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Model Note · WAAREE RENEWABLE TECH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WAAREE RENEWABLE TECH LTD Discounted cash flow · base FY26
WAAREE RENEWABLE TECH LTD
Value per share, this model₹1,544
CMP 2026-09-10₹835.00
Difference84.9%
Growth the CMP implies9.2%/yr
This note states the assumptions and the arithmetic of one model of WAAREE RENEWABLE TECH LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
30% a year
FY26 108.5% · 5-yr CAGR 203.3%
EBITDA margin
19.2%
FY26 19.2% · 5-yr average 20.1%
Depreciation · capex, % of revenue
0.3% · 3.7%, fading to 1.2× depreciation
FY26 0.3% · 3.7%
Working capital, % of added revenue · tax
15.5% · 25.2%
57 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.37
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹10 · ₹0 · ₹0 cr
FY26 net debt ₹10 cr
Shares
10.43 crore
10.43 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
3,331
4,331
5,630
7,319
9,515
12,369
growth %
108.5
30.0
30.0
30.0
30.0
30.0
EBITDA
641
832
1,081
1,405
1,827
2,375
Depreciation
(9)
(13)
(17)
(22)
(29)
(37)
NOPAT
473
612
796
1,035
1,345
1,749
less capex
(122)
(160)
(161)
(149)
(114)
(45)
less working-capital build
—
(155)
(201)
(262)
(340)
(442)
Free cash flow to firm
—
310
450
646
920
1,299
Present value
294
385
498
638
812
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · WAAREE RENEWABLE TECH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,627
PV of the terminal value (84% of EV)
13,489
Enterprise value
16,116
less net debt
(10)
less non-controlling interest
0
add non-operating investments
0
Equity value
16,106
÷ 10.43 crore shares
₹1,544
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,597
1,726
1,881
2,070
2,306
10.5%
1,463
1,570
1,697
1,848
2,034
11.0%
1,348
1,438
1,544
1,668
1,817
11.5%
1,249
1,326
1,414
1,517
1,639
12.0%
1,162
1,228
1,304
1,391
1,492
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
