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Employees: 399
Size Waaree Renewable Technologies (WAAREERTL.NS) is an India Utilities company (Alternative Power Generation) with a market value of $810M, the 662nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹733.35 on 6 Nov 2026.
Performance Over six months the shares fell 30.3%, against -34.6% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 77.7% over the last twelve months (peer median +15.2%); the operating margin is 16.8% (peer median 20.6%).
Valuation It trades at 12.2× forward earnings against a peer median of 16.4× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +203%, so the hurdle is -179 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points below its cost of capital (16.8% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹39.4B | ₹33.3B | ₹16.0B | ₹8.77B | ₹3.51B |
| Revenue growth | — | +109% | +82% | +150% | — |
| Gross profit | ₹7.50B | ₹6.58B | ₹3.23B | ₹2.08B | ₹856M |
| EBITDA | ₹6.99B | ₹6.45B | ₹3.13B | ₹2.08B | ₹838M |
| Net income | ₹4.66B | ₹4.79B | ₹2.29B | ₹1.45B | ₹554M |
| Free cash flow | n/a | ₹1.67B | ₹1.98B | ₹1.14B | -₹254M |
| Capital expenditure | n/a | ₹1.22B | ₹1.01B | ₹108M | ₹864M |
| Total debt | ₹14.9B | ₹1.46B | ₹274M | ₹405M | ₹390M |
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| Measure | WAAREERTL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.7% | -10.2% | 11th highest of 21 |
| 6-month return | -30.3% | -34.6% | 8th highest of 20 |
| Distance from 52-week high | -43.9% | -44.3% | 11th highest of 21 |
| Revenue growth (TTM) | +77.7% | +15.2% | 2nd highest of 21 |
| Operating margin | 16.8% | 20.6% | 10th lowest of 21 |
| Forward P/E | 12.2× | 16.4× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 24.1% | -1.2% | most demanding of 9 |
| Growth delivered (Del g) | +203.3% | +15.7% | highest of 9 |
| Hurdle (Req g minus delivered) | -179.2 pp | -10.7 pp | least demanding of 9 |
| ROIC minus cost of capital | -1.5 pp | -1.9 pp | 9th highest of 21 |
| EV / EBITDA | 13.5× | 17.1× | 5th cheapest of 14 |
| Net debt / EBITDA | 1.6× | 8.9× | 2nd least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Waaree Renewable Technologies WAAREERTL.NS | India | $810M | -30% | +78% | 17% | 12.2× | 24.1% | +203.3% |
| Xinyi Energy 3868.HK | Hong Kong | $863M | -38% | +2% | 54% | 8.1× | -2.6% | +9.1% |
| SK Eternix 475150.KS | South Korea | $949M | -35% | +39% | 9% | 40.0× | n/a | n/a |
| Shanghai Nenghui Technology 301046.SZ | China | $680M | +8% | -49% | -13% | 2,690.0× | n/a | n/a |
| Cox Infrastructure COXG.MC | Spain | $1.05B | -12% | +72% | 9% | 10.1× | n/a | n/a |
| Century Wind Power 2072.TW | Taiwan | $618M | -41% | +62% | 22% | 5.7× | -17.2% | +41.9% |
| Guangdong Chant 002616.SZ | China | $617M | -21% | -3% | 7% | 14.1× | -4.3% | +3.8% |
| KPI Green Energy KPIGREEN.NS | India | $615M | -40% | +40% | 30% | 12.0× | n/a | n/a |
| Zhejiang Sunoren Solar Technology 603105.SS | China | $608M | -17% | +8% | 23% | 19.3× | 3.7% | +11.6% |
| Alerion Clean Power ARN.MI | Italy | $1.11B | -35% | +13% | 51% | 16.4× | n/a | n/a |
| Inox Green Energy Services INOXGREEN.NS | India | $537M | -37% | +16% | 2% | n/a | n/a | n/a |
| West 1407.T | Japan | $490M | -34% | +20% | 23% | 8.2× | -4.9% | -3.6% |
| XPLR Infrastructure, LP XIFR | United States | $1.38B | -38% | -1% | 3% | 3.0× | n/a | n/a |
| Pne PNE3.DE | Germany | $442M | -47% | +13% | 14% | n/a | n/a | n/a |
| Scatec SCATC.OL | Norway | $1.50B | -16% | +16% | 29% | n/a | n/a | n/a |
| Juniper Green Energy JNPR.NS | India | $1.54B | n/a | +1,313% | 52% | 100.5× | n/a | n/a |
| Clean Max Enviro Energy Solutions CLEANMAX.NS | India | $1.57B | +8% | +28% | 44% | 107.0× | n/a | n/a |
| Nyocor 600821.SS | China | $1.63B | -29% | -12% | 12% | 40.5× | 6.8% | +20.6% |
| Jiaze Renewables 601619.SS | China | $1.65B | -34% | -5% | 43% | 15.0× | 0.2% | +19.7% |
| RENOVA 9519.T | Japan | $397M | -38% | +14% | 5% | 17.1× | 23.9% | +33.6% |
| EnergieKontor EKT.DE | Germany | $383M | -45% | +54% | 19% | 70.4× | n/a | n/a |