NSE: WAAREERTL · BSE: 534618 · ISIN INE299N01021
Waaree Renewable Technologies Limited stock analysis
Waaree Renewable Technologies Limited ranks #101 in the TickerSutra evidence-ranked universe with a score of 73/100 and 95% data confidence. The latest captured fundamentals show ROCE of 85.4%, quarterly sales growth of 34.5% and quarterly profit growth of 32.3%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 85.4%
- Low debt/equity of 0.12×
- 113.6% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹154cr | ₹13cr | ₹20cr | 9.0% |
| 2023 | ₹342cr | ₹76cr | ₹59cr | 22.0% |
| 2024 | ₹876cr | ₹207cr | ₹145cr | 24.0% |
| 2025 | ₹1,597cr | ₹311cr | ₹229cr | 19.0% |
| 2026 | ₹3,331cr | ₹641cr | ₹483cr | 19.0% |
| TTM | ₹3,539cr | ₹683cr | ₹510cr | 19.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
RoutineAmendment or termination of orders/contracts (Sub-para 4-Para B)NSE · 29 Sept 2026 · Structured filingWaaree Renewable Technologies Limited has informed the Exchange about Amendment or termination of orders/contracts (Sub-para 4-Para B)
Waaree Renewable Technologies Limited has informed the Exchange about Amendment or termination of orders/contracts (Sub-para 4-Para B)
Open original XBRL sourceWaaree Renewable Technologies Limited has informed the Exchange about Bagging/Receiving of orders/contracts
RoutineWaaree Renewable Technologies Ltd - 534618 - Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderBSE · 29 Sept 2026Please find attached herewith update on order for the earlier intimation provided on November 27, 2024, June 20, 2025 and July 30, 2025
RoutineShareholders meetingNSE · 23 Sept 2026Waaree Renewable Technologies Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 23, 2026
RoutineWaaree Renewable Technologies Ltd - 534618 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 23 Sept 2026Please find attached herewith Outcome of AGM held on 23rd September 2026
MANAGEMENT COMMENTARY
Signals from filed documents
Solar and wind energy continued to dominate deployment, contributing 96.8% of all net renewable capacity additions during the year. Despite a rebound in non-renewable installations, renewables still represented 85.6% of total global power capacity expansion, underscoring the continued acceleration of the global energy transition. In 2025, renewable power capacity expansion increased compared to 2024, and remained wel
This growth reflects robust demand and operational efficiency. EBITDA increased by 106.21% to ₹ 641.10 crores, driven by improved cost control and scale benefits. PBT grew by 110.06% to ₹ 639.61 Crores, while PAT rose by 109.09% to ₹ 478.65 Crores.
China’s transition from feed- in tariffs to competitive, market-based procurement accelerated the global shift toward renewable energy auctions. While auctions were already in use elsewhere, China’s scale helped validate the model, driving more competitive pricing and contributing to lower renewable energy costs worldwide. Africa experienced its largest growth on record, with 11.30 GW of additions (+15.9%) in 2025.
Growth Anchored in Execution ACHIEVING HIGHER GROWTH IN THE EPC SEGMENT The Company’s EPC growth strategy focuses on expanding market share through scale, integration and solution depth. Leveraging its end-to-end capabilities and a supportive policy environment, the Company is actively pursuing opportunities across domestic and international markets. Expansion into hybrid projects, energy storage and adjacent infrast
We believe its capabilities complement our existing renewable EPC business well, and we look forward to sharing more on the progress and contribution of this business in the coming quarters. Looking ahead, we are confident about the opportunity in front of us. The sector continues to benefit from strong policy support, increasing clear energy demand, growing storage requirements and a clear long-term push towards ene
The scheme is today benefiting 1 lakh households every six days, making it one of the fastest growing clean energy programmes anywhere in the world. Nearly 1.9 million households are now benefiting from zero electricity bills, while rooftop solar installations under the programme have reached Statutory Reports 160 161 Waaree Renewable Technologies Limited | Annual Report 2025-26 Annexure-9 to the Board’s Report (Cont
And secondly, whether through Associated Power, we are executing any HVDC project? Manmohan Sharma: Definitely, this margin improvement will be an ongoing exercise for the entire company for Waaree Renewable Technologies and our subsidiaries. So, it will be a continuous exercise where we will be -- you will see the continuous improvements on the margin, et cetera, in the coming quarter.
• Shareholders rights The Company has not adopted the practice of sending out quarterly or half-yearly declaration of financial performance to shareholders. Quarterly results as approved by the Board are disseminated to Stock Exchanges and updated on the website of the Company. • Modified opinion(s) in audit report There are no modified opinions in audit report.
Waaree RTL employs a robust information security framework designed to safeguard sensitive data, prevent unauthorized access, and maintain data integrity across all systems. Negative financial implications A cybersecurity breach could lead to substantial financial losses from incident response costs, regulatory fines for non- compliance, litigation expenses, and potential ransom payments. Additionally, compromised da
The facility of participation at the AGM through VC/ OAVM will be made available at least 1000 Members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, A
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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