Waaree Renewable Technologies Ltd
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.
- Market Cap ₹ 10,896 Cr.
- Current Price ₹ 1,045
- High / Low ₹ 1,830 / 732
- Stock P/E 37.5
- Book Value ₹ 43.8
- Dividend Yield 0.10 %
- ROCE 82.1 %
- ROE 65.4 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 273% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 71.0%
- Company's median sales growth is 123% of last 10 years
Cons
- Stock is trading at 23.9 times its book value
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0 | 0 | 0 | 0 | 1 | 5 | 2 | 8 | 154 | 342 | 876 | 1,597 | 1,964 | |
0 | 0 | 0 | 0 | 2 | 3 | 2 | 5 | 140 | 266 | 669 | 1,286 | 1,577 | |
Operating Profit | 0 | 0 | 0 | -0 | -0 | 2 | 0 | 3 | 13 | 76 | 207 | 311 | 387 |
OPM % | 37% | 38% | 27% | -15% | -16% | 50% | 2% | 36% | 9% | 22% | 24% | 19% | 20% |
0 | 0 | 0 | 0 | 1 | 1 | 3 | 4 | 14 | 5 | 4 | 11 | 13 | |
Interest | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 4 | 1 | 1 | 7 | 15 | 15 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 6 | 7 |
Profit before tax | 0 | 0 | 0 | -0 | 0 | 1 | -0 | 3 | 26 | 80 | 199 | 301 | 378 |
Tax % | 35% | 25% | 31% | 0% | 73% | 65% | -52% | 12% | 21% | 26% | 27% | 24% | |
0 | 0 | 0 | -0 | 0 | 0 | -0 | 2 | 20 | 59 | 145 | 229 | 288 | |
EPS in Rs | 0.02 | 0.02 | 0.02 | -0.01 | 0.02 | 0.06 | -0.02 | 0.22 | 1.96 | 5.71 | 13.97 | 22.01 | 27.59 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5% | 4% | 7% | 5% |
Compounded Sales Growth | |
---|---|
10 Years: | 134% |
5 Years: | 281% |
3 Years: | 118% |
TTM: | 100% |
Compounded Profit Growth | |
---|---|
10 Years: | 122% |
5 Years: | 273% |
3 Years: | 124% |
TTM: | 76% |
Stock Price CAGR | |
---|---|
10 Years: | 79% |
5 Years: | 209% |
3 Years: | 123% |
1 Year: | -38% |
Return on Equity | |
---|---|
10 Years: | 61% |
5 Years: | 67% |
3 Years: | 71% |
Last Year: | 65% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 6 | 10 | 10 | 10 | 10 | 10 | 21 | 21 | 21 | 21 | 21 | 21 |
Reserves | 4 | 0 | 0 | 0 | 0 | 1 | 10 | 12 | 31 | 91 | 227 | 436 |
0 | 0 | 0 | 0 | 0 | 36 | 37 | 37 | 0 | 0 | 40 | 27 | |
0 | 0 | 0 | 0 | 2 | 1 | 1 | 13 | 80 | 143 | 427 | 637 | |
Total Liabilities | 10 | 10 | 10 | 10 | 12 | 48 | 68 | 83 | 132 | 254 | 715 | 1,121 |
0 | 0 | 0 | 0 | 4 | 4 | 3 | 3 | 3 | 9 | 154 | 195 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80 | 3 | 56 |
Investments | 1 | 1 | 1 | 0 | 0 | 32 | 32 | 32 | 1 | 0 | 9 | 52 |
9 | 10 | 10 | 10 | 9 | 13 | 33 | 48 | 128 | 165 | 549 | 818 | |
Total Assets | 10 | 10 | 10 | 10 | 12 | 48 | 68 | 83 | 132 | 254 | 715 | 1,121 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-4 | -0 | -0 | -2 | 0 | 5 | 3 | 3 | 34 | 58 | 128 | 302 | |
3 | 0 | 0 | 1 | -3 | -31 | 3 | -8 | 19 | -66 | -114 | -237 | |
1 | 0 | 0 | 1 | 2 | 27 | -6 | 5 | -39 | -2 | -7 | -49 | |
Net Cash Flow | -0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 13 | -10 | 6 | 17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 74 | 46 | 0 | 0 | 115 | 209 | 4 | 118 | 107 | 65 | 155 | 114 |
Inventory Days | 44 | 5 | 53 | 17 | 2 | |||||||
Days Payable | 260 | 159 | 111 | 168 | 69 | |||||||
Cash Conversion Cycle | 74 | 46 | 0 | 0 | 115 | 209 | 4 | -98 | -47 | 7 | 3 | 46 |
Working Capital Days | 6,682 | 10,460 | 7,140 | 9,111 | -303 | 224 | 59 | 1,640 | 25 | 11 | 2 | -10 |
ROCE % | 2% | 1% | 1% | -0% | 5% | 11% | 5% | 9% | 45% | 99% | 103% | 82% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
6h - Of Investor call for discussion of Un-audited Financial Results for the quarter and half year ended September 30, 2025
-
Board Meeting Intimation for Board Meeting Intimation For Approval Of Un-Audited Financial Results For The Quarter And Half Year Ended September 30 2025
7h - Waaree Renewable to approve unaudited standalone and consolidated Q2/H1 results for Sept 30, 2025 on Oct 10.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
2d - Certificate under Regulation 74(5) of SEBI (DP) Regulations for the quarter ended 30th September 2025
- Closure of Trading Window 30 Sep
-
Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
25 Sep - 26th AGM (23 Sep 2025): Voting results — 13 resolutions passed including borrowing limit increase and Viren Doshi appointment.
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
Concalls
-
Jul 2025Transcript PPT REC
-
Apr 2025Transcript PPT REC
-
Jan 2025Transcript PPT
-
Nov 2024Transcript PPT
-
Aug 2024TranscriptPPTREC
-
Aug 2024TranscriptNotesPPT REC
-
Jul 2024TranscriptNotesPPT
-
May 2024Transcript PPT REC
-
Feb 2024Transcript PPT
-
Nov 2023Transcript PPT
-
Aug 2023Transcript PPT REC
-
Jun 2023Transcript PPT REC
-
Feb 2023TranscriptNotesPPT
-
Feb 2022TranscriptNotesPPT
-
Nov 2014TranscriptNotesPPTREC
Part of the Waaree Group[1]
The company is a subsidiary company of Waaree Group and spearheading the Solar EPC business. Waaree Group is the #1 Indian Module Manufacturer. The group has a ~15 GW Module Capacity & 5.4 GW Cell Capacity. It is into Battery Energy Storage System and Green Hydrogen Electrolyser manufacturing also. The company contributes ~10% to group’s overall profitability. [2]