Waaree Renewables

₹2564 -134.9 | 5%

WEBSITE BSE:534618 NSE : WAAREERTL 10 May, 16:01

Market Cap ₹26704 Cr.

Stock P/E 180.3

P/B 150.6

Current Price ₹2564

Book Value ₹ 17

Face Value 2

52W High ₹3037.8

Dividend Yield 0.04%

52W Low ₹ 157

Edit Ratio

Waaree Renewables Research see more...

Overview Inc. Year: 1999Industry: Power Generation/Distribution

Waaree Renewable Technologies Ltd generates power in India. It generates electricity from solar power plants. The corporation also provides solar enterprise management consultancy offerings. It serves the economic, institutional, and industrial sectors. The business enterprise become previously referred to as Sangam Renewables Ltd and changed its name to Waaree Renewable Technologies Ltd in July 2021. The agency became included in 1999 and is based totally in Mumbai, India. Waaree Renewable Technologies Ltd is a subsidiary of Waaree Energies Ltd.

Waaree Renewables Share Price

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Peer Comparison

Waaree Renewables Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	45	77	95	121	74	61	129	150	324	273
Other Income	0	0	1	0	0	0	1	1	0	1
Total Income	46	77	96	121	74	62	130	151	325	275
Total Expenditure	41	64	82	108	38	39	113	122	236	198
Operating Profit	5	13	14	13	36	22	17	29	88	77
Interest	1	1	1	1	1	2	1	2	0	4
Depreciation	1	1	1	1	1	1	1	1	2	2
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	3	11	12	11	34	20	15	25	87	72
Provision for Tax	2	4	2	3	9	7	4	7	22	17
Profit After Tax	0	7	10	8	25	12	11	18	64	54
Adjustments	0	-0	0	-0	0	0	0	0	0	0
Profit After Adjustments	0	7	10	8	25	12	11	18	64	54
Adjusted Earnings Per Share	0	0.6	1	0.8	2.4	1.2	1.1	1.8	6.2	5.2

Waaree Renewables Profit & Loss

#(Fig in Cr.)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1	7	6	13	161	351	876
Other Income	1	1	2	2	8	2	3
Total Income	2	8	7	15	170	352	881
Total Expenditure	2	4	5	6	138	267	669
Operating Profit	1	4	2	9	32	85	211
Interest	0	2	3	4	7	5	7
Depreciation	0	1	1	2	4	3	6
Exceptional Income / Expenses	0	0	0	0	0	0	0
Profit Before Tax	0	1	-3	3	21	77	199
Provision for Tax	0	3	1	6	12	22	50
Profit After Tax	0	-2	-3	-2	9	55	147
Adjustments	0	0	0	-1	-0	0	0
Profit After Adjustments	0	-2	-3	-4	9	55	147
Adjusted Earnings Per Share	0	-0.4	-0.3	-0.4	0.8	5.3	14.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	118%	288%	223%	0%
Operating Profit CAGR	166%	249%	143%	0%
PAT CAGR	511%	0%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	1228%	451%	271%	100%
ROE Average	97%	40%	17%	14%
ROCE Average	84%	39%	26%	22%

Waaree Renewables Balance Sheet

#(Fig in Cr.)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	10	9	26	22	30	85
Minority's Interest	0	30	31	32	-0	-0
Borrowings	0	37	37	114	33	30
Other Non-Current Liabilities	0	3	4	9	14	16
Total Current Liabilities	5	15	25	25	91	151
Total Liabilities	16	95	122	202	168	283
Fixed Assets	4	32	30	155	73	74
Other Non-Current Assets	4	50	46	3	1	81
Total Current Assets	8	13	45	44	93	128
Total Assets	16	95	122	202	168	283

Waaree Renewables Cash Flow

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	0	0	27	1	13
Cash Flow from Operating Activities	-7	51	-2	43	65
Cash Flow from Investing Activities	-28	-38	-105	9	-66
Cash Flow from Financing Activities	35	14	81	-40	-9
Net Cash Inflow / Outflow	0	27	-26	12	-10
Closing Cash & Cash Equivalent	0	27	1	13	3

Waaree Renewables Ratios

#	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	0.02	-0.37	-0.31	-0.36	0.83	5.33
CEPS(Rs)	0.03	-0.23	-0.2	-0.07	1.21	5.6
DPS(Rs)	0	0	0	0	0.2	0.2
Book NAV/Share(Rs)	2.05	1.86	2.49	2.14	2.87	8.1
Core EBITDA Margin(%)	-17.4	45.11	6.66	53.84	14.56	23.86
EBIT Margin(%)	36.15	42.27	16.85	59.63	17.43	23.45
Pre Tax Margin(%)	29.69	11.66	-44.35	26.2	13.14	21.94
PAT Margin (%)	7.06	-27.2	-55.9	-18.24	5.51	15.77
Cash Profit Margin (%)	9.81	-16.58	-36.38	-5.21	7.78	16.61
ROA(%)	0.58	-3.46	-2.94	-1.46	4.8	24.57
ROE(%)	0.9	-19.55	-18	-9.81	34.08	96.9
ROCE(%)	4.48	10.48	1.71	7.55	26.67	84.06
Receivable days	114.12	117.38	175.93	105.8	59.55	56.08
Inventory Days	0	0	0	12.85	2.42	19.87
Payable days	0	0	0	0	0	0
PER(x)	317.49	0	0	0	68.69	29.08
Price/Book(x)	2.84	2.14	0.87	4.63	19.77	19.12
Dividend Yield(%)	0	0	0	0	0.35	0.13
EV/Net Sales(x)	17.06	7.04	4.52	16.51	3.66	4.66
EV/Core EBITDA(x)	43.85	13.31	12.44	22.72	18.56	19.17
Net Sales Growth(%)	0	440.93	-19.27	128.41	1144.35	117.32
EBIT Growth(%)	0	532.41	-67.81	708.18	263.82	192.38
PAT Growth(%)	0	-2183.79	-65.92	25.49	475.69	522.32
EPS Growth(%)	0	-2135.52	18.07	-18.05	329.45	544.16
Debt/Equity(x)	0.02	3.96	1.53	5.26	1.4	0.46
Current Ratio(x)	1.45	0.83	1.82	1.81	1.03	0.84
Quick Ratio(x)	1.45	0.83	1.82	1.79	1.01	0.6
Interest Cover(x)	5.6	1.38	0.28	1.78	4.06	15.52
Total Debt/Mcap(x)	0.01	1.85	1.75	1.13	0.07	0.02

Waaree Renewables Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.51	74.51	74.51	74.51	74.51	74.51	74.51	74.48	74.46	74.46
FII	0	0	0	0	0	0	0	0	0	0.2
DII	0	0	0	0	0	0	0	0	0.09	0.01
Public	25.49	25.49	25.49	25.49	25.49	25.49	25.49	25.52	25.45	25.33
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.55	1.55	1.55	1.55	1.55	1.55	1.55	1.55	1.55	7.76
FII	0	0	0	0	0	0	0	0	0	0.02
DII	0	0	0	0	0	0	0	0	0	0
Public	0.53	0.53	0.53	0.53	0.53	0.53	0.53	0.53	0.53	2.64
Others	0	0	0	0	0	0	0	0	0	0
Total	2.08	2.08	2.08	2.08	2.08	2.08	2.08	2.08	2.08	10.41

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 40%
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 150.6 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.