Waaree Renewable Technologies Ltd

Waaree Renewab. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Waaree Renewable Technologies Ltd

₹ 1,086 -0.79%
19 Sep 11:45 a.m.
waareertl.com BSE: 534618 NSE: WAAREERTL
About

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.

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 11,323 Cr.
  • Current Price ₹ 1,086
  • High / Low ₹ 2,075 / 732
  • Stock P/E 38.9
  • Book Value ₹ 43.7
  • Dividend Yield 0.09 %
  • ROCE 82.3 %
  • ROE 65.6 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 143% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 75.0%

Cons

  • Stock is trading at 24.8 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025
95 121 74 61 129 150 324 273 236 524 360 477 603
82 108 38 39 116 119 236 198 195 453 288 350 486
Operating Profit 13 13 36 22 13 31 88 75 41 72 72 126 118
OPM % 14% 10% 48% 36% 10% 20% 27% 28% 17% 14% 20% 27% 19%
1 0 0 0 1 1 0 2 3 3 4 1 5
Interest 1 1 1 2 1 2 0 4 3 4 3 4 4
Depreciation 1 1 1 1 1 2 2 2 2 2 2 2 2
Profit before tax 12 11 34 20 12 28 86 72 39 69 71 121 117
Tax % 16% 27% 27% 37% 27% 25% 26% 29% 28% 23% 24% 23% 26%
10 8 25 12 9 21 64 51 28 54 53 94 86
EPS in Rs 0.96 0.78 2.41 1.18 0.88 1.98 6.17 4.93 2.72 5.14 5.13 9.00 8.29
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
2 7 6 13 162 351 876 1,598 1,965
2 4 5 6 138 267 669 1,287 1,577
Operating Profit 0 3 1 7 24 84 207 311 387
OPM % 25% 45% 15% 54% 15% 24% 24% 19% 20%
0 1 1 2 8 2 4 11 13
Interest 0 2 3 4 7 5 7 15 15
Depreciation 0 1 1 2 4 3 6 6 7
Profit before tax 0 1 -3 3 21 77 198 300 378
Tax % 79% 334% 26% 170% 58% 28% 27% 24%
0 -2 -3 -2 9 55 145 229 287
EPS in Rs 0.02 -0.38 -0.31 -0.23 0.85 5.32 13.95 21.98 27.56
Dividend Payout % 0% 0% 0% 0% 12% 4% 7% 5%
Compounded Sales Growth
10 Years: %
5 Years: 209%
3 Years: 115%
TTM: 100%
Compounded Profit Growth
10 Years: %
5 Years: 143%
3 Years: 197%
TTM: 77%
Stock Price CAGR
10 Years: 80%
5 Years: 218%
3 Years: 130%
1 Year: -36%
Return on Equity
10 Years: %
5 Years: 70%
3 Years: 75%
Last Year: 66%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 10 10 21 21 21 21 21 21
Reserves 0 -1 5 1 9 64 226 435
0 37 40 125 42 39 40 27
5 48 56 55 96 159 427 637
Total Liabilities 16 95 122 203 168 283 714 1,120
4 32 30 155 73 74 157 198
CWIP 4 3 41 2 1 80 3 56
Investments 0 0 0 30 1 0 9 52
8 59 50 17 93 128 545 814
Total Assets 16 95 122 203 168 283 714 1,120

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
0 -7 51 2 43 65 128 303
0 -28 -38 -114 9 -66 -114 -237
0 35 14 86 -40 -9 -7 -49
Net Cash Flow 0 0 27 -26 12 -10 6 17

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 74 214 87 131 105 64 155 114
Inventory Days 44 5 53 17 2
Days Payable 578 164 108 168 69
Cash Conversion Cycle 74 214 87 -403 -54 9 3 47
Working Capital Days -849 -513 -1,059 -205 -91 -42 0 -11
ROCE % 7% 2% 6% 22% 84% 100% 82%

Shareholding Pattern

Numbers in percentages

4 Recently
Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
74.51% 74.51% 74.51% 74.51% 74.48% 74.46% 74.46% 74.46% 74.44% 74.39% 74.39% 74.39%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.20% 0.83% 0.98% 0.99% 1.13% 1.31%
0.00% 0.00% 0.00% 0.00% 0.00% 0.09% 0.01% 0.01% 0.00% 0.01% 0.24% 0.14%
25.48% 25.49% 25.48% 25.49% 25.51% 25.43% 25.33% 24.69% 24.58% 24.60% 24.25% 24.16%
No. of Shareholders 8,8149,97211,12014,69824,84428,98586,4821,85,3402,20,7022,84,1893,23,2583,16,520

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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