WAAREERTL

Waaree Renewable Technologies share price & financials

Price
₹999.2
Market cap
₹9.5k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 23 Jul 2026

Waaree Renewable Technologies Limited Q1 FY27

Revenue from Operations ₹924.25 cr +53%EBITDA ₹173.48 cr Profit After Tax ₹118.97 cr +38%

What went well

  • Revenue from operations grew 53.23% YoY to INR 924.25 crores.
  • PAT increased by 37.7% YoY to INR 118.97 crores.
  • EBITDA for the quarter was INR 173.48 crores.

What to watch

  • Consolidated PAT margins contracted YoY due to the consolidation of the lower-margin T&D business (APSPL).
  • T&D business is characterized as low margin and low Return on Invested Capital (ROIC).
Read the full call →

What Waaree Renewable Technologies Limited does

Waaree Renewable Technologies Limited (WRTL), a subsidiary of Waaree Energies Limited, is a solar Engineering, Procurement and Construction (EPC) company that develops, constructs, owns and operates solar power projects for industrial, commercial and utility-scale customers. It earns primarily by executing turnkey EPC contracts (design, land development, procurement of modules/inverters/cables/transformers, construction and grid evacuation) for ground-mounted, rooftop and floating solar installations, and also earns recurring fees from long-term Operations & Maintenance (O&M) contracts on solar assets it or third parties own. It additionally holds a small Independent Power Producer (IPP) portfolio of solar assets that it has developed and operates itself.

Segments

  • EPC Services
  • Operations & Maintenance (O&M)
  • Independent Power Producer (IPP)
Cumulative solar EPC capacity commissioned
5.06 GWp
Project sites currently under execution
2,832 MWp
O&M portfolio (solar power plants under maintenance)
~1,180 MWp
Rooftop solar projects commissioned
59.26 MWp
IPP solar assets developed (own generation portfolio)
54.82 MWp
Floating solar project capacity
2.29 MWp
Headquarters Mumbai, MaharashtraEmployees 395 (FY26) Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 2 delivered 2 missed 5 open
  • IPP Project Execution on track said Q2 FY26 Promised: 51 MWp (14+37) to be executed in H2 FY26 or maybe a little later Q1 FY27: Company reports 82 MWp of IPP assets are now operational, with some commissioned in Q1. This demonstrates progress towards commissioning the 200+ MW of projects under construction for FY27.
  • EBITDA Margin delivered said Q1 FY26 Promised: 14-16% for the current financial year Q4 FY26: Full year FY26 EBITDA margin was 19.24%, significantly exceeding the conservative guidance of ~15%.
  • BESS Tender Conversion went quiet said Q1 FY26 Promised: Tender award takes 6 to 8 months Q4 FY26: The specific 6-8 month timeline was not mentioned. Management shifted to a new, vaguer promise that the BESS revenue stream 'will open up' in FY27.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 34.5%, net profit up 31.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue524 360 477 603 775 +48%851 +136%1,102 +131%811 +34%
EBITDA72 72 126 118 158 +119%159 +121%207 +64%159 +35%
Net profit54 54 94 87 117 +117%122 +126%157 +67%114 +31%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −21.1% 1Y

₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Oct 2025Q3 FY26 — 16 Jan 2026Q4 FY26 — 17 Apr 2026Q1 FY27 — 23 Jul 2026

1Y: ₹1,055 on 10 Sept 2025 → ₹831.95. High ₹1,330.5 (27 Oct 2025), low ₹782.3 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−7.4%
23 Jul
Q4 FY26
+5.3%
17 Apr
Q3 FY26
−3.2%
16 Jan
Q2 FY26
+8.6%
13 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 112.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 19.3%.

