India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,545 Viren Chimanlal Doshi ₹1,300 Cr
Market Cap
₹7,861 Cr
WAAREERTL · NSE
Share Price
₹743.65
-1.25% today
Revenue
₹3,331 Cr
FY 2025-26 · +108.5% YoY
EBITDA
₹641 Cr
Margin 19.2%
Net Profit
₹479 Cr
FY 2025-26 · +108.0% YoY
P/E (TTM)
16.9x
P/B 7.1x
ROE
68.9%
ROCE 83.2%
Debt / Equity
0.12
Interest cover 2.1x
About Waaree Renewable Technologies Limited
Data last updated:
Waaree Renewable Technologies Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Waaree Energies Limited. It operates in the bop and btg services segment of the energy and power sector. It was incorporated on 22 June 1999 and has been in existence for over 27 years.
Its director Viren Chimanlal Doshi is #1,545 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L93000MH1999PLC120470. Its GSTIN is 27AADCS1824J2ZB (Maharashtra). The company holds 6 GST registrations, of which 5 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 534618 and NSE: WAAREERTL.
The company has an authorised share capital of ₹21.31 Cr and a paid-up capital of ₹20.88 Cr. It was formerly known as Sangam Advisors Limited and Sangam Advisors Private Limited. It is led by directors including Pujan Pankaj Doshi (Managing Director) and Hitesh Pranjivan Mehta (Whole-Time Director).
Its last annual general meeting (AGM) was held on 23 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 504 Western Edge – 1 Off Western Express Highway Borivali (East), Mumbai, Maharashtra, India – 400066.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹3,331.42 Cr, a growth of 108.5% compared to the previous year. For the same year it recorded a net profit of ₹478.7 Cr (net margin 14.4%) and EBITDA of ₹641.09 Cr (EBITDA margin 19.2%). The net worth stands at ₹934.35 Cr (up 105.2% YoY). Total assets are valued at ₹1,084.26 Cr (up 124.2% YoY).
The company has about 398 employees on its provident fund (EPFO) records. Its group structure includes 4 subsidiaries.
The company is associated with 2 brands: Waaree Energies and Waaree RTL. As per MCA filings, the company has open charges of ₹3,600.75 Cr and satisfied charges of ₹353.96 Cr on record. Court records list 3 cases involving the company, including 3 filed by the company. The company has 92 deals on record (90 market trades, 1 acquisition, 1 ipo); the latest was in April 2026. The company has 6 MSME Form 1 returns on record between 2021 and 2024, listing 124 overdue payments to 59 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website waaree.com.
Company details
CIN L93000MH1999PLC120470
Registration Number 120470
Incorporation Date 22 June 1999
ROC Mumbai
Listing Status Listed - Listed on NSE (WAAREERTL); Listed on BSE (534618)
Company Status Active
Parent Company Waaree Energies Limited
Compliance Status Active Compliant
Name history
Waaree Renewable Technologies has undergone 3 name changes throughout its history. The company was previously known as Sangam Advisors Limited, Sangam Advisors Private Limited, and Sangam Renewables Limited. The current legal name is Waaree Renewable Technologies Limited.
| Company Name | Status |
|---|---|
| Waaree Renewable Technologies Limited | Current |
| Sangam Advisors Limited | Previous |
| Sangam Advisors Private Limited | Previous |
| Sangam Renewables Limited | Previous |
CIN history
Waaree Renewable Technologies has 4 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L93000MH1999PLC120470, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L93000MH1999PLC120470 | Current |
| U74140MH1995PLC120470 | Previous |
| U74140MH1995PTC120470 | Previous |
| L74140MH1999PLC120470 | Previous |
| U74140MH1999PLC120470 | Previous |
Key People
Pujan Pankaj Doshi Managing Director Hitesh Pranjivan Mehta Whole-Time Director Viren Doshi Chimanlal Whole-Time Director Recognitions & Rankings of Waaree Renewable Technologies
Contact details
Waaree Renewable Technologies Limited's registered office is in Mumbai, Maharashtra. Its website is waaree.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
- IndustryEnergy and Power, BoP & BTG Services, Power EPC
To see the full contact details of Waaree Renewable Technologies Limited, buy the company report.
Comprehensive company report
Waaree Renewable Technologies Limited - one report that includes everything
- 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
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Waaree Renewable 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 Renewable Technologies is electricity, gas, steam and air conditioning supply. In detail, this covers electricity, gas, steam and air conditioning supply.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| D | Electricity, gas, steam and air conditioning supply | 35 | Electricity, gas, steam and air conditioning supply |
To see the full business activity and turnover split of Waaree Renewable Technologies Limited, buy the company report.
