1. At a Glance
Waaree Technologies Ltd (WTS) is a small-cap energy storage and EV solutions hopeful from the Waaree Group stable. It sounds future-ready — AI, EV, lithium, renewables — but is currently delivering more losses than watts.
2. Introduction with Hook
Waaree Technologies is that friend who’s always talking about gym, startups, and meditation… but never quite follows through. On paper, it’s a green tech beast — on Screener, it’s bleeding red across every metric.
- Market Cap: ₹370 Cr
- Book Value: Negative
- Last Year Return on Equity: -617%
If red flags were a stock, it might look a lot like this.
3. Business Model (WTF Do They Even Do?)
WTS says it’s a “Cell to System” company. That means:
- Sells lithium battery systems for solar, EVs, and utilities
- Trades in AI-based products & e-vehicles
- Plays in energy storage and power electronics
- Claims to offer premium quality ESS (Energy Storage Systems) for solar
But:
- Most revenue seems to come from trading, not manufacturing
- Zero evidence of scale, IP, or margin control
4. Financials Overview
| Metric (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Sales | 29.4 | 28.6 | 10.2 |
| Operating Profit | -1.05 | -7.85 | -5.47 |
| Net Profit | -1.09 | -7.50 | -5.65 |
| EPS (₹) | -1.01 | -6.97 | -5.25 |
| OPM % | -3.6% | -27.5% | -53.4% |
Summary:
- Shrinking top line
- Exploding losses
- Negative EPS for 3 years straight
5. Valuation
| Metric | Value |
|---|---|
| CMP | ₹343 |
| P/E | N/A (loss-making) |
| Book Value | ₹-1.77 |
| P/B | N/A |
| Dividend Yield | 0.00% |
Fair Value Range:
Based on negative net worth, poor cash flows, and speculative interest:
₹30 – ₹50 (Sentiment-Driven Only)
Above ₹100 is pure hype territory — valuation defies math.
6. What’s Cooking – News, Triggers, Drama
Latest Updates:
- Dematerialization compliance filed (great, but not a growth trigger)
- Promoter sold 4.91% stake in July 2022
- No major orders, no product launches, no new partnerships
Drama Alert:
- The stock once hit ₹1,380… now down >75%
- Retail shareholding tripled in 1 year (hmm…)
- SME listed, exempt from many compliance norms
7. Balance Sheet
| Metric (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | 10.77 | 10.77 | 10.77 |
| Reserves | 0.47 | -7.03 | -12.68 |
| Borrowings | 3.05 | 17.85 | 17.66 |
| Total Liabilities | 32.92 | 24.8 | 19.5 |
| Fixed Assets | 7.47 | 5.77 | 3.95 |
Red Flags:
- Negative net worth
- Heavy reliance on debt
- Shrinking asset base
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash from Ops | ₹9.15 | -₹15.12 | -₹1.74 |
| Cash from Investing | -₹8.87 | ₹0.22 | -₹0.23 |
| Cash from Financing | ₹3.01 | ₹14.57 | -₹0.27 |
| Net Cash Flow | ₹3.29 | -₹0.32 | -₹2.25 |
Takeaway:
- Operating cash turning negative
- High financing = dilution risk
- Survival currently depends on borrowed money
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE | -10.6% | -53.9% | -39.8% |
| ROE | -101% | -617% | -617% |
| Inventory Days | 171 | 74 | 129 |
| CCC (Days) | 145 | 67 | 94 |
| Working Cap Days | 12 | 109 | 170 |
Verdict:
- This is not just unprofitable — it’s structurally unsustainable
- Working capital bloated
- ROE worse than crypto coins
10. P&L Breakdown – Show Me the Money
| Period | Sales | OPM % | Net Profit | EPS |
|---|---|---|---|---|
| Mar ’24 | ₹15.05 | -41.6% | ₹-5.51 | -₹5.12 |
| Sep ’24 | ₹5.60 | -42.7% | ₹-2.62 | -₹2.43 |
| Mar ’25 | ₹4.64 | -66.6% | ₹-3.03 | -₹2.81 |
TL;DR
- Revenues are tanking
- OPM is disappearing into a black hole
- Quarterly losses consistent
11. Peer Comparison
| Company | CMP | P/E | ROCE | ROE |
|---|---|---|---|---|
| NTPC | ₹342 | 14.2 | 10.8% | 13.6% |
| Adani Green | ₹1,030 | 100.5 | 8.7% | 14.6% |
| JSW Energy | ₹530 | 51.9 | 6.5% | 7.4% |
| Waaree Tech | ₹343 | N/A | -39.8% | -617% |
Reality Check:
- Trading near NTPC’s market price — with opposite fundamentals
- Valuation = hype, not cash flow
12. Miscellaneous – Shareholding, Promoters
| Category | Mar ’25 |
|---|---|
| Promoter | 58.80% |
| Public | 41.19% |
| FIIs | 0.00% |
| Shareholders | 5,203 |
Points of Concern:
- Promoters sold shares in 2022
- No institutional investors
- Shareholder count exploded — retail entry at peak?
13. EduInvesting Verdict™
Waaree Tech is the kind of stock that drops AI, EV, solar, and lithium buzzwords like confetti. But beneath the surface, it’s an accounting horror show.
There’s no moat, no margins, and no momentum — just a fancy dream and a shrinking balance sheet.
Unless you’re here to trade sentiment (and you’ve set a stop loss tighter than your last Uber budget), this is not an investor’s playground.
If the product is the future, the company isn’t living in it yet.
Metadata
– Written by EduInvesting Analyst | July 21, 2025
– Tags: Waaree Technologies, Penny Stock, SME Listing, Battery Stock, EV Storage, Red Flags, Loss-Making Stocks
