Waaree Renewable Technologies WAAREERTL
Solar Module Manufacturing (ALMM): Utility-scale and C&I solar EPC arm of the Waaree group
Mapped in 2 themes: Solar Module Manufacturing (ALMM) and Energy Generation.
Where Waaree Renewable Technologies sits in the supply chain
Waaree Renewable Technologies appears in 2 supply-chain layers across 2 themes: Solar Module Manufacturing (ALMM) and Energy Generation.
Solar Module Manufacturing (ALMM) › EPC & Project Developers
OperatorUtility-scale and C&I solar EPC arm of the Waaree group
Other companies in this layer
Energy Generation › Solar Equipment & EPC
Direct supplierUtility-scale and C&I solar EPC arm of the Waaree group
Other companies in this layer
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 162 | 351 | 876 | 1,598 | 3,331 |
| Net profit | 9 | 55 | 145 | 229 | 479 |
Latest-year revenue ₹3,331 Cr (FY26, company-wide).
Strengths · in Solar Module Manufacturing (ALMM)
- Group access to Waaree modules and a large EPC order book from utility-scale and C&I clients
- Asset-light EPC model with high returns on capital
Risks · in Solar Module Manufacturing (ALMM)
- EPC revenue is lumpy and depends on tender timing
- Related-party module sourcing from Waaree Energies ties its margins to group pricing
Common questions
What does Waaree Renewable Technologies do?
In Solar Module Manufacturing (ALMM): Utility-scale and C&I solar EPC arm of the Waaree group. NextResearch maps it in 2 supply chains: Solar Module Manufacturing (ALMM) and Energy Generation.
Where does Waaree Renewable Technologies sit in the supply chain?
Waaree Renewable Technologies (NSE: WAAREERTL) is mapped in 2 supply-chain layers: EPC & Project Developers (Solar Module Manufacturing (ALMM)) and Solar Equipment & EPC (Energy Generation).
Who are Waaree Renewable Technologies' peers?
In the EPC & Project Developers layer of Solar Module Manufacturing (ALMM): Sterling and Wilson Renewable Energy, KPI Green Energy, Adani Green Energy, Tata Power, Clean Max Enviro Energy Solutions, Juniper Green Energy and 4 more.
What is Waaree Renewable Technologies' market cap and valuation?
As of 6 Nov 2026: market cap ₹7,654 Cr, P/E 16.4x, ROCE 83.2%, ROE 68.3%, dividend yield 0%.