Waaree Renewable Technologies Ltd (IN:WAAREERTL)
:WAAREERTL
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Waaree Renewable Technologies Ltd
(WAAREERTL)
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Rating:81Outperform
Price Target:
₹1,255.00
▲(29.58% Upside)
Action:ReiteratedDate:04/21/26
The score is driven primarily by strong fundamental performance (rapid growth, solid profitability, and improved leverage), tempered by cash-flow volatility. Technicals support the uptrend but are overextended, and valuation looks fair with a low dividend yield.
Positive Factors
Revenue Growth
Sustained, rapid top-line expansion (notably 166% in FY2026) signals durable market demand and successful project wins. Continued revenue scale supports fixed-cost absorption, bargaining power with suppliers, and reinvestment capacity to expand project backlog and O&M streams over the medium term.
Negative Factors
Cash-Flow Volatility
Irregular cash conversion and episodic negative free cash flow raise liquidity and working-capital risks. Project milestone timing, receivable collection, or inventory/advance payments can force short-term funding, constrain payout capacity, and increase reliance on external financing during growth phases.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained, rapid top-line expansion (notably 166% in FY2026) signals durable market demand and successful project wins. Continued revenue scale supports fixed-cost absorption, bargaining power with suppliers, and reinvestment capacity to expand project backlog and O&M streams over the medium term.
Read all positive factors
Waaree Renewable Technologies Ltd (WAAREERTL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹109.74B
Dividend YieldN/A
Average Volume (3M)327.16K
Price to Earnings (P/E)14.0
Beta (1Y)1.60
Revenue Growth108.51%
EPS Growth108.87%
CountryIN
Employees171
SectorEnergy
Sector Strength52
IndustryRenewable Utilities
Share Statistics
EPS (TTM)20.16
Shares Outstanding104,345,795
10 Day Avg. Volume814,169
30 Day Avg. Volume327,160
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)9.36
Price to Sales (P/S)2.63
P/FCF Ratio53.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)58.4
Revenue Forecast (FY)₹42.77B
Waaree Renewable Technologies Ltd Business Overview & Revenue Model
Company Description
Waaree Renewable Technologies Limited engages in the generation of power through renewable energy sources in India. The company offers ground mounted solar; capex model; resco opex; rooftop solar; floating solar; and operations and maintenance sol...
How the Company Makes Money
WAAREERTL primarily makes money by executing solar photovoltaic projects on a contract basis. Its core revenue stream is EPC/project execution income: customers award contracts for design/engineering, procurement of components (such as modules, in...
Waaree Renewable Technologies Ltd Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.51B | 33.31B | 15.98B | 8.76B | 3.51B | 1.61B |
| Gross Profit | 3.04B | 7.26B | 3.54B | 2.31B | 976.24M | 320.56M |
| EBITDA | 2.80B | 6.62B | 3.12B | 2.10B | 851.51M | 317.77M |
| Net Income | 2.10B | 4.79B | 2.29B | 1.45B | 554.23M | 86.04M |
Balance Sheet | ||||||
| Total Assets | 14.51B | 23.74B | 11.20B | 7.14B | 2.83B | 1.68B |
| Cash, Cash Equivalents and Short-Term Investments | 2.47B | 3.88B | 1.40B | 185.97M | 32.57M | 138.30M |
| Total Debt | 809.56M | 1.46B | 273.73M | 404.80M | 389.83M | 418.38M |
| Total Liabilities | 7.94B | 14.40B | 6.65B | 4.68B | 1.98B | 1.38B |
| Stockholders Equity | 6.58B | 9.34B | 4.55B | 2.47B | 851.40M | 299.02M |
Cash Flow | ||||||
| Free Cash Flow | 1.39B | 1.64B | 2.01B | 1.17B | -181.43M | 360.50M |
| Operating Cash Flow | 3.02B | 2.87B | 3.03B | 1.28B | 651.48M | 425.54M |
| Investing Cash Flow | -2.12B | -2.64B | -2.37B | -1.14B | -659.63M | 94.27M |
| Financing Cash Flow | -405.35M | 225.50M | -485.69M | -71.84M | -91.97M | -399.89M |
Waaree Renewable Technologies Ltd Technical Analysis
Positive
968.55
Price Trends
874.61
Positive
922.25
Positive
1006.45
Positive
Market Momentum
50.65
Negative
78.92
Negative
88.22
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WAAREERTL, the sentiment is Positive. The current price of 968.55 is above the 20-day moving average (MA) of 888.44, above the 50-day MA of 874.61, and below the 200-day MA of 1006.45, indicating a bullish trend. The MACD of 50.65 indicates Negative momentum. The RSI at 78.92 is Negative, neither overbought nor oversold. The STOCH value of 88.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:WAAREERTL.
