Company Valuation: Waaree Renewable Technologies Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,032 5,910 16,118 146,377 94,619 81,630
Change - 472.48% 172.71% 808.16% -35.36% -13.73%
Enterprise Value (EV) 1 1,925 6,190 16,445 146,602 93,491 81,730
Change - 221.58% 165.65% 791.49% -36.23% -12.58%
P/E -43.5x 68.8x 29.2x 98.9x 41.4x 17.1x
PBR 4.63x 19.8x 18.9x 63x 20.8x 8.74x
PEG - -0x 0x 1x 0.8x 0x
Capitalization / Revenue 7.95x 3.66x 4.59x 16.7x 5.92x 2.45x
EV / Revenue 14.8x 3.83x 4.69x 16.7x 5.85x 2.45x
EV / EBITDA 27.4x 26.3x 19.6x 70.7x 30x 12.7x
EV / EBIT 36x 31.2x 20.4x 72.6x 30.6x 12.9x
EV / FCF -1.45x -584x -103x -871x 59.7x -158x
FCF Yield -68.8% -0.17% -0.97% -0.11% 1.68% -0.63%
Dividend per Share 2 - 0.2 0.2 1 1 -
Rate of return - 0.35% 0.13% 0.07% 0.11% -
EPS 2 -0.228 0.826 5.306 14.21 21.95 45.86
Distribution rate - 24.2% 3.77% 7.04% 4.56% -
Net sales 1 129.8 1,615 3,510 8,764 15,977 33,314
EBITDA 1 70.38 235 837.4 2,073 3,115 6,413
EBIT 1 53.5 198.3 807.9 2,019 3,053 6,332
Net income 1 -23.67 86.04 554.2 1,481 2,292 4,787
Net Debt 1 892.6 280.1 326.7 225.9 -1,128 100.4
Reference price 2 9.92 56.79 154.87 1,405.45 907.65 782.30
Nbr of stocks (in thousands) 104,074 104,074 104,074 104,149 104,247 104,346
Announcement Date 9/8/21 9/3/22 9/4/23 8/23/24 8/29/25 8/31/26
1INR in Million2INR
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 840M
25.47x4.23x29.55x0.25% 213B
21.07x9.37x16.8x2.89% 180B
21.98x4.54x12.69x3.15% 172B
21.44x6x13.15x3.22% 109B
13.5x1.92x6.87x5.24% 108B
21.51x11.84x15.37x3.25% 108B
19.01x5.73x11.48x3.37% 100B
22.19x3.26x14.02x0.61% 96.6B
19.98x5.22x12.47x2.98% 70.36B
Average 20.68x 5.79x 14.71x 2.78% 116B
Weighted average by Cap. 21.23x 5.85x 16.17x 2.59%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Waaree Renewable Technologies Limited

Historical PBR trend

Valuation ratios - PBR - Waaree Renewable Technologies Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Waaree Renewable Technologies Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Waaree Renewable Technologies Limited

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