Financials of Waaree Renewable Technologies Limited
FY 2025-26 filings availableWaaree Renewable Technologies Limited reported revenue of ₹3,331.42 Cr (up 108.5% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹3,331 Cr
+108.5% YoY
EBITDA
₹641 Cr
+108.9% YoY
Profit After Tax
₹479 Cr
+108.0% YoY
Net Worth
₹934 Cr
+105.2% YoY
Total Assets
₹1,084 Cr
+124.2% YoY
Total Debt
₹146 Cr
+432.2% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 3,331 | 1,598 | 876 | 351 | 162 | 12.98 | 5.68 |
| Revenue growth | +108.5% | +82.3% | +149.7% | +117.3% | +1144.2% | +128.5% | - |
| EBITDA | 641 | 307 | 207 | 83.75 | 23.51 | 6.99 | 0.38 |
| EBITDA margin | +19.2% | +19.2% | +23.6% | +23.9% | +14.6% | +53.9% | +6.7% |
| Profit before tax | 640 | 300 | 198 | 77.03 | 21.22 | 3.40 | (2.52) |
| Net profit | 479 | 230 | 145 | 55.20 | 8.49 | (2.34) | (2.81) |
| Net profit margin | +14.4% | +14.4% | +16.6% | +15.7% | +5.3% | -18.0% | -49.5% |
| EPS (₹) | 45.86 | 21.98 | 13.95 | 26.63 | 4.13 | (1.14) | (1.53) |
| Balance sheet | |||||||
| Total assets | 1,084 | 484 | 287 | 124 | 71.91 | 172 | 96.34 |
| Net worth | 934 | 455 | 247 | 85.14 | 29.90 | 22.27 | 25.95 |
| Total debt | 146 | 27.37 | 40.48 | 38.98 | 41.84 | 117 | 39.77 |
| Cash & bank | 359 | 194 | 121 | 16.51 | 42.19 | 6.11 | 36.76 |
| Net working capital | 506 | 150 | 135 | (15.43) | 10.89 | (7.43) | 23.40 |
| Cash flow | |||||||
| Cash from operations | 287 | 303 | 128 | 65.15 | 42.55 | (2.31) | 50.85 |
| Cash from investing | (264) | (237) | (114) | (65.96) | 9.43 | (105) | (38.16) |
| Cash from financing | 22.55 | (48.57) | (7.18) | (9.20) | (39.99) | 80.68 | 14.38 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,058 | 924 | 1,102 | 851 | 775 | 603 | 477 | 360 |
| Revenue growth (YoY) | +36.5% | +53.2% | +131.3% | +136.2% | +47.7% | +155.2% | - | - |
| Other income | 9.18 | 5.27 | 6.05 | 5.12 | 4.43 | 4.83 | 4.86 | 3.78 |
| EBITDA | 160 | 173 | 207 | 159 | 158 | 118 | 122 | 71.93 |
| EBITDA margin | +15.1% | +18.8% | +18.8% | +18.7% | +20.4% | +19.5% | +25.7% | +20.0% |
| Depreciation | 26.97 | 5.78 | 2.09 | 2.11 | 2.18 | 2.23 | 1.63 | 1.62 |
| Interest | 36.83 | 9.59 | 2.68 | 3.42 | 3.62 | 3.56 | 4.38 | 3.35 |
| Profit before tax | 105 | 163 | 208 | 158 | 157 | 117 | 121 | 70.74 |
| Tax | 23.88 | 44.42 | 52.38 | 38.20 | 40.22 | 30.18 | 27.40 | 17.26 |
| Net profit | 81.48 | 119 | 156 | 120 | 116 | 86.41 | 93.76 | 53.48 |
| EPS (₹) | 7.07 | 11.09 | 14.94 | 11.50 | 11.13 | 8.27 | 8.98 | 5.12 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 3,331 | 1,597 | 876 | 342 | 154 | 7.60 | 1.98 |
| Revenue growth | +108.5% | +82.3% | +156.4% | +122.5% | +1920.5% | +283.8% | - |
| EBITDA | 641 | 307 | 207 | 75.99 | 13.23 | 2.75 | 0.06 |
| EBITDA margin | +19.2% | +19.2% | +23.6% | +22.2% | +8.6% | +36.2% | +3.0% |
| Profit before tax | 644 | 301 | 199 | 79.81 | 25.95 | 2.66 | (0.37) |
| Net profit | 483 | 230 | 145 | 59.29 | 20.39 | 2.34 | (0.29) |
| Net profit margin | +14.5% | +14.4% | +16.6% | +17.4% | +13.3% | +30.8% | -14.7% |
| EPS (₹) | 46.19 | 22.01 | 13.97 | 28.54 | 9.80 | 1.12 | (0.09) |
| Balance sheet | |||||||
| Total assets | 1,059 | 485 | 289 | 112 | 52.52 | 69.90 | 67.14 |
| Net worth | 939 | 457 | 247 | 111 | 52.21 | 32.78 | 30.42 |
| Total debt | 115 | 27.37 | 40.48 | 0.00 | 0.09 | 36.94 | 36.67 |
| Cash & bank | 358 | 193 | 121 | 12.74 | 38.57 | 0.53 | 0.28 |
