WAAREERTLCapital Goods

Waaree Renewable Technologies Limited

Other Electrical Equipment · ISIN INE299N01021 · BSE 534618 · NSE EQ · FV ₹2
Last price
₹732
+4.96%today
What this company does

Waaree Renewable Technologies Limited operates in Other Electrical Equipment, part of the Capital Goods sector. It booked ₹1,058 cr of revenue in its latest quarter (Q2 FY27) and kept 7.0% of sales as profit.

51out of 100
Equitytale Health Score
Mixed

Healthier than 51% of companies in Capital Goods, on the 5 of 6 measures we could read for it. Each measure is ranked against the 105–127 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
35

At close. Not part of the score.

Profitability & returns61

How much profit it earns on the money it employs

Balance sheet12

How much it owes, and whether earnings cover the interest

Cash quality39

Whether reported profit actually arrives as cash

Valuation68

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Sales up 37% vs last year
✓ Promoters hold 74%
✓ No promoter shares pledged
✓ Strong 26% return on equity
Watch-outs
! Thin 7.0% net margin
! Profit down 36% vs last year
! Operating cash flow is negative

What if I invest in WAAREERTL?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 5% a year, it would become
₹15.50 lakh

The slider starts at 5%, taken from a generic assumption, not this company's history. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹732▲ +4.96%
latest close · 2026-11-04
52-wk low ₹65474 sessions so far52-wk high ₹1,030
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio25.9Average
LowAverageHigh
P/B ratio6.83High
Below bookModerateHigh
EV / EBITDA13.2Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity26.4%Strong
WeakFairStrong ▸15%
Return on capital19.6%Strong
WeakFairStrong
Net margin7.0%Decent
ThinDecentStrong
EBITDA margin16.0%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.81Moderate
LowModerateHigh ▸1
Interest cover3.9×Okay
RiskyOkayStrong ▸5×
Current ratio1.42Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹7,643 cr
Book value
₹107
EPS
₹7.07
latest quarter
Net debt
₹1,303 cr
owes more than its cash
Enterprise value
₹8,946 cr
EBITDA
₹677 cr
annualised
EBIT
₹569 cr
annualised
Operating margin
13.4%
Return on assets
6.1%
Earnings yield
3.86%
P/S
1.81
Sales / share
₹405.3
Tax rate
22.7%
Face value
₹2
Shares
10.4 cr
Working capital
₹823 cr
Current assets
₹2,786 cr
Current liabilities
₹1,963 cr
Delivery %
35.1%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the exchange filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹157–₹230, midpoint ₹193

