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10 Yrs X-Ray 
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About
Waaree Renewable Technologies Ltd (WAAREERTL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 534618 NSE: WAAREERTL Engineering - Construction | Small Cap | Waaree Renewables Share Price
₹820.10 9.45 (1.17%)
As on 18-Sep'26 16:59
Waaree Renewable Technologies Ltd (WAAREERTL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 534618 NSE: WAAREERTL Engineering - Construction | Small Cap | Waaree Renewables Share Price
₹820.10 9.45 (1.17%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹8,560 Cr.
Current Price
₹820.1
52-Week Low / High
₹780 / 1,359
TTM EPS
₹48.7
TTM Sales
₹3,652 Cr.
Book Value per Share
₹100.8
P/E Ratio
16.85
Lower than its 5-year historical median
Industry PE
24.2
Price to Book (P/B)
8.14
Lower than its 5-year historical median
Price to Sales (P/S)
2.34
Lower than its 5-year historical median
EV/EBITDA
11.54
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
69.02%
Outperforms industry median
Return on Capital Employed (ROCE)
87.12%
Outperforms industry median
Return on Assets (ROA)
27.40%
Operating Profit Margin
19.3%
Net Profit Margin
14.37%
Gross Profit Margin
19.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
108.53%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
106.21%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
109.09%
Asset Quality
Promoter Holding
74.32%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,031 Cr.
Equity
₹20.9 Cr.
Face Value
₹2
All Time Low / High
₹1.48 / 3037.75
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Waaree Renewable Technologies Ltd a good quality company?
Waaree Renewable Technologies Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Waaree Renewable Technologies Ltd performance compare with that of its Peers?
Revenue growth of Waaree Renewable Technologies Ltd vs industry peers?
Waaree Renewable Technologies Ltd revenue CAGR is 203.30%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Waaree Renewable Technologies Ltd?
Promoters hold 74.32% of the Waaree Renewable Technologies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Waaree Renewable Technologies Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 66.8% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Waaree Renewable Technologies Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -0.3% | 4.8% | 10.9% | 5.2% | 9.2% | 45% | 98.9% | 102.8% | 81.8% | 87.3% | - |
| Value Creation Index ⓘ | -1.0 | -0.7 | -0.2 | -0.6 | -0.3 | 2.2 | 6.1 | 6.6 | 5.1 | 5.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0.1 | 1.3 | 5 | 2 | 7.6 | 154 | 342 | 876 | 1,597 | 3,331 | 3,539 |
| Sales YoY Gr. | - | 1,525% | 286.9% | -60.6% | 283.8% | 1,920.5% | 122.5% | 156.4% | 82.3% | 108.5% | - |
| Adj EPS ⓘ | 0 | 0 | 0.1 | -0 | 0.2 | 1.3 | 5.7 | 14 | 22.1 | 46.1 | 48.9 |
| YoY Gr. | - | -33.3% | 200% | -150% | NA | 495.5% | 335.1% | 144.9% | 58.2% | 108.6% | - |
| BVPS (₹) ⓘ | 2 | 2.1 | 2.1 | 2.9 | 3.2 | 5 | 10.6 | 23.6 | 43.7 | 89.9 | 100.8 |
| Adj Net Profit ⓘ | 0.2 | 0.1 | 0.3 | -0.3 | 2.3 | 13.6 | 59.3 | 145 | 230 | 481 | 511 |
| Cash Flow from Ops. ⓘ | -1.9 | 0.5 | 4.5 | 3.3 | 3.3 | 33.5 | 58.2 | 128 | 302 | 291 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 8 | 11.1 | 11.3 | 0 | 0 | 0.3 | 0.1 | 0.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 226.1% | 237.6% | 113.6% | 108.5% | ||||
| Adj EPS ⓘ | 126% | 191.2% | 100.7% | 108.6% | ||||
| BVPSⓘ | 52.4% | 95.5% | 103.7% | 105.9% | ||||
| Share Price | 66% | 87.4% | 48% | -24.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 1.5 | 1.2 | 2.9 | -1.4 | 7.4 | 32 | 72.5 | 81 | 65.4 | 68.9 | 51.3 |
| Op. Profit Mgn % ⓘ | -282.8 | -16.2 | 49.5 | 2.2 | 36.2 | 8.6 | 22.2 | 23.6 | 19.5 | 19.3 | 19.3 |
| Net Profit Mgn % ⓘ | 207.1 | 9.4 | 6.1 | -14.1 | 30.8 | 8.9 | 17.4 | 16.6 | 14.4 | 14.4 | 14.4 |
| Debt to Equity ⓘ | 0 | 0 | 3.4 | 1.2 | 1.1 | 0 | 0 | 0.2 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 46,185 | 1,586 | 494 | 4,123 | 1,925 | 163 | 129 | 121 | 120 | 122 | 65 |
| Cash Conv. Cycle ⓘ | 27,312 | 930 | 108 | 262 | -36 | -20 | -16 | 2 | 27 | 30 | 19 |
Valuation of Waaree Renewables - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 1 | 7 | 6 | 13 | 161 | 351 | 877 | 1,598 | 3,331 |
| Operating Expenses ⓘ + | 2 | 4 | 5 | 6 | 138 | 267 | 669 | 1,287 | 2,690 |
| Operating Profit ⓘ | -0 | 3 | 0 | 7 | 24 | 84 | 207 | 311 | 641 |
