Waaree Renewable Technologies Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹7,250 Cr
- P/E
- 14.21
- ROE
- 68.57%
- PEG
- 0.14
- Price to sales
- 2.06
- Debt to equity
- 0.12
- 52W high / low
- ₹1,256 / ₹656
- Sales growth (5Y)
- 237.56%
- EBITDA margin
- 19.29%
- Net profit margin
- 14.37%
- Promoter holding
- 74.30%
- Sales (last year)
- ₹3,539 Cr
Guidance scorecard · Q2 FY27 call
What Waaree Renewable Technologies Ltd's management guided
and where it ranks in Electrical Equipment
Electrical Equipment
RevenueQ2 FY27 call
20–40%- The consolidated unexecuted order book stands at over INR 5,500 crores (INR 3,300 crores from solar EPC and BESS, INR 2,200 crores from T&D), providing strong revenue visibility for coming quarters.
- Execution of these orders is expected over the next 3-4 quarters, supporting sustained revenue growth.
- The company has active pipelines exceeding 30-35 gigawatts (domestic and international), underpinning future order inflows.
- Growth is expected in both solar EPC and T&D segments; solar EPC remains significant with new order inflows of about 1.7 GW booked recently.
- T&D business has a robust order pipeline of over INR 20,000 crores and is forecasted to grow steadily with improving margins.
2 more points from Waaree Renewable Technologies Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Waaree Renewable Technologies Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Waaree Renewable Technologies is expanding its manufacturing capabilities with an additional facility at Azamnagar, having a capacity of 1 lakh metric tons, supporting growing transmission and distribution (T&D) infrastructure requirements.
- The company has undertaken acquisition-related financing for APSPL, indicating strategic capital deployment in expanding the T&D business.
- The Union Cabinet approved the Green Energy Corridor Phase 3 scheme with an outlay of INR1.86 lakh crores aiming to strengthen transmission infrastructure and deploy 50 gigawatt hours of battery energy storage by FY 2032-33, aligning with Waaree's…
- Waaree plans to leverage these opportunities to deepen its presence across solar EPC, BESS, and T&D segments as part of a broader energy transition platform.
FundraisingQ2 FY27 call
PlannedSee what Waaree Renewable Technologies Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- As of Q2 FY2027, the consolidated unexecuted order book stands at more than INR 5,500 crores.
- Recent wins include around 1.7 gigawatts worth of new solar EPC orders in the last quarter.
- Total order pipeline being actively followed is around 25-30 gigawatts domestically and about 9 gigawatts internationally.
- The order book and pipeline provide healthy visibility and are expected to translate into revenue over the next 3-4 quarters.
2 more points from Waaree Renewable Technologies Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingWaaree Renewable Technologies Ltd announcements
All announcements →- Order winNotableWaaree Renewable Technologies receives LOA for 200 MW / 500 MWh Battery Energy Storage EPC project
- Order winNotableWaaree Renewable Technologies receives LOA for 450 MWp solar EPC project
- Order winNotableWaaree Renewable updates Solar PV EPC contracts, aggregate capacity now 800 MWac
- Capex / expansionMajor development· Adverse for the businessWaaree Renewable Technologies declares Sep 2026 quarter results; approves Wardha capex
Financials of Waaree Renewable Technologies Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Waaree Renewable Technologies Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 74.46% | 74.46% | 74.46% | 74.44% | 74.39% | 74.39% | 74.39% | 74.39% | 74.32% | 74.32% | 74.32% | 74.30% |
| FIIs + | 0.00% | 0.20% | 0.83% | 0.98% | 0.99% | 1.13% | 1.31% | 1.38% | 1.70% | 1.85% | 1.98% | 2.02% |
| DIIs + | 0.09% | 0.01% | 0.01% | 0.00% | 0.01% | 0.24% | 0.14% | 0.12% | 0.14% | 0.09% | 0.09% | 0.09% |
| Public + | 25.43% | 25.33% | 24.69% | 24.58% | 24.60% | 24.25% | 24.16% | 24.12% | 23.85% | 23.73% | 23.61% | 23.58% |
| No. of Shareholders | 28,985 | 86,482 | 1,85,340 | 2,20,702 | 2,84,189 | 3,23,258 | 3,16,520 | 3,13,409 | 3,10,109 | 3,08,307 | 3,06,445 | 3,01,491 |
Financials of Waaree Renewable Technologies Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 150 | 324 | 273 | 236 | 524 | 360 | 477 | 603 | 775 | 851 | 1,102 | 811 | 452 |
| Expenses + | 119 | 236 | 198 | 195 | 453 | 288 | 350 | 486 | 617 | 692 | 896 | 652 | 345 |
| Operating Profit | 31 | 88 | 75 | 41 | 72 | 72 | 126 | 118 | 158 | 159 | 207 | 159 | 107 |
