India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,545 Kirit Chimanlal Doshi ₹1,300 Cr
Market Cap
₹210 Cr
WAAREE · BSE
Share Price
₹190.00
-2.69% today
Revenue
₹7.13 Cr
FY 2025-26 · -30.4% YoY
EBITDA
−₹3.57 Cr
Margin -50.1%
Net Profit
−₹4.20 Cr
FY 2025-26 · +25.7% YoY
Authorised capital
₹12 Cr
Registered with MCA
Paid-up capital
₹10.77 Cr
Issued & subscribed
Company age
13 yrs
Est. 2013
About Waaree Technologies Limited
Data last updated:
Waaree Technologies Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the industrial packaging solutions segment of the packaging sector. It was incorporated on 28 June 2013 and has been in existence for over 13 years.
Its director Kirit Chimanlal Doshi is #1,545 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L74110MH2013PLC244911. Its GSTIN is 27AADCH2027C1Z5 (Maharashtra). The company holds 4 GST registrations, of which 2 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 539337.
The company has an authorised share capital of ₹12 Cr and a paid-up capital of ₹10.77 Cr. It was formerly known as H.K. Trade International Limited. It is led by directors including Kirit Chimanlal Doshi (Managing Director) and Rushabh Pankaj Doshi.
Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 602 Western Edge I Western Express Highway Borivali East Mumbai 400066, Maharashtra, India – 400066.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹7.13 Cr, a decline of 30.4% compared to the previous year. For the same year it recorded a net loss of ₹4.2 Cr (net margin -58.9%) and EBITDA of -₹3.57 Cr (EBITDA margin -50.1%). Total assets are valued at ₹15.16 Cr (down 4.8% YoY).
The company is associated with 2 brands: Waaree Energies and H.K. Trade International. The company has 39 deals on record (38 market trades, 1 ipo); the latest was in January 2025. The company has 8 MSME Form 1 returns on record between 2023 and 2024, listing 155 overdue payments to 28 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 hktrade.in.
Company details
CIN L74110MH2013PLC244911
Registration Number 244911
Incorporation Date 28 June 2013
ROC Mumbai
Listing Status Listed - Listed on BSE (539337)
Company Status Active
Compliance Status Active Compliant
CIN history
Waaree Technologies has 3 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L74110MH2013PLC244911, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L74110MH2013PLC244911 | Current |
| U25203MH2013PLC244911 | Previous |
| L31100MH2013PLC244911 | Previous |
| L25203MH2013PLC244911 | Previous |
Key People
Kirit Chimanlal Doshi Managing Director Rushabh Pankaj Doshi Director Jayesh Dhirajlal Shah Director Recognitions & Rankings of Waaree Technologies
Contact details
Waaree Technologies Limited's registered office is in Mumbai, Maharashtra. Its website is hktrade.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered Address602 Western Edge I Western Express Highway Borivali East Mumbai 400066, Maharashtra, India – 400066
- IndustryPackaging, Industrial Packaging Solutions
To see the full contact details of Waaree Technologies Limited, buy the company report.
Comprehensive company report
Waaree 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
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Brands
Waaree Technologies operates two associated brands: Waaree Energies and H.K. Trade International. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of solar PV modules | waaree.com | |
| Adhesive and non-adhesive tapes, labels, and papers are manufactured. | hktrade.in |
Business activity
The main business activity of Waaree Technologies is manufacturing. In detail, this covers electrical equipment, general purpose and special purpose machinery & equipment, transport equipment.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C10 | Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment |
To see the full business activity and turnover split of Waaree Technologies Limited, buy the company report.
