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Waaree Renewable Technologies Limited (WAAREERTL)

Capital Goods · Electrical Equipment · NSE · Updated 16 June 2026

₹964.75 ↓ 2.93% (1Y)

🎯 Key Takeaways

Waaree Renewable Technologies Limited is in a high-growth phase, transitioning from project execution to scaling its order book and international footprint, supported by strong government tailwinds in India's renewable sector. Management is focused on expanding capacity additions, particularly in solar and battery storage, while pursuing strategic acquisitions to enhance project execution capabilities.
⚠️ Execution risk in international markets: Management's expansion into 12 GW of international projects introduces execution and regulatory risks not pre

Market Cap

₹9,834

P/E Ratio

20.5

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About WAAREERTL 📊 Interactive Charts

📖 The Story

Waaree Renewable Technologies Limited is in a high-growth phase, transitioning from project execution to scaling its order book and international footprint, supported by strong government tailwinds in India's renewable sector. Management is focused on expanding capacity additions, particularly in solar and battery storage, while pursuing strategic acquisitions to enhance project execution capabilities. The company has demonstrated consistent revenue and profit growth, with margins held above 19% despite project mix pressures. This growth is underpinned by a robust pipeline of 36 GW, including 23 GW domestic and 12 GW international, signaling long-term visibility into future orders.

📰 What's Happening

In the latest filing on 2026-04-24, the company reported FY2026 revenue of ₹3,331.42 crores (108.51% YoY) and PAT of ₹478.65 crores (109.09% YoY), driven by 2,727 MW project execution and a 2.83 GW order book. Management highlighted solar's 82% share of capacity additions and BESS opportunities, while emphasizing margin stability and IPP strategy. A prior filing on 2026-04-16 confirmed consolidated FY2026 revenue of ₹33,511.15 crores (69.9% YoY growth) and net profit of ₹4,716.36 crores, reflecting strong operational execution. The Board approved audited results on 2026-04-16 and 2026-04-18, with Q4 FY26 net profit rising 32% YoY to ₹87.22 crores. Additionally, on 2026-06-15, the company delayed the completion of its acquisition of Associated Power Structures Private Limited to 30 June 2026 due to procedural requirements involving security transfers and fresh issuance.

Source: Stock Announcements

🔮 Management Outlook & What's Next

Management expects continued growth driven by government renewable push, with new orders likely in upcoming quarters and a pipeline of 36 GW, including 23 GW domestic and 12 GW international. They emphasized solar's 82% share of capacity additions and BESS opportunities, while addressing margin stability and order book dynamics. The company is focused on expanding its footprint in the renewable sector through operational execution and strategic acquisitions, with no major payment delays noted despite cash flow timing impacts in FY26. The acquisition of Associated Power Structures is now expected to close by 30 June 2026, reflecting procedural delays but no fundamental change in strategy.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Hitachi Energy India Limited	1.45 L Cr	172.4	—	—	—
Bharat Heavy Electricals Limited	1.39 L Cr	267.3	—	—	—
ABB India Limited	1.35 L Cr	48.8	—	—	—
CG Power and Industrial Solutions Limited	1.32 L Cr	136.7	—	—	—
Siemens Limited	1.28 L Cr	45.2	—	—	—
GE Vernova T&D India Limited	1.11 L Cr	104.1	—	—	—
Siemens Energy India Limited	1.10 L Cr	83.9	—	—	—
Waaree Energies Limited	86,928	22.4	—	—	—
Suzlon Energy Limited	73,843	64.1	—	—	—
Thermax Limited	53,625	81.9	—	—	—

🔗 Peer Stock Analyses

POWERINDIA BHEL ABB CGPOWER SIEMENS

⚠️ Risk Factors

1. Execution risk in international markets: Management's expansion into 12 GW of international projects introduces execution and regulatory risks not present in the domestic market. 2. Margin pressure from project mix: Despite current margin stability above 19%, management acknowledged project mix pressures, which could intensify with higher international exposure or BESS ventures requiring new technology investments. 3. Acquisition integration risk: The delayed acquisition of Associated Power Structures highlights procedural and integration complexities, which could divert management focus or lead to cost overruns if not managed efficiently. 4. Policy dependency: Growth is heavily reliant on government renewable incentives; any slowdown in subsidy approvals or policy shifts could impact order book momentum.

📋 Recent Filings

🧠 Analyst's Read

Waaree Renewable Technologies is executing well against a strong growth narrative, with robust order book visibility and improving profitability. The key watchpoints are international project execution, margin sustainability amid project mix shifts, and successful integration of the Associated Power Structures acquisition. Investors should monitor upcoming order inflows and management's ability to scale BESS and international operations without compromising margins.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on WAAREERTL

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.