WAAREERTL
Micro CapWaaree Renewable Technologies Limited
Power
Waaree Renewable Technologies Limited (WAAREERTL), a Waaree Energies subsidiary, provides end-to-end solar EPC services and O&M. It specializes in utility-scale, rooftop, and floating solar projects, leveraging in-house design, procurement, and construction capabilities for comprehensive renewable energy solutions.
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 is neutral, 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 31 Mar 2026
Good · 72/100Rev +131% YoY · PAT +66% YoY · +29% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,102 Cr | +131.0% | +29.5% |
| EBITDA | ₹207 Cr | +64.3% | +30.2% |
| Operating margin | 19.0% | -800 bps | +0 bps |
| PAT | ₹156 Cr | +66.0% | +30.0% |
| PAT margin | 14.2% | -555 bps | +6 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
WAAREERTL reported robust FY26 performance with revenue up 108.51% YoY to Rs. 3,331.42 Cr and PAT up 109.09% YoY to Rs. 478.65 Cr, driven by strong execution. Q4FY26 also saw significant YoY and QoQ growth in revenue and profitability.
The company demonstrated exceptional financial growth in FY26, more than doubling revenue and PAT YoY, indicating strong execution capabilities in a buoyant solar EPC market. While Q4 margins saw a slight dip YoY, full-year margins remained stable. The substantial order book and strategic focus on EPC and O&M expansion suggest continued momentum, though the unexecuted order book saw a slight decline from FY25.
EPC Segment Growth
Achieve higher growth in the EPC segment by evaluating opportunities in both international and domestic markets and participating in government and private bidding.
O&M Market Expansion
Expand in O&M markets, which are expected to grow as more solar capacities are added, evaluating third-party opportunities organically and inorganically.
Renewable Storage Solutions
Focus on Solar Wind Hybrid, Green Hydrogen, Battery, and Pumped Hydro Services as part of the energy transition strategy.
Diverse Project Portfolio
Leveraging expertise in Rooftop, Floating, Ground Mounted Solar, and Solar Parks to capture varied market segments.
IPP Plant Development
The company is setting up 227.10 MWp Independent Power Producer (IPP) Plant, in addition to 54.82 MWp already developed.
Project Commissioning
5.06 GWp projects commissioned, 59.26 MWp rooftop projects commissioned, and 2.29 MWp floating solar projects commissioned.
Supportive Government Policies
GOI has approved 55 solar parks with ~41GW capacity, extended policy till FY2029. PM Surya Ghar Muft Bijli Yojana targets 30 GW residential rooftop solar by 2027.
PLI Scheme for Manufacturing
Government-backed PLI Scheme promotes domestic manufacturing of Solar PV modules, targeting 48 GW of fully integrated solar PV manufacturing capacity.
Energy Storage Initiatives
Budgetary allocation of ₹5,400 Cr through PSDF for 30 GWh of BESS, with ISTS waiver for co-located BESS projects till June’28.
Fast Growing Solar Market
Fast growing solar market with massive tailwinds, with India's solar capacity additions projected to be ~156-164 GW over Fiscals 2027-2030.
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 overall annual growth and long-term trends in a project-based business. QoQ comparison is also relevant to track sequential execution momentum, order inflow, and margin performance in the rapidly evolving renewable energy sector.
Order Inflow
StrongKey Orders Wins: 420 MWp, 35 MWp, 14 MWp Ground Mounted solar projects (Q4FY26); 1,000 MWp, 435 MWp, 217.5 MWp, 131.6 MWp, 39.8 MWp, 29.4 MWp Ground Mounted solar projects (FY26).
Order Book (Unexecuted)
Slightly declined YoYUnexecuted orderbook: 2,832 MWp in FY26 vs 3,263 MWp in FY25.
Execution (MWp)
Strong growthExecuted Order Book (MWp): 2,727 MWp in FY26 vs 1,524 MWp in FY25 (+78.9%). Project commissioned: 5.06 GWp. Project site under execution: 2,832 MWp.
EBITDA Margin
Stable YoY, declined QoQFY26 EBITDA Margin: 19.24% (vs 19.46% in FY25). Q4FY26 EBITDA Margin: 18.76% (vs 26.51% in Q4FY25).
Strategic EPC Expansion
Management is evaluating opportunities in both international and domestic markets to secure more EPC contracts and participating in government and private bidding processes.
O&M Market Penetration
Management plans to expand in O&M markets, evaluating third-party opportunities in domestic markets through both organic and inorganic methods.
Value-Added O&M Services
Management aims to enhance value to customers by offering differentiating O&M services, such as drone thermography, strong analytics, and underground cable fault finders.
Ecosystem Leverage
The ecosystem of renewable energy from module to storage helps win clients.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow (MWp) | Key orders won in FY26 include 1,000 MWp, 435 MWp, 217.5 MWp, 131.6 MWp, 39.8 MWp, 29.4 MWp, 420 MWp, 35 MWp, 14 MWp projects. | Sustained growth in new order wins to replenish and grow the unexecuted order book, especially given the slight YoY decline in unexecuted order book. |
| Execution Pace (MWp) | Executed Order Book (MWp) grew to 2,727 MWp in FY26 from 1,524 MWp in FY25. | Continued acceleration in project execution and commissioning to convert the order book into revenue efficiently. |
| EBITDA Margin | FY26 EBITDA Margin at 19.24%, Q4FY26 at 18.76%. | Stability or improvement in EBITDA margins, particularly after the Q4FY26 YoY decline, indicating effective cost management and project profitability. |
| IPP Plant Commissioning | Setting up 227.10 MWp Independent Power Producer (IPP) Plant. | Timely commissioning and operationalization of the IPP plant to diversify revenue streams and enhance asset base. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +6.0% / mo
Technical chart
WAAREERTLdaily · 5Y-18.4%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 46.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% off 52W high · 22% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 37.0%.
- Quality contributes 18/20 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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: +0 points.
Factor attribution
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 91st percentile within Power. 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 · Power: 91st pctile, median 67 · Micro: 92nd pctile, median 71
0 documents indexed, 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 0.2%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.80
- P/B
- 10.66
- EV/EBITDA
- 15.54
- Market Cap
- 9956.00Cr
Profitability
- ROE
- 68.90%
- ROCE
- 83.60%
- ROA
- 20.18%
- Dividend Y
- 0.10%
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
- 49.31×
- Altman Z
- 7.12
- Book Value
- 89.50
Cash Flow
- FCF Yield
- 0.23%
- FCF Positive Y
- 5/5
- OCF
- 287.00 Cr
- EPS TTM
- 45.88
Shareholding
- Promoter Hold
- 74.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 30%
Financial History
Updated 13/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — 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.