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Swing Capital

Waaree Renewable Technologies Ltd

NSE: WAAREERTL BSE: 534618Energy

Incorporated in 1999, Waaree Renewables Technologies Ltd is engaged in the business of generation of power through renewable energy sources and also provides consultancy services in this regard. [1] Waaree Energy is one of the largest vertically integrated new energy companies. It has India's largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat.

₹934
52W: ₹780 — ₹1358
PE 20.2 · Book ₹90 · +938% vs book
Market Cap₹9,745 Cr
Stock P/E20.2Price to Earnings
ROCE85.4%Return on Capital
ROE69.1%Return on Equity
Div. Yield0.11%Face Value ₹2

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 190% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 69.8%
  • +Company's median sales growth is 139% of last 10 years

Weaknesses

  • −Stock is trading at 10.3 times its book value

Shareholding Pattern

Promoters74.32%
FIIs1.85%
DIIs0.09%
Public23.73%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.46%74.44%▼0.074.39%▼0.074.39%74.39%74.39%74.32%▼0.174.32%
FIIs0.83%0.98%▲0.20.99%▲0.01.13%▲0.11.31%▲0.21.38%▲0.11.7%▲0.31.85%▲0.2
DIIs0.01%0%▼0.00.01%▲0.00.24%▲0.20.14%▼0.10.12%▼0.00.14%▲0.00.09%▼0.1
Public24.69%24.58%▼0.124.6%▲0.024.25%▼0.424.16%▼0.124.12%▼0.023.85%▼0.323.73%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales3242732365243604776037758511,102
Expenses236198195453288350486617692896
Operating Profit8875417272126118158159207
OPM %27%28%17%14%20%27%19%20%19%19%
Net Profit64512854549487117122157
EPS ₹6.184.932.735.145.149.018.311.2211.6615.08

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,331Cr, up 108.6% YoY. OPM at 19%.

Debt Position

Borrowings at ₹115Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Capex Cycle

CWIP at ₹111Cr (47% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.09% (+0.09pp change). FIIs: 1.85% (+1.85pp change). Promoters hold 74.32%.

Margin & Efficiency

ROCE improving from 1% (Mar 2015) to 85% (Mar 2026). Working capital days: 11.

Valuation

PE 20.2x with 85.4% ROCE. Price is 938% above book value of ₹90. Dividend yield: 0.11%.

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