Waaree Renewable Technologies Ltd Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ₹109.74B | 14.01 | ― | ― | 108.51% | 108.87% | |
74 Outperform | ₹180.58B | 31.58 | ― | ― | ― | ― | |
66 Neutral | ₹96.30B | 22.48 | ― | 0.20% | 55.34% | 45.62% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | ₹763.26B | 40.55 | ― | ― | 61.67% | 181.53% | |
62 Neutral | ₹77.33B | 79.81 | ― | ― | 33.08% | 90.33% | |
57 Neutral | ₹231.36B | 45.47 | ― | ― | 57.57% | 28.31% |
* Energy Sector Average
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Waaree Renewable Technologies Ltd Corporate Events
Waaree Renewable Technologies Publishes FY26 Audited Results in Newspapers
Apr 18, 2026
Waaree Renewable Technologies Ltd has published its audited standalone and consolidated financial results for the quarter and full financial year ended March 31, 2026 in leading newspapers. The disclosure in The Financial Express and Mumbai Laksha...
Waaree Renewable Technologies Releases FY26 Investor Presentation
Apr 16, 2026
Waaree Renewable Technologies Ltd has released its investor and earnings presentation for the fourth quarter and full financial year ended March 31, 2026. The presentation will be used in meetings with analysts and institutional investors and is a...
Waaree Renewable Technologies to Host Investor Call on FY26 Results
Apr 14, 2026
Waaree Renewable Technologies Ltd has scheduled a conference call with analysts and investors on April 17, 2026, at 4:00 p.m. IST to discuss its audited financial results for the fourth quarter and full year ended March 31, 2026. The call details ...
Waaree Renewable Technologies Publishes Postal Ballot Notice Dispatch in Newspapers
Mar 14, 2026
Waaree Renewable Technologies Ltd has notified stock exchanges that it has published newspaper advertisements confirming completion of dispatch of its Postal Ballot notice. The notice appeared in the English daily Financial Express and the Marathi...
Waaree Renewable Technologies Launches E-Voting Postal Ballot for Special Resolutions
Mar 13, 2026
Waaree Renewable Technologies Limited has initiated a postal ballot process to seek shareholder approval for special business resolutions through remote electronic voting. In line with Ministry of Corporate Affairs and SEBI listing regulations, th...
Waaree Renewable Technologies to Acquire Majority Stake in Power Infrastructure Firm ASPL for ₹1,225 Crore
Jan 26, 2026
Waaree Renewable Technologies Limited’s board has approved entering into a binding term sheet to acquire approximately 55% of the equity share capital of Associated Power Structures Limited (ASPL) for about INR 1,225 crore in cash, through a...
Waaree Renewable Technologies to Acquire Majority Stake in Power Infrastructure Firm ASPL for Rs 1,225 Crore
Jan 26, 2026
Waaree Renewable Technologies Ltd has approved entering into a binding term sheet to acquire approximately 55% of Associated Power Structures Ltd (ASPL) for about Rs 1,225 crore in a mix of primary and secondary share purchases, subject to due dil...
Waaree Renewable Technologies to Acquire Majority Stake in Power Infrastructure Firm ASPL for ₹1,225 Crore
Jan 26, 2026
Waaree Renewable Technologies Ltd has approved entering into a binding term sheet to acquire roughly 55% of Associated Power Structures Ltd (ASPL) for about ₹1,225 crore in a mix of primary and secondary share purchases, subject to due dilig...
Waaree Renewable Technologies to Acquire Majority Stake in Power Transmission Firm ASPL for ₹1,225 Crore
Jan 26, 2026
Waaree Renewable Technologies Ltd has approved entering into a binding term sheet to acquire approximately 55% of the equity share capital of Associated Power Structures Ltd for about INR 1,225 crore in cash, through a mix of primary and secondary...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.