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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · Waaree Renewable Technologies 27th AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 31 Aug 2026 · AGM notice and annual report link sent to shareholders without registered email | compliance | minimal | — | — |
| 31 Aug 2026 · Waaree Renewable Tech submits BRSR for FY 2025-26 | compliance | low | — | — |
| 31 Aug 2026 · Waaree Renewable Tech 27th AGM on Sept 23, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · FY 2025-26 Annual Report and 27th AGM Notice - Waaree Renewable Tech | general | medium | — | — |
| 28 Aug 2026 · Waaree Renewable Technologies 27th AGM notice published in newspapers | compliance | minimal | — | — |
| 28 Aug 2026 · LOA received for 291 MWp solar PV and 280 MWh BESS EPC project | business updates | high | — | — |
| 27 Aug 2026 · 27th AGM scheduled for September 23, 2026 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Sells wholly owned data center subsidiary to parent Waaree Energies for Rs 1 lakh | strategic transactions | high | — | — |
| 27 Aug 2026 · Board approves transfer of data center subsidiary to parent firm | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| — |
| 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 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) | 17.1 | 26.2 | 20 of 53 | 64% |
| P/B | 9.3 | 3.6 | 42 of 49 | 15% |
| ROCE | 61.2 | 12.3 | 3 of 56 | 96% |
| ROE | 51.3 | 11.5 | 4 of 53 | 94% |
| Debt / Equity | 0.1 | 0.2 | 18 of 53 | 67% |
| 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 | 8713 | 641 | 9 of 56 | 86% |
| 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.