| Net working capital | 503 | 154 | 139 | 22.75 | 49.22 | 34.68 | 0.60 |
| Cash flow | |||||||
| Cash from operations | 291 | 302 | 128 | 58.15 | 33.52 | 3.27 | 3.30 |
| Cash from investing | (272) | (237) | (114) | (66.00) | 18.59 | (8.01) | 2.89 |
| Cash from financing | 25.84 | (48.57) | (7.18) | (2.31) | (39.36) | 4.99 | (6.13) |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 452 | 811 | 1,102 | 851 | 775 | 603 | 477 | 360 |
| Revenue growth (YoY) | -41.7% | +34.5% | +131.3% | +136.2% | +47.7% | +155.3% | - | - |
| Other income | 6.29 | 6.91 | 7.65 | 6.64 | 5.12 | 4.93 | 4.94 | 3.86 |
| Total expenses | 345 | 652 | 896 | 692 | 617 | 486 | 354 | 288 |
| EBITDA | 107 | 159 | 207 | 159 | 158 | 118 | 122 | 71.87 |
| EBITDA margin | +23.7% | +19.7% | +18.8% | +18.7% | +20.4% | +19.5% | +25.7% | +20.0% |
| Depreciation | 2.67 | 2.29 | 2.06 | 2.08 | 2.15 | 2.20 | 1.60 | 1.59 |
| Interest | 24.41 | 7.37 | 2.68 | 3.42 | 3.62 | 3.56 | 4.38 | 3.35 |
| Profit before tax | 86.31 | 157 | 210 | 160 | 157 | 117 | 121 | 70.79 |
| Tax | 18.18 | 42.26 | 52.37 | 38.19 | 40.21 | 30.18 | 27.39 | 17.25 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 13 Nov 2026
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,058 | 924 | 1,102 | 851 | 775 | 603 | 477 | 360 |
| Revenue growth (YoY) | +36.5% | +53.2% | +131.3% | +136.2% | +47.7% | +155.2% | - | - |
| Other income | 9.18 | 5.27 | 6.05 | 5.12 | 4.43 | 4.83 | 4.86 | 3.78 |
| EBITDA | 160 | 173 | 207 | 159 | 158 | 118 | 122 | 71.93 |
| EBITDA margin | +15.1% | +18.8% | +18.8% | +18.7% | +20.4% | +19.5% | +25.7% | +20.0% |
| Depreciation | 26.97 | 5.78 | 2.09 | 2.11 | 2.18 | 2.23 | 1.63 | 1.62 |
| Interest | 36.83 | 9.59 | 2.68 | 3.42 | 3.62 | 3.56 | 4.38 | 3.35 |
| Profit before tax | 105 | 163 | 208 | 158 | 157 | 117 | 121 | 70.74 |
| Tax | 23.88 | 44.42 | 52.38 | 38.20 | 40.22 | 30.18 | 27.40 | 17.26 |
| Net profit | 81.48 | 119 | 156 | 120 | 116 | 86.41 | 93.76 | 53.48 |
| EPS (₹) | 7.07 | 11.09 | 14.94 | 11.50 | 11.13 | 8.27 | 8.98 | 5.12 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 3,331 | 1,598 | 876 | 351 | 162 | 12.98 | 5.68 |
| Revenue growth | +108.5% | +82.3% | +149.7% | +117.3% | +1144.2% | +128.5% | - |
| Other income | 20.43 | 14.80 | 4.15 | 1.53 | 8.32 | 2.44 | 1.69 |
| Total expenses | 2,690 | 1,291 | 669 | 267 | 138 | 5.99 | 5.30 |
| Employee cost | 0.00 | 29.56 | 17.30 | 9.47 | 5.53 | 0.55 | 0.67 |
| EBITDA | 641 | 307 | 207 | 83.75 | 23.51 | 6.99 | 0.38 |
| EBITDA margin | +19.2% | +19.2% | +23.6% | +23.9% | +14.6% | +53.9% | +6.7% |
| Depreciation | 8.62 | 6.37 | 6.12 | 2.95 | 3.67 | 1.69 | 1.11 |
| Interest | 13.29 | 14.84 | 6.77 | 5.30 | 6.94 | 4.34 | 3.48 |
| Profit before tax | 640 | 300 | 198 | 77.03 | 21.22 | 3.40 | (2.52) |
| Tax | 161 | 71.55 | 53.23 | 21.68 | 12.32 | 5.77 | 0.66 |
| Net profit | 479 | 230 | 145 | 55.20 | 8.49 | (2.34) | (2.81) |
| Net profit margin | +14.4% | +14.4% | +16.6% | +15.7% | +5.3% | -18.0% | -49.5% |
| EPS (₹) | 45.86 | 21.98 | 13.95 | 26.63 | 4.13 | (1.14) | (1.53) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 20.87 | 20.85 | 20.83 | 20.81 | 20.81 | 20.81 | 20.81 |
| Reserves & surplus | 913 | 435 | 226 | 64.33 | 9.09 | 1.46 | 5.14 |
| Shareholders' funds (net worth) | 934 | 455 | 247 | 85.14 | 29.90 | 22.27 | 25.95 |
| Minority interest | (0.52) | (0.46) | (0.23) | (0.14) | (0.05) | 31.96 | 30.57 |
