Overview

Detailed Summary

Waaree Renewable Technologies Limited (Waaree RTL) is a leading EPC service provider in the solar energy sector, focusing on solar modules, EPC, and O&M services. It is a subsidiary of Waaree Energies Limited.
With a 136% year-on-year revenue growth in Q3 FY26, Waaree RTL demonstrates strong operational performance and increased solar capacity execution capabilities.
The company maintains a substantial order book with over 24 GWp, signifying robust future revenue visibility, while executing projects across large geographies in India.
Waaree RTL's strategic move into floating solar and BESS EPC highlights its commitment to innovation and aligning with modern renewable energy solutions.

Sector: Power Infrastructure
Industry: Engineering - Turnkey Services
Market Cap: 8,286 Cr
Volatility: High Risk
P/E Ratio: 19.9
Industry P/E: 22.4
PEG Ratio: 0.2
P/B Ratio: 12.6
52W High: 1,358.50
52W Low: 732.05

Sales CAGR

1Y: 82.29%
3Y: 118.30%
5Y: 281.54%
10Y: 146.41%

Profit CAGR

1Y: 57.64%
3Y: 124.06%
5Y: —
10Y: 138.38%

ROE

TTM: 53.19%
3Y: 53.26%
5Y: 50.76%
10Y: 47.05%

ROCE

TTM: 64.94%
3Y: 65.71%
5Y: 61.16%
10Y: 54.17%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RITES	200.40	9,631 Cr	23.33	3.66	3.77	15.61	19.86	7.53
WAAREERTL	794.10	8,286 Cr	19.93	12.59	0.13	53.19	64.94	28.71
GMRP&UI	104.60	8,142 Cr	10.82	3.69	0.00	-30.37	9.07	4.67
WABAG	1184.90	7,342 Cr	19.60	3.16	0.34	13.79	16.33	6.25
TRANSRAILL	504.25	6,758 Cr	15.45	3.26	0.16	20.12	26.90	6.40
ISGEC	899.90	6,605 Cr	27.90	2.37	0.56	10.39	13.08	3.75
POWERMECH	1961.10	6,177 Cr	17.05	2.70	0.06	14.30	18.71	7.80

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	150	324	273	236	524	360	477	603	775	851
Expenses	122	236	198	195	453	288	350	486	617	692
Operating Profit	28	88	75	41	72	72	126	118	158	159
OPM %	18.72	27.09	27.55	17.38	13.65	19.96	26.51	19.49	20.39	18.66
Other Income	0.88	0.49	2.05	2.76	3.40	3.78	0.84	4.83	4.43	5.12
Interest	2.43	0.08	3.54	3.03	4.09	3.35	4.38	3.56	3.62	3.42
Depreciation	1.41	1.67	1.72	1.54	1.58	1.62	1.63	2.23	2.18	2.11
Profit Before Tax	25	87	72	39	69	71	121	117	157	158
Tax %	27.19	25.53	28.80	28.29	22.77	24.39	22.61	25.90	25.69	24.11
Net Profit	18	64	51	28	54	53	94	86	116	120
EPS in Rs	1.76	6.16	4.90	2.70	5.11	5.12	8.97	8.26	11.12	11.50

Consolidated Profit Loss (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	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	12.99	21.90	39.85
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)

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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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	74.51%	74.51%	74.48%	74.46%	74.46%	74.46%	74.44%	74.39%	74.39%	74.39%	74.39%	74.32%
FIIs	0.00%	0.00%	0.00%	0.00%	0.20%	0.83%	0.98%	0.99%	1.13%	1.31%	1.38%	1.70%
DIIs	0.00%	0.00%	0.00%	0.09%	0.01%	0.01%	0.00%	0.01%	0.24%	0.14%	0.12%	0.13%
Public	25.49%	25.49%	25.52%	25.45%	25.33%	24.70%	24.57%	24.61%	24.24%	24.16%	24.11%	23.85%
Total Shareholders	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	3,10,109

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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