Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 28 Sep - Revised EPC scope for 2012.47 MWp solar project; order value enhanced by Rs. 14.79 crore.
Source: Bse
Waaree Renewable Technologies Limited (WAAREERTL)
Micro CapIndustrials stocks · Micro cap · NSE
Waaree Renewable Technologies Ltd (WRTL), a subsidiary of Waaree Energies, is an EPC and O&M service provider for solar power projects (ground-mounted, rooftop, floating) and Battery Energy Storage Systems (BESS). It also offers T&D solutions, including high-voltage lines and substations, and holds a 55% stake in APSPL, which manufactures lattice towers and structures for power transmission and wind infrastructure.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result19 Oct, 06:13 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -3.7% / mo · MACD + · near 52W low
Stock trend: 40
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
WAAREERTLD candles · FIT view-19.6%Latest close ₹826.20 on 2026-10-19
Bar
-1.8%
RSI
50
MACD hist
4.30
52W pos
8%
2026-10-19O ₹841.25H ₹845.00L ₹808.60C ₹826.20Vol 3.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
WAAREERTLNifty India ManufacturingNifty 500
- WAAREERTL
- -19.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -13.5 pp
Chart stats
19 Oct 2026- From 52W high
- -39.2%
- 52W range position
- 8%
- ATR (14)
- 2.7%
- Volume vs 20D
- 2.53x
- Avg traded value
- ₹12.2 Cr
- 20D price channel
- ₹790.6 - ₹860.2
₹1,358
₹779.5 - ₹1,358
₹22.4
Latest completed session
20-session average
25.5% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED72
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +36.5% · PAT -29.8% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model+53.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Bad · 2/100PAT -30% YoY · margin compression · Rev +37% YoY · +14% QoQ
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,057.8 Cr | +36.5% | +14.4% |
| EBITDA | ₹160 Cr | +1.3% | -7.8% |
| Operating margin | 15.1% | -488 bps | -365 bps |
| PAT | ₹81.5 Cr | -29.8% | -31.5% |
| PAT margin | 7.7% | -727 bps | -517 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.11
- P/B
- 9.04
- EV/EBITDA
- 12.12
- Market Cap
- 8625.53Cr
Profitability
- ROE
- 68.30%
- ROCE
- 83.20%
- ROA
- 21.52%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 203.00%
- EPS 5Y
- 190.00%
- Revenue 3Y
- 112.00%
- EPS 3Y
- 105.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 36.68×
- Altman Z
- 6.71
- Book Value
- 89.50
Cash Flow
- FCF Yield
- 0.27%
- FCF Positive Y
- 5/5
- OCF
- 287.00 Cr
- EPS TTM
- 45.63
Shareholding
- Promoter Hold
- 74.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 924-16.2% vs prev
Net Profit
₹ CrLatest: 119-23.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Current quarterly history
Stored result histogram
External financial-history feed is behind the latest classified result (30 Sept 2026), so this chart uses IndiaPulse stored quarterly results.
Revenue
₹ CrLatest 1,057.8
PAT
₹ CrLatest 81.5
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.9% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 39% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
16
RS percentile
Stage 1 Base / Transition
1M return
+0.8%
3M return
-19.0%
6M return
-24.4%
1Y return
-36.0%
RS 1D
0
RS 20D
-10
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 10.8% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 84.16-0.28%
RS vs Nifty 50084
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation15/30
Growth19/25
Quality18/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
72
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
72/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 53.9%.
- Quality contributes 18/20 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 15/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
18.1
PB
9.0
EV/EBITDA
12.1
ROE
68.3%
ROCE
83.2%
FCF Yield
0.3%
Debt/Equity
0.2
MoS
+53.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
72
Previous: 72
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+53.9%
Previous: +53.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
72
72
72
72
72
72
72
72
72
72
72
72
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹303.13
-172.6% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,793.26
+53.9% MoS
PEG
0.12
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GGBL
SME
Ganesh Green Bharat Ltd.
Solar EPC
match 219
89
7.0
31.0%
+81%
DEEP VALUE
SWSOLAR
Micro
Sterling and Wilson Renewable Energy Limited
Solar EPC
match 219
51
16.8
40.1%
+25%
FAIR VALUE
SOLARWORLD
Small
Solarworld Energy Solutions Limited
Solar EPC
match 211
73
9.2
20.8%
+65%
UNDERVALUED
SURANASOL
Small
Surana Solar Limited
Solar EPC
match 207
29
18.5
-1.9%
+12%
OVERVALUED
ZODIAC
Small
Zodiac Energy Limited
Solar EPC
match 205
54
12.8
18.7%
+55%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-23T03:12:23.496Z
Management commentary snapshot
Q1FY27 consolidated revenue grew 53.23% YoY to Rs 924.25 Cr, but declined 16.16% QoQ. PAT increased 37.70% YoY to Rs 118.97 Cr, while QoQ it fell 23.60%. EBITDA margin remained stable QoQ at 18.77%, but PAT margin compressed to 12.87%.