Financials of Waaree Technologies Limited
FY 2025-26 filings availableWaaree Technologies Limited reported revenue of ₹7.13 Cr (down 30.4% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue
₹7.13 Cr
-30.4% YoY
EBITDA
−₹3.57 Cr
+34.7% YoY
Profit After Tax
−₹4.20 Cr
+25.7% YoY
Net Worth
−₹6.09 Cr
-218.8% YoY
Total Assets
₹15.16 Cr
-4.8% YoY
Total Debt
₹21.11 Cr
+19.5% 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 | 7.13 | 10.24 | 28.55 | 29.40 | 13.13 | 0.00 | (0.76) |
| Revenue growth | -30.4% | -64.1% | -2.9% | +123.9% | - | +100.0% | - |
| EBITDA | (3.57) | (5.47) | (7.84) | (1.03) | (0.07) | (0.28) | (0.21) |
| EBITDA margin | -50.1% | -53.4% | -27.5% | -3.5% | -0.5% | - | +27.6% |
| Profit before tax | (5.58) | (7.53) | (9.89) | (1.46) | 0.25 | (0.23) | (0.13) |
| Net profit | (4.20) | (5.65) | (7.50) | (1.07) | 0.18 | (0.14) | (0.13) |
| Net profit margin | -58.9% | -55.2% | -26.3% | -3.6% | +1.4% | - | +17.1% |
| EPS (₹) | (3.88) | (5.25) | (6.97) | (1.01) | 0.17 | (0.38) | (0.52) |
| Balance sheet | |||||||
| Total assets | 15.16 | 15.92 | 21.76 | 14.36 | 12.33 | 3.80 | 3.80 |
| Net worth | (6.09) | (1.91) | 3.74 | 11.24 | 12.33 | 3.65 | 3.79 |
| Total debt | 21.11 | 17.66 | 17.85 | 3.05 | 0.00 | 0.15 | 0.00 |
| Cash & bank | 2.27 | 1.96 | 4.21 | 4.53 | 1.24 | 3.30 | 0.01 |
| Net working capital | 6.34 | 6.73 | 12.64 | 5.51 | 12.09 | 3.54 | 3.76 |
| Cash flow | |||||||
| Cash from operations | (2.48) | (1.74) | (15.12) | 9.15 | (10.49) | 3.24 | 0.09 |
| Cash from investing | (0.07) | (0.23) | 0.22 | (8.87) | 0.13 | (0.10) | 0.09 |
| Cash from financing | 2.85 | (0.27) | 14.57 | 3.01 | 8.30 | 0.15 | (0.38) |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 13 Nov 2026
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 7.13 | 10.24 | 28.55 | 29.40 | 13.13 | 0.00 | (0.76) |
| Revenue growth | -30.4% | -64.1% | -2.9% | +123.9% | - | +100.0% | - |
| Other income | 0.32 | 0.22 | 0.36 | 0.32 | 0.36 | 0.05 | 0.10 |
| Total expenses | 10.70 | 15.71 | 36.39 | 30.43 | 13.20 | 0.28 | (0.55) |
| Employee cost | 1.71 | 3.45 | 3.42 | 0.84 | 0.03 | 0.03 | 0.05 |
| EBITDA | (3.57) | (5.47) | (7.84) | (1.03) | (0.07) | (0.28) | (0.21) |
| EBITDA margin | -50.1% | -53.4% | -27.5% | -3.5% | -0.5% | - | +27.6% |
| Depreciation | 1.73 | 2.19 | 2.18 | 0.68 | 0.00 | 0.00 | 0.01 |
| Interest | 0.60 | 0.09 | 0.23 | 0.07 | 0.04 | 0.00 | 0.01 |
| Profit before tax | (5.58) | (7.53) | (9.89) | (1.46) | 0.25 | (0.23) | (0.13) |
| Tax | (1.38) | (1.88) | (2.39) | (0.39) | 0.07 | (0.09) | 0.00 |
| Net profit | (4.20) | (5.65) | (7.50) | (1.07) | 0.18 | (0.14) | (0.13) |
| Net profit margin | -58.9% | -55.2% | -26.3% | -3.6% | +1.4% | - | +17.1% |
| EPS (₹) | (3.88) | (5.25) | (6.97) | (1.01) | 0.17 | (0.38) | (0.52) |
| 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 | 10.77 | 10.77 | 10.77 | 10.77 | 10.77 | 3.68 | 2.63 |
| Reserves & surplus | (16.86) | (12.68) | (7.03) | 0.47 | 1.56 | (0.03) | 1.16 |
| Shareholders' funds (net worth) | (6.09) | (1.91) | 3.74 | 11.24 | 12.33 | 3.65 | 3.79 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 21.11 | 17.66 | 17.85 | 3.05 | 0.00 | 0.15 | 0.00 |
