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Waaree Renewable Technologies Ltd.

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waareertl.comBSE: 534618NSE: WAAREERTL
Market Cap₹ 8,699 Cr.
Current Price
High / Low₹ 1,358 / 780
Stock P/E17.0
Book Value₹ 101
Price to Book8.70
Dividend Yield0.00 %
ROCE87.3 %
ROE69.3 %
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 has delivered good profit growth of 190.3% CAGR over last 5 years
  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 90.6%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 72.1%
  • Company has delivered good sales growth of 237.5% CAGR over last 5 years
  • Latest quarter profit grew 32.3% YoY, showing strong momentum

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 23.8%
  • Growth is decelerating - 3Y profit CAGR (101.0%) trails the 5Y trend (190.3%)
  • Inventory has been piling up - inventory days up from 4 to 7

* 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.LT3925.0032.55540027.440.974988.0315.5167941.746.6915.9812.00
2.RVNL207.0047.9843159.920.34159.5218.734321.2310.5510.814.41
3.KPIL1408.6521.1724055.870.78311.5345.856407.973.8418.958.77
4.IRB19.0724.1423032.751.363062.701412.5821372.72918.257.7253.93
5.CEMPRO1268.6036.2321792.970.24140.832.642720.927.0233.5310.09
6.ENGINERSIN273.1519.5815352.191.83157.94141.49819.84-5.8030.9420.61
7.TECHNOE983.2026.5311434.570.7193.33-31.44630.3419.8414.8615.79
8.WELENT782.4535.4310830.190.3856.36-44.29773.72-8.4416.4419.49
9.IRCON115.1020.6710825.341.6592.03-43.921955.839.4910.159.81
10.KEC392.8518.8910457.671.4072.62-41.725023.540.0116.355.79
11.AFCONS274.3069.7210088.330.73303.00120.5226710.00692.4912.889.42
12.WAAREERTL833.4517.128699.490.00118.9837.72924.2553.2387.1218.77
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1291503242732365243604776037758511,102811
116119236198195453288350486617692896662
Operating Profit13318875417272126118158159207150
OPM %10.33%20.41%27.07%27.53%17.46%13.64%19.95%26.51%19.49%20.38%18.65%18.76%18.47%
1112334155787
Interest1204343444337
Depreciation1222222222222
Profit before Tax12288672406971121117157160210157
Tax %26.32%25.29%25.61%28.76%28.05%22.78%24.35%22.58%25.86%25.58%23.89%24.97%26.96%
Net Profit92164512854549487117122157114
0.881.986.374.932.735.145.149.018.3011.2311.6415.1110.97

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
015281543428761,5973,3313,539
123251402666691,2862,6902,866
Operating Profit-0-02031376207311641673
OPM %-640.55%-16.22%49.46%2.15%36.22%8.62%22.23%23.61%19.47%19.24%19.02%
011341454112426
Interest00234117151317
Depreciation00000006689
Profit before Tax-001-032680199301644684
Tax %6.55%70.65%66.14%53.29%12.07%21.39%25.56%26.75%23.76%25.01%25.31%
Net Profit-000-022059145229483510
EPS-0.030.110.37-0.091.129.805.6913.9722.0146.25—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%10.20%3.50%7.16%4.54%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
142%
5 Years:
238%
3 Years:
114%

COMPOUNDED PROFIT GROWTH

10 Years:
135%
5 Years:
190%
3 Years:
101%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
—
1 Year:
-21%

RETURN ON EQUITY

10 Years:
35%
5 Years:
67%
3 Years:
72%
Last Year:
69%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital10101021212121212121
00110123190225434917
00363737003724110
Trade Payables000035877298236772
0211112267134406523
Total Liabilities10124868831322547151,1212,343
0443339154195238
Capital Work in Progress00000080356111
003232321095231
60000237296117
00000003724971,172
Cash & Bank071013913121193358
321233478811627121316
Total Assets10124868831322547151,1212,343

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-215443763128302291
Cash from Investing1-3-313-819-66-114-237-272
Cash from Financing1227-65-39-2-7-4926
0-000013-1061745

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 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

2026-09-01
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

2026-08-27
Outcome of Board Meeting

2026-08-27 - Waaree Renewable Technologies Limited has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026.

News

Recent coverage and analyst commentary for WAAREERTL

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