Waaree Renewable Technologies Ltd

WAAREERTL

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Market Cap

₹ 10,097 Cr

P/E

28.59

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Waaree Renewable Technologies Limited (WRTL) specializes in solar energy solutions, providing engineering, procurement, and construction (EPC) as well as operations and maintenance (O&M) services for utility-scale solar projects.

In H1 FY26, WRTL reported a notable increase in revenue, achieving 1,377.97 crore, marking an 81.12% year-on-year growth, driven by an expansive order book and strong market demand.

The company has a healthy unexecuted order book of 3.48 GWp, showcasing its strong execution capabilities and solid visibility into future revenue streams.

Management highlights an increase in EBITDA margin to 19.99% in H1 FY26, a significant improvement from 14.81% in the previous year, indicating operational efficiency and cost management.

WRTL is exploring opportunities in the storage and hybrid solar sectors, aligning with the government’s renewable energy initiatives and aiming to broaden its service scope in diverse energy areas.

Sector

Power Infrastructure

Industry

Engineering - Turnkey Services

Market Cap

10,097 Cr

Volatility

High Risk

P/E Ratio

28.6

Industry P/E

25.9

PEG Ratio

0.2

P/B Ratio

15.3

52W High

1,479.40

52W Low

732.05

Sales CAGR

82.29%

118.30%

281.54%

10Y

146.41%

Profit CAGR

57.64%

124.06%

—

10Y

138.38%

ROE

TTM

53.19%

53.26%

50.76%

10Y

47.05%

ROCE

TTM

64.94%

65.71%

61.16%

10Y

54.17%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RITES	228.15	10,989 Cr	26.74	4.17	3.30	15.61	19.86	7.43
ENGINERSIN	193.85	10,895 Cr	20.28	4.03	2.06	19.87	25.57	9.49
WAAREERTL	968.55	10,097 Cr	28.59	15.34	0.10	53.19	64.94	24.11
GMRP&UI	118.15	8,464 Cr	—	6.01	0.00	-30.37	9.07	4.98
TRANSRAILL	604.00	8,109 Cr	19.47	3.92	0.13	20.12	26.90	6.16
WABAG	1255.50	7,801 Cr	24.35	3.36	0.32	13.79	16.33	5.86
POWERMECH	2368.85	7,489 Cr	22.92	3.28	0.05	14.30	18.71	7.54

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	129	150	324	273	236	524	360	477	603	775
Expenses	116	122	236	198	195	453	288	350	486	617
Operating Profit	13	28	88	75	41	72	72	126	118	158
OPM %	10.39	18.72	27.09	27.55	17.38	13.65	19.96	26.51	19.49	20.39
Other Income	0.75	0.88	0.49	2.05	2.76	3.40	3.78	0.84	4.83	4.43
Interest	0.72	2.43	0.08	3.54	3.03	4.09	3.35	4.38	3.56	3.62
Depreciation	0.99	1.41	1.67	1.72	1.54	1.58	1.62	1.63	2.23	2.18
Profit Before Tax	12	25	87	72	39	69	71	121	117	157
Tax %	26.63	27.19	25.53	28.80	28.29	22.77	24.39	22.61	25.90	25.69
Net Profit	9.13	18	64	51	28	54	53	94	86	116
EPS in Rs	0.17	1.76	6.16	4.91	2.71	5.12	5.12	8.98	8.27	11.13

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1.30	7.04	5.68	13	161	351	876	1,598	1,965
Expenses	1.53	3.86	5.30	5.99	138	267	669	1,287	1,577
Operating Profit	-0.23	3.18	0.38	6.99	24	84	207	311	387
OPM %	-17.41	45.11	6.66	53.84	14.56	23.86	23.64	19.46	19.72
Other Income	0.73	0.55	1.69	2.44	8.32	1.53	3.45	11	13
Interest	0.08	2.15	3.48	4.34	6.94	5.30	6.77	15	15
Depreciation	0.04	0.75	1.11	1.69	3.67	2.95	5.46	6.37	7.06
Profit Before Tax	0.39	0.82	-2.52	3.40	21	77	198	300	378
Tax %	76.21	333.26	-26.05	169.59	58.09	28.15	25.39	23.81	23.99
Net Profit	0.09	-1.91	-3.18	-2.37	8.89	55	148	229	287
EPS in Rs	—	—	-0.31	-0.29	0.82	5.30	13.00	21.92	33.50
Dividend Payout %	0.00	0.00	0.00	0.00	12.11	18.83	7.04	4.56	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	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	—
Reserves	0.23	-0.68	5.14	1.46	9.09	64	211	—
Borrowings	0.25	37	40	125	42	39	41	0.00
Other Liabilities	5.47	48	56	56	96	159	441	0.00
Total Liabilities	16	95	122	203	168	283	714	—
Fixed Assets	3.71	32	30	155	73	74	156	0.00
CWIP	4.17	3.35	41	1.52	0.90	80	3.17	0.00
Investments	0.00	0.00	0.00	30	0.56	0.00	9.00	0.00
Other Assets	8.09	59	50	17	93	128	545	0.00
Total Assets	16	95	122	203	168	283	714	—

