WAAREERTL

Waaree Renewable Technologies Limited

Utility-scale and distributed solar plants engineering, procurement and construction services

Industrials›Capital Goods›Electrical Equipment›Other Electrical Equipment

waareertl.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹837.10
Market cap
8,733 Cr
Stock P/E
17.2
P/B
9.35
Dividend yield
0.2%
ROE (FY26)
51.3%
ROCE (FY26)
64.3%
Operating margin (FY26)
19.0%
Debt / equity (FY26)
0.09
OCF / EBITDA (FY26)
44.8%
OCF / EBITDA (3Y)
61.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Waaree Renewable Technologies (WRTL) builds solar power plants for utility-scale and commercial and industrial customers as an engineering, procurement and construction (EPC) contractor, within the Waaree group.

Company snapshot

9thBy market cap

Ranked among 32 companies in Other Electrical Equipment.

What we see

Positives
  • ✓Debt-to-equity of 0.09x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales150 Cr324 Cr273 Cr236 Cr524 Cr360 Cr477 Cr603 Cr775 Cr851 Cr1,102 Cr924 Cr
Operating expenses (approx.)122 Cr236 Cr198 Cr195 Cr453 Cr288 Cr350 Cr486 Cr617 Cr692 Cr896 Cr751 Cr
EBITDA28 Cr88 Cr75 Cr41 Cr72 Cr72 Cr126 Cr118 Cr158 Cr159 Cr207 Cr173 Cr
OPM %18.7%27.1%27.6%17.4%13.6%20.0%26.5%19.5%20.4%18.7%18.8%18.8%
Other income0.88 Cr0.49 Cr1 Cr3 Cr3 Cr4 Cr5 Cr5 Cr4 Cr5 Cr6 Cr5 Cr
Interest2 Cr0.08 Cr4 Cr3 Cr4 Cr3 Cr4 Cr4 Cr4 Cr3 Cr3 Cr10 Cr
Depreciation1 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr6 Cr
Profit before tax25 Cr87 Cr72 Cr39 Cr69 Cr71 Cr121 Cr117 Cr157 Cr158 Cr208 Cr163 Cr
Tax %27.2%25.5%24.3%28.3%22.8%24.4%22.6%25.9%25.7%24.1%25.2%27.2%
Net profit18 Cr64 Cr54 Cr28 Cr54 Cr53 Cr94 Cr86 Cr116 Cr120 Cr156 Cr119 Cr
EPS (₹)₹8.80₹30.97₹5.20₹2.72₹5.14₹5.14₹9.00₹8.29₹11.16₹11.50₹14.96₹11.11

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1 Cr7 Cr6 Cr13 Cr161 Cr351 Cr876 Cr1,598 Cr3,331 CrSign in free for the trailing twelve months
Operating expenses (approx.)2 Cr4 Cr5 Cr6 Cr138 Cr267 Cr669 Cr1,287 Cr2,690 CrSign in free for the trailing twelve months
EBITDA-0.23 Cr3 Cr0.36 Cr7 Cr24 Cr84 Cr207 Cr311 Cr641 CrSign in free for the trailing twelve months
OPM %-17.4%45.1%6.3%53.8%14.6%23.9%23.6%19.5%19.2%Sign in free for the trailing twelve months
Other income0.73 Cr0.55 Cr2 Cr2 Cr8 Cr2 Cr3 Cr15 Cr20 CrSign in free for the trailing twelve months
Interest0.08 Cr2 Cr3 Cr4 Cr7 Cr5 Cr7 Cr15 Cr13 CrSign in free for the trailing twelve months
Depreciation0.04 Cr0.75 Cr1 Cr2 Cr4 Cr3 Cr5 Cr6 Cr9 CrSign in free for the trailing twelve months
Profit before tax0.39 Cr0.82 Cr-3 Cr3 Cr21 Cr77 Cr198 Cr300 Cr640 CrSign in free for the trailing twelve months
Tax %76.2%333.3%-26.1%169.6%58.1%28.2%25.4%23.8%25.2%Sign in free for the trailing twelve months
Net profit0.09 Cr-2 Cr-3 Cr-2 Cr9 Cr55 Cr148 Cr229 Cr479 CrSign in free for the trailing twelve months
EPS (₹)₹0.09₹-1.86₹-1.54₹-1.13₹4.13₹26.63₹14.22₹22.00₹45.91Sign in free for the trailing twelve months
Dividend payout %————11.7%1.9%1.4%9.1%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital10 Cr10 Cr21 Cr21 Cr21 Cr21 Cr21 Cr21 Cr21 Cr
Reserves0.23 Cr30 Cr5 Cr1 Cr9 Cr64 Cr211 Cr435 Cr913 Cr
Borrowings0.25 Cr37 Cr40 Cr125 Cr42 Cr39 Cr41 Cr27 Cr82 Cr
Other liabilities5 Cr18 Cr25 Cr24 Cr96 Cr159 Cr441 Cr638 Cr1,358 Cr
Total liabilities16 Cr95 Cr122 Cr203 Cr168 Cr283 Cr714 Cr1,120 Cr2,374 Cr
Fixed assets (net)4 Cr31 Cr30 Cr154 Cr71 Cr71 Cr153 Cr195 Cr269 Cr
CWIP4 Cr3 Cr41 Cr2 Cr0.90 Cr80 Cr3 Cr56 Cr178 Cr
Investments—0 Cr0.0001 Cr30 Cr0.56 Cr0 Cr9 Cr52 Cr31 Cr
Loans & advances—0 Cr5 Cr0 Cr0.39 Cr0 Cr0 Cr0 Cr0 Cr
Inventories—0 Cr0 Cr0.46 Cr2 Cr37 Cr29 Cr6 Cr117 Cr
Trade receivables0.41 Cr4 Cr1 Cr5 Cr47 Cr61 Cr373 Cr498 Cr1,172 Cr
Cash & bank0.22 Cr0.40 Cr27 Cr1 Cr13 Cr3 Cr10 Cr27 Cr72 Cr
Other assets7 Cr56 Cr17 Cr11 Cr34 Cr30 Cr138 Cr286 Cr535 Cr
Total assets16 Cr95 Cr122 Cr203 Cr168 Cr283 Cr714 Cr1,120 Cr2,374 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity—-7 Cr51 Cr2 Cr43 Cr65 Cr127 Cr303 Cr287 Cr
Cash from investing—-28 Cr-38 Cr-114 Cr9 Cr-66 Cr-114 Cr-237 Cr-264 Cr
Cash from financing—35 Cr14 Cr86 Cr-40 Cr-9 Cr-6 Cr-49 Cr23 Cr
Net cash flow—0.18 Cr27 Cr-26 Cr12 Cr-10 Cr6 Cr17 Cr45 Cr
Free cash flow (OCF − Capex)—-35 Cr11 Cr-124 Cr36 Cr59 Cr127 Cr201 Cr164 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %4.5%3.9%1.0%4.3%39.3%66.4%75.1%65.4%64.3%
ROE %0.9%-4.8%-5.6%-4.4%28.8%65.2%63.7%50.4%51.3%
Debtor days1142138813010564155113128
Inventory days—001355317216
Days payable25343416917010716869108
Cash conversion cycle89210-346-26-61934637
OCF / EBITDA %—-214.3%14275.4%30.6%181.0%77.8%61.2%97.4%44.8%
OCF / EBITDA % (3 years)———439.0%309.7%96.1%74.6%82.2%61.8%
Debt / equity0.020.931.535.601.400.460.180.060.09
Current ratio1.450.831.822.721.030.841.271.321.35
Net debt / EBITDA—11.5134.5517.681.220.430.150.00190.02