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 ₹ 11,441 Cr.
- Current Price ₹ 1,098
- High / Low ₹ 2,075 / 732
- Stock P/E 39.4
- Book Value ₹ 43.8
- Dividend Yield 0.09 %
- 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 25.0 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.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
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 | |
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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 | |
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10 Years: | 122% |
5 Years: | 273% |
3 Years: | 124% |
TTM: | 76% |
Stock Price CAGR | |
---|---|
10 Years: | 80% |
5 Years: | 223% |
3 Years: | 124% |
1 Year: | -25% |
Return on Equity | |
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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
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
9 Sep - LOA for 870 MWac/1218 MWp EPC project worth ~INR1,252.43 Cr; completion FY2026-27.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
5 Sep - Investor Meet scheduled on 10th September 2025 at 09:30 a.m.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
3 Sep - Of Investor Call held on 09th September 2025 at 4:00 p.m.
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Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations')-Completion Of Acquisition
3 Sep - Waaree RTL confirms equity and CCPS of Smart Joules credited; acquisition completed (Sep 3, 2025).
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Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 (''SEBI Listing Regulations'')-Update On Acquisition
30 Aug - Executed Deed of Adherence Aug 30; equity transfer partly completed; CCPS allotted; completion expected by Sept 15, 2025.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Concalls
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Jul 2025Transcript PPT REC
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Apr 2025Transcript PPT REC
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Jan 2025Transcript PPT
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Nov 2024Transcript PPT
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Aug 2024TranscriptPPTREC
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Aug 2024TranscriptNotesPPT REC
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Jul 2024TranscriptNotesPPT
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT REC
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Jun 2023Transcript PPT REC
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Feb 2023TranscriptNotesPPT
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Feb 2022TranscriptNotesPPT
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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]