Waaree Renewables Technologies Ltd
Incorporated in 1999, Waaree Renewables Technologies Ltd is engaged in the business of generation of power through renewable energy sources and also provides consultancy services in this regard. [1] Waaree Energy is one of the largest vertically integrated new energy companies. It has India's largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat.
- Market Cap ₹ 11,417 Cr.
- Current Price ₹ 1,095
- High / Low ₹ 3,038 / 732
- Stock P/E 49.2
- Book Value ₹ 43.7
- Dividend Yield 0.09 %
- ROCE 84.5 %
- ROE 67.5 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 143% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 77.7%
Cons
- Stock is trading at 25.1 times its book value
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Power Infrastructure Industry: Engineering - Turnkey Services
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| 2 | 7 | 6 | 13 | 162 | 351 | 876 | 1,598 | |
| 2 | 4 | 5 | 6 | 138 | 267 | 669 | 1,287 | |
| Operating Profit | 0 | 3 | 1 | 7 | 24 | 84 | 207 | 311 |
| OPM % | 25% | 45% | 15% | 54% | 15% | 24% | 24% | 19% |
| 0 | 1 | 1 | 2 | 8 | 2 | 3 | 11 | |
| Interest | 0 | 2 | 3 | 4 | 7 | 5 | 7 | 15 |
| Depreciation | 0 | 1 | 1 | 2 | 4 | 3 | 5 | 6 |
| Profit before tax | 0 | 1 | -3 | 3 | 21 | 77 | 198 | 300 |
| Tax % | 79% | 334% | 26% | 170% | 58% | 28% | 25% | 24% |
| 0 | -2 | -3 | -2 | 9 | 55 | 148 | 229 | |
| EPS in Rs | 0.02 | -0.38 | -0.31 | -0.23 | 0.85 | 5.32 | 14.22 | 21.98 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 12% | 4% | 7% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 209% |
| 3 Years: | 115% |
| TTM: | 82% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 143% |
| 3 Years: | 198% |
| TTM: | 57% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 83% |
| 5 Years: | 253% |
| 3 Years: | 153% |
| 1 Year: | -60% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 72% |
| 3 Years: | 78% |
| Last Year: | 67% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 21 | 21 | 21 | 21 | 21 | 21 |
| Reserves | 0 | -1 | 5 | 1 | 9 | 64 | 211 | 435 |
| 0 | 37 | 40 | 125 | 42 | 39 | 41 | 27 | |
| 5 | 48 | 56 | 55 | 96 | 159 | 441 | 637 | |
| Total Liabilities | 16 | 95 | 122 | 203 | 168 | 283 | 714 | 1,120 |
| 4 | 32 | 30 | 155 | 73 | 74 | 156 | 198 | |
| CWIP | 4 | 3 | 41 | 2 | 1 | 80 | 3 | 56 |
| Investments | 0 | 0 | 0 | 30 | 1 | 0 | 9 | 52 |
| 8 | 59 | 50 | 17 | 93 | 128 | 545 | 814 | |
| Total Assets | 16 | 95 | 122 | 203 | 168 | 283 | 714 | 1,120 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| 0 | -7 | 51 | 2 | 43 | 65 | 127 | 303 | |
| 0 | -28 | -38 | -114 | 9 | -66 | -114 | -237 | |
| 0 | 35 | 14 | 86 | -40 | -9 | -6 | -49 | |
| Net Cash Flow | 0 | 0 | 27 | -26 | 12 | -10 | 6 | 17 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 74 | 214 | 87 | 131 | 105 | 64 | 155 | 114 |
| Inventory Days | 44 | 5 | 53 | 17 | 2 | |||
| Days Payable | 578 | 164 | 108 | 168 | 69 | |||
| Cash Conversion Cycle | 74 | 214 | 87 | -403 | -54 | 9 | 3 | 47 |
| Working Capital Days | -804 | -513 | -860 | -144 | -71 | -33 | 1 | 2 |
| ROCE % | 7% | 2% | 6% | 22% | 84% | 103% | 85% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
56m - Earning Call Transcript for the Conference Call held on 17th April 2025
- Announcement under Regulation 30 (LODR)-Newspaper Publication 2d
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Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
2d - Postal ballot for MOA alteration to include data center EPC, appoint Sudhir Arya as Independent Director, and Sunil Rathi as Executive Director.
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Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
18 Apr - Company not classified as Large Corporate under SEBI circular.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
18 Apr - Newspaper Publication for financial results for quarter and financial year ended 31st March 2025
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Concalls
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Apr 2025Transcript PPT
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Jan 2025Transcript PPT
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Nov 2024Transcript PPT
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Aug 2024TranscriptPPTREC
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Aug 2024TranscriptNotesPPT REC
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Jul 2024TranscriptNotesPPT
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT REC
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Jun 2023Transcript PPT REC
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Feb 2023TranscriptNotesPPT
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Feb 2022TranscriptNotesPPT
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Nov 2014TranscriptNotesPPTREC
Part of the Waaree Group
The company is a subsidiary company of Waaree Group and spearheading the Solar EPC business. Waaree Group is a leading renewable energy company that caters to Individual, Industrial, and Commercial customers. The Group has installed 10,000+ solar projects with cumulative installation for over 1.9+ GW. [1]