Financial Results for the half year and year ended March 31, 2025
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Waaree Technologies reported audited results for FY25 with revenue from operations falling sharply to Rs 1,023.57 lakhs from Rs 2,854.52 lakhs in FY24, a decline of about 64%. The company continued to post a net loss, though the loss narrowed to Rs 565.00 lakhs from Rs 750.02 lakhs in the previous year, with loss per share improving to Rs (5.25) from Rs (6.97). Reserves and surplus are deeply negative at Rs (1,267.77) lakhs, pushing total shareholder funds into the red at Rs (190.96) lakhs, while short-term borrowings stand at Rs 1,765.87 lakhs. Cash flow from operations was negative at Rs (174.31) lakhs. The statutory auditor (M/s RT Jain & Co LLP) issued an unmodified opinion, and the board also approved the re-appointment of Mr. Kirit Chimanlal Doshi as Chairman and Managing Director for a further 3 years.
The sharp revenue collapse and continued losses are negative for shareholders, though the narrowing of losses and clean audit opinion provide some reassurance. The negative net worth is a significant red flag, indicating serious erosion of shareholder equity and raising concerns about long-term financial sustainability.