Waaree Renewables was listed on the BSE on August 09, 2012. In the last five years, its stock has given a massive return of around 50,000%. Will Waaree Renewables continue to provide such great returns in the future as well? Let’s explore Waaree Renewables’ growth potential and the Waaree Renewables share price target 2025 to 2050 in this article.
About Waaree Renewables
Waaree Renewables Technologies Ltd. is a part of the Waaree Group, which was launched in 1989. The company develops, builds, and operates solar power projects throughout India. Waaree Renewables is well-known for producing high-quality solar panels and undertaking large-scale solar projects.
Waaree Renewables Business Model
- EPC Business: Waaree Renewable Technologies Limited (WRTL) offers Engineering, Procurement, and Construction (EPC) services for solar projects. The company creates and installs solar power plants for industrial, commercial, and utility-scale customers. WRTL has installed over 10,000 projects with a total capacity of 600+ MW.
- IPP Business (Independent Power Producer): WRTL finances, builds, and operates some solar power projects that it owns. The electricity generated by these projects is sold to power distribution companies (Discoms) or industrial clients via long-term Power Purchase Agreements (PPAs). This ensures consistent and predictable cash flows in the long run.
- Asset Ownership and Leasing: WRTL installs ground-mounted and rooftop solar systems, and in some cases, retains ownership of these assets. The electricity generated is then leased or provided to clients via a subscription model, generating recurring revenue.
- O&M (Operations and Maintenance) Services: The company also provides operations and maintenance for its installed solar systems. This includes system monitoring, performance audits, and repair. These services generate ongoing revenue and help to maintain long-term client relationships.
Waaree Renewables Fundamental Analysis
| Stock Name | Waaree Renewables Technologies Ltd. |
|---|---|
| NSE Symbol | WAAREERTL |
| Market Cap | ₹ 10,609 Cr. |
| 52W High | ₹ 2513 |
| 52W Low | ₹ 732 |
| Stock P/E | 45.6 |
| Book Value | ₹ 43.8 |
| Dividend Yield | 0.10 % |
| ROCE | 84.9 % |
| ROE | 65.0 % |
| Face Value | ₹ 2.00 |
| Industry PE | 45.3 |
| Price to book value | 23.2 |
| Debt to equity | 0.06 |
| PEG Ratio | 0.17 |
| Quick ratio | 1.32 |
| Shareholders | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Promoters | 74.51% | 74.46% | 74.39% |
| FIIs | 0.00% | 0.20% | 1.13% |
| DIIs | 0.00% | 0.01% | 0.24% |
| Public | 25.48% | 25.33% | 24.25% |
| No. of Shareholders | 11,120 | 86,482 | 3,23,258 |
Key Factors Driving Waaree Renewables’ Future Growth
- Government Push for Renewable Energy Expansion: As an EPC player and renewable energy developer, Waaree Renewables benefits directly from India’s push for renewable energy, which ensures long-term demand and government policy support.
- Support from Parent Company – Waaree Energies: Waaree Energies, India’s largest solar PV module manufacturer (with a 12 GW capacity), provides WRTL with vertical integration benefits, including assured supply, cost efficiency, and technological support, resulting in smoother and more profitable project execution.
- Potential Expansion into Power Generation: WRTL intends to enter the power generation segment as an independent power producer (IPP), which will generate annuity-style long-term revenues and reduce reliance on EPC margins.
Pros of Waaree Renewables
- Strong Sales Growth: Waaree Renewables has achieved a strong sales growth of 274% CAGR over the last five years.
- Strong Profit Growth: Waaree Renewables has achieved a strong profit growth of 281% CAGR over the last five years.
- High Return on Capital Employed (ROCE): Waaree Renewables has maintained an average ROCE of 69.0% over the last five years, which shows that Waaree Renewables is using its capital efficiently to generate profit.
- High Return on Equity (ROE): Waaree Renewables has maintained an average ROE of 66.3% over the past five years, indicating that the Company is utilizing shareholders’ funds efficiently to generate profits.
- High Promoter Holding: Waaree Renewables has a strong promoter holding of 74.4%, indicating the promoters’ high confidence in the company’s future growth and stability.
- Debt Free Company: Waaree Renewables is almost a debt-free company with a debt-to-equity ratio of 0.06, which shows its financial stability.
- Increase in Institutional Confidence: DIIs have increased their holding to 0.01% in December 2024 from 0.24% in March 2025, while FIIs have increased their holding to 0.99% in December 2024 from 1.13% in March 2025, indicating a strong institutional confidence in the company’s future growth prospects.
Cons of Waaree Renewables
- Overvaluation Concern: Waaree Renewables is trading at a PE ratio of 45.6 and a (P/B) ratio of 23.2, which shows that its stock is significantly overvalued. This high valuation may limit future upside potential and pose a risk of correction if market sentiment changes.