| Secured loans | 21.67 | 27.37 | 30.48 | 33.56 | 36.32 | 78.01 | 0.00 |
| Unsecured loans | 124 | 0.00 | 10.00 | 5.42 | 5.52 | 39.10 | 39.77 |
| Total debt | 146 | 27.37 | 40.48 | 38.98 | 41.84 | 117 | 39.77 |
| Total liabilities | 1,084 | 484 | 287 | 124 | 71.91 | 172 | 96.34 |
| Assets | |||||||
| Gross block | 301 | 217 | 169 | 81.70 | 77.87 | 158 | 32.09 |
| Net block | 272 | 198 | 157 | 74.28 | 73.16 | 155 | 30.49 |
| Capital work in progress | 178 | 56.37 | 3.17 | 80.20 | 0.90 | 1.52 | 41.18 |
| Investments | 31.20 | 51.97 | 9.00 | 0.00 | 0.56 | 30.09 | 0.00 |
| Inventories | 117 | 6.45 | 29.17 | 36.52 | 1.69 | 0.46 | 0.00 |
| Sundry debtors | 1,172 | 498 | 373 | 61.31 | 46.53 | 6.17 | 1.36 |
| Cash & bank balances | 359 | 194 | 121 | 16.51 | 42.19 | 6.11 | 36.76 |
| Loans & advances | 119 | 61.79 | 18.71 | 13.21 | 2.19 | 1.62 | 6.92 |
| Total current assets | 1,767 | 760 | 541 | 128 | 92.60 | 14.36 | 45.04 |
| Total current liabilities | 1,261 | 610 | 406 | 143 | 81.71 | 21.79 | 21.64 |
| Net working capital | 506 | 150 | 135 | (15.43) | 10.89 | (7.43) | 23.40 |
| Total assets | 1,084 | 484 | 287 | 124 | 71.91 | 172 | 96.34 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 26.79 | 9.59 | 3.26 | 13.27 | 1.28 | 27.47 | 0.40 |
| Net cash from operating activities | 287 | 303 | 128 | 65.15 | 42.55 | (2.31) | 50.85 |
| Net cash from investing activities | (264) | (237) | (114) | (65.96) | 9.43 | (105) | (38.16) |
| Net cash from financing activities | 22.55 | (48.57) | (7.18) | (9.20) | (39.99) | 80.68 | 14.38 |
| Net change in cash | 45.02 | 17.20 | 6.34 | (10.01) | 11.99 | (26.19) | 27.07 |
| Closing cash | 359 | 194 | 121 | 16.51 | 42.19 | 6.11 | 36.76 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +108.5% | +82.3% | +149.7% | +117.3% | +1144.2% | +128.5% | - |
| EBITDA growth | +108.9% | +48.1% | +147.4% | +256.2% | +236.3% | +1739.5% | - |
| PBT growth | +112.9% | +51.4% | +157.6% | +263.0% | +524.1% | +9998.0% | - |
| Net income growth | +108.0% | +58.4% | +163.2% | +550.2% | +462.8% | +16.7% | - |
| Revenue CAGR (3Y) | +111.7% | +114.7% | +307.2% | +295.3% | +184.1% | +85.6% | - |
| EBITDA CAGR (3Y) | +97.1% | +135.5% | +209.5% | +504.0% | +94.8% | +140.9% | - |
| Profitability & leverage | |||||||
| Net income margin | +14.4% | +14.3% | +16.6% | +15.8% | +5.5% | -18.3% | -56.0% |
| Return on capital employed | +83.2% | +81.7% | +99.6% | +83.8% | +26.6% | 0.0% | 0.0% |
| Return on net worth | +68.9% | +65.2% | +87.6% | +96.1% | +34.0% | 0.0% | 0.0% |
| Debt / equity | 0.12 | 0.10 | 0.24 | 0.70 | 3.05 | 3.25 | 2.17 |
| Long-term debt / equity | 0.07 | 0.07 | 0.17 | 0.55 | 2.82 | 3.13 | 2.09 |
| Interest cover | 2.10 | 4.94 | 3.37 | 6.56 | 34.98 | 81.89 | -476.71 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 12.87 | 8.28 | 6.98 | 4.40 | 1.37 | 0.14 | 0.18 |
| Inventory turnover | 54.08 | 89.71 | 26.69 | 18.37 | 150.23 | 56.43 | 0.00 |
| Debtors turnover | 3.99 | 3.67 | 4.04 | 6.51 | 6.13 | 3.45 | 2.07 |
| EPS (₹) | 45.88 | 21.98 | 13.95 | 26.63 | 4.13 | (1.14) | (1.53) |
| Dividend per share (₹) | 0.00 | 1.00 | 1.00 | 1.00 | 0.50 | 0.00 | 0.00 |
| Book value per share (₹) | 89.54 | 43.69 | 23.67 | 40.90 | 14.37 | 10.70 | 12.47 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 452 | 811 | 1,102 | 851 | 775 | 603 | 477 | 360 |
| Revenue growth (YoY) | -41.7% | +34.5% | +131.3% | +136.2% | +47.7% | +155.3% | - | - |
