Waaree Renewable Technologies Ltd (WAAREERTL)

Construction · Power Infrastructure · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹863.95 ↓ 15.35% (1Y)

🎯 Key Takeaways

Waaree Renewable Technologies is in a strategic expansion phase, transitioning from a pure-play EPC solar developer to a broader clean energy infrastructure player with a focus on transmission and storage. The company has made significant moves into T&D and BESS segments via acquisitions and new project wins, supported by a large order book, though growth is being tempered by debt from recent expansions.
Revenue declined 16.2% QoQ to ₹924 in Q1FY27.
⚠️ 1) High debt from the INR2,600 crores acquisition introduces financial risk and margin pressure, especially if project execution slips or interest rat

Market Cap

₹9,015

P/E Ratio

17.7

P/B Ratio

19.80

ROE

112.3%

ROCE

146.2%

Debt/Equity

0.06

Promoter

74.3%

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📖 The Story

Waaree Renewable Technologies is in a strategic expansion phase, transitioning from a pure-play EPC solar developer to a broader clean energy infrastructure player with a focus on transmission and storage. The company has made significant moves into T&D and BESS segments via acquisitions and new project wins, supported by a large order book, though growth is being tempered by debt from recent expansions.

📰 What's Happening

In Q1 FY27, revenue grew 53.23% YoY to ₹924.25 crores and PAT rose 37.70% to ₹118.97 crores, driven by strong project execution and the acquisition of 55% of Associated Power Structures for INR2,600 crores — 75% debt-financed — to enter T&D infrastructure. Management highlighted a robust order book of INR5,300+ crores across domestic and international solar, T&D, and BESS segments, with plans to execute it over 12-15 months. Recent developments include a 291 MWp solar + 280 MWh BESS award from a major thermal generator and ongoing capability building in data centers and battery storage, despite margin pressure from integration and leverage.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	775	851	1,102	924
Operating Profit	156	157	205	168
OPM %	20.1%	18.4%	18.6%	18.1%
Net Profit	116	120	156	119
EPS	₹11.18	₹11.50	₹14.95	₹11.11

Revenue growth has accelerated, with Q1 FY27 revenue up 53% YoY, though sequential performance shows some softness, declining from ₹1,102 crores in Q4 FY26 to ₹924 crores in Q1 FY27. EBITDA margin held at 18.6% in Q4 FY26 and 18.1% in Q1 FY27, indicating stable operational efficiency despite rising debt costs. Net profit grew 37.7% YoY, supported by scale and cost control, but the sequential drop in revenue and profit suggests execution headwinds or timing lags in project ramp-ups. The company is investing heavily in growth, with capex likely embedded in the surge in borrowings, though cash flow remains healthy.

🔮 Management Outlook & What's Next

Management targets ~15% EBITDA margins by FY27 and expects margin improvement through operational synergies post-acquisition, despite near-term pressure from debt servicing. They emphasize confidence in sustained growth driven by a large, visible order book and expansion into adjacent clean energy segments like T&D and BESS. While no specific future financial targets were provided beyond margin guidance, management is focused on executing the INR5,300 crores order book over the next 12-15 months and building capabilities in data centers and energy storage.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	21	21	21	21
Reserves	298	435	637	913
Borrowings	32	27	81	146
Total Liabilities	1,004	1,120	1,451	2,374
Fixed Assets	155	198	256	269
Investments	1	52	61	31
Total Assets	1,004	1,120	1,451	2,374

The balance sheet shows a sharp rise in borrowings from ₹27 crores in March 2025 to ₹146 crores in March 2026, reflecting debt-funded expansion, primarily for the Associated Power Structures acquisition. Despite this, equity remains stable at ₹21 crores, with reserves growing from ₹435 crores to ₹913 crores, indicating strong internal capitalization to absorb leverage. Total assets have more than doubled, signaling aggressive asset deployment, but the capital structure is now meaningfully leveraged, raising concerns about financial flexibility if project execution or margins falter.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+303
Investing	-237
Financing	-49
Net Cash Flow	+17

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	74.4%	74.3%	74.3%	74.3%
FII	1.4%	1.7%	1.9%	2.0%
DII	0.1%	0.1%	0.1%	0.1%
Public	19.5%	19.6%	19.5%	19.5%
# Shareholders	3,13,409	3,10,109	3,08,307	3,06,445

Promoter holding remains stable at 74.32% over the past year, suggesting confidence in long-term prospects. However, FII ownership has declined slightly from 1.38% to 1.98% in Q1FY27, with minor fluctuations, while DII holdings remain negligible. The number of public shareholders has decreased slightly, but the stock remains widely held. There are no signs of significant institutional accumulation or exit, indicating mixed institutional interest with no clear directional signal from foreign investors.

⚖️ Peer Comparison — Power Infrastructure

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
WAAREERTL	9,015	17.7	146.2%	112.3%	0.06
SOLARWORLD	1,258	10.6	42.5%	37.9%	0.37
544682	241	—	—	—	0.05
544746	130	—	—	—	0.80
ORIANA	—	—	—	—	0.53

🔗 Peer Stock Analyses

SOLARWORLD 544682 544746 ORIANA

⚠️ Risk Factors

1) High debt from the INR2,600 crores acquisition introduces financial risk and margin pressure, especially if project execution slips or interest rates remain elevated. 2) Integration risks associated with entering T&D infrastructure could distract management and strain operational focus. 3) Execution delays or cost overruns in the large order book could impact revenue visibility and profitability. 4) The sale of Waaree Green Data Centers to the promoter at face value may be viewed as value-destructive by minority shareholders, raising governance concerns.

📋 Recent Filings

🧠 Analyst's Read

Waaree Renewable is aggressively expanding into new clean energy segments with a strong order book and growing project pipeline, but financial performance is being pressured by leverage and sequential softness in core metrics. Investors should monitor execution discipline, margin trajectory, and debt servicing capability as key near-term catalysts.

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

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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