Capital Goods · NSE/BSE: WAAREERTL
Waaree Renewable Technologies Limited
Other Electrical Equipment
Market Cap ₹0.10L Cr
Verdict: High
Quality Scores
Multi-Bagger
92/100
Compounder Quality
91/100
Management Credibility
95/100
Governance
88/100
Cash Flow Quality
88/100
AI Summary
Waaree Renewable Technologies Limited (WAAREERTL) is the solar EPC arm of the Waaree Group, India's largest module manufacturer. The company has undergone a massive transformation from a near-dormant power generator to a high-growth EPC powerhouse, with revenues scaling from ₹13 Cr in FY21 to over ₹3,331 Cr in FY26. It operates with a light balance sheet and high capital efficiency, benefiting significantly from the group's vertical integration. Current market leadership in Solar EPC is supported by a robust order book and parentage advantages. However, the business remains cyclical and…
Top Opportunities
- Extraordinary revenue CAGR of >200% over 5 years
- Industry-leading ROCE consistently above 80%
- Consistent high ROE (>60%)
Top Risks
- Significant increase in receivables in FY26
- Decline in Operating Margin % from historical peaks
- High valuation (10.8x P/B)
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