| Other income | 6.29 | 6.91 | 7.65 | 6.64 | 5.12 | 4.93 | 4.94 | 3.86 |
| Total expenses | 345 | 652 | 896 | 692 | 617 | 486 | 354 | 288 |
| EBITDA | 107 | 159 | 207 | 159 | 158 | 118 | 122 | 71.87 |
| EBITDA margin | +23.7% | +19.7% | +18.8% | +18.7% | +20.4% | +19.5% | +25.7% | +20.0% |
| Depreciation | 2.67 | 2.29 | 2.06 | 2.08 | 2.15 | 2.20 | 1.60 | 1.59 |
| Interest | 24.41 | 7.37 | 2.68 | 3.42 | 3.62 | 3.56 | 4.38 | 3.35 |
| Profit before tax | 86.31 | 157 | 210 | 160 | 157 | 117 | 121 | 70.79 |
| Tax | 18.18 | 42.26 | 52.37 | 38.19 | 40.21 | 30.18 | 27.39 | 17.25 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 3,331 | 1,597 | 876 | 342 | 154 | 7.60 | 1.98 |
| Revenue growth | +108.5% | +82.3% | +156.4% | +122.5% | +1920.5% | +283.8% | - |
| Other income | 24.34 | 15.13 | 4.46 | 5.18 | 14.35 | 3.69 | 3.11 |
| Total expenses | 2,690 | 1,290 | 669 | 266 | 140 | 4.85 | 1.92 |
| Employee cost | 0.00 | 29.56 | 17.30 | 9.47 | 5.53 | 0.55 | 0.67 |
| EBITDA | 641 | 307 | 207 | 75.99 | 13.23 | 2.75 | 0.06 |
| EBITDA margin | +19.2% | +19.2% | +23.6% | +22.2% | +8.6% | +36.2% | +3.0% |
| Depreciation | 8.50 | 6.25 | 5.99 | 0.18 | 0.16 | 0.16 | 0.16 |
| Interest | 13.29 | 14.84 | 6.77 | 1.18 | 1.47 | 3.62 | 3.38 |
| Profit before tax | 644 | 301 | 199 | 79.81 | 25.95 | 2.66 | (0.37) |
| Tax | 161 | 71.54 | 53.12 | 20.41 | 5.55 | 0.32 | (0.21) |
| Net profit | 483 | 230 | 145 | 59.29 | 20.39 | 2.34 | (0.29) |
| Net profit margin | +14.5% | +14.4% | +16.6% | +17.4% | +13.3% | +30.8% | -14.7% |
| EPS (₹) | 46.19 | 22.01 | 13.97 | 28.54 | 9.80 | 1.12 | (0.09) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 20.87 | 20.85 | 20.83 | 20.81 | 20.81 | 20.81 | 20.81 |
| Reserves & surplus | 919 | 436 | 227 | 90.62 | 31.40 | 11.97 | 9.61 |
| Shareholders' funds (net worth) | 939 | 457 | 247 | 111 | 52.21 | 32.78 | 30.42 |
| Secured loans | 21.67 | 27.37 | 30.48 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 93.23 | 0.00 | 10.00 | 0.00 | 0.09 | 36.94 | 36.67 |
| Total debt | 115 | 27.37 | 40.48 | 0.00 | 0.09 | 36.94 | 36.67 |
| Total liabilities | 1,059 | 485 | 289 | 112 | 52.52 | 69.90 | 67.14 |
| Assets | |||||||
| Gross block | 266 | 214 | 166 | 10.12 | 3.82 | 3.75 | 3.75 |
| Net block | 238 | 195 | 154 | 9.27 | 3.15 | 3.24 | 3.40 |
| Capital work in progress | 111 | 56.22 | 3.03 | 80.05 | 0.00 | 0.00 | 0.00 |
| Investments | 31.23 | 51.99 | 9.01 | 0.22 | 0.78 | 32.10 | 32.10 |
| Inventories | 117 | 6.45 | 29.17 | 36.52 | 1.69 | 0.46 | 0.00 |
| Sundry debtors | 1,172 | 497 | 372 | 61.28 | 45.11 | 2.46 | 0.02 |
| Cash & bank balances | 358 | 193 | 121 | 12.74 | 38.57 | 0.53 | 0.28 |
| Loans & advances | 112 | 66.68 | 23.02 | 54.31 | 42.75 | 44.03 | 0.86 |
| Total current assets | 1,759 | 764 | 545 | 165 | 128 | 47.48 | 1.16 |
| Total current liabilities | 1,256 | 610 | 406 | 142 | 78.90 | 12.80 | 0.56 |
| Net working capital | 503 | 154 | 139 | 22.75 | 49.22 | 34.68 | 0.60 |
| Total assets | 1,059 | 485 | 289 | 112 | 52.52 | 69.90 | 67.14 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 26.77 | 9.58 | 3.24 | 13.18 | 0.43 | 0.18 | 0.12 |
| Net cash from operating activities | 291 | 302 | 128 | 58.15 | 33.52 | 3.27 | 3.30 |
| Net cash from investing activities | (272) | (237) | (114) | (66.00) | 18.59 | (8.01) | 2.89 |
