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Waaree Renewable Technologies Ltd.

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waareertl.comBSE: 534618NSE: WAAREERTL
Market Cap₹ 8,679 Cr.
Current Price
High / Low₹ 1,358 / 780
Stock P/E17.1
Book Value₹ 101
Price to Book8.75
Dividend Yield0.00 %
ROCE87.1 %
ROE69.0 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • EPC Contracts: 99.2% • Power Sale: 0.8%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 89.6%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 74.3%
  • Company has delivered good sales growth of 203.3% CAGR over last 5 years
  • Latest quarter profit grew 37.7% YoY, showing strong momentum
  • Company has consistently been profitable over the last 5 years

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Total debt has risen sharply - up 198.4% year on year
  • Stock is trading at 8.7x its book value
  • Operating margins have contracted to 19.2% from 24.3%
  • Inventory has been piling up - inventory days up from 4 to 7
  • Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsInfrastructureEngineering - Construction
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.LT3915.0032.47538651.570.974988.0315.5167941.746.6915.9812.00
2.RVNL205.0047.5242742.910.35159.5218.734321.2310.5510.814.41
3.KPIL1435.0521.5624506.710.77311.5345.856407.973.8418.958.77
4.IRB19.6424.8623721.191.323062.701412.5821372.72918.257.7253.93
5.CEMPRO1244.1035.5321372.090.24140.832.642720.927.0233.5310.09
6.ENGINERSIN269.2019.3015130.181.86157.94141.49819.84-5.8030.9420.61
7.TECHNOE972.5026.2411310.130.7293.33-31.44630.3419.8414.8615.79
8.WELENT782.7535.4510834.340.3856.36-44.29773.72-8.4416.4419.49
9.KEC406.4519.5410819.701.3572.62-41.725023.540.0116.355.79
10.IRCON113.2020.3310646.641.6892.03-43.921955.839.4910.159.81
11.AFCONS253.9564.559339.890.79303.00120.5226710.00692.4912.889.42
12.WAAREERTL831.4517.088678.610.00118.9837.72924.2553.2387.1218.77
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1291503242732365243604776037758511,102924
116119236198195453288350486617692896766
Operating Profit13318875417272126118158159207158
OPM %10.39%20.45%27.09%27.55%17.38%13.65%19.96%26.51%19.49%20.39%18.66%18.76%17.11%
1102334154565
Interest12043434443310
Depreciation1222222222226
Profit before Tax12288672396971121117157158208163
Tax %26.61%25.44%25.65%28.80%28.28%22.77%24.39%22.61%25.90%25.69%24.11%25.17%27.18%
Net Profit00002854539486116120156119
0.881.976.184.932.725.145.149.008.2911.1611.5014.9611.11

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
176131613518771,5983,3313,652
24561382676691,2872,6902,971
Operating Profit-03072484207311641682
OPM %-17.40%45.11%6.66%53.84%14.56%23.86%23.64%19.46%19.24%18.66%
1122824112021
Interest0234757151319
Depreciation01124366912
Profit before Tax01-332177198300640686
Tax %76.22%333.26%-26.05%169.59%58.09%28.15%26.83%23.81%25.17%25.52%
Net Profit0-2-3-2955145229479511
EPS0.09-1.86-1.54-1.804.135.3113.9521.9845.88—
Dividend Payout %0.00%0.00%0.00%0.00%24.19%3.76%7.17%4.55%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
203%
3 Years:
112%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
—
3 Years:
105%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
—
1 Year:
-26%

RETURN ON EQUITY

10 Years:
—
5 Years:
71%
3 Years:
74%
Last Year:
69%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2025

Jan 24

₹ 0.50

Rs.1.0000 per share(50%)Interim Dividend

2024

Sep 9

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2023

Sep 18

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2022

Sep 15

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

2021

Aug 20

₹ 0.05

Rs.0.5000 per share(5%)Interim Dividend

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital101021212121212121
Minority Interest0303132-0-0-0-0-1
0-151963224433912
0374011742393724138
Trade Payables00765875298234772
51819253885135408532
Total Liabilities16951222021682837141,1202,374
432301557374157198272
Capital Work in Progress43410080356178
000301095231
0000237296117
0000003734981,172
Cash & Bank773764217121194359
1521311507523116245
Total Assets16951222021682837141,1202,374

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
0-651-24670128303287
Cash from Investing0-28-38-1059-66-114-237-264
Cash from Financing0351481-40-9-7-4923
0027-2612-1061745

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.4674.4474.3974.3974.3974.3974.3274.3274.32
0.830.980.991.131.311.381.701.851.98
0.010.000.010.000.010.120.140.090.09
Government0.000.000.000.000.000.000.000.000.00
24.7024.5724.6124.4824.2824.1123.8523.7423.61

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-12
General Updates

2026-09-12 - Waaree Renewable Technologies Limited has informed the Exchange about Incorporation of Step Down Wholly Owned Subsidiary

2026-09-01
Copy of Newspaper Publication

2026-09-01 - Waaree Renewable Technologies Limited has informed the Exchange about Copy of Newspaper Publication for 27th Annual General Meeting

2026-08-31
Updates

2026-08-31 - Waaree Renewable Technologies Limited has informed the Exchange regarding 'Letter to shareholders'.

2026-08-31
Updates

2026-08-31 - Waaree Renewable Technologies Limited has informed the Exchange regarding 'BRSR'.

2026-08-31
Shareholders meeting

2026-08-31 - Waaree Renewable Technologies Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026

2026-08-28
Copy of Newspaper Publication

2026-08-28 - Waaree Renewable Technologies Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-28
Bagging/Receiving of orders/contracts

2026-08-28 - Waaree Renewable Technologies Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-27
Sale or disposal

2026-08-27 - Waaree Renewable Technologies Limited has informed the Exchange about Sale of Wholly Owned Subsidiary

2026-08-27
General Updates

2026-08-27 - Waaree Renewable Technologies Limited has informed the Exchange about General Updates

News

Recent coverage and analyst commentary for WAAREERTL

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