 Cr
Mar 2020₹2.00 Cr
Mar 2021₹8.00 Cr
Mar 2022₹154 Cr
Mar 2023₹342 Cr
Mar 2024₹876 Cr
Mar 2025₹1,597 Cr
Mar 2026₹3,331 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹0.00 Cr
Mar 2018₹0.00 Cr
Mar 2019₹0.00 Cr
Mar 2020₹0.00 Cr
Mar 2021₹2.00 Cr
Mar 2022₹20.00 Cr
Mar 2023₹59.00 Cr
Mar 2024₹145 Cr
Mar 2025₹229 Cr
Mar 2026₹483 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
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 7
  • 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

94d ago

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.

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.

Quarterly Results

₹ Cr
WAAREERTL quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
150
324
273
236
524
360
477
603
775
851
1,102
811
452
Expenses
119
236
198
195
453
288
350
486
617
692
896
652
345
Operating Profit
31
88
75
41
72
72
126
118
158
159
207
159
107
OPM %
20%
27%
28%
17%
14%
20%
27%
19%
20%
19%
19%
20%
24%
Other Income
1
1
2
3
3
4
1
5
5
7
8
7
6
Interest
2
0
4
3
4
3
4
4
4
3
3
7
24
Depreciation
2
2
2
2
2
2
2
2
2
2
2
2
3
PBT
28
86
72
40
69
71
121
117
157
160
210
157
86
Tax %
25%
26%
29%
28%
23%
24%
23%
26%
26%
24%
25%
27%
21%
Net Profit
21
64
51
28
54
54
94
87
117
122
157
114
68
EPS (₹)
1.98
6.18
4.93
2.73
5.14
5.14
9.01
8.3
11.22
11.66
15.08
10.97
6.53

Profit & Loss

₹ Cr
WAAREERTL profit and loss, annual, ₹ crore
Particulars 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
3,216
Expenses
0
0
0
2
3
2
5
140
266
669
1,286
2,690
2,584
Operating Profit
0
0
0
0
2
0
3
13
76
207
311
641
632
OPM %
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
−16%
50%
1.5%
36%
9%
22%
24%
19%
19%
20%
Other Income
0
0
0
1
1
3
4
14
5
4
11
24
27
Interest
0
0
0
0
2
3
4
1
1
7
15
13
38
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
613
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
462
EPS (₹)
0.02
0.02
−0.01
0.02
0.06
−0.02
0.22
1.96
5.71
13.97
22.01
46.25
44.24
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
5%
4%
7%
5%
0%
—

Balance Sheet

₹ Cr
WAAREERTL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
10
10
10
10
10
21
21
21
21
21
21
21
21
Reserves
0
0
0
0
1
10
12
31
91
227
436
919
1,102
Borrowings
0
0
0
0
36
37
37
0
0
40
27
115
1,021
Other Liabilities
0
0
0
2
1
1
13
80
143
427
637
1,289
1,129
Total Liabilities
10
10
10
12
48
68
83
132
254
715
1,121
2,343
3,273
Fixed Assets
0
0
0
4
4
3
3
3
9
154
195
238
287
CWIP
0
0
0
0
0
0
0
0
80
3
56
111
47
Investments
1
1
0
0
32
32
32
1
0
9
52
31
1,235
Other Assets
10
10
10
9
13
33
48
128
165
549
818
1,962
1,704
Total Assets
10
10
10
12
48
68
83
132
254
715
1,121
2,343
3,273

Cash Flow

₹ Cr
WAAREERTL cash flow, annual, ₹ crore
Particulars 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/EBITDA
−75
−69
4,700
−310
195
11,900
129
277
84
74
120
66

Ratios

WAAREERTL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
—
—
—
115
209
4
118
107
65
155
114
128
Inventory Days
—
—
—
—
—
—
44
5
53
17
2
20
Days Payable
—
—
—
—
—
—
260
159
111
168
91
129
Cash Conversion Cycle
—
—
—
115
209
4
−98
−47
7
3
25
19
Working Capital Days
—
—
—
−303
224
59
1,640
25
11
2
−10
9
ROCE %
1%
1%
0%
5%
11%
5%
9%
45%
99%
103%
82%
85%

Insights

Beta

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

Log in to view Waaree Renewable Technologies insights

68 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.30%
  • Public 19.55%
  • Others 4.03%
  • FIIs 2.02%
  • DIIs 0.09%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Waaree Renewable Technologies

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. Waaree Energy is one of the largest vertically integrated new energy companies.
Where is Waaree Renewable Technologies Ltd (WAAREERTL) listed?
Waaree Renewable Technologies Ltd trades as WAAREERTL on the NSE and under code 534618 on the BSE.
Which sector does Waaree Renewable Technologies Ltd belong to?
Waaree Renewable Technologies Ltd is classified under the Power sector, in the Power Generation industry.
What is the PE ratio of Waaree Renewable Technologies Ltd?
Waaree Renewable Technologies Ltd trades at a PE ratio of 16.55 as of 4 Nov 2026, on earnings per share of ₹44.24, against a book value of ₹107.15 per share.
What is the 52-week high and low of Waaree Renewable Technologies Ltd?
Over the last 52 weeks Waaree Renewable Technologies Ltd has traded between ₹653.75 and ₹1,213 as of 4 Nov 2026.
Does Waaree Renewable Technologies Ltd pay dividends?
Waaree Renewable Technologies Ltd has a dividend yield of 0.14%.
What is the Return on Equity (ROE) of Waaree Renewable Technologies Ltd?
Waaree Renewable Technologies Ltd reported a return on equity of 68.60%. Its debt-to-equity ratio is 0.91.

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. 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 9 Apr 2025
Face Value ₹2

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