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Waaree Renewable Technologies Ltd
(WAAREERTL)
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Rating:73Outperform
Price Target:
₹893.00
▼(-4.14% Downside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial performance—high growth, solid margins, and improved leverage—partly offset by cash flow volatility and weak near-term technical momentum (price below key moving averages with bearish MACD). Valuation (P/E ~18.7) is supportive but not a major catalyst without dividend data.
Positive Factors
Rapid Revenue Growth
Rapid revenue expansion indicates strong project execution and growing demand for the company’s solar EPC and renewable project activities. If sustained, this scale can broaden the operating base, support reinvestment, and strengthen its position in India’s expanding renewable energy market.
Negative Factors
Uneven Cash Conversion
Uneven cash generation means reported profits may not consistently convert into funds available for reinvestment, debt reduction, or distributions. The sharp decline in earnings coverage by operating cash flow also suggests working-capital or project-timing volatility could remain a constraint as the business scales.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Growth
Rapid revenue expansion indicates strong project execution and growing demand for the company’s solar EPC and renewable project activities. If sustained, this scale can broaden the operating base, support reinvestment, and strengthen its position in India’s expanding renewable energy market.
Read all positive factors
Waaree Renewable Technologies Ltd (WAAREERTL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹85.59B
Dividend Yield0.23%
Average Volume (3M)15.53K
Price to Earnings (P/E)16.8
Beta (1Y)1.97
Revenue Growth85.92%
EPS Growth76.71%
CountryIN
Employees399
SectorGeneral
Sector StrengthN/A
IndustryIndependent Power Producers
Share Statistics
EPS (TTM)20.16
Shares Outstanding104,379,220
10 Day Avg. Volume17,614
30 Day Avg. Volume15,530
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)49.6
Revenue Forecast (FY)₹35.73B
Waaree Renewable Technologies Ltd Business Overview & Revenue Model
Company Description
Waaree Renewable Technologies Limited (WAAREERTL.NS) is an Indian enterprise dedicated to producing electricity using sustainable energy methods. The company offers a broad spectrum of solar power solutions, including land-based arrays, installati...
How the Company Makes Money
WAAREERTL primarily makes money through project-based revenue from solar EPC and related turnkey execution services. Under this model, the company earns contract revenue for designing a solar PV system, procuring modules and other balance-of-syste...
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
Negative
931.60
Price Trends
873.79
Negative
928.34
Negative
925.06
Negative
Market Momentum
-15.26
Negative
38.87
Neutral
35.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WAAREERTL, the sentiment is Negative. The current price of 931.6 is above the 20-day moving average (MA) of 830.42, above the 50-day MA of 873.79, and above the 200-day MA of 925.06, indicating a bearish trend. The MACD of -15.26 indicates Negative momentum. The RSI at 38.87 is Neutral, neither overbought nor oversold. The STOCH value of 35.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:WAAREERTL.
Waaree Renewable Technologies Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹85.59B | 16.83 | ― | 0.23% | 85.92% | 76.71% | |
64 Neutral | ₹542.98B | 17.32 | ― | ― | 45.24% | 49.53% | |
59 Neutral | ₹65.78B | 51.30 | ― | ― | 16.08% | 202.61% | |
59 Neutral | ₹73.39B | 15.48 | ― | 0.24% | 40.01% | 27.56% | |
56 Neutral | ₹309.47B | 44.84 | ― | 0.09% | 47.52% | 55.34% | |
56 Neutral | ₹156.19B | 31.03 | ― | ― | 17.10% | -40.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:WAAREERTL
Waaree Renewable Technologies Ltd
820.30
-226.35
-21.63%
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Waaree Renewable Technologies Ltd Corporate Events
Waaree Renewable Technologies Creates New Data Center Subsidiary Aurovault
Sep 14, 2026
Waaree Renewable Technologies Ltd announced that its wholly owned subsidiary, Waaree Green Data Centers Pvt Ltd, has incorporated a step-down wholly owned subsidiary, Aurovault Data Centers Pvt Ltd, on September 14, 2026. The new entity will focus...
Waaree Renewable Technologies Sets Virtual 27th AGM with E-Voting Facility
Sep 1, 2026
Waaree Renewable Technologies Ltd has announced that its 27th Annual General Meeting will be held on September 23, 2026, via video conferencing and other audio-visual means, in line with MCA and SEBI guidelines that permit virtual shareholder meet...
Waaree Renewable Technologies Wins 291 MW Solar PV and 280 MWh Storage EPC Order
Aug 28, 2026
Waaree Renewable Technologies Ltd has secured a Letter of Award from one of India’s thermal power generating companies to execute EPC works for a ground-mounted solar PV project of 291 MWp paired with a 280 MWh battery energy storage system....
Waaree Renewable Technologies Sets 27th AGM in Virtual Format
Aug 28, 2026
Waaree Renewable Technologies Limited has notified the stock exchanges that it has published a newspaper advertisement informing shareholders about its 27th Annual General Meeting. The AGM will be held on Wednesday, 23 September 2026, via video co...
Waaree Renewable Technologies Wins EPC Orders for 800 MWac of Solar Projects
Jul 26, 2026
Waaree Renewable Technologies Ltd has secured two Letters of Award from a leading Indian renewable energy company to execute EPC works for ground-mounted solar PV plants totaling 800 MWac and 1,082 MWp. The projects, comprising two 400 MWac plants...
Waaree Renewable Technologies files SEBI dematerialisation compliance for June quarter
Jul 2, 2026
Waaree Renewable Technologies Ltd has submitted to BSE and NSE a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 June 2026. The filing confirms that shares receiv...
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.