| Net cash from financing activities | 25.84 | (48.57) | (7.18) | (2.31) | (39.36) | 4.99 | (6.13) |
| Net change in cash | 44.98 | 17.19 | 6.33 | (10.16) | 12.75 | 0.25 | 0.06 |
| Closing cash | 358 | 193 | 121 | 12.74 | 38.57 | 0.53 | 0.28 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +108.5% | +82.3% | +156.4% | +122.5% | +1920.5% | +283.8% | - |
| EBITDA growth | +108.8% | +48.4% | +172.3% | +474.4% | +381.1% | +4483.3% | - |
| PBT growth | +113.8% | +51.6% | +148.9% | +207.6% | +875.6% | +9998.0% | - |
| Net income growth | +109.4% | +58.4% | +145.3% | +190.8% | +771.4% | +906.9% | - |
| Revenue CAGR (3Y) | +113.6% | +118.3% | +386.7% | +456.8% | +212.5% | +80.2% | +96.7% |
| EBITDA CAGR (3Y) | +103.6% | +185.2% | +322.2% | +981.9% | +74.3% | - | - |
| Profitability & leverage | |||||||
| Net income margin | +14.5% | +14.4% | +16.6% | +17.4% | +13.3% | +30.8% | -8.1% |
| Return on capital employed | +85.1% | +81.6% | +102.6% | +98.6% | +44.8% | +9.2% | +5.0% |
| Return on net worth | +69.1% | +65.2% | +81.1% | +72.6% | +48.0% | +7.4% | -1.6% |
| Debt / equity | 0.10 | 0.10 | 0.11 | 0.00 | 0.44 | 1.16 | 1.78 |
| Long-term debt / equity | 0.05 | 0.07 | 0.08 | 0.00 | 0.44 | 1.16 | 1.78 |
| Interest cover | 2.10 | 4.93 | 3.37 | 1.56 | 11.25 | 139.77 | -3,380.00 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 13.91 | 8.41 | 9.94 | 49.03 | 40.57 | 2.03 | 0.53 |
| Inventory turnover | 54.07 | 89.69 | 26.68 | 17.89 | 142.85 | 33.04 | 0.00 |
| Debtors turnover | 3.99 | 3.68 | 4.04 | 6.42 | 6.46 | 6.13 | 1.37 |
| EPS (₹) | 46.25 | 22.01 | 13.97 | 28.54 | 9.80 | 1.12 | (0.09) |
| Dividend per share (₹) | 0.00 | 1.00 | 1.00 | 1.00 | 0.50 | 0.00 | 0.00 |
| Book value per share (₹) | 90.04 | 43.81 | 23.76 | 53.54 | 25.08 | 15.75 | 14.62 |
To see the full year-wise statements and ratios of Waaree Renewable Technologies Limited, buy the company report.
Board of directors of Waaree Renewable Technologies Limited
Waaree Renewable Technologies has 8 current directors and 23 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Nilesh Bhogilal Gandhi Also directs: Indosolar Limited, Rational Engineers Limited, Unid Finance Consultancy Private Limited and 1 more | Director | 13 Feb 2017 | 9 Years 9 Months | Current |
| Hitesh Pranjivan Mehta Also directs: Indosolar Limited, Waaree Energies Limited, Waaree Green Aluminium Private Limited and 4 more | Whole-Time Director | 15 Jun 2020 | 6 Years 4 Months | Current |
| Pujan Pankaj Doshi Also directs: Waaree PV Power LLP, Omntec Waaree Atg Pvt. Ltd., Waaree Infrastructure & Agritech Private Limited and 5 more | Managing Director | 02 Sep 2016 | 10 Years 2 Months | Current |
| Viren Doshi Chimanlal | Whole-Time Director | 22 Jul 2021 | 5 Years 3 Months | Current |
| Sunil Nandkishor Rathi | Whole-Time Director | 28 Mar 2023 | 3 Years 7 Months | Current |
| Sudhir Arya Also directs: Iifcl Asset Management Company Limited | Director | 16 Apr 2025 | 1 Years 6 Months | Current |
Showing 6 of 8 current directors. View all directors
Auditor
Waaree Renewable Technologies Limited is audited by KKC & Associates LLP for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| KKC & Associates LLP | FY 2025 | 105146W/W100621 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 74.30%, foreign institutional investors hold 2.00%, domestic institutional investors hold 0.10% and retail and other public shareholders hold 23.60%.
