Waaree Renewable Technologies
Stock Snapshot
Price Performance
Vista Outlook
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Waaree Renewable Technologies is navigating a complex landscape characterized by a robust order book and strategic expansion into new segments, such as Battery Energy Storage Systems (BESS). Management's confidence in their operational capabilities is underscored by a substantial unexecuted order book of 2.83 GWp and a growing operations and maintenance (O&M) portfolio, which together provide strong revenue visibility. However, the company is contending with a year-on-year decline in order inflows and increased trade receivables, which could pressure margins. Vista's financial outlook reflects moderated revenue growth expectations, with margins anticipated to remain stable around 15%, supported by a commitment to execution discipline. The macro environment in India remains favorable, with strong demand for renewable energy solutions and supportive government policies. Over the next 12-24 months, key opportunities include capitalizing on the 36 GW order pipeline and expanding into new energy segments, while watchpoints include the competitive landscape and potential impacts of increased trade receivables on cash flow. Overall, Vista's strong buy recommendation is supported by the company's strategic positioning and long-term growth potential
Why We Like This Stock
- Strong unexecuted order book of 2.83 GWp provides significant revenue visibility
- Strategic expansion into Battery Energy Storage Systems (BESS) aligns with market trends
- Government support for renewable energy enhances long-term growth prospects
Things To Watch Out For
- Year-on-year decline in order inflows may impact future revenue growth
- Increased trade receivables and inventory could pressure cash flow
- Aggressive bidding from new entrants poses competitive challenges
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 876 | 1,598 | 3,331 | 3,653 | 6,393 |
| Profit Before Tax (Cr.) | 198 | 300 | 641 | 752 | 1,295 |
| PBT Margin | 22.6% | 18.8% | 1925.0% | 20.6% | 20.3% |
| Net Profit (Cr.) | 145 | 229 | 480 | 564 | 971 |
| Earnings Per Share | 13.9 | 21.9 | 45.9 | 54.0 | 93.0 |
Analyst Recommendations
No analyst recommendations available.
Company Overview
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Waaree Renewable Technologies Limited engages in the generation of power through renewable energy sources in India. The company offers ground mounted solar; capex model; resco opex; rooftop solar; floating solar; and operations and maintenance solutions. It also provides engineering, procurement, and construction (EPC) services. The company serves the individual, industrial, and commercial sectors. The company was formerly known as Sangam Renewables Limited and changed its name to Waaree Renewable Technologies Limited in July 2021. The company was incorporated in 1999 and is headquartered in Mumbai, India. Waaree Renewable Technologies Limited operates as a subsidiary of Waaree Energies Limited.