| Operating Profit Margin (%) | -17.4% | 45.1% | 6.7% | 53.8% | 14.6% | 23.9% | 23.6% | 19.5% | 19.2% |
| Other Income ⓘ + | 1 | 1 | 2 | 2 | 8 | 2 | 4 | 15 | 20 |
| Interest ⓘ | 0 | 2 | 3 | 4 | 7 | 5 | 7 | 15 | 13 |
| Depreciation ⓘ | 0 | 1 | 1 | 2 | 4 | 3 | 6 | 6 | 9 |
| Profit Before Tax ⓘ | 0 | 1 | -3 | 3 | 21 | 77 | 198 | 300 | 640 |
| Tax ⓘ | 0 | 3 | 1 | 6 | 12 | 22 | 53 | 72 | 161 |
| Profit After Tax | 0 | -2 | -3 | -2 | 9 | 55 | 145 | 229 | 479 |
| PAT Margin (%) | 7.1% | -27.2% | -55.9% | -18.2% | 5.5% | 15.8% | 16.6% | 14.3% | 14.4% |
| Adjusted EPS (₹) | 0.0 | -0.4 | -0.3 | -0.4 | 0.8 | 5.3 | 14.0 | 22.0 | 45.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 24.20% | 3.80% | 7.20% | 4.60% | 0% |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 10 | 9 | 26 | 22 | 30 | 84 | 245 | 454 | 933 | ||
| Debt + | 0 | 37 | 40 | 116 | 38 | 36 | 37 | 24 | 78 | ||
| Minority Interest | 0 | 30 | 31 | 32 | -0 | -0 | -0 | -0 | -1 | ||
| Trade Payables | 0 | 0 | 7 | 6 | 58 | 75 | 298 | 234 | 772 | ||
| Others Liabilities ⓘ | 5 | 18 | 19 | 26 | 42 | 88 | 135 | 408 | 591 | ||
| Total Liabilities ⓘ | 16 | 95 | 122 | 202 | 168 | 283 | 714 | 1,120 | 2,374 | ||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 4 | 32 | 30 | 155 | 73 | 74 | 157 | 198 | 272 | ||
| CWIP ⓘ | 4 | 3 | 41 | 2 | 1 | 80 | 3 | 56 | 178 | ||
| Investments ⓘ | 0 | 0 | 0 | 30 | 1 | 0 | 9 | 52 | 31 | ||
| Inventories | 0 | 0 | 0 | 0 | 2 | 37 | 29 | 6 | 117 | ||
| Trade Receivables | 0 | 4 | 1 | 6 | 47 | 61 | 373 | 498 | 1,172 | ||
| Cash Equivalents | 7 | 7 | 37 | 6 | 42 | 17 | 121 | 194 | 359 | ||
| Others Assets ⓘ | 1 | 48 | 12 | 3 | 3 | 14 | 23 | 116 | 245 | ||
| Total Assets ⓘ | 16 | 95 | 122 | 202 | 168 | 283 | 714 | 1,120 | 2,374 | ||
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 0 | -7 | 51 | -2 | 43 | 65 | 128 | 303 | 287 |
| Cash Flow From Investing Activity ⓘ + | 0 | -28 | -38 | -105 | 9 | -66 | -114 | -237 | -264 |
| Cash Flow From Financing Activity ⓘ + | 0 | 35 | 14 | 81 | -40 | -9 | -7 | -49 | 23 |
| Net Cash Flow ⓘ | 0 | 0 | 27 | -26 | 12 | -10 | 6 | 17 | 45 |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0.9 | -19.55 | -18 | -9.81 | 34.08 | 96.9 | 88.23 | 65.52 | 69.02 | |
| ROCE (%) | 4.48 | 10.48 | 1.71 | 7.55 | 26.67 | 84.06 | 99.83 | 81.92 | 87.12 | |
| Asset Turnover Ratio | 0.08 | 0.13 | 0.05 | 0.08 | 0.87 | 1.56 | 1.76 | 1.74 | 1.91 | |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | 4.78 | 1.18 | 0.88 | 1.32 | 0.6 | |
| Working Capital Days | ||||||||||
| Receivable Days | 114.10 | 117.40 | 175.90 | 105.80 | 59.60 | 56.10 | 90.30 | 99.40 | 91.50 | |
| Inventory Days | 0 | 0 | 0 | 12.90 | 2.40 | 19.90 | 13.70 | 4.10 | 6.80 | |
| Payable Days | 0 | 0 | 0 | 612.90 | 91.30 | 96.90 | 106.30 | 78.90 | 71.10 | |
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Announcements
Waaree Renewable Technologies Ltd FAQs
The current trading price of Waaree Renewables on 18-Sep-2026 16:59 is ₹820.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Waaree Renewables stood at ₹8,560.1 Cr
The latest P/E ratio of Waaree Renewables as of 17-Sep-2026 is 16.77.
The latest P/B ratio of Waaree Renewables as of 17-Sep-2026 is 8.13.
The 52-week high of Waaree Renewables is ₹1,358.5 and the 52-week low is ₹780.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Waaree Renewables is ₹3,539 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Waaree Renewable Technologies Ltd is a average quality company.
The key valuation ratios of Waaree Renewable Technologies Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Waaree Renewable Technologies Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Waaree Renewable Technologies Ltd
Waaree Renewables Technology Limited (WRTL) (Formally known as Sangam Renewables Limited) is a pioneer company to look after if one is going for CAPEX model. The company was incorporated on 22nd of June, 1999 as a private company limited by shares. It was converted into a public company on November 18, 2011. It has its registered office in Mumbai and its energy generation site is located in state of Maharashtra.
Business area of the company
The company is engaged in the business of generation of power through renewable energy sources and also providing consultancy service in this regard.
Solution & Service
- Capex
- RESCO / OPEX
- Rooftop
- Floating Solar
- Ground Mount
- Operations & Maintenance
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