Waaree Renewable Technologies Ltd (WAAREERTL) AI Stock Analysis

• Market Cap: ₹88.68B
• Dividend Yield: N/A
• Average Volume (3M): 327.16K
• Price to Earnings (P/E): 21.0
• Beta (1Y): 1.49
• Revenue Growth: 63.07%
• EPS Growth: 74.37%
• Country: IN
• Employees: 171
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 11.52
• Shares Outstanding: 104,345,795
• 10 Day Avg. Volume: 814,169
• 30 Day Avg. Volume: 327,160
• PEG Ratio: 0.67
• Price to Book (P/B): 19.59
• Price to Sales (P/S): 5.58
• P/FCF Ratio: 44.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 38.9
• Revenue Forecast (FY): ₹28.52B

• Rating: 62 Neutral
• Price Target: ₹876.00 ▼(-9.56% Downside)
• Action: Reiterated Date: 12/18/25
• Date: Action: Reiterated 12/18/25

Waaree Renewable Technologies Ltd has a strong financial foundation with robust revenue growth and profitability. However, the technical indicators suggest bearish momentum, and the valuation metrics indicate potential overvaluation. These factors result in a moderate overall stock score.

Positive Factors

Revenue Growth

An 82.3% year-over-year revenue surge indicates durable demand for the company’s EPC services and successful project wins. Sustained double-digit top-line expansion over recent periods supports a growing backlog, scale benefits in procurement and execution, and a stronger platform for multi-quarter growth.

Profitability & Margins

Healthy gross, EBIT and EBITDA margins reflect operational efficiency in engineering, procurement and construction delivery. Margin durability implies pricing power and disciplined project cost control, enabling reinvestment in capabilities and cushioning profitability across the project lifecycle.

Conservative Leverage & High ROE

Extremely low leverage combined with a very high return on equity signals conservative capital structure and capital-efficient operations. This enhances resilience to project cycles, preserves financing optionality, and enables internal funding for growth without elevating financial risk.

Negative Factors

Revenue Concentration (EPC)

Reliance primarily on contract-based EPC work concentrates revenue around project wins and milestone collections. Limited disclosed recurring revenues (O&M scale unknown) and absence of other material streams raise exposure to tender volatility, timing of award flows, and periodic revenue swings over quarters.

Asset Utilization Risk

A noted need to monitor asset utilization suggests capital may be tied up rather than deployed for new projects. If asset turnover lags as the business scales, return sustainability could be pressured despite strong ROE, requiring management focus to maintain efficient deployment of capital.

Cash Conversion Gap

Operating cash flow converts to roughly half of reported net income and FCF is two-thirds, indicating earnings are not fully cash-backed in the short run. During heavy project working-capital cycles this gap could stress liquidity, constrain bid capacity or delay reinvestment without external financing.

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 solutions. It also provides engineering, procurement, and construction (EPC) services. The company serves the individual, industrial, and commercial sectors. The company was formerly known as Sangam Renewables Limited and changed its name to Waaree Renewable Technologies Limited in July 2021. The company was incorporated in 1999 and is headquartered in Mumbai, India. Waaree Renewable Technologies Limited operates as a subsidiary of Waaree Energies Limited.

How the Company Makes Money

WAAREERTL generates revenue primarily through the sale of solar products, including photovoltaic panels and solar inverters, which are integral components of solar power systems. Additionally, the company earns income from offering solar project development services, including installation and maintenance, which further enhances its service portfolio. WAAREERTL has also formed strategic partnerships with various stakeholders in the renewable energy sector, which help in expanding its reach and capabilities. The company benefits from government initiatives and subsidies aimed at promoting renewable energy, which can improve its profit margins and sales volume.

Waaree Renewable Technologies Ltd Financial Statement Overview

Summary

Waaree Renewable Technologies Ltd demonstrates strong financial health with impressive revenue growth, solid profitability, and efficient cash flow management. The company's low leverage and high return on equity highlight its financial stability and effective capital utilization.

