Waaree Renewable Technologies (WAAREERTL) had a P/E of 16.4× on 6 Nov 2026, in line with the industry P/E of 16.4×, and the shares are 39% below their 52-week high. Sales and net profit grew 112% and 105% a year over 3 years; its ROCE of 62% is the highest among the 7 largest Engineering & Construction peers. Debt is 0.86× equity. It is a small-cap company with a market cap of ₹7,655 Cr, ranked 16th of 156 Engineering & Construction companies by market cap; the shares fell 38% over the past year.
- ₹741.00
- ₹741.50
- ₹721.50
- ₹748.00
- 99.3K
Health check
- ReturnsBehind
−37.8% over a year, better than 1 of 7 peers.
- Price tagIn line
P/E 16.4 vs industry 16.4.
- GrowthStrong
Sales +111.7%, profit +105.1% a year over 3 years.
- ProfitabilityStrong
ROCE 61.6% vs peer median 19.9%.
- Balance sheetFair
Debt 0.86× equity, interest covered 146.8×, Piotroski 5 of 9.
- Red flags2 to check
Quarterly profit down 36.5% on a year ago.
Small cap
Defensive
Key metrics
- Market cap
- ₹7,655 Cr
- Small cap
- P/E
- 16.4
- Industry 16.4
- Price to book
- 6.85
- Peers 4.92
- Dividend yield
- 0.00%
- ROE
- 39.6%
- Peers 17.9%
- ROCE
- 61.6%
- Peers 19.9%
- Debt to equity
- 0.86
- Debt ₹1,493 Cr
- EPS (TTM)
- ₹44.60
- Face value ₹2
- OPM (TTM)
- 17.8%
- Net margin 11.8%
- Sales growth
- +36.5%
- Latest quarter vs a year ago
- Profit growth
- −36.5%
- Latest quarter vs a year ago
- Price to sales
- 1.95
- EV/EBITDA 13.5
Strengths and risks
Strengths
- Return on equity of 39.6%.
- Return on capital employed of 61.6%.
- Quarterly sales up 36.5% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Quarterly profit down 36.5% on a year ago.
- 39% below its 52-week high.
About Waaree Renewable Technologies
Waaree Renewable Technologies Limited primarily engages in the engineering, procurement, and construction (EPC) contracts business in India. It offers ground-mounted, solar rooftop, floating solar, energy storage, green hydrogen, and asset management EPC solutions; and generates power through renewable energy sources, as well as offers operations and maintenance services. The company serves various customers across the industrial, commercial, and utility…
- Headquarters
- Mumbai
- Employees
- 399
- Sector
- Industrials
- ISIN
- INE299N01021
- Website
- waareertl.com
Price range
- Avg volume (3M)
- 1.6 L
- 1-year return
- minus 37.8%
- From 52-week high
- minus 39.0%
Peers · Engineering & Construction
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LTLarsen & Toubro | 4,117.70 | plus 1.67% | 5,66,549 | 31.7 | 19.6 | 14.6% | 9.6% | 1.05 | 16.1% | plus 3.2% |
| RVNLRail Vikas Nigam | 193.34 | minus 0.18% | 40,312 | 44.9 | 56.9 | 11.0% | 4.3% | 0.49 | 0.2% | minus 40.5% |
| CEMPROCemindia Projects | 1,323.30 | plus 2.79% | 24,405 | 36.4 | 24.2 | 37.1% | 10.4% | 0.35 | 25.5% | plus 49.2% |
