🪞 At a Glance:
Waaree Renewable Technologies has gone from an obscure ₹1 crore revenue in FY2018 to a powerhouse ₹1,597 crore in FY2025. Profit has exploded 229x in just three years, ROCE is a jaw-dropping 85%, and it’s now among India’s most efficient capital goods players — all while staying (almost) debt-free. But… why is the stock down 50% from its peak?
☀️ About the Company
- Sector:Renewable Energy (Solar EPC + Power Generation)
- Incorporated:1999
- Group:Subsidiary of Waaree Group
- Focus:EPC for solar power projects + renewable energy consulting
Think of them as the Apple Store for solar panels, except they also build the entire Apple Store… on your rooftop.
👨💼 Key Managerial Personnel
- Chairman:Hitesh Doshi
- CEO:Sunil Rathi (Waaree Energies
- lead, EPC operations)
- CFO:Ketan Mehta
Bonus: The promoter holding is rock solid at74.39%(Mar 2025) — no signs of dilution even after the massive run.
💸 Financials — FY21 to FY25
| ₹ in Cr | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 8 | 154 | 342 | 867 | 1,597 |
| EBITDA | 3 | 13 | 76 | 199 | 311 |
| PAT | 2 | 20 | 59 | 149 | 229 |
| EPS (₹) | 0.22 | 1.96 | 5.71 | 14.30 | 22.01 |
| OPM % | 36% | 9% | 22% | 23% | 19% |
🚀Profit CAGR: 274%over 5 years🔋Revenue CAGR: 281%📉Stock is down 50% from peak — correction or consolidation?
📊 Balance Sheet Breakdown
| ₹ in Cr | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Reserves | 12 | 31 | 91 | 239 | 436 |
| Borrowings | 37 | 0 | 0 | 10 | 27 |
| Total Liabilities | 83 | 132 | 254 | 696 | 1,121 |
| Fixed Assets | 3 | 3 | 9 | 94 | 195 |
| CWIP | 0 | 0 | 80 | 3 | 56 |
| Other Assets | 48 | 128 | 165 | 590 | 818 |
🧠 FY25 Capex surge signalsexpansion mode— capacity for future solar contracts + infra buildup
