Waaree Renewable Tech Ltd
NSE: WAAREERTL · Other Electrical Equipment · sector
₹655.50NSE close 2026-10-26
Key numbers
Market cap₹6,843 cr
Price₹655.50
52w high / low₹1,358 / ₹656
P/E14.7xSector median 20.7x
P/B6.1xSector median 3.4x
Book value₹107.1
Dividend yield–Sector median 0.26%
ROE52.4%Sector median 15.5%
ROCE27.2%Sector median 16.4%
OPM17.8%Sector median 11.7%
Debt / equity1.26xSector median 0.32x
EV/EBITDA11.3xSector median 13.3x
Interest cover13.1x
Current ratio1.42x
Sales growth 3y–Sector median +17.8%
Profit growth 3y–Sector median +15.2%
PEG–
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 59 companies in Other Electrical Equipment (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹381 cr vs borrowings ₹82 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 13.1x in the last 12 months.
- Other income was 6% of net profit in the last 12 months.
- Dividend paid in 1 of the last 2 financial years.
- Price ₹655.50 on 2026-10-26: -51.7% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,904.10 · low ₹655.50
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | 477 | 603 | 775 | 851 | 1,102 | 924 | 1,058 |
| EBITDA | 122 | 118 | 158 | 159 | 207 | 173 | 160 |
| OPM % | 25.7% | 19.5% | 20.4% | 18.7% | 18.8% | 18.8% | 15.1% |
| Other income | 5 | 5 | 4 | 5 | 6 | 5 | 9 |
| Net profit | 94 | 86 | 116 | 120 | 156 | 116 | 74 |
| EPS (₹) | 9.00 | 8.29 | 11.16 | 11.50 | 14.96 | 11.11 | 7.07 |
| Revenue YoY | +131.3% | +53.2% | +36.5% | ||||
| Profit YoY | +66.0% | +34.1% | -36.5% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY25 | FY26 | TTM |
|---|---|---|---|
| Revenue | 1,598 | 3,331 | 3,936 |
| EBITDA | 307 | 641 | 699 |
| Net profit | 229 | 479 | 466 |
| EPS (₹) | 22.00 | 45.91 | 44.64 |
| Revenue growth | +108.5% | – | |
| Profit growth | +108.9% | – | |
| Dividend / share (₹) | 2.00 | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | – |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | – (2y) | -41.2% |
Balance sheet
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Shareholders' equity | 455 | 934 |
| Borrowings | 27 | 82 |
| Cash & equivalents | 246 | 381 |
| Total assets | 1,120 | 2,374 |
| Fixed assets | 195 | 269 |
| Capital work in progress | 56 | 178 |
| Investments | 0 | 8 |
| Receivables | 498 | 1,172 |
| Inventory | 6 | 117 |
| Payables | 234 | 772 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Cash from operations | 303 | 287 |
| Cash from investing | -237 | -264 |
| Cash from financing | -49 | 23 |
| Capex | 101 | 122 |
| Free cash flow | 201 | 164 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY25 | FY26 |
|---|---|---|
| ROE % | 50.3% | 51.2% |
| ROCE % | 65.3% | 64.3% |
| Debtor days | 114 | 128 |
| Inventory days | 2 | 16 |
| Payable days | 69 | 108 |
| Cash conversion cycle (days) | 47 | 36 |
| Working capital days | 45 | 50 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.30% |
| FIIs | 2.02% |
| DIIs | 0.09% |
| of which Mutual funds | 0.07% |
| Public (non-institutions) | 23.58% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|
| Promoters % | 74.39% | 74.39% | 74.39% | 74.32% | 74.32% | 74.32% | 74.30% |
| Promoter group | % |
|---|---|
| Waaree Energies Limited | 74.30% |
| Hitesh C Doshi | 0.00% |
| Binita H Doshi | 0.00% |
| Pankaj Chimanlal Doshi | 0.00% |
| Neepa Viren Doshi | 0.00% |
| Bindiya Kirit Doshi | 0.00% |
| Kirit Chimanlal Doshi | 0.00% |
| Pujan Pankaj Doshi | 0.00% |
| Rushabh Pankaj Doshi | 0.00% |
| Public holders above 1% | % |
|---|---|
| Hitesh P Mehta | 1.05% |
3,01,491 shareholders. Pledged: – of promoter shares.
Peers in Other Electrical Equipment
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WAAREEENER | ₹66,706 cr | 17.5x | 4.6x | 23.0% | 33.2% | 20.2% | – | 0.08% |
| APARINDS | ₹59,456 cr | 50.3x | 11.0x | 11.6% | 32.9% | 8.7% | +16.9% | 0.35% |
| PREMIERENE | ₹38,159 cr | 22.6x | 8.8x | 46.7% | 29.7% | 30.0% | – | 0.08% |
| MTARTECH | ₹20,247 cr | 151.7x | 24.6x | 17.2% | 18.3% | 20.7% | +15.2% | – |
| DIACABS | ₹17,127 cr | 87.1x | – | – | 13.0% | 11.7% | – | – |
| EMMVEE | ₹16,647 cr | 11.6x | 3.8x | 53.0% | 34.1% | 34.7% | – | – |
| AVALON | ₹13,377 cr | 100.0x | 18.5x | 20.0% | 21.9% | 11.4% | +19.3% | 0.00% |
| UTLSOLAR | ₹11,168 cr | 36.1x | 8.8x | 23.1% | 25.4% | 14.6% | – | – |
| GENUSPOWER | ₹7,216 cr | 11.1x | 3.2x | 31.9% | 22.2% | 18.8% | +80.5% | 0.84% |
| WAAREERTL | ₹6,843 cr | 14.7x | 6.1x | 52.4% | 27.2% | 17.8% | – | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| EPC Contracts | ₹3,305 cr | 50.0% | ₹625 cr | 18.9% |
| Power Sale | ₹3,305 cr | 50.0% | ₹8 cr | 0.2% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2025-01-24 | Dividend | Interim Dividend Rs 1.0 |
| 2024-09-09 | Dividend | Final Dividend Rs 1.0 |
| 2023-09-18 | Dividend | Dividend Rs 1.0 |
| 2022-09-15 | Dividend | Final Dividend Rs 0.5 |
Documents
- Annual report FY26
- Annual report FY25
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- 42201: Construction and maintenance of power plants, Supply of electricity
| Sector | Industrials |
| Industry | Other Electrical Equipment |
| Sub-industry | Other Electrical Equipment |
| Symbol | WAAREERTL |
| BSE code | 534618 |
| ISIN | INE299N01021 |
| Face value | ₹2.0 |
| Incorporated | 1999-06-20 |
| Website | www.waareertl.com |
| Plants (India / abroad) | 57 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.