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-6.80	51	2.14	43	65	127	—
Cash from Investing Activity	-28	-38	-114	9.43	-66	-114	0.00
Cash from Financing Activity	35	14	86	-40	-9.20	-6.48	—
Net Cash Flow	0.18	27	-26	12	-10	6.34	0.00

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.51%	74.51%	74.51%	74.48%	74.46%	74.46%	74.46%	74.44%	74.39%	74.39%	74.39%	74.39%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.83%	0.98%	0.99%	1.13%	1.31%	1.38%
DIIs	0.00%	0.00%	0.00%	0.00%	0.09%	0.01%	0.01%	0.00%	0.01%	0.24%	0.14%	0.12%
Public	25.49%	25.49%	25.49%	25.52%	25.45%	25.33%	24.70%	24.57%	24.61%	24.24%	24.16%	24.11%
Total Shareholders	9,972	11,120	14,698	24,844	28,985	86,482	1,85,340	2,20,702	2,84,189	3,23,258	3,16,520	3,13,409

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Oct 16, 2025	Hrti private limited	Bulk	Buy	1,283.27	101.63 Cr	7,91,969	0.75
Oct 16, 2025	Graviton research capital llp	Bulk	Buy	1,271.71	88.74 Cr	6,97,775	0.66
Oct 16, 2025	Junomoneta finsol private lim...	Bulk	Buy	1,287.13	118.37 Cr	9,19,673	0.88
Oct 16, 2025	Hrti private limited	Bulk	Sell	1,283.49	106.04 Cr	8,26,218	0.79
Oct 16, 2025	Graviton research capital llp	Bulk	Sell	1,272.81	88.85 Cr	6,98,076	0.66
Oct 16, 2025	Junomoneta finsol private lim...	Bulk	Sell	1,287.76	118.43 Cr	9,19,685	0.88
Oct 14, 2025	Graviton research capital llp	Bulk	Buy	1,278.04	75.40 Cr	5,89,976	0.56
Oct 14, 2025	Graviton research capital llp	Bulk	Sell	1,278.40	75.35 Cr	5,89,383	0.56
Oct 13, 2025	Graviton research capital llp	Bulk	Buy	1,248.18	146.36 Cr	11,72,572	1.12
Oct 13, 2025	Graviton research capital llp	Bulk	Sell	1,249.24	146.47 Cr	11,72,484	1.12

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	129	150	324	273	236	524	360	477	603	775
Expenses	116	122	236	198	195	453	288	350	486	617
Operating Profit	13	28	88	75	41	72	72	126	118	158
OPM %	10.39	18.72	27.09	27.55	17.38	13.65	19.96	26.51	19.49	20.39
Other Income	0.75	0.88	0.49	2.05	2.76	3.40	3.78	0.84	4.83	4.43
Interest	0.72	2.43	0.08	3.54	3.03	4.09	3.35	4.38	3.56	3.62
Depreciation	0.99	1.41	1.67	1.72	1.54	1.58	1.62	1.63	2.23	2.18
Profit Before Tax	12	25	87	72	39	69	71	121	117	157
Tax %	26.63	27.19	25.53	28.80	28.29	22.77	24.39	22.61	25.90	25.69
Net Profit	9.13	18	64	51	28	54	53	94	86	116
EPS in Rs	0.17	1.76	6.16	4.91	2.71	5.12	5.12	8.98	8.27	11.13