| Total debt | 21.11 | 17.66 | 17.85 | 3.05 | 0.00 | 0.15 | 0.00 |
| Total liabilities | 15.16 | 15.92 | 21.76 | 14.36 | 12.33 | 3.80 | 3.80 |
| Assets | |||||||
| Gross block | 9.21 | 9.01 | 8.64 | 8.16 | 0.02 | 0.02 | 0.01 |
| Net block | 2.42 | 3.95 | 5.77 | 7.47 | 0.01 | 0.01 | 0.00 |
| Capital work in progress | 0.00 | 0.21 | 0.21 | 0.75 | 0.00 | 0.00 | 0.00 |
| Investments | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.15 | 0.00 |
| Inventories | 2.09 | 3.12 | 5.70 | 13.15 | 0.08 | 0.08 | 0.08 |
| Sundry debtors | 0.11 | 0.00 | 0.11 | 0.30 | 8.87 | 0.00 | 0.00 |
| Cash & bank balances | 2.27 | 1.96 | 4.21 | 4.53 | 1.24 | 3.30 | 0.01 |
| Loans & advances | 4.50 | 5.23 | 5.66 | 6.09 | 2.04 | 0.20 | 3.69 |
| Total current assets | 8.97 | 10.31 | 15.68 | 24.07 | 12.23 | 3.58 | 3.78 |
| Total current liabilities | 2.63 | 3.58 | 3.04 | 18.56 | 0.14 | 0.04 | 0.02 |
| Net working capital | 6.34 | 6.73 | 12.64 | 5.51 | 12.09 | 3.54 | 3.76 |
| Total assets | 15.16 | 15.92 | 21.76 | 14.36 | 12.33 | 3.80 | 3.80 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 1.96 | 4.21 | 4.53 | 1.24 | 3.30 | 0.01 | 0.21 |
| Net cash from operating activities | (2.48) | (1.74) | (15.12) | 9.15 | (10.49) | 3.24 | 0.09 |
| Net cash from investing activities | (0.07) | (0.23) | 0.22 | (8.87) | 0.13 | (0.10) | 0.09 |
| Net cash from financing activities | 2.85 | (0.27) | 14.57 | 3.01 | 8.30 | 0.15 | (0.38) |
| Net change in cash | 0.30 | (2.25) | (0.32) | 3.29 | (2.06) | 3.29 | (0.20) |
| Closing cash | 2.27 | 1.96 | 4.21 | 4.53 | 1.24 | 3.30 | 0.01 |
| 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 | -30.4% | -64.1% | -2.9% | +123.9% | - | +100.0% | - |
| EBITDA growth | +34.7% | +30.2% | -661.2% | -1371.4% | +75.0% | -33.3% | - |
| PBT growth | +25.9% | +23.9% | -577.4% | - | +9998.0% | -76.9% | -30.0% |
| Net income growth | +25.7% | +24.7% | -600.9% | -694.4% | +228.6% | -7.7% | - |
| Revenue CAGR (3Y) | -37.6% | -8.0% | - | - | +107.5% | -100.0% | - |
| EBITDA CAGR (3Y) | +51.3% | +327.5% | +203.7% | +69.9% | -28.3% | - | - |
| Profitability & leverage | |||||||
| Net income margin | -58.9% | -55.2% | -26.3% | -3.6% | +1.4% | - | +17.1% |
| Return on capital employed | 0.0% | 0.0% | 0.0% | 0.0% | +3.7% | 0.0% | -3.2% |
| Return on net worth | 0.0% | 0.0% | 0.0% | 0.0% | +2.4% | 0.0% | -3.6% |
| Debt / equity | 0.00 | 19.40 | 1.39 | 0.13 | 0.01 | 0.02 | 0.05 |
| Long-term debt / equity | 0.00 | 7.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | -11.32 | -1.17 | -2.30 | -4.09 | -57.14 | 0.00 | -4.55 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.78 | 1.16 | 3.40 | 7.19 | 656.50 | 0.00 | 0.00 |
| Inventory turnover | 2.74 | 2.32 | 3.03 | 4.44 | 164.13 | 0.00 | 0.00 |
| Debtors turnover | 129.64 | 186.18 | 139.27 | 6.41 | 2.96 | 0.00 | 0.00 |
| EPS (₹) | (3.88) | (5.25) | (6.97) | (1.01) | 0.17 | (0.38) | (0.52) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | (5.65) | (1.77) | 3.47 | 10.44 | 11.45 | 9.92 | 14.42 |
To see the full year-wise statements and ratios of Waaree Technologies Limited, buy the company report.
