Waaree Renewable Technologies Ltd

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

Waaree Renewable Technologies Ltd

₹ 1,055 -3.32%
22 Sep - close price
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 ₹ 11,002 Cr.
  • Current Price ₹ 1,055
  • High / Low ₹ 2,075 / 732
  • Stock P/E 37.8
  • Book Value ₹ 43.8
  • Dividend Yield 0.09 %
  • ROCE 82.1 %
  • ROE 65.4 %
  • 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 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 24.1 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

Standalone Figures in Rs. Crores / View Consolidated

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
92 118 72 60 129 150 324 273 236 524 360 477 603
82 108 38 39 116 119 236 198 195 453 288 350 486
Operating Profit 10 10 34 21 13 31 88 75 41 72 72 126 118
OPM % 11% 9% 48% 35% 10% 20% 27% 28% 17% 14% 20% 27% 19%
1 1 1 1 1 1 1 2 3 3 4 1 5
Interest 0 0 0 1 1 2 0 4 3 4 3 4 4
Depreciation 0 0 0 0 1 2 2 2 2 2 2 2 2
Profit before tax 12 11 36 21 12 28 86 72 40 69 71 121 117
Tax % 25% 25% 25% 26% 26% 25% 26% 29% 28% 23% 24% 23% 26%
9 8 27 16 9 21 64 51 28 54 54 94 87
EPS in Rs 0.84 0.81 2.56 1.50 0.88 1.98 6.18 4.93 2.73 5.14 5.14 9.01 8.30
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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: 213%
3 Years: 128%
1 Year: -42%
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%

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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