Income Statement

Waaree Renewable Technologies Ltd has demonstrated impressive revenue growth with an 82.29% increase in the latest year, indicating strong market demand and expansion. The company maintains healthy profitability with a gross profit margin of 22.14% and a net profit margin of 14.34%. The EBIT margin of 19.15% and EBITDA margin of 19.55% further highlight operational efficiency. These metrics reflect a robust financial performance in the renewable utilities sector.

Balance Sheet

The balance sheet of Waaree Renewable Technologies Ltd shows a strong equity position with a low debt-to-equity ratio of 0.06, indicating conservative leverage and financial stability. The return on equity is notably high at 50.32%, showcasing effective use of shareholder funds to generate profits. The equity ratio of 40.66% suggests a solid capital structure, although the company should monitor its asset utilization for sustained growth.

Cash Flow

The cash flow statement reveals significant free cash flow growth of 71.84%, demonstrating the company's ability to generate cash from operations. The operating cash flow to net income ratio of 0.49 and free cash flow to net income ratio of 0.66 indicate a strong cash conversion capability, supporting ongoing investments and debt servicing. This solid cash flow performance underpins the company's financial health and growth potential.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	12.51B	15.98B	8.76B	3.51B	1.61B
Gross Profit	3.04B	3.54B	2.31B	976.24M	320.56M
EBITDA	2.80B	3.12B	2.10B	851.51M	317.77M
Net Income	2.10B	2.29B	1.45B	554.23M	86.04M
Balance Sheet
Total Assets	14.51B	11.20B	7.14B	2.83B	1.68B
Cash, Cash Equivalents and Short-Term Investments	2.47B	1.40B	185.97M	32.57M	138.30M
Total Debt	809.56M	273.73M	404.80M	389.83M	418.38M
Total Liabilities	7.94B	6.65B	4.68B	1.98B	1.38B
Stockholders Equity	6.58B	4.55B	2.47B	851.40M	299.02M
Cash Flow
Free Cash Flow	1.39B	2.01B	1.17B	-181.43M	360.50M
Operating Cash Flow	3.02B	3.03B	1.28B	651.48M	425.54M
Investing Cash Flow	-2.12B	-2.37B	-1.14B	-659.63M	94.27M
Financing Cash Flow	-405.35M	-485.69M	-71.84M	-91.97M	-399.89M

Waaree Renewable Technologies Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 968.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 836.41, above the 50-day MA of 882.66, and below the 200-day MA of 1016.16, indicating a neutral trend. The MACD of -15.69 indicates Negative momentum. The RSI at 48.24 is Neutral, neither overbought nor oversold. The STOCH value of 67.03 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TDPOWERSYS	70 Outperform	₹134.83B	48.62	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ADANIENSOL	65 Neutral	₹1.21T	55.86	―	―	22.98%	328.13%
WAAREERTL	62 Neutral	₹88.68B	21.02	―	―	63.07%	74.37%
INOXGREEN	54 Neutral	₹60.48B	79.81	―	―	24.33%	66.14%
BORORENEW	49 Neutral	₹59.04B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹40.10B	-446.21	―	―	112.24%	-474.43%

Waaree Renewable Technologies Ltd Corporate Events

Waaree Renewable Technologies Publishes Postal Ballot Notice Dispatch in Newspapers

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 daily Mumbai Lakshadweep on 14 March 2026, in line with disclosure obligations under SEBI’s Listing Regulations.

The communication signals procedural progress on matters being placed before shareholders for approval via postal ballot, underscoring the company’s adherence to regulatory transparency and investor communication norms. Stakeholders are thereby formally informed that the postal ballot process is underway, enabling broader shareholder participation in corporate decisions.

Waaree Renewable Technologies Launches E-Voting Postal Ballot for Special Resolutions

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, the company is conducting the exercise entirely via e-voting, with notices emailed to eligible shareholders and no physical ballot forms being dispatched.

The e-voting window will run from March 16 to April 14, 2026, with March 6, 2026 set as the cut-off date to determine voting eligibility. Results, based on a scrutinizer’s report, will be announced within two working days after voting closes, and the resolutions will be deemed passed on April 14, 2026 if they receive the requisite majority, underscoring the company’s adherence to digital governance norms and regulatory compliance.

