Waaree Renewable Technologies Ltd (IN:WAAREERTL)
:WAAREERTL
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Waaree Renewable Technologies Ltd
(WAAREERTL)
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Rating:62Neutral
Price Target:
₹889.00
▼(-8.21% Downside)
Action:ReiteratedDate: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
Very high reported revenue growth reflects robust demand for the company’s solar EPC services and successful contract wins. Sustained double‑digit expansion strengthens scale economics, supports bargaining power with suppliers, and underpins multi‑quarter growth visibility if tender wins continue.
Negative Factors
Revenue Concentration / Limited Recurring
Dependence on EPC contract wins and limited visible recurring O&M or IPP revenues constrains revenue predictability. Project‑based billing creates lumpy cash flows and makes long‑term margin and backlog visibility sensitive to tender cycles and competitive pricing pressures.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Very high reported revenue growth reflects robust demand for the company’s solar EPC services and successful contract wins. Sustained double‑digit expansion strengthens scale economics, supports bargaining power with suppliers, and underpins multi‑quarter growth visibility if tender wins continue.
Read all positive factors
Waaree Renewable Technologies Ltd (WAAREERTL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹93.23B
Dividend YieldN/A
Average Volume (3M)327.16K
Price to Earnings (P/E)21.0
Beta (1Y)1.44
Revenue Growth63.07%
EPS Growth74.37%
CountryIN
Employees171
SectorEnergy
Sector Strength52
IndustryRenewable Utilities
Share Statistics
EPS (TTM)11.52
Shares Outstanding104,345,795
10 Day Avg. Volume814,169
30 Day Avg. Volume327,160
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)19.59
Price to Sales (P/S)5.58
P/FCF Ratio44.32
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
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
80
Positive
| 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
Neutral
968.55
Price Trends
862.59
Positive
931.89
Negative
1005.79
Negative
Market Momentum
0.55
Negative
58.27
Neutral
86.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WAAREERTL, the sentiment is Neutral. The current price of 968.55 is above the 20-day moving average (MA) of 832.82, above the 50-day MA of 862.59, and below the 200-day MA of 1005.79, indicating a neutral trend. The MACD of 0.55 indicates Negative momentum. The RSI at 58.27 is Neutral, neither overbought nor oversold. The STOCH value of 86.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹138.44B | 48.62 | ― | 0.23% | 40.14% | 53.51% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | ₹1.29T | 55.86 | ― | ― | 22.98% | 328.13% | |
62 Neutral | ₹93.23B | 21.02 | ― | ― | 63.07% | 74.37% | |
54 Neutral | ₹62.47B | 79.81 | ― | ― | 24.33% | 66.14% | |
49 Neutral | ₹62.85B | 18.86 | ― | ― | 7.68% | -114.23% | |
43 Neutral | ₹41.53B | -446.21 | ― | ― | 112.24% | -474.43% |
* Energy Sector Average
IN:WAAREERTL
Waaree Renewable Technologies Ltd
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4.30%
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Waaree Renewable Technologies Ltd Corporate Events
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...
Waaree Renewable Technologies posts Q3 and nine-month FY26 earnings call recording online
Jan 16, 2026
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 1...
Waaree Renewable Technologies CEO Data Center Resigns, Triggering Senior Management Change
Jan 10, 2026
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 unde...
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.