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1.30	7.04	5.68	13	161	351	876	1,598	1,965
Expenses	1.53	3.86	5.30	5.99	138	267	669	1,287	1,577
Operating Profit	-0.23	3.18	0.38	6.99	24	84	207	311	387
OPM %	-17.41	45.11	6.66	53.84	14.56	23.86	23.64	19.46	19.72
Other Income	0.73	0.55	1.69	2.44	8.32	1.53	3.45	11	13
Interest	0.08	2.15	3.48	4.34	6.94	5.30	6.77	15	15
Depreciation	0.04	0.75	1.11	1.69	3.67	2.95	5.46	6.37	7.06
Profit Before Tax	0.39	0.82	-2.52	3.40	21	77	198	300	378
Tax %	76.21	333.26	-26.05	169.59	58.09	28.15	25.39	23.81	23.99
Net Profit	0.09	-1.91	-3.18	-2.37	8.89	55	148	229	287
EPS in Rs	—	—	-0.31	-0.29	0.82	5.30	13.00	21.92	33.50
Dividend Payout %	0.00	0.00	0.00	0.00	12.11	18.83	7.04	4.56	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	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	—
Reserves	0.23	-0.68	5.14	1.46	9.09	64	211	—
Borrowings	0.25	37	40	125	42	39	41	0.00
Other Liabilities	5.47	48	56	56	96	159	441	0.00
Total Liabilities	16	95	122	203	168	283	714	—
Fixed Assets	3.71	32	30	155	73	74	156	0.00
CWIP	4.17	3.35	41	1.52	0.90	80	3.17	0.00
Investments	0.00	0.00	0.00	30	0.56	0.00	9.00	0.00
Other Assets	8.09	59	50	17	93	128	545	0.00
Total Assets	16	95	122	203	168	283	714	—

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-6.80	51	2.14	43	65	127	—
Cash from Investing Activity	-28	-38	-114	9.43	-66	-114	0.00
Cash from Financing Activity	35	14	86	-40	-9.20	-6.48	—
Net Cash Flow	0.18	27	-26	12	-10	6.34	0.00

Oscillators

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Neutral

Bearish

Neutral

Bullish

Overall

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Bearish

Neutral

Bullish

Moving Averages

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Overall

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Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RITES	228.15	10,989 Cr	26.74	4.17	3.30	15.61	19.86	7.43
ENGINERSIN	193.85	10,895 Cr	20.28	4.03	2.06	19.87	25.57	9.49
WAAREERTL	968.55	10,097 Cr	28.59	15.34	0.10	53.19	64.94	24.11
GMRP&UI	118.15	8,464 Cr	—	6.01	0.00	-30.37	9.07	4.98
TRANSRAILL	604.00	8,109 Cr	19.47	3.92	0.13	20.12	26.90	6.16
WABAG	1255.50	7,801 Cr	24.35	3.36	0.32	13.79	16.33	5.86
POWERMECH	2368.85	7,489 Cr	22.92	3.28	0.05	14.30	18.71	7.54

Overview

Detailed Summary

In H1 FY26, WRTL reported a notable increase in revenue, achieving 1,377.97 crore, marking an 81.12% year-on-year growth, driven by an expansive order book and strong market demand.

The company has a healthy unexecuted order book of 3.48 GWp, showcasing its strong execution capabilities and solid visibility into future revenue streams.

Management highlights an increase in EBITDA margin to 19.99% in H1 FY26, a significant improvement from 14.81% in the previous year, indicating operational efficiency and cost management.

WRTL is exploring opportunities in the storage and hybrid solar sectors, aligning with the government’s renewable energy initiatives and aiming to broaden its service scope in diverse energy areas.

Sector

Power Infrastructure

Industry

Engineering - Turnkey Services

Market Cap

10,097 Cr

Volatility

High Risk

P/E Ratio

28.6

Industry P/E

25.9

PEG Ratio

0.2

P/B Ratio

15.3

52W High

1,479.40

52W Low

732.05

Sales CAGR

82.29%

118.30%

281.54%

10Y

146.41%

Profit CAGR

57.64%

124.06%

—

10Y

138.38%

ROE

TTM

53.19%

53.26%

50.76%

10Y

47.05%

ROCE

TTM

64.94%

65.71%

61.16%

10Y

54.17%