Sep 2026
QUARTER
74.30% Promoters
0.10% DII (Domestic Institutional)
2.00% FII (Foreign Institutional)
23.60% Retail & Others
Promoter holding - history
Now 74.30% · Sep 2026High 74.40% · Dec 2025Low 74.30% · Mar 2026
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 74.30% | 74.30% | 74.30% | 74.40% |
| Public | 25.70% | 25.70% | 25.70% | 25.60% |
Charges & borrowings
Open charges
₹3,600.75 Cr
Satisfied charges
₹353.96 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 04 Jun 2026 | 101305484 | Others | ₹918.75 Cr | Open | |
| 10 Nov 2025 | 101193655 | Axis Bank Limited | ₹150 Cr | Open | |
| 20 May 2025 | 101105693 | Others | ₹6.5 Cr | Open | |
| 19 May 2025 | 101105694 | Others | ₹50 Lakh | Open | |
| 19 Dec 2024 | 101030331 | Others | ₹500 Cr | Open |
To see the full charge records of Waaree Renewable Technologies Limited, buy the company report.
Total charge records: 16 View all charges
Deals & funding
Waaree Renewable Technologies Limited has 92 deals on record (90 market trades, 1 acquisition, 1 ipo); the latest was in April 2026.
Total deals
92
Market trades
90
Acquisition
1
IPO
1
Deals on record (5 of 92)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Apr 2026 | Market trade | ₹66.53 Cr | Buyer: NK Securities Research Private Limited Seller: NK Securities Research Private Limited |
| Oct 2025 | Market trade | ₹313.33 Cr | Buyer: Junomoneta Finsol Private Limited , Hrti Private Limited , Graviton Research Capital LLP Seller: Junomoneta Finsol Private Limited , Hrti Private Limited , Graviton Research Capital LLP |
| Oct 2025 | Market trade | ₹75.4 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Oct 2025 | Market trade | ₹146.47 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Jul 2025 | Market trade | ₹63.65 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
To see the full deal history of Waaree Renewable Technologies Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Waaree Renewable Technologies Limited has 3 court cases on record: 3 filed by Waaree Renewable Technologies. All cases are disposed.
Total cases
3
Filed by the company
3
Disposed
3
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 2 | 0 | 0 |
| NCLT | 1 | 0 | 0 |
Cases on record (2 of 3)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, MAHARASHTRA | Court case (CAO) | Filed by the company against an individual | Disposed |
| NCLT, Mumbai | Court case (C.P.(CAA)) | Filed by the company | Disposed |
To see the full case history of Waaree Renewable Technologies 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.
MSME payment delays
Waaree Renewable Technologies Limited has 6 MSME Form 1 returns on record between 2021 and 2024, listing 124 overdue payments to 59 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 59)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Uttam Structures LLP | |||
| Sun Glow Energy | |||
| Kothari Brothers Tech Private Limited | |||
| Viviana Power Tech Limited | |||
| an individual supplier |
To see the full MSME payment records of Waaree Renewable Technologies Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Waaree Renewable Technologies has 4 subsidiary companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
4
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Waasang Solar Private Limited | U40106MH2018PTC312031 | |
| Waaree PV Technologies Private Limited | U40300MH1985PTC333383 | |
| Waasang Solar One Private Limited | U40300MH2018PTC313194 | |
| Sangam Rooftop Solar Private Limited | U74999MH2016PTC315380 |
To see the full group structure of Waaree Renewable Technologies Limited, buy the company report.
Employees & EPFO
Waaree Renewable Technologies Limited has a workforce of 398 employees on its EPFO records as of May 2026.
Employee count
398
Employee growth
30.1%
Headcount by financial year
| Financial year | Employees (EPFO) |
|---|---|
| FY 2026-27 | 398 |
| FY 2025-26 | |
| FY 2024-25 | |
| FY 2023-24 | |
| FY 2022-23 | |
| FY 2021-22 |
To see the full employee and EPFO history of Waaree Renewable Technologies Limited, buy the company report.
GST
Waaree Renewable Technologies has 6 GST registrations: 5 active and 1 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
6
Active
5
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AADCS1824J2ZB | Maharashtra | Active | 01 Jul 2017 |
| 37AADCS1824J1ZB | Andhra Pradesh | Active | 13 Sep 2023 |
| 22AADCS1824J1ZM | Chhattisgarh | Active | 13 Nov 2023 |
| 24AADCS1824J1ZI | Gujarat | Active | 30 Nov 2023 |
To see the full GST registrations and return filing status of Waaree Renewable Technologies Limited, buy the company report.
Recent activity
Waaree Renewable Technologies Limited has 50 board changes on record since 1999: 29 appointments and 21 cessations. The latest: Mitul Chandulal Mehta ceased to be Director on 16 Apr 2025.
Charges
A charge with Hdfc Bank Limited of Rs. 300.00 Cr registered on 26 Feb 2024 with Charge ID 100877275 was modified on 07 Aug 2026.