Waaree Renewable Technologies to Acquire Majority Stake in Power Infrastructure Firm ASPL for ₹1,225 Crore

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 mix of primary and secondary share purchases, subject to due diligence and customary conditions. ASPL, founded in 1996 and engaged in power transmission and distribution in the infrastructure sector, reported net worth of Rs 339.53 crore, turnover (including other income) of Rs 1,226.64 crore and total assets of Rs 834.15 crore as of March 31, 2025, and will become a subsidiary of Waaree Renewable Technologies upon completion of the transaction, which the company positions as a strategic move to broaden and integrate its capabilities across the renewable energy and energy efficiency ecosystem.

Waaree Renewable Technologies to Acquire Majority Stake in Power Infrastructure Firm ASPL for Rs 1,225 Crore

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 diligence and customary closing conditions. Established in 1996, ASPL operates in power transmission and distribution within the infrastructure sector, and will become a subsidiary of Waaree Renewable Technologies upon completion, marking a strategic move to expand Waaree’s footprint and strengthen its capabilities across the broader renewable and energy efficiency value chain through a complementary business aligned with its long-term integrated clean energy strategy.

Waaree Renewable Technologies to Acquire Majority Stake in Power Infrastructure Firm ASPL for ₹1,225 Crore

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 diligence and customary closing conditions, with completion targeted by April 30, 2026. ASPL, a power transmission and distribution player in the infrastructure sector with net worth of ₹339.53 crore and turnover of ₹1,226.64 crore in FY25, will become a subsidiary post-transaction, strengthening Waaree Renewable Technologies’ strategic push to broaden its presence and capabilities across the renewable energy and energy-efficiency ecosystem by adding a complementary grid and infrastructure dimension to its portfolio; the deal is structured as a cash-only, non–related-party transaction, signaling a significant expansion move that could enhance Waaree’s role in integrated clean energy solutions.

Waaree Renewable Technologies to Acquire Majority Stake in Power Transmission Firm ASPL for ₹1,225 Crore

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 share purchases, subject to due diligence and customary closing conditions. Founded in 1996, Associated Power Structures operates in power transmission and distribution for the infrastructure sector, and will become a subsidiary of Waaree upon completion of the transaction; the deal forms part of Waaree’s strategic plan to expand its presence and capabilities across the renewable energy and energy-efficiency ecosystem by adding a complementary business that supports its long-term vision of integrated clean energy solutions.

Waaree Renewable Technologies posts Q3 and nine-month FY26 earnings call recording online

Waaree Renewable Technologies Limited has notified stock exchanges that the audio recording of its earnings conference call for the quarter and nine months ended 31 December 2025 is now available on the company’s website. The call, held on 16 January 2026 following the release of its unaudited financial results, provides investors and shareholders with detailed management commentary, enhancing transparency and compliance with SEBI’s disclosure norms and facilitating better-informed decision-making by market participants.

Waaree Renewable Technologies CEO Data Center Resigns, Triggering Senior Management Change

Waaree Renewable Technologies Limited has announced a change in its senior management with the resignation of Mr. Kamlesh Harchandani, who served as CEO Data Center, effective from the close of business on January 9, 2026. The move, disclosed under SEBI’s listing regulations, signals a leadership transition in the company’s data center operations, an area that is increasingly strategic for energy and infrastructure firms, and may prompt investors and other stakeholders to watch for the company’s next steps in filling this key role and managing continuity in that segment.

Waaree Renewable Technologies Files SEBI Dematerialisation Compliance Certificate for Q3 FY2025

Waaree Renewable Technologies Limited has submitted to the stock exchanges a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The company’s registrar and share transfer agent, Purva Sharegistry (India) Pvt. Ltd., confirmed that all securities received for dematerialisation during the quarter were duly processed, with certificates verified, mutilated, cancelled and the depositories recorded as registered owners within prescribed timelines, underscoring Waaree Renewable Technologies’ adherence to regulatory requirements and sound share-transfer governance for its investors.