Waaree Renewables Ltd Balance Sheet
| Particulars | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Equity Capital | 21 | 21 | 21 |
| Reserves | 91 | 239 | 436 |
| Borrowings | 0 | 10 | 27 |
| Other Liabilities | 143 | 427 | 637 |
| Total Liabilities | 254 | 696 | 1,121 |
| Fixed Assets | 9 | 94 | 195 |
| CWIP | 80 | 3 | 56 |
| Investments | 0 | 9 | 52 |
| Other Assets | 165 | 590 | 818 |
| Total Assets | 254 | 696 | 1,121 |
By the end of 2025, the Waaree Renewables share price is expected to be around ₹1280 in normal conditions. In a bear market, it might be ₹920, and in a bull market, it may go up to ₹1600.
| Waaree Renewables Share Price Target 2025 | Rupees (₹) |
|---|---|
| Bear Market | 920 |
| Normal Market | 1280 |
| Bull Market | 1600 |
In 2026, the Waaree Renewables share price is expected to be around ₹1530 in a normal situation. In a bear market, it might be ₹1000, and in a bull market, it may cross ₹2250.
| Waaree Renewables Share Price Target 2026 | Rupees (₹) |
|---|---|
| Bear Market | 1000 |
| Normal Market | 1530 |
| Bull Market | 2250 |
According to our analysis, the Waaree Renewables share price is expected to be around ₹1850 in 2027. In a bear market, it might be ₹1110, and in a bull market, it may cross ₹2700.
| Waaree Renewables Share Price Target 2027 | Rupees (₹) |
|---|---|
| Bear Market | 1110 |
| Normal Market | 1850 |
| Bull Market | 2700 |
According to our analysis, the Waaree Renewables share price may trade near ₹2200 by 2028; bearish conditions could pull it down to ₹1250, while a strong bull run might lift it to ₹3450.
| Waaree Renewables Share Price Target 2028 | Rupees (₹) |
|---|---|
| Bear Market | 1250 |
| Normal Market | 2200 |
| Bull Market | 3450 |
Under normal conditions, the Waaree Renewables share price might hit ₹2650 by 2029. A bearish trend could lower it to ₹1350, whereas a bullish surge could raise it to ₹4500.
| Waaree Renewables Share Price Target 2029 | Rupees (₹) |
|---|---|
| Bear Market | 1350 |
| Normal Market | 2650 |
| Bull Market | 4500 |
In a normal situation, the Waaree Renewables share price is projected to be approximately ₹3200 in 2030. In a bear market, the value may be as low as ₹1500, while in a bull market, it may rise to ₹5900.
| Waaree Renewables Share Price Target 2030 | Rupees (₹) |
|---|---|
| Bear Market | 1500 |
| Normal Market | 3200 |
| Bull Market | 5900 |
By 2035, the Waaree Renewables share price is projected to be around ₹6350 under normal conditions. In adverse markets, the price could fall to ₹2200, while favorable conditions might push it up to ₹17,600.
| Waaree Renewables Share Price Target 2035 | Rupees (₹) |
|---|---|
| Bear Market | 2200 |
| Normal Market | 6350 |
| Bull Market | 17,600 |
Under normal conditions, the Waaree Renewables share price might hit ₹12,500 by 2040. A bearish trend could lower it to ₹3350, whereas a bullish surge could raise it to ₹53,000.
| Waaree Renewables Share Price Target 2040 | Rupees (₹) |
|---|---|
| Bear Market | 3350 |
| Normal Market | 12,500 |
| Bull Market | 53,000 |
In 2050, the Waaree Renewables share price is expected to be around ₹50,000 in a normal situation. In a bear market, it might be ₹10,000, and in a bull market, it may go up to ₹3,00,000.
| Waaree Renewables Share Price Target 2050 | Rupees (₹) |
|---|---|
| Bear Market | 10,000 |
| Normal Market | 50,000 |
| Bull Market | 3,00,000 |
| Years | Target Price |
|---|---|
| Waaree Renewables Share Price Target 2025 | ₹920 to ₹1600 |
| Waaree Renewables Share Price Target 2026 | ₹1000 to ₹2250 |
| Waaree Renewables Share Price Target 2027 | ₹1110to ₹2700 |
| Waaree Renewables Share Price Target 2028 | ₹1250to ₹3450 |
| Waaree Renewables Share Price Target 2029 | ₹1350 to ₹4500 |
| Waaree Renewables Share Price Target 2030 | ₹1500to ₹5900 |
| Waaree Renewables Share Price Target 2035 | ₹2200 to ₹17,600 |
| Waaree Renewables Share Price Target 2040 | ₹3350 to ₹53,000 |
| Waaree Renewables Share Price Target 2050 | ₹10,000 to ₹3,00,000 |
Disclaimer
This article is for educational purposes only. It is not a stock recommendation and should not be treated as such. Please ask your financial advisor before making any investment decision.
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