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.
Part of the Waaree Group[1]The company is a subsidiary company of Waaree Group and spearheading the Solar EPC business. Waaree Group is the #1 Indian Module Manufacturer. The group has a ~15 GW Module Capacity & 5.4 GW Cell Capacity. It is into Battery Energy Storage System and Green Hydrogen Electrolyser manufacturing also.The company contributes ~10% to group’s overall profitability.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Waaree Energies | 2677.00 | 28.47 | 77001.51 | 0.08 | 878.21 | 132.97 | 6065.64 | 69.70 | 34.94 | 17952.69 | 22.55 | 2702.29 | 842.55 | 6.74 | 12.40 | 0.26 |
| 2. | Premier Energies | 753.75 | 28.59 | 34144.41 | 0.13 | 353.44 | 71.61 | 1836.87 | 20.28 | 41.12 | 6991.77 | 30.77 | 1194.26 | 353.44 | 9.86 | 17.90 | 0.47 |
| 3. | Apar Inds. | 8180.45 | 34.97 | 32859.51 | 0.62 | 251.70 | 29.82 | 5715.42 | 23.06 | 32.70 | 20745.76 | 8.33 | 939.50 | 251.70 | 6.78 | 7.83 | 0.14 |
| 4. | Emmvee Photovol. | 218.20 | 26.43 | 15106.98 | 0.00 | 237.86 | 577.28 | 1131.00 | 181.06 | 28.01 | 2335.61 | 30.91 | 368.94 | 237.86 | – | 12.12 | 2.15 |
| 5. | Waaree Renewab. | 945.05 | 27.87 | 9861.18 | 0.11 | 117.00 | 118.37 | 774.72 | 47.73 | 82.14 | 2214.59 | 21.39 | 354.09 | 117.00 | 14.94 | 25.10 | 0.08 |
| 6. | Genus Power | 289.75 | 18.68 | 8814.71 | 0.85 | 148.15 | 162.44 | 1149.00 | 135.99 | 19.21 | 3632.39 | 21.18 | 472.85 | 148.15 | 4.73 | 8.43 | 0.93 |
| 7. | Vikram Solar | 241.10 | 33.48 | 8735.77 | 0.00 | 128.49 | 1645.79 | 1109.91 | 93.72 | 26.45 | 3423.45 | 14.37 | 139.83 | 128.49 | 2.95 | 5.16 | 0.09 |
| – | Median: 57 Co. | 217.35 | 29.04 | 669.44 | 0.0 | 9.8 | 53.91 | 120.33 | 24.48 | 20.01 | 406.48 | 13.16 | 26.45 | 9.98 | 4.48 | 8.37 | 0.36 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 72 | 324 | 360 | 129 | 236 | 603 | 60 | 273 | 477 | 118 | 150 | 524 | 775 |
Expenses | 38 | 236 | 288 | 116 | 195 | 486 | 39 | 198 | 350 | 108 | 119 | 453 | 617 |
Operating Profit | 34 | 88 | 72 | 13 | 41 | 118 | 21 | 75 | 126 | 10 | 31 | 72 | 158 |
Other Income | 1 | 1 | 4 | 1 | 3 | 5 | 1 | 2 | 1 | 1 | 1 | 3 | 5 |
Profit before tax | 36 | 86 | 71 | 12 | 40 | 117 | 21 | 72 | 121 | 11 | 28 | 69 | 157 |
Tax % | 25% | 26% | 24% | 26% | 28% | 26% | 26% | 29% | 23% | 25% | 25% | 23% | 26% |
Net Profit | 27 | 64 | 54 | 9 | 28 | 87 | 16 | 51 | 94 | 8 | 21 | 54 | 117 |
EPS in Rs | 2.56 | 6.18 | 5.14 | 0.88 | 2.73 | 8.30 | 1.50 | 4.93 | 9.01 | 0.81 | 1.98 | 5.14 | 11.22 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 0 | 0 | 0 | 0 | 1 | 5 | 2 | 8 | 154 | 342 | 876 | 1,597 | 2,215 |
Expenses | 0 | 0 | 0 | 0 | 2 | 3 | 2 | 5 | 140 | 266 | 669 | 1,286 | 1,741 |
Operating Profit | 0 | 0 | 0 | -0 | -0 | 2 | 0 | 3 | 13 | 76 | 207 | 311 | 474 |
Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 3 | 4 | 14 | 5 | 4 | 11 | 15 |
Interest | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 4 | 1 | 1 | 7 | 15 | 15 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 6 | 8 |