Strong YoY growth in revenue and PAT is encouraging, supported by a large order book. However, the sequential decline in revenue and PAT, coupled with PAT margin compression, warrants close monitoring for execution consistency and profitability. The T&D segment via APSPL is a positive diversification.
Growth engines
Solar EPC Segment Growth
Management is evaluating opportunities in both international and domestic markets to secure more EPC contracts and participates in government and private bidding processes.
T&D Segment Expansion
Achieving higher growth in the T&D segment is a key strategy, with the acquired 55% stake in APSPL providing revenue diversification and reducing solar cycle reliance.
O&M Market Expansion
The company plans to expand in O&M markets, evaluating third-party opportunities organically and inorganically, and enhancing services with advanced technologies.
Integrated Offerings
The ecosystem of renewable energy from module to storage helps win clients, offering a full-spectrum EPC platform (solar + wind + transmission) to reduce project risk.
Capacity and execution
IPP Plant Setup
The company is setting up a 198.6 MWp Independent Power Producer (IPP) Plant.
APSPL Manufacturing Capacity
APSPL, in which WRTL holds a 55% stake, has an in-house manufacturing capacity of 108,000 MT/yr for lattice towers, structures, and hot dip galvanising.
Tailwinds
Supportive Government Policies
Government initiatives like PM Surya Ghar Muft Bijli Yojana, Solar Park scheme, PLI Tranches I & II, BESS VGF Scheme, and ISTS Waiver are fueling growth in solar and storage.
National Electricity Plan for T&D
The National Electricity Plan projects ~Rs 4.9 lakh Cr capex for transmission through FY2027-32, creating significant T&D market opportunities.
Multi-Decade Energy Transition Opportunity
India's solar capacity additions are projected at ~156-164 GW over Fiscals 2027-2030, with government targets to reach ~280GW by 2030 from 150GW in FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing long-term growth trends in a project-based business. QoQ comparison is important to track sequential execution momentum, project commissioning, and short-term profitability trends, especially given the observed sequential decline.
Sector KPIs management disclosed
Revenue from Operations
Q1FY27 Revenue from Operations was Rs 924.25 Cr, up 53.23% YoY from Rs 603.19 Cr in Q1FY26. It declined 16.16% QoQ from Rs 1,102.40 Cr in Q4FY26.
Unexecuted Orderbook (Consolidated)
The company has a consolidated unexecuted orderbook of ~ ₹ 5,300 Cr +, comprising ~ ₹ 2,600 Cr + for EPC (Solar + BESS) and ~ ₹ 2,700 Cr + for T&D.
Solar EPC Project Executed
The company has executed 5.89 GWp of Solar EPC projects.
Projects Under Execution
2,425 MWp of project sites are currently under execution.
Management forward view
Scaling Growth
Management aims to scale growth across the energy-transition value chain, evaluating opportunities in both international and domestic markets for EPC and T&D contracts.
O&M Market Expansion
The company plans to expand its O&M services, including evaluating third-party opportunities and enhancing value through differentiating services like drone thermography and strong analytics.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Consolidated Unexecuted Order Book: ~ ₹ 5,300 Cr +. | Consistent execution and conversion of the large order book into revenue, particularly monitoring the QoQ revenue trend. |
| Profitability Margins | Q1FY27 EBITDA Margin 18.77%, PAT Margin 12.87%. | Stability or improvement in PAT margins, especially after the sequential compression observed in Q1FY27. |
| T&D Segment Contribution | 55% stake in APSPL, contributing to T&D order book of ~ ₹ 2,700 Cr +. | Successful integration and increasing revenue contribution from the T&D segment, validating diversification strategy. |
| New Order Inflows | Q1FY27 saw 450 MWp Ground Mounted solar and 1,520 MWh BESS EPC orders. | Continued strong order inflows in both solar and T&D segments to sustain growth momentum. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
83Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 96th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
64 docs text-extracted · 26 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · Industrials: 96th pctile, median 68 · Micro: 92nd pctile, median 73
Evidence depth
Financial-only
64 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROCE trend is -5.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Waaree Renewable Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Please find attached herewith Newspaper Publication for 27th Annual General Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 5 Aug - Waaree Renewable won 210MWp solar EPC order from Solaris Horizon Energy, due by FY27-28.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 29 Jul - Please find attached herewith disclosure for allotment of equity shares under ESOP
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.