Waaree Renewable Technologies

Listed EPC / O&M — per-stock model.

As of 21 Aug 2026

EPC / O&M—

CMP ₹875NSE: WAAREERTL

Latest concall

Q4 FY26 · 16 Apr 2026

Q4 rev ₹1,102cr +131%, PAT ₹156cr +66%; FY26 rev ₹3,331cr +108%.
Unexecuted order book 2.83 GWp — 12-15 months of revenue visibility.
Bidding pipeline >36 GWp; recent wins 420/35/14 MWp ground-mount solar.
Q4 EBITDA margin 18.76%, above 14-16% guided band but below prior year.

Order-book execution

2.83 GWp unexecuted book executes over next 12-15 months; large lower-margin utility contracts dominate.

Management guidance

Sustainable EBITDA margin guided 14-16% amid pricing and competition pressure.
Diversifying into IPP — operational assets 54 MW, ₹26cr FY26 revenue.
2.83 GWp book plus 36 GWp pipeline underpin continued strong topline growth.

Waaree Renewable Q4 FY26 results/concall, ~Apr 16 2026; ScanX, Mercom India, sahi.com, InvestyWise

Revenue FY26E

3,331₹ cr

EBITDA margin

19%

P/E

18.0×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY18	2	0	25.0%	0	—	—	—	—	—	0.0	—
FY19	7	3	45.0%	-2	—	—	—	—	—	-0.4	—
FY20	6	1	15.0%	-3	—	—	—	—	—	-0.3	—
FY21	13	7	54.0%	-2	—	—	—	—	—	-0.2	—
FY22	162	24	15.0%	9	—	—	—	—	—	0.8	—
FY23	351	84	24.0%	55	—	—	—	—	—	5.3	—
FY24	876	207	24.0%	145	—	—	—	—	—	13.9	—
FY25	1,598	311	19.0%	229	—	—	—	—	—	22.0	—
FY26	3,331	641	19.0%	479	—	—	—	—	—	45.9	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	129	13	10.0%	9	7.0%
Q2FY24	150	31	20.0%	21	14.0%
Q3FY24	324	88	27.0%	64	19.8%
Q4FY24	273	75	28.0%	51	18.7%
Q1FY25	236	41	17.0%	28	11.9%
Q2FY25	524	72	14.0%	54	10.3%
Q3FY25	360	72	20.0%	53	14.7%
Q4FY25	477	126	27.0%	94	19.7%
Q1FY26	603	118	19.0%	86	14.3%
Q2FY26	775	158	20.0%	116	15.0%
Q3FY26	851	159	19.0%	120	14.1%
Q4FY26	1,102	207	19.0%	156	14.2%
Q1FY27	924	173	19.0%	119	12.9%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

18.0×

EV / EBITDA

13.3×

P/B

9.8×

Operating metrics

What the rest of the dashboard tracks for Waaree Renewable Technologies — capacity, auctions, offtake, manufacturing and returns.

300 MW

Auctions won

1 auction

300 MW

PPAs signed

1 agreement

Auctions won

From the maintained auction feed

Tenders

Date	Agency	Type	MW	₹/kWh	Source
5 Feb 2026	SECI	Wind	300	3.67	source

PPA / PSA signings

Power-purchase agreements from the maintained tracker

IPPs

Date	Agency	Type	MW	₹/kWh
5 Feb 2026	SECI	Wind	300	3.68

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026