Year endingFY23FY24FY25FY26
Revenue₹345 Cr₹876 Cr₹1.6k Cr₹3.3k Cr
Operating profit₹78 Cr₹207 Cr₹311 Cr₹642 Cr
Operating margin22.6%23.6%19.5%19.3%
Interest₹2 Cr₹7 Cr₹14 Cr₹14 Cr
Depreciation₹1 Cr₹7 Cr₹8 Cr₹8 Cr
Net profit₹61 Cr₹145 Cr₹230 Cr₹483 Cr
Net margin17.7%16.6%14.4%14.5%
ROCE99.0%103.0%82.0%85.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹21 Cr₹21 Cr₹21 Cr₹21 Cr₹21 Cr₹21 Cr
Reserves₹12 Cr₹31 Cr₹91 Cr₹227 Cr₹639 Cr₹919 Cr
Borrowings₹37 Cr₹0 Cr₹0 Cr₹40 Cr₹51 Cr₹115 Cr
Other liabilities₹13 Cr₹80 Cr₹143 Cr₹427 Cr₹703 Cr₹1.3k Cr
Total liabilities₹83 Cr₹132 Cr₹254 Cr₹715 Cr₹1.4k Cr₹2.3k Cr
Fixed assets₹3 Cr₹3 Cr₹9 Cr₹154 Cr₹224 Cr₹238 Cr
Capital work in progress₹0 Cr₹0 Cr₹80 Cr₹3 Cr₹64 Cr₹111 Cr
Investments₹32 Cr₹1 Cr₹0 Cr₹9 Cr₹61 Cr₹31 Cr
Other assets₹48 Cr₹128 Cr₹165 Cr₹549 Cr₹1.1k Cr₹2.0k Cr
Total assets₹83 Cr₹132 Cr₹254 Cr₹715 Cr₹1.4k Cr₹2.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +0.67 pp while the public trimmed −0.55 pp. The shareholder count shrank 3% to 3,06,445.

Promoters
74.3%
FIIs
2.0%
DIIs
0.1%
Public
23.6%

Since Jun 2025

  • FIIs +0.67 pp
  • Public −0.55 pp
  • Promoters −0.07 pp

How it drifted, 12 quarters

Over this window FIIs went from 0.0% to 2.0% — +2.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.5%, Public 25.5%.Dec '23: Promoters 74.5%, DIIs 0.1%, Public 25.4%.Mar '24: Promoters 74.5%, FIIs 0.2%, DIIs 0.0%, Public 25.3%.Jun '24: Promoters 74.5%, FIIs 0.8%, DIIs 0.0%, Public 24.7%.Sep '24: Promoters 74.4%, FIIs 1.0%, Public 24.6%.Dec '24: Promoters 74.4%, FIIs 1.0%, DIIs 0.0%, Public 24.6%.Mar '25: Promoters 74.4%, FIIs 1.1%, DIIs 0.2%, Public 24.3%.Jun '25: Promoters 74.4%, FIIs 1.3%, DIIs 0.1%, Public 24.2%.Sep '25: Promoters 74.4%, FIIs 1.4%, DIIs 0.1%, Public 24.1%.Dec '25: Promoters 74.3%, FIIs 1.7%, DIIs 0.1%, Public 23.9%.Mar '26: Promoters 74.3%, FIIs 1.9%, DIIs 0.1%, Public 23.7%.Jun '26: Promoters 74.3%, FIIs 2.0%, DIIs 0.1%, Public 23.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Waaree Renewable Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Waaree Energies Limited 74.32%unchanged
Hitesh P Mehta 1.05%unchanged
Binita Hitesh Doshi 0.00%unchanged
Pankaj Chimanlal Doshi 0.00%unchanged
Hitesh C Doshi 0.00%unchanged
Pujan Pankaj Doshi 0.00%unchanged
Bindiya Kirit Doshi 0.00%unchanged
Rushabh Pankaj Doshi 0.00%unchanged
Neepa Viren Doshi 0.00%unchanged
Kirit Chimanlal Doshi 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹832, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~98%. At that growth it is worth ₹38219 — upside of 4494%.

Growth the price implies
9.9% a year
for 7 years, fading to 4%
It has actually compounded at
97.8% a year
net profit, FY23–FY26 · EPS 97.9%
The gap
-0.9 pp
4494% downside if it only repeats history
Price today ₹831.95 Value at the reference growth ₹38,219.2

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Waaree Renewable Technologies Limited

Guides on how to read this kind of business and the numbers that matter.