| KPILKalpataru Projects International | 1,370.80 | minus 0.04% | 23,410 | 19.7 | 10.1 | 19.9% | 8.3% | 0.46 | 18.4% | plus 4.3% |
| NBCCNBCC (India) | 78.00 | minus 2.90% | 21,060 | 26.5 | 19.8 | 34.3% | 6.1% | 0.00 | 12.9% | minus 29.5% |
| ENGINERSINEngineers India | 292.70 | minus 1.94% | 16,451 | 18.3 | 21.5 | 28.1% | 21.2% | 0.00 | 5.7% | plus 51.1% |
| WABAGVA Tech Wabag | 1,988.20 | plus 6.57% | 12,434 | 29.4 | 20.8 | 16.3% | 10.9% | 0.09 | 9.9% | plus 33.2% |
| WAAREERTLWaaree Renewable Technologies | 733.35 | minus 1.96% | 7,655 | 16.4 | 11.9 | 61.6% | 17.8% | 0.86 | 111.7% | minus 37.8% |
| Median of 7 peers | – | −0.04% | 23,410 | 29.4 | 20.8 | 19.9% | 9.6% | 0.35 | 12.9% | 4.3% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 775 | 851 | 1,102 | 924 | 1,058 | |
| 617 | 692 | 896 | 751 | 898 | |
| 158 | 159 | 207 | 173 | 160 | |
| 20.4% | 18.7% | 18.8% | 18.8% | 15.1% | |
| 4.4 | 5.1 | 6 | 5.3 | 9.2 | |
| 3.6 | 3.4 | 2.7 | 9.6 | 36.8 | |
| 2.2 | 2.1 | 2.1 | 5.8 | 27 | |
| 157 | 158 | 208 | 163 | 105 | |
| 25.7% | 24.1% | 25.2% | 27.1% | 22.7% | |
| 116 | 120 | 156 | 116 | 73.9 | |
| – | 11.50 | 14.94 | 11.09 | 7.07 |
Profit & loss
- Sales CAGR 3Y
- +111.7%
- Profit CAGR 3Y
- +105.1%
- EPS CAGR 3Y
- +105.1%
- ROE
- 39.6%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 351 | 876 | 1,598 | 3,330 | |
| – | +149.8% | +82.3% | +108.5% | |
| 267 | 669 | 1,287 | 2,689 | |
| 84.1 | 207 | 311 | 642 | |
| 24.0% | 23.7% | 19.5% | 19.3% | |
| 1 | 2.8 | 2.3 | 6.8 | |
| 5.2 | 5.6 | 5.4 | 4.4 | |
| 3 | 6.1 | 6.4 | 8.6 | |
| 0 | 0.1 | −0.9 | 4.3 | |
| 77 | 198 | 300 | 640 | |
| 28.2% | 26.8% | 23.8% | 25.2% | |
| 55.4 | 145 | 229 | 479 | |
| – | +162.2% | +57.7% | +108.9% | |
| 5.31 | 13.94 | 21.95 | 45.86 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 20.8 | 20.8 | 20.8 | 20.9 | |
| 64.3 | 226 | 435 | 913 | |
| 39 | 40.5 | 27.4 | 146 | |
| 159 | 427 | 637 | 1,294 | |
| 283 | 714 | 1,120 | 2,374 | |
| 152 | 157 | 252 | 449 | |
| 80.6 | 3.4 | 56.7 | 180 | |
| 0.1 | – | 7 | 48.8 | |
| 3.3 | 18.6 | 140 | 136 | |
| 46.8 | 535 | 664 | 1,560 | |
| 283 | 714 | 1,120 | 2,374 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 65.1 | 128 | 303 | 287 | |
| −66 | −114 | −237 | −264 | |
| −9.2 | −7.2 | −48.6 | 22.5 | |
| −10 | 6.3 | 17.2 | 45 | |
| −83.3 | −10.8 | −101 | −122 | |
| −18.1 | 117 | 201 | 164 | |
| −1 | −2.1 | −20.8 | – |
Shareholding pattern
- Promoters74.30%
- Public25.70%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 74.30% | 25.70% | minus 0.02 | |
| 30 Jun 2026 | 74.32% | 25.68% | 0.00 | |
| 31 Mar 2026 | 74.32% | 25.68% | 0.00 | |
| 31 Dec 2025 | 74.32% | 25.68% | minus 0.07 | |
| 30 Sep 2025 | 74.39% | 25.61% | – |
Major shareholders
Filings & events
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