Waaree Renewable Technologies Ltd. (WAAREERTL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+122.1%

₹1,549.45

vs ₹697.55 price

Levered DCF

₹6,041.14

After debt service

Piotroski score

—

Altman Z-score

—

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	18.27×	38.92×	61.38×	160.65×	1,031.63×
P/B	9.36×	19.59×	36.17×	104.67×	298.02×
P/S	2.63×	5.58×	10.18×	25.4×	55.2×
EV / EBITDA	13.34×	28.57×	42.57×	105.07×	281.33×
Gross margin	21.8%	22.1%	26.3%	27.8%	19.9%
Operating margin	19.0%	19.1%	23.0%	23.1%	12.3%
Net margin	14.4%	14.3%	16.6%	15.8%	5.3%
Current ratio	1.35×	1.32×	1.31×	0.84×	1.03×
Debt / equity	0.16×	0.06×	0.16×	0.46×	1.4×
Interest coverage	47.6×	56.14×	35.65×	15.65×	2.88×
Dividend yield	0.0%	0.2%	0.0%	0.0%	0.0%
Payout ratio	0.0%	9.1%	1.4%	1.9%	12.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	51.2%	50.3%	58.9%	65.1%	28.8%
Return on invested capital	42.5%	45.5%	47.8%	41.7%	9.7%
Return on assets	20.2%	20.5%	20.3%	19.6%	5.1%
Free cash flow yield	1.9%	2.3%	1.3%	-0.2%	0.4%
Earnings yield	5.5%	2.6%	1.6%	0.6%	0.1%
Enterprise value	₹88.2B	₹89.2B	₹89.5B	₹89.5B	₹89.4B
Net debt / EBITDA	0.11×	0×	0.15×	0.42×	0.9×
Cash conversion cycle (days)	37	49	4	10	-53