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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +53% YoY · PAT +38% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹924 Cr | +53.2% | -16.1% |
| EBITDA | ₹173 Cr | +46.6% | -16.4% |
| Operating margin | 19.0% | +0 bps | +0 bps |
| PAT | ₹119 Cr | +38.4% | -23.7% |
| PAT margin | 12.9% | -138 bps | -128 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -7.7% / mo · MACD + · near 52W low
Technical chart
WAAREERTLdaily · 1Y · AUTO+5.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.4% over last month) — short-term momentum negative.
- RSI(14) at 34 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 37% off 52W high · 10% 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.
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 55.5%.
- 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 14/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 74.3%. Key concern: ROCE trend is -5.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 96th pctile, median 68 · Micro: 92nd pctile, median 73
64 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 17.60
- P/B
- 9.60
- EV/EBITDA
- 12.85
- Market Cap
- 8966.00Cr
Profitability
- ROE
- 68.90%
- ROCE
- 83.60%
- ROA
- 21.52%
- Dividend Y
- 0.12%
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
- 6.92
- Book Value
- 89.50
Cash Flow
- FCF Yield
- 0.26%
- FCF Positive Y
- 5/5
- OCF
- 287.00 Cr
- EPS TTM
- 48.72
Shareholding
- Promoter Hold
- 74.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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