Operates a solar energy business that drove 98.5% of FY26 segment revenue at ₹437.802 crore, with the balance coming from an investment segment (1.5%, ₹6.574 crore). The trading segment reported no revenue for the period. Through its 49.54%-owned associate Energy In Motion Limited (EIM), it is building electric heavy commercial vehicle infrastructure, including battery swap stations and the Ashwa e-tractor. EIM has partnered with HPCL to set up charging and battery swapping hubs across HPCL's 25,000-plus fuel stations, signed a 0.5 GWh LFP cell and battery pack agreement with CATL, and begun deploying around 45 electric tractor-trailers for UltraTech Cement. Materials are the largest cost line at 52.8% of revenue, and capex was 83.8% of revenue, reflecting an asset-heavy build-out. In June 2026, the company completed a rights issue of about ₹200.5 crore, of which ₹150 crore was invested in EIM to fund expansion. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar (99%), Investment (2%), Trading (0%). Asset-heavy solar and electric mobility build-out, with heavy capex spend
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 765 | 253 | 131 | 250 | 543 |
| EBITDA (ex other income) | (11) | 13 | (31) | 37 | 131 |
| margin % | (1.4) | 5.3 | (24.0) | 14.8 | 24.2 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 2.89 | 1.24 | (3.41) | 1.32 | 4.53 |
| ROE % · ROCE % | 17.4 · 15.4 | 8.0 · 11.0 | (30.8) · (9.4) | 6.2 · 6.3 | 18.4 · 11.3 |
| Debt / equity (x) | 0.78 | 0.56 | 0.90 | 0.54 | 1.14 |
| Cash from operations | 19 | 122 | 61 | 72 | 172 |
| Capex | (31) | (37) | (76) | (177) | (455) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 53 | 159 | 163 | 120 | 127 | 133 | 120 |
| Profit before tax | 1 | 4 | 14 | 24 | 26 | 18 | 18 | 18 |
| Net profit | 1 | 2 | 13 | 23 | 31 | 15 | 13 | 2 |
| EPS (₹) | 0.07 | 0.14 | 0.74 | 1.33 | 1.69 | 0.80 | 0.71 | 0.09 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Solar | 521 | 96.0 |
| Trading | 22 | 4.0 |
| Total, before eliminations | 543 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Newspaper publication of 46th AGM notice and e-voting details | compliance | minimal | — | — |
| 6 Sept 2026 · 46th AGM notice published in newspapers, meeting on Sept 28, 2026 | compliance | minimal | — | — |
| 6 Sept 2026 · 46th AGM on Sept 28, 2026 - ESOP scheme, office shift to Maharashtra, director re-appointments | board shareholder meetings | low | — | — |
| 6 Sept 2026 · 46th AGM on Sep 28, 2026; Annual Report FY25-26 submitted; ESOP 2026 and office shift to Maharashtra | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Ravindra Energy associate signs MoU for 500 electric heavy trucks rollout | strategic transactions | medium | — | — |
| 26 Aug 2026 · Corporate guarantee for associate entity's lease facility | credit debt | medium | — | — |
| 25 Aug 2026 · ESOP Allotment: 12,500 Shares Issued Under Employee Stock Option Plan 2022 | capital market events | low | — | — |
| 21 Aug 2026 · Promoters create encumbrance on shares | ownership changes | high | — | — |
| 21 Aug 2026 · Promoter Narendra Murkumbi pledges 3 lakh shares worth about Rs 5 crore | ownership changes | high | — | — |
| 21 Aug 2026 · Promoter Khandepar Investments creates pledge on company shares | ownership changes | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 21.9 |
| 29.1 |
| 12.0 |
| PREMIER ENERGIES LIMITED | 44,224 | 26.2 | 10.26 | 18.0 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| MTAR TECHNOLOGIES LIMITED | 22,531 | 168.8 | 27.39 | 120.2 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — | 94.7 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.8 | 26.2 | 43 of 53 | 19% |
| P/B | 7.1 | 3.6 | 38 of 49 | 23% |
| ROCE | 8.1 | 12.3 | 37 of 56 | 35% |
| ROE | 18.4 | 11.5 | 17 of 53 | 69% |
| Debt / Equity | 1.1 | 0.2 | 51 of 53 | 4% |
| EBITDA margin | 33.9 | 12.6 | 8 of 51 | 86% |
| Revenue growth | (26.2) | 20.7 | 39 of 46 | 16% |
| Profit growth | (92.8) | 37.7 | 41 of 45 | 9% |
| Market cap | 3129 | 641 | 15 of 56 | 75% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