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹1,058 cr
Other Income₹9 cr
Total Income₹1,067 cr
Cost of Materials₹673 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹136 cr
Employee Benefit Expense₹33 cr
Finance Costs₹37 cr
Depreciation & Amortisation₹27 cr
Other Expenses₹55 cr
Total Expenses₹962 cr
Profit before Tax₹105 cr
Tax Expense₹24 cr
Net Profit₹81 cr
Net margin on total income7.6%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹809 cr75.8%
Employee benefit expense₹33 cr3.1%
Finance costs₹37 cr3.5%
Depreciation & amortisation₹27 cr2.5%
Other expenses₹55 cr5.2%
Tax expense₹24 cr2.2%
Profit for the period₹81 cr7.6%
Total income ₹1,067 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue1,102 cr924 cr1,058 cr
Total income1,108 cr930 cr1,067 cr
Expenses900 cr766 cr962 cr
Profit before tax208 cr163 cr105 cr
Tax52 cr44 cr24 cr
Net profit (owners' share)156 cr116 cr74 cr
Net margin (owners' share, on revenue)14.1%12.5%7.0%
EPS (₹)14.9611.117.07
YoY (latest quarter): total income +36.9% · net profit -36.5%
Balance sheet & cash flow · as of Sep 2026
Moderate debt
Total assets
₹4,869 cr
Shareholder equity
₹1,118 cr
parent shareholders
Total debt
₹1,413 cr
Cash
₹110 cr
Cash flow · H1 FY27
Operating
₹-16 cr
Investing
₹-712 cr
Financing
₹766 cr
Peer comparison
Other Electrical Equipment · by market value
CompanyPriceMarket capP/E
Waaree Energies Limited₹2,318₹66,677 cr23.2
Apar Industries Limited₹15,523₹64,995 cr35.2
Premier Energies Limited₹890₹40,402 cr21.3
Diamond Power Infrastructure Limited₹368₹21,979 cr49.1
Mtar Technologies Limited₹6,313₹19,417 cr96.6
Emmvee Photovoltaic Power Limited₹231₹16,011 cr10.5
Avalon Technologies Limited₹1,991₹13,303 cr95.4
Fujiyama Power Systems Limited₹366₹11,231 cr48.7
Genus Power Infrastructures Limited₹271₹7,496 cr9.5
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
—
trailing 12 months
Dividend / share (TTM)
—
Last dividend
₹1
ex 24 Jan 2025
ActionDetailEx-date
Dividend₹1 / share24 Jan 2025
Dividend₹1 / share9 Sep 2024
Stock splitStock Split From Rs.10/- to Rs.2/-15 Mar 2024
Dividend₹1 / share18 Sep 2023
Dividend₹0.5 / share15 Sep 2022
Bonus issue10:5721 Jul 2014
Who owns it · 2026-09-30
No pledge
Promoter
74.3%
FII / Foreign
2.0%
DII / Domestic
0.1%
Retail / others
23.6%
Promoter stake down 0.1% over the last 7 quarters.
Smart-money activity
Bulk / block deals
short— · NSE7026 Aug 26
short— · NSE6424 Jul 26
short— · NSE1,02917 Apr 26
What shareholders were asked to approve
5 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 23 Sep 2026
See the official result
1
Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026
Backed by 100% of shareholders other than promotersneeded 50%
32.44 L votes for, 6,068 against · 0% of mutual funds and other big investors said no
2
To re-appoint a director, in place of Mr. Sunil Rathi, who retires by rotation and being eligible, seeks re-appointment as Director
Backed by 99% of shareholders other than promotersneeded 50%
32.04 L votes for, 46,237 against · 2% of mutual funds and other big investors said no
3
To re-appoint KKC & Associates LLP as Statutory Auditors of the Company for a term of five years
Backed by 100% of shareholders other than promotersneeded 50%
32.50 L votes for, 193 against · 0% of mutual funds and other big investors said no
4
To approve conversion of loan into equity
Backed by 97% of shareholders other than promotersneeded 75%
31.51 L votes for, 99,047 against · 5% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 9 named members
owning 74.3% between them · as of 2026-09-30
WAAREE ENERGIES LIMITED74.30%
BINDIYA KIRIT DOSHIno shares
BINITA H DOSHIno shares
HITESH C DOSHIno shares
KIRIT CHIMANLAL DOSHIno shares
NEEPA VIREN DOSHIno shares
PANKAJ CHIMANLAL DOSHIno shares
PUJAN PANKAJ DOSHIno shares
Business done with them
FY2026 · 2 of the group
The company paid ₹768 cr to companies in the promoter group last year — about 23.0% of its ₹3,331 cr revenue and received ₹267 cr back from them.
Waaree Energies Limited
Bought goods from them · Reimbursement of Expense, Rent Expense, Security Deposit, Loan taken, Loan Repaid, Interest Expense, Sale of Good and Services, Purchases
also owns 74.30% of the company
₹732 cr
company paid
Waaree Energies Limited
Sold goods to them · Reimbursement of Expense, Rent Expense, Security Deposit, Loan taken, Loan Repaid, Interest Expense, Sale of Good and Services, Purchases
also owns 74.30% of the company
₹179 cr
company received
Waaree Energies Limited
Other income from them · Reimbursement of Expense, Rent Expense, Security Deposit, Loan taken, Loan Repaid, Interest Expense, Sale of Good and Services, Purchases
also owns 74.30% of the company
₹88 cr
company received
Waaree Energies Limited
Other payments to them · Reimbursement of Expense, Rent Expense, Security Deposit, Loan taken, Loan Repaid, Interest Expense, Sale of Good and Services, Purchases
also owns 74.30% of the company
₹36 cr
company paid
PUJAN PANKAJ DOSHI
Other payments to them · Director Remuneration, Reimbursement of Expense
₹42.1 L
company paid

The company also transacted with 16 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.