NSE: WAAREERTL · BSE: 534618
WAAREE RENEWABLE TECH LTD
Executes engineering, procurement and construction (EPC) contracts for utility-scale solar PV plants, and is now extending into battery energy storage systems (BESS) and transmission & distribution (T&D) infrastructure. In Q1 FY27 the company executed 888.81 MWp of solar PV capacity, won ~1,520 MWh of BESS, and signed an Early Contractor Involvement agreement for a solar-plus-storage project in New Zealand. A 55% acquisition of Associated Power Structures (APSPL) during Q1 FY27 adds a T&D EPC vertical with 108,000 MT/annum of fabrication and galvanization capacity. Beyond construction, the company runs an operations & maintenance (O&M) portfolio of 1.15 GWp and an independent power producer (IPP) portfolio of 82 MWp with a 198 MWp pipeline, which generates recurring power-sale revenue. Per the segment data, FY26 revenue is split between EPC Contracts and Power Sale, each shown at 50% of period segment revenue. The consolidated order book stands at Rs 5,300 cr (12–15 months of execution visibility), of which Rs 2,400 cr is standalone solar EPC and Rs 200 cr is BESS EPC. The biggest cost line is materials at 78.2% of revenue (solar modules, electrical equipment and balance-of-system components), while employee cost is only 1.5% and depreciation 0.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC Contracts (50%), Power Sale (50%). Project-driven, asset-light EPC contractor scaling into grid-side and storage works, with a small recurring O&M/IPP base.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 161 | 351 | 876 | 1,598 | 3,331 |
| EBITDA (ex other income) | 24 | 84 | 207 | 307 | 641 |
| margin % | 14.6 | 23.9 | 23.6 | 19.2 | 19.2 |
| Owners' profit | 9 | 55 | 148 | 229 | 0 |
| EPS, as reported (₹) | 4.13 | 26.63 | 14.22 | 22.00 | 45.91 |
| ROE % · ROCE % | 29.8 · 36.5 | 65.1 · 62.7 | 63.8 · 72.8 | 50.3 · 62.2 | 51.3 · 62.5 |
| Debt / equity (x) | 1.40 | 0.46 | 0.18 | 0.06 | 0.09 |
| Cash from operations | 43 | 65 | 127 | 303 | 287 |
| Capex | (7) | (6) | 0 | (101) | (122) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 524 | 360 | 477 | 603 | 775 | 851 | 1,102 | 924 |
| Profit before tax | 69 | 71 | 121 | 117 | 157 | 158 | 208 | 163 |
| Net profit | 54 | 53 | 94 | 86 | 116 | 120 | 156 | 119 |
| EPS (₹) | 5.14 | 5.14 | 9.00 | 8.29 | 11.16 | 11.50 | 14.96 | 11.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC Contracts | 1,692 | 50.8 |
| Power Sale | 27 | 0.8 |
| EPC contract | 844 | 25.3 |
| EPC Contract | 769 | 23.1 |
| Total, before eliminations | 3,331 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.8 | 22.4 | 18 of 52 | 67% |
| P/B | 7.5 | 3.3 | 41 of 49 | 17% |
| ROCE | 61.2 | 12.4 | 3 of 55 | 96% |
| ROE | 51.3 | 12.4 | 4 of 50 | 94% |
| Debt / Equity | 0.1 | 0.3 | 15 of 50 | 71% |
| EBITDA margin | 19.3 | 12.6 | 17 of 51 | 68% |
| Revenue growth | 53.2 | 20.7 | 12 of 46 | 76% |
| Profit growth | 37.7 | 37.7 | 23 of 45 | 50% |
| Market cap | 7017 | 591 | 9 of 56 | 86% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY2027 revenue up 36.5%; order book above INR5,500 crore | investor communications | medium | — | — |
| 27 Oct 2026 · Waaree RTL wins 450 MWp domestic solar EPC order | business updates | medium | — | — |
| 23 Oct 2026 · Solar project orders revised to 800 MWac and 1,109 MWp | business updates | medium | — | — |
| 21 Oct 2026 · September 2026 earnings call audio filed | investor communications | low | — | — |
| 20 Oct 2026 · Newspaper publication of Q2 and H1 FY26-27 unaudited results | compliance | minimal | — | — |
| 19 Oct 2026 · Waaree Renewable Tech Q2 FY27: Revenue up 36.5% YoY, PAT down 30% | compliance | low | — | — |
| 19 Oct 2026 · Waaree RTL Q2 FY27: Revenue Up 37%, PAT Down 30% on Margin Pressure | investor communications | medium | — | — |
| 19 Oct 2026 · WRTL Q2 FY27: Revenue up 36% YoY at Rs 1,058 Cr; PAT dips 30% | compliance | low | — | — |
| 19 Oct 2026 · Waaree Renewable Q2 profit dips on costs despite 37 percent revenue jump | results | high | — | — |
| 19 Oct 2026 · Q2 FY27 results: Revenue up 37% YoY, approves Wardha solar capex | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.