Board of directors of Waaree Technologies Limited
Waaree Technologies has 6 current directors and 14 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rushabh Pankaj Doshi | Director | 24 Oct 2018 | 8 Years 0 Months | Current |
| Kirit Chimanlal Doshi Also directs: Vedaang Solar LLP, Waaree Green Glass Private Limited, Omntec Waaree Atg Pvt. Ltd. and 3 more | Managing Director | 24 Oct 2018 | 8 Years 0 Months | Current |
| Jayesh Dhirajlal Shah Also directs: Indosolar Limited | Director | 18 Jun 2020 | 6 Years 4 Months | Current |
| Mitul Chandulal Mehta Also directs: Itec Measures Private Limited | Director | 06 Mar 2025 | 1 Years 8 Months | Current |
| Anita Jaiswal Also directs: Indosolar Limited | Director | 06 Mar 2025 | 1 Years 8 Months | Current |
| Vivek Srivastava Also directs: Ojah Sustinere Private Limited, Suzlon Western India Projects Limited, Suzlon Southern Projects Limited and 1 more | Director | 08 Aug 2023 | 3 Years 3 Months | Current |
Auditor
Waaree Technologies Limited is audited by R T Jain & Co. LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| R T Jain & Co. LLP | FY 2023 | 103961W / W100182 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 58.80%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 41.20%.
Sep 2026
QUARTER
58.80% Promoters
41.20% Retail & Others
Promoter holding - history
Now 58.80% · Sep 2026High 58.80% · Dec 2025Low 58.80% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 58.80% | 58.80% | 58.80% | 58.80% |
| Public | 41.20% | 41.20% | 41.20% | 41.20% |
Deals & funding
Waaree Technologies Limited has 39 deals on record (38 market trades, 1 ipo); the latest was in January 2025.
Total deals
39
Market trades
38
IPO
1
Deals on record (5 of 39)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2025 | Market trade | ₹10.82 Cr | Buyer: an individual Seller: Multiplier Share and Stock Advisors Private Limited , an individual |
| Dec 2024 | Market trade | ₹9.64 Cr | Buyer: Multiplier Share and Stock Advisors Private Limited Seller: an individual |
| Sep 2024 | Market trade | ₹9.03 Cr | Buyer: Ishaan Tradefin LLP , Khanik Rameshbhai Shah Huf Seller: Ishaan Tradefin LLP , Khanik Rameshbhai Shah Huf |
| Apr 2024 | Market trade | ₹11.17 Cr | Seller: Camellia Tradex Private Limited |
| Apr 2024 | Market trade | ₹10.67 Cr | Buyer: Camellia Tradex Private Limited Seller: Camellia Tradex Private Limited |
To see the full deal history of Waaree 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
No court or tribunal cases involving Waaree Technologies Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
Waaree Technologies Limited has 8 MSME Form 1 returns on record between 2023 and 2024, listing 155 overdue payments to 28 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 28)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| Siddhant Tools Private Limited | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Waaree Technologies Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Waaree Technologies has 4 GST registrations: 2 active and 2 cancelled or inactive.
