Waaree Renewable Technologies Limited

WRTL is a majority owned subsidiary of WEL and a part of the Waaree group. WEL is an established player in the solar module manufacturing industry with track record of over 15 years. The company is the largest solar module manufacturer in India with 5.4 GW cell and 22.8 GW module manufacturing capacities (including ~1.6 GW module capacity in US) as on December 2025 end. In addition to solar module manufacturing, the Waaree group also undertakes EPC activities for solar power plants, which

The company’s financial position is strong as reflected by growth in total operating income (TOI) from ~₹87 7 crore in FY24 to ~₹1,598 crore in FY25 and ~₹2,229 crore in 9MFY26. The company has maintained operating profitability margins above 15% and net margins above 10% since FY23. The working capital intensity is moderate with inventory holding period of less than 10 days and operating cycle of less than 50 days. Strong financial position characterised by unleveraged capital structure

The company’s capital structure is satisfactory as reflected by overall gearing of 0.1x as on September 2025 end. The company’s overall gearing has remained below unity as the company does not have any significant long-term debt and only requires working capital limits to manage the company’s day-to-day operations. Further, TOL/TNW stood at 1.2x as on September 2025 end, which further aids the company’s financial strength.

The company has a healthy unexecuted order book for ~2.9 GW aggregating to gross unexecuted contract value of ~₹3,537 crore as of December 2025 end, providing revenue visibility to the company in the near term. Moreover, the order book constitutes contracts with reputed counterparties eliminating counterparty credit risk to a meaningful extent.

WRTL undertakes EPC contracts (Turnkey and BOS - Balance of Supply) for construction of solar power projects across geographies to be commissioned within predefined timelines and cost. CareEdge Ratings notes that challenges with respect to increase in the prices of various inputs, cables, structures, and modules among others may impact the company’s TOI and profitability. While the risk of increase in the solar module prices is partly mitigated due to the fact that WRTL sources its modules from

WRTL is a mid-sized player operating in an intensely competitive and fragmented industry. Its competitors include EPC arms of several independent power producers (IPPs), who comparatively hold a high bargaining power in terms of securing orders from those respective developers. It also faces competition from several medium to small-sized players, who provide EPC and operations and maintenance (O&M) services to the same target segment.

Given the nature of business operations, the company requires working capital limits to extend LCs/BGs to its vendors and customers. As of September 2025 end, of the total sanctioned limits, working capital utilisation stood at 59%. Going forward, the company’s ability to execute underlying orders without material cost or time overrun would be critical from a profitability perspective. 2 CARE Ratings Ltd. Press Release