āagman

Not investment advice. Data and computed figures, for information only.

Waaree Renewable Technologies Ltd

NSE: WAAREERTL
₹837.10
+₹30.70 (+3.81%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹8,376 Cr
CMP
₹837.10
52-wk High / Low
₹1,358 / 780
P/E
16.5
P/B
9.0
Book Value
₹89.5
Div Yield
0.00%
ROCE
83.0%
ROE
68.3%
Face Value
₹2
D/E
0.16

Price−32.0% over 1Y

āagman read

Computed by āagman
Derived from 9 years and 13 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
3
/ 9
3 of 9 F-score tests passed
Graham Number
₹304
√(22.5 × EPS × book value per share)
ROIC
43.8%
vs 12.3% sector median
Cash flow to profit
0.60
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−85
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
68.3%
ROE × earnings retention ratio
ROE stability
11.7
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +0.13DII +0.00
Latest quarter vs the previous one
Cash-accrual divergence
11.0%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 23% vs the 2022 sector median of 17%)
+FII holding rose by 2.0pp over the last year
+PE of 16.5x is below the sector median of 43.6x
Watch-outs
−Price trades below its 200-day moving average (0.9x)
−Price is 38.4% below its 52-week high
−Promoter holding fell by 0.2pp over the last year
−Piotroski F-Score of 3/9 is in the weak band (≤3)
−Balance-sheet accruals of 11.0% of average assets — earnings are not cash-backed

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1291503242732365243604776037758511,102924
Expenses116119236198195453288350486617692896751
Operating Profit13318875417272126118158159207173
OPM %10.1%20.7%27.2%27.5%17.4%13.7%20.0%26.4%19.6%20.4%18.7%18.8%18.7%
Other Income1102334154565
Interest12043434443310
Depreciation1222222222226
Profit before tax12288672396971121117157158208163
Net Profit92164512854539486116120156119
EPS (₹)0.881.986.174.932.725.145.139.008.2911.1611.5214.9311.11

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 9 years + TTM
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales276131623518761,5983,3313,652
Expenses24561382676691,2872,6902,955
Operating Profit03172484207311641697
OPM %0.0%42.9%16.7%53.8%14.8%23.9%23.6%19.5%19.2%19.1%
Other Income0112824112021
Interest0234757151319
Depreciation01124366912
Profit before tax01−332177198300640686
Net Profit0−2−3−2955145229479511
EPS (₹)0.02−0.38−0.31−0.230.835.3213.9521.9845.8848.72

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital101021212121212121—
Reserves0−151964226435913—
Borrowings0374011742394027146—
Other Liabilities5485662961594276371,294—
Total Liabilities16951222021682837141,1202,374—
Fixed Assets432301557374157198272—
CWIP43412180356178—
Investments000301095231—
Other Assets8595016931285458141,893—
Total Assets16951222021682837141,1202,374—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity0−751−24365128303287
Cash from Investing Activity0−28−38−1059−66−114−237−264
Cash from Financing Activity0351481−40−9−7−4923
Net Cash Flow0027−2612−1061745

Ratios

As of 31 Mar 2026
9 periods
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—7.02.06.023.084.0100.082.083.0
ROE %————————68.3
EPS (₹)0.02−0.38−0.31−0.230.835.3213.9521.9845.88
Book Value (₹)————————89.5
Face Value (₹)————————2
P/E————————16.5
Div Yield %————————0.00
NPM %0.0−25.0−42.9−13.35.315.616.514.214.3
OPM %25.045.015.054.015.024.024.019.019.0
D/E0.004.111.545.321.400.460.160.060.16
P/B————————9.0

Growth

As of 11 Oct 2026
Compounded sales growth
5 years+203.0%
3 years+112.0%
TTM+86.0%
Compounded profit growth
5 years+190.0%
3 years+105.0%
TTM+75.0%
Stock price CAGR
10 years+64.0%
5 years+86.0%
3 years+44.0%
Last year−29.0%
Return on equity
5 years71.0%
3 years70.0%
Last year68.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.44%44.44%38.56%38.59%71.52%74.27%74.51%74.51%74.46%74.39%74.32%74.32%
FIIs0.00%0.00%2.09%1.40%0.72%0.32%0.00%0.00%0.20%1.13%1.85%1.98%
DIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.24%0.09%0.09%
Government————————————
Public55.56%55.56%59.35%60.00%27.76%25.40%25.49%25.48%25.33%24.25%23.73%23.61%
No. of shareholders4194191,3871,3281,2231,2698,02111,12086,4823,23,2583,08,3073,06,445
Change since Jun 2023 (pp)
Promoters +29.88FIIs +1.98DIIs +0.09Public −31.95

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Closure of Trading WindowAnnouncement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderShareholder Meeting / Postal Ballot-Scrutinizer''s Report
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026RecordingApr 2026TranscriptApr 2026PPTApr 2026RecordingJan 2026TranscriptJan 2026PPTJan 2026RecordingOct 2025TranscriptOct 2025PPTOct 2025RecordingJul 2025TranscriptJul 2025PPTJul 2025Recording

Corporate actions

Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman