About Waaree PV Technologies Private Limited
Data last updated:
Waaree PV Technologies Private Limited was a private limited company based in Mumbai, Maharashtra, India, operated as a subsidiary of Waaree Renewable Technologies Limited. The company has been amalgamated - it was merged with another entity and no longer exists as a separate legal entity. It operated in the solar energy solutions segment of the environmental services sector. It was incorporated on 24 October 1985.
The company was registered with the Registrar of Companies (ROC), Mumbai, under CIN U40300MH1985PTC333383. The company has 1 GST registration on record, which is no longer active.
The company had an authorised share capital of ₹5 Lakh and a paid-up capital of ₹1 Lakh. It was formerly known as Anelec Engineering Private Ltd. It was led by directors including Kirit Chimanlal Doshi and Hitesh Pranjivan Mehta.
Its last annual general meeting (AGM) was held on 12 August 2023, and its latest financial statements are for the year ended 31 March 2023. The registered office was at 504 Western Edge – 1 Off Western Express Highway Borivali (East), Mumbai, Maharashtra, India – 400066.
As per the financials filed for FY 2023, the company reported a revenue of ₹8.1 Cr, a decline of 4% compared to the previous year. For the same year it recorded a net loss of ₹1.99 Cr (net margin -24.5%) and EBITDA of ₹7.1 Cr (EBITDA margin 87.6%).
The company was associated with 2 brands: Waaree Energies and Waaree RTL. As per MCA filings, the company had open charges of ₹36.98 Cr on record. Court records list 1 case involving the company, including 1 filed by the company.
The last known website on record is waareertl.com.
Company details
CIN history
Waaree PV Technologies has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U40300MH1985PTC333383, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U40300MH1985PTC333383 | Current |
| U74899DL1985PTC022322 | Previous |
| U40300DL1985PTC022322 | Previous |
Contact details
Waaree PV Technologies Private Limited's registered office is in Mumbai, Maharashtra. Its website is waareertl.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address504 Western Edge – 1 Off Western Express Highway Borivali (East), Mumbai, Maharashtra, India – 400066
- IndustryEnvironment, Solar Energy Solutions
To see the full contact details of Waaree PV Technologies Private Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Waaree PV Technologies operates two associated brands: Waaree Energies and Waaree RTL. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of solar PV modules | waaree.com | |
| Solar-powered products are manufactured in Mumbai, India. | waareertl.com |
Business activity
The main business activity of Waaree PV Technologies is electricity, gas, steam and air condition supply. In detail, this covers electric power generation, transmission and distribution.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution |
To see the full business activity and turnover split of Waaree PV Technologies Private Limited, buy the company report.
Financials of Waaree PV Technologies Private Limited
FY 2023 filings availableWaaree PV Technologies Private Limited reported revenue of ₹8.1 Cr (down 4% YoY) for FY 2023.
Compounded Annual Growth Rate (CAGR)
Revenue fell 4% in the latest year. EBITDA rose 2% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹8.1 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹7.1 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹1.99 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
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| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
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| Total Assets | |||||
Financial Ratios
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 87.6% | ||||
| Net Profit Margin | -24.5% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
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| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Waaree PV Technologies Private Limited, buy the company report.
Board of directors of Waaree PV Technologies Private Limited
Waaree PV Technologies has 3 current directors and 3 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Kirit Chimanlal Doshi Also directs: Vedaang Solar LLP, Waaree Technologies Limited, Waaree Green Glass Private Limited and 4 more | Director | 10 Jun 2004 | 22 Years 4 Months | As last reported |
| Hitesh Pranjivan Mehta Also directs: Indosolar Limited, Waaree Energies Limited, Waaree Renewable Technologies Limited and 5 more | Director | 15 Jun 2020 | 6 Years 4 Months | As last reported |
| Pankaj Chimanlal Doshi Also directs: Patan Solar Private Limited, SGP Industrial Infrastructure Private Limited, Waaree Ess Private Limited and 1 more | Director | 10 Jun 2004 | 22 Years 4 Months | As last reported |
Peer comparison
Waaree PV Technologies Private Limited is compared with the 7 companies closest to it by revenue in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Sun Layer Energy Private Limited | ₹8.21 Cr (FY 2025) | 16.0% | Dehradun, Uttarakhand, India | |||
| Ghi Energy Private Limited | ₹8.14 Cr (FY 2025) | -51.0% | Chennai, Tamil Nadu, India | |||
| Waaree PV Technologies Private Limitedthis company | ₹8.1 Cr (FY 2023) | -₹1.99 Cr | -24.5% | -4.0% | Mumbai, Maharashtra, India | |
| K M Energy Private Limited | ₹8.1 Cr (FY 2025) | 0.0% | Lucknow, Uttar Pradesh, India | |||
| Star Solar Power Private Limited | ₹8.09 Cr (FY 2025) | 14.0% | New Delhi, Delhi, India | |||
| Walwhan Solar Raj Limited | ₹8.06 Cr (FY 2024) | -8.0% | Mumbai, Maharashtra, India | |||
| Breathe Solar Power Private Limited | ₹8.06 Cr (FY 2024) | -19.0% | Kankroli, Rajasthan, India | |||
| Torrent Saurya Urja 5 Private Limited | ₹8.04 Cr (FY 2025) | Ahmedabad, Gujarat, India |
To see the full peer comparison of Waaree PV Technologies Private Limited, buy the company report.
Auditor
Waaree PV Technologies Private Limited is audited by M. N. Sheth & Associates for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| M. N. Sheth & Associates | FY 2023 | 110061W |
Shareholding
The shareholding of Waaree PV Technologies Private Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Waaree PV Technologies Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 13 Oct 2020 | 100378274 | Others | ₹36.98 Cr | Open |
To see the full charge records of Waaree PV Technologies Private Limited, buy the company report.
Total charge records: 1 View all charges
Legal cases
Waaree PV Technologies Private Limited has 1 court case on record: 1 filed by Waaree PV Technologies. All case is disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| NCLT | 1 | 0 | 0 |
Cases on record (1 of 1)
| Court | Type of case | Party | Status |
|---|---|---|---|
| NCLT, Mumbai | Court case (C.P.(CAA)) | Filed by the company | Disposed |
To see the full case history of Waaree PV Technologies Private Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Waaree PV Technologies Private Limited was last rated by Care on 05 Jul 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 05 Jul 2022 |
To see the full credit ratings and regulatory alerts of Waaree PV Technologies Private Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Waaree PV Technologies Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Waaree PV Technologies has 1 GST registration on record, and it has been cancelled or is inactive. Only active GST numbers are listed on this page.
To see the full GST registrations and return filing status of Waaree PV Technologies Private Limited, buy the company report.
Recent activity
Waaree PV Technologies Private Limited has 9 board changes on record since 2004: 6 appointments and 3 cessations. The latest: Bhag Chand Bhandari ceased to be Additional Director on 18 Jun 2020.
2 earlier events are in the company report.
News
Frequently asked questions
Waaree PV Technologies has been "Amalgamated" (merged) as per MCA records. The company was combined with another entity and no longer exists as a separate legal entity. Business activities, if any, continue under the successor entity.
Waaree PV Technologies was a private limited company based in Mumbai, Maharashtra, India. The company worked in solar energy solutions, within the environment industry. It was incorporated on 24 October 1985 and is registered under CIN U40300MH1985PTC333383. The company is recorded as amalgamated in MCA records and no longer exists as a legal entity.
Waaree PV Technologies was incorporated on 24 October 1985. It is registered with the Registrar of Companies, Mumbai.
Waaree PV Technologies had 3 directors:
- Kirit Chimanlal Doshi - Director
- Hitesh Pranjivan Mehta - Director
- Pankaj Chimanlal Doshi - Director
The CIN (Corporate Identification Number) of Waaree PV Technologies is U40300MH1985PTC333383. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
The registered office of Waaree PV Technologies is at 504 Western Edge – 1 Off Western Express Highway Borivali East, Mumbai, Maharashtra, India – 400066.
Waaree PV Technologies can be reached through the website waareertl.com. Its registered office is in Mumbai, Maharashtra, India.
The latest financial statements of Waaree PV Technologies on record with the MCA are for the year ended 31 March 2023. Its last annual general meeting was held on 12 August 2023. Year-wise statements from 2015 are in the company report.
No. Waaree PV Technologies has 1 GST registration on record and it is cancelled or inactive.
Waaree PV Technologies operated in the environment industry, in the solar energy solutions segment.
The peers of Waaree PV Technologies by revenue are Sun Layer Energy Private Limited, Ghi Energy Private Limited, K M Energy Private Limited, Star Solar Power Private Limited, Walwhan Solar Raj Limited and 2 more, all in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution).