Company Valuation: Waaree Renewable Technologies Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 226.9 1,032 5,910 16,118 146,377 94,619
Change - 355.05% 472.48% 172.71% 808.16% -35.36%
Enterprise Value (EV) 1 257.6 1,925 6,190 16,445 146,602 93,491
Change - 647.42% 221.58% 165.65% 791.49% -36.23%
P/E Ratio -7.03x -43.5x 68.8x 29.2x 98.9x 41.4x
PBR 0.87x 4.63x 19.8x 18.9x 63x 20.8x
PEG - 1.6x -0x 0x 1x 0.8x
Capitalization / Revenue 3.99x 7.95x 3.66x 4.59x 16.7x 5.92x
EV / Revenue 4.53x 14.8x 3.83x 4.69x 16.7x 5.85x
EV / EBITDA 8.41x 27.4x 26.3x 19.6x 70.7x 30x
EV / EBIT 13.2x 36x 31.2x 20.4x 72.6x 30.6x
EV / FCF -0.71x -1.45x -584x -103x -871x 59.7x
FCF Yield -140% -68.8% -0.17% -0.97% -0.11% 1.68%
Dividend per Share 2 - - 0.2 0.2 1 1
Rate of return - - 0.35% 0.13% 0.07% 0.11%
EPS 2 -0.3099 -0.228 0.826 5.306 14.21 21.95
Distribution rate - - 24.2% 3.77% 7.04% 4.56%
Net sales 1 56.82 129.8 1,615 3,510 8,764 15,977
EBITDA 1 30.62 70.38 235 837.4 2,073 3,115
EBIT 1 19.55 53.5 198.3 807.9 2,019 3,053
Net income 1 -31.76 -23.67 86.04 554.2 1,481 2,292
Net Debt 1 30.67 892.6 280.1 326.7 225.9 -1,128
Reference price 2 2.18 9.92 56.79 154.87 1,405.45 907.65
Nbr of stocks (in thousands) 104,074 104,074 104,074 104,074 104,149 104,247
Announcement Date 27/08/20 08/09/21 03/09/22 04/09/23 23/08/24 29/08/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.05B
22.24x - - 2.29% 1.91B
182.16x13.78x20.79x - 1.54B
69.05x5.09x26.57x - 1.02B
32.02x3.23x19.97x-.--% 680M
17.5x - - 2.86% 569M
Average 64.59x 7.37x 22.44x 1.71% 1.13B
Weighted average by Cap. 74.43x 8.84x 22.43x 1.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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