Total GSTINs
4
Active
2
Cancelled / inactive
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AADCH2027C1Z5 | Maharashtra | Active | 01 Jul 2017 |
| 24AADCH2027C1ZB | Gujarat | Active | 17 Oct 2022 |
To see the full GST registrations and return filing status of Waaree Technologies Limited, buy the company report.
Recent activity
Waaree Technologies Limited has 29 board changes on record since 2013: 18 appointments and 11 cessations. The latest: Anita Jaiswal was appointed as Director on 06 Mar 2025.
Filing
Waaree Technologies Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
AGM
Waaree Technologies Limited last Annual general meeting of members was held on 26 Sep 2025 as per latest MCA records.
Appointed
Anita Jaiswal was appointed as Director.
Appointed
Mitul Chandulal Mehta was appointed as Director.
Ceased
Ruchi Sethi ceased to be Director.
Ceased
Rajender Mohan Malla ceased to be Director.
Appointed
Vivek Srivastava was appointed as Director.
Appointed
Vibhor Kumawat was appointed as Company Secretary.
Ceased
Nikunj Haresh Gatecha ceased to be Company Secretary.
Appointed
Jayesh Dhirajlal Shah was appointed as Director.
Appointed
Nikunj Haresh Gatecha was appointed as Company Secretary.
Ceased
Hirenkumar Vinodchandra Desai ceased to be Ceo(Kmp).
20 earlier events are in the company report.
Frequently asked questions
Waaree Technologies is an active public limited company based in Mumbai, Maharashtra, India. The company works in industrial packaging solutions, within the packaging industry. It was incorporated on 28 June 2013 (13+ years old) and is registered under CIN L74110MH2013PLC244911. Listed on BSE: 539337.
Waaree Technologies reported revenue of ₹7.13 Cr for FY 2025-26 (down 30.4% YoY) based on standalone financials.
Waaree Technologies has 6 current directors:
- Kirit Chimanlal Doshi - Managing Director
- Rushabh Pankaj Doshi - Director
- Jayesh Dhirajlal Shah - Director
- Mitul Chandulal Mehta - Director
- Anita Jaiswal - Director
- Vivek Srivastava - Director
The latest financial statements of Waaree Technologies on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 26 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Waaree Technologies is 27AADCH2027C1Z5, registered in Maharashtra. The company has 4 GST registrations in all, of which 2 are active and 2 are cancelled or inactive. Other active GSTINs include 24AADCH2027C1ZB (Gujarat).
The CIN (Corporate Identification Number) of Waaree Technologies is L74110MH2013PLC244911. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Waaree Technologies is a listed company as per MCA records. Its shares are listed on BSE (code: 539337).
Waaree Technologies was incorporated on 28 June 2013, making it 13+ years old. It is registered with the Registrar of Companies, Mumbai.
Waaree Technologies has 39 deals on record (38 market trades, 1 ipo); the latest was in January 2025.
Anita Jaiswal was appointed as Director on 06 Mar 2025. Mitul Chandulal Mehta was appointed as Director on 06 Mar 2025. Ruchi Sethi ceased to be Director on 21 Feb 2025. Waaree Technologies has 29 board changes on record in total.
Waaree Technologies has 8 MSME Form 1 returns on record between 2023 and 2024, listing 155 overdue payments to 28 micro and small suppliers. The latest return was filed on 30 Apr 2024.
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