| OPM % | 20% | 27% | 28% | 17% | 14% | 20% | 27% | 19% | 20% | 19% | 19% | 20% | 24% |
| Other Income + | 1 | 1 | 2 | 3 | 3 | 4 | 1 | 5 | 5 | 7 | 8 | 7 | 6 |
| Interest | 2 | 0 | 4 | 3 | 4 | 3 | 4 | 4 | 4 | 3 | 3 | 7 | 24 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 |
| Profit before tax | 28 | 86 | 72 | 40 | 69 | 71 | 121 | 117 | 157 | 160 | 210 | 157 | 86 |
| Tax % | 25% | 26% | 29% | 28% | 23% | 24% | 23% | 26% | 26% | 24% | 25% | 27% | 21% |
| Net Profit + | 21 | 64 | 51 | 28 | 54 | 54 | 94 | 87 | 117 | 122 | 157 | 114 | 68 |
| EPS in Rs | 1.98 | 6.18 | 4.93 | 2.73 | 5.14 | 5.14 | 9.01 | 8.30 | 11.22 | 11.66 | 15.08 | 10.97 | 6.53 |
Financials of Waaree Renewable Technologies Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 0 | 0 | 0 | 1 | 5 | 2 | 8 | 154 | 342 | 876 | 1,597 | 3,331 | 3,216 |
| Expenses + | 0 | 0 | 0 | 2 | 3 | 2 | 5 | 140 | 266 | 669 | 1,286 | 2,690 | 2,584 |
| Operating Profit | 0 | 0 | -0 | -0 | 2 | 0 | 3 | 13 | 76 | 207 | 311 | 641 | 632 |
| OPM % | 38% | 27% | -15% | -16% | 50% | 1.5% | 36% | 9% | 22% | 24% | 19% | 19% | 20% |
| Other Income + | 0 | 0 | 0 | 1 | 1 | 3 | 4 | 14 | 5 | 4 | 11 | 24 | 27 |
| Interest | 0 | 0 | 0 | 0 | 2 | 3 | 4 | 1 | 1 | 7 | 15 | 13 | 38 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 6 | 8 | 9 |
| Profit before tax | 0 | 0 | -0 | 0 | 1 | -0 | 3 | 26 | 80 | 199 | 301 | 644 | 613 |
| Tax % | 25% | 31% | 0% | 73% | 65% | -52% | 12% | 21% | 26% | 27% | 24% | 25% | |
| Net Profit + | 0 | 0 | -0 | 0 | 0 | -0 | 2 | 20 | 59 | 145 | 229 | 483 | 462 |
| EPS in Rs | 0.02 | 0.02 | -0.01 | 0.02 | 0.06 | -0.02 | 0.22 | 1.96 | 5.71 | 13.97 | 22.01 | 46.25 | 44.24 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5% | 4% | 7% | 5% | 0% |
Financials of Waaree Renewable Technologies Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
| Reserves | 0 | 0 | 0 | 0 | 1 | 10 | 12 | 31 | 91 | 227 | 436 | 919 | 1,102 |
| Borrowings + | 0 | 0 | 0 | 0 | 36 | 37 | 37 | 0 | 0 | 40 | 27 | 115 | 1,021 |
| Other Liabilities + | 0 | 0 | 0 | 2 | 1 | 1 | 13 | 80 | 143 | 427 | 637 | 1,289 | 1,129 |
| Total Liabilities | 10 | 10 | 10 | 12 | 48 | 68 | 83 | 132 | 254 | 715 | 1,121 | 2,343 | 3,273 |
| Fixed Assets + | 0 | 0 | 0 | 4 | 4 | 3 | 3 | 3 | 9 | 154 | 195 | 238 | 287 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80 | 3 | 56 | 111 | 47 |
| Investments | 1 | 1 | 0 | 0 | 32 | 32 | 32 | 1 | 0 | 9 | 52 | 31 | 1,235 |
| Other Assets + | 10 | 10 | 10 | 9 | 13 | 33 | 48 | 128 | 165 | 549 | 818 | 1,962 | 1,704 |
| Total Assets | 10 | 10 | 10 | 12 | 48 | 68 | 83 | 132 | 254 | 715 | 1,121 | 2,343 | 3,273 |
Financials of Waaree Renewable Technologies Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -0 | -0 | -2 | 0 | 5 | 3 | 3 | 34 | 58 | 128 | 302 | 291 |
| Cash from Investing Activity + | 0 | 0 | 1 | -3 | -31 | 3 | -8 | 19 | -66 | -114 | -237 | -272 |
| Cash from Financing Activity + | 0 | 0 | 1 | 2 | 27 | -6 | 5 | -39 | -2 | -7 | -49 | 26 |
| Net Cash Flow | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 13 | -10 | 6 | 17 | 45 |
| Free Cash Flow | -0 | -0 | -2 | -3 | 4 | 3 | 3 | 33 | -28 | 117 | 201 | 232 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -75% | -69% | 4,700% | -310% | 195% | 11,900% | 129% | 277% | 84% | 74% | 120% | 66% |
Financials of Waaree Renewable Technologies Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 46 | 0 | 0 | 115 | 209 | 4 | 118 | 107 | 65 | 155 | 114 | 128 |
| Inventory Days | 44 | 5 | 53 | 17 | 2 | 20 | ||||||
| Days Payable | 260 | 159 | 111 | 168 | 91 | 129 | ||||||
| Cash Conversion Cycle | 46 | 0 | 0 | 115 | 209 | 4 | -98 | -47 | 7 | 3 | 25 | 19 |
| Working Capital Days | 10,460 | 7,140 | 9,111 | -303 | 224 | 59 | 1,640 | 25 | 11 | 2 | -10 | 9 |
| ROCE % | 1% | 1% | -0% | 5% | 11% | 5% | 9% | 45% | 99% | 103% | 82% | 85% |
Guidance history
How Waaree Renewable Technologies Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Flat |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
5 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −44.7% | 8% |
| Last 6 months | −31.8% | 8% |
| Last 3 months | −24.0% | 13% |
The price is 74.7% below its all-time high of ₹2,748.45 (26 Apr 2024). Stocks more than 20% below their peak have their score halved, so 9 became 5.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Waaree Renewable Technologies Ltd: 0.4 × 8 + 0.4 × 8 + 0.2 × 13 = 9, halved to 5 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Waaree Renewable Technologies Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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