Profit before tax | 0 | 0 | 0 | -0 | 0 | 1 | -0 | 3 | 26 | 80 | 199 | 301 | 466 |
Net Profit | 0 | 0 | 0 | -0 | 0 | 0 | -0 | 2 | 20 | 59 | 145 | 229 | 351 |
EPS in Rs | 0.02 | 0.02 | 0.02 | -0.01 | 0.02 | 0.06 | -0.02 | 0.22 | 1.96 | 5.71 | 13.97 | 22.01 | 33.67 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5% | 4% | 7% | 5% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 6 | 10 | 10 | 10 | 10 | 10 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
Reserves | 4 | 0 | 0 | 0 | 0 | 1 | 10 | 12 | 31 | 91 | 227 | 436 | 639 |
Borrowings | 0 | 0 | 0 | 0 | 0 | 36 | 37 | 37 | 0 | 0 | 40 | 27 | 51 |
Other Liabilities | 0 | 0 | 0 | 0 | 2 | 1 | 1 | 13 | 80 | 143 | 427 | 637 | 703 |
Total Liabilities | 10 | 10 | 10 | 10 | 12 | 48 | 68 | 83 | 132 | 254 | 715 | 1,121 | 1,414 |
Fixed Assets | 0 | 0 | 0 | 0 | 4 | 4 | 3 | 3 | 3 | 9 | 154 | 195 | 224 |
Gross Block | 0.04 | 0.00 | 0.00 | 0.00 | 3.74 | 3.74 | 3.75 | 3.75 | 3.82 | 10.12 | 166.16 | 212.61 | – |
Accumulated Depreciation | 0.03 | 0.00 | 0.00 | 0.00 | 0.04 | 0.19 | 0.35 | 0.51 | 0.67 | 0.85 | 12.22 | 17.47 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80 | 3 | 56 | 64 |
Investments | 1 | 1 | 1 | 0 | 0 | 32 | 32 | 32 | 1 | 0 | 9 | 52 | 61 |
Other Assets | 9 | 10 | 10 | 10 | 9 | 13 | 33 | 48 | 128 | 165 | 549 | 818 | 1,066 |
Total Assets | 10 | 10 | 10 | 10 | 12 | 48 | 68 | 83 | 132 | 254 | 715 | 1,121 | 1,414 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -4 | -0 | -0 | -2 | 0 | 5 | 3 | 3 | 34 | 58 | 128 | 302 |
Cash from Investing Activity | 3 | 0 | 0 | 1 | -3 | -31 | 3 | -8 | 19 | -66 | -114 | -237 |
Cash from Financing Activity | 1 | 0 | 0 | 1 | 2 | 27 | -6 | 5 | -39 | -2 | -7 | -49 |
Net Cash Flow | -0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 13 | -10 | 6 | 17 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 74 | 46 | 0 | 0 | 115 | 209 | 4 | 118 | 107 | 65 | 155 | 114 |
Inventory Days | – | – | – | – | – | – | – | 44 | 5 | 53 | 17 | 2 |
Days Payable | – | – | – | – | – | – | – | 260 | 159 | 111 | 168 | 69 |
Cash Conversion Cycle | 74 | 46 | 0 | 0 | 115 | 209 | 4 | -98 | -47 | 7 | 3 | 46 |
Working Capital Days | 6,682 | 10,460 | 7,140 | 9,111 | -303 | 224 | 59 | 1,640 | 25 | 11 | 2 | -10 |
ROCE % | 2% | 1% | 1% | -0% | 5% | 11% | 5% | 9% | 45% | 99% | 103% | 82% |
Direct from BSE filings, auto-summarised
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Stock Analysis
Waaree Renewable Technologies Limited is engaged in solar EPC and power generation, operating as a subsidiary of Waaree Energies Limited.
Focus on EPC, O&M, expanding into BESS and data centers, supported by India's renewable energy momentum and government policies.
Order Book: Sep 2025 = 2.92 GWp
Stock is trading at 14.9 times its book value.
Currently no data available for Key Dates To Watch.
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