Charges
A charge with Others of Rs. 70.00 Cr registered on 02 May 2023 with Charge ID 100727419 was modified on 30 Jun 2026.
Charges
A charge registered on 13 Oct 2020 via Charge ID 100378252 with Others was fully satisfied on 24 Jun 2026.
Charges
A charge registered on 13 Oct 2020 via Charge ID 100378274 with Others was fully satisfied on 24 Jun 2026.
Charges
A charge registered on 19 Dec 2025 via Charge ID 101207828 with Others was fully satisfied on 09 Jun 2026.
Charges
A charge with Others amounted to Rs. 918.75 Cr with Charge ID 101305484 was registered on 04 Jun 2026.
Filing
Waaree Renewable Technologies Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Charges
A charge with Others of Rs. 490.00 Cr registered on 23 Aug 2024 with Charge ID 100974650 was modified on 25 Mar 2026.
Charges
A charge with Others of Rs. 300.00 Cr registered on 03 Jul 2024 with Charge ID 100950504 was modified on 25 Feb 2026.
Charges
A charge with Others amounted to Rs. 180.00 Cr with Charge ID 101207828 was registered on 19 Dec 2025.
Charges
A charge with Yes Bank Limited of Rs. 300.00 Cr registered on 21 Nov 2023 with Charge ID 100824813 was modified on 19 Dec 2025.
Charges
A charge registered on 08 Oct 2024 via Charge ID 101004755 with Others was fully satisfied on 18 Nov 2025.
71 earlier events are in the company report.
News
Waaree Renewable Tech: Secures 285 MWP Solar EPC Contract Aiming for Project Completion by FY28.
Waaree Renewable: Expects To Keep Consolidated EBITDA Margins Over 15% And Foresees T&D Segment Margins, Currently At 9-10%, To Rise In The Coming Quarters; The Unexecuted Order Book Exceeding INR 5,500 Crores, With INR 3,300 Crores From Solar EPC And BESS, Is Expected To Generate Revenue In The Next Three To Four Quarters.
Waaree Renewable: Solar EPC Will Drive Core Growth With T&D Business, Over INR 20,000 Crore Order Pipeline. Company Anticipates Strong Opportunities in Renewable Energy, BESS, and T&D Due to Policy Support and Increasing Demand.
Waaree Renewable: Expects Interest And Depreciation To Steady, Aiming To Cut Acquisition Debt Soon - Concall Update
WAAREERTL: Q2 REVENUE 10.6B RUPEES VS 7.7B (YOY)
WAAREERTL: Q2 CONS NET PROFIT 815M RUPEES VS 1.2B (YOY)
Frequently asked questions
Waaree Renewable Technologies is an active public limited company based in Mumbai, Maharashtra, India. The company works in bop and btg services, within the energy and power industry. It was incorporated on 22 June 1999 (27+ years old) and is registered under CIN L93000MH1999PLC120470. Listed on BSE: 534618 and NSE: WAAREERTL.
Waaree Renewable Technologies reported revenue of ₹3,331.42 Cr for FY 2025-26 (up 108.5% YoY) based on consolidated financials.
Waaree Renewable Technologies has 8 current directors:
- Pujan Pankaj Doshi - Managing Director
- Hitesh Pranjivan Mehta - Whole-Time Director
- Viren Doshi Chimanlal - Whole-Time Director
- Sunil Nandkishor Rathi - Whole-Time Director
- Nilesh Bhogilal Gandhi - Director
- Sudhir Arya - Director
- Sunil Jain - Director
- Ambika Sharma - Director
The latest financial statements of Waaree Renewable Technologies on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 23 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Waaree Renewable Technologies is 27AADCS1824J2ZB, registered in Maharashtra. The company has 6 GST registrations in all, of which 5 are active and 1 is cancelled or inactive. Other active GSTINs include 37AADCS1824J1ZB (Andhra Pradesh), 22AADCS1824J1ZM (Chhattisgarh), 24AADCS1824J1ZI (Gujarat).
The CIN (Corporate Identification Number) of Waaree Renewable Technologies is L93000MH1999PLC120470. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Waaree Renewable Technologies is a listed company as per MCA records. Its shares are listed on both BSE (code: 534618) and NSE (symbol: WAAREERTL).
Waaree Renewable Technologies has 3 court cases on record: 3 filed by the company. Most are in the high courts.
Waaree Renewable Technologies was incorporated on 22 June 1999, making it 27+ years old. It is registered with the Registrar of Companies, Mumbai.
Waaree Renewable Technologies has 92 deals on record (90 market trades, 1 acquisition, 1 ipo); the latest was in April 2026.
Mitul Chandulal Mehta ceased to be Director on 16 Apr 2025. Sudhir Arya was appointed as Director on 16 Apr 2025. Dilip Pahilajrai Panjwani ceased to be CFO on 31 Jan 2025. Waaree Renewable Technologies has 50 board changes on record in total.
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