Waaree TechnologiesShare price, financial results, shareholding and management
- Market cap
- ₹208 cr
- Stock P/E
- -peers 87.2
- Book value
- ₹-5.7
- Price to book
- -
- EV / operating profit
- -
- Market cap to sales
- 29.12
- ROCE · FY26
- -32.2%
- ROE · FY26
- -
- ROE, 3-year average
- -100.1%
- Operating margin · FY26
- -49.8%peers 55.8%
- Sales growth, 3 years
- -37.6%
- Profit growth, 3 years
- -
- Debt to equity
- -peers 0.96
- Borrowings
- ₹21.1 cr
- Interest cover
- -8.3×
- Cash from business / op. profit
- 70%
- Debtor days
- 6
- Pledged
- 0.00%
- Promoter holding
- 58.81%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 5,603
- 52-week high / low
- ₹398 / ₹131
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Waaree Technologies share price chart
Close on 6 Nov 2026 · -1.46% on the day · Vol 13,825
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +2.4%
- 3 months
- -17.6%
- 6 months
- -33.5%
- 1 year
- -24.8%
- Traded a day, 20 days
- ₹0.17 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -30% | - |
| 3 years, a year | -38% | - |
| Latest half, H2 FY26 | -35% | - |
About Waaree Technologies: business, products and customers
Waaree Technologies puts together lithium battery packs and energy storage products and also trades batteries, for industrial and home users and for other companies in the Waaree group. Its shares trade on BSE SME.
Waaree Technologies, once called H K Trade International, assembles lithium batteries and battery packs for energy storage, electric vehicles and solar kits, and also trades batteries and related goods. The FY26 accounts show a single segment, manufacturing of lithium batteries, and say the company took over a lithium battery manufacturing division by slump purchase, without giving the year. Its factory building stands on rented land, and it had 16 permanent employees in March 2026.
The company makes packs from cells and materials it purchases and adds goods it trades without further work, so its gross margin moves with cell prices and with how much it makes rather than trades. With sales of only a few crore, fixed costs such as staff, factory rent, depreciation, warranty claims and product testing are larger than the gross profit, which is why each recent year has ended in a loss. No current tax is paid; the reported loss is smaller than the loss before tax because a deferred tax credit on carried forward losses is booked every year.
Read more about the business
The business leans on the Waaree group for supplies, sales channels and money. In FY26 it purchased goods from Waaree Energies, supplied goods to Waaree Renewable Technologies and borrowed from Waaree Sustainable Finance, and the notice for the September 2026 AGM sought one year limits for purchases from, sales to and loans from eight related companies, including inverter, solar panel, cable and distribution businesses. The annual reports name no outside customers and no competitors.
From the FY26 and FY25 annual reports filed on BSE.
Read the deeper study ↓In its favour
- Nothing stands out on these rules this year.
To watch
- The first accounts audited by Bhatter & Co., appointed in September 2026 after R T Jain & Co. LLP completed its term; R T Jain's FY25 report named the missing warranty provision and inventory discrepancies as key audit matters (Annual report FY26, p.18 and p.55; Annual report FY25, p.48).
- Use of the related party limits sought for the year after the 28 September 2026 AGM, including purchases from Waaree Energies and loans of up to ₹20 cr each from Waaree Energies, Waaree Renewable Technologies and Waaree Sustainable Finance (Annual report FY26, p.19 to p.20, p.24 and p.40).
- The directors' loans: the FY25 accounts showed them as short term and repayable on demand, while the FY26 accounts show them as long term borrowings (Annual report FY25, p.61; Annual report FY26, p.85).
- The deferred tax asset on past losses, which rests on management's view that enough taxable income will follow (Annual report FY26, p.83 and p.88).
- The promoters' share has come down: 58.81%, from 60.42%.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Waaree Technologies revenue and profit growth
Half-yearly results · Profit and lossSales have fallen.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before.
Waaree Technologies half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 7.50 | 21.89 | 13.50 | 15.05 | 5.60 | 4.64 | 4.11 | 3.03 |
| Expenses | 7.47 | 23 | 15.10 | 21.30 | 7.98 | 7.72 | 5.19 | 5.49 |
| Operating profit | 0.03 | -1.11 | -1.60 | -6.25 | -2.38 | -3.09 | -1.09 | -2.46 |
| OPM | 0.4% | -5.1% | -11.8% | -41.5% | -42.6% | -66.5% | -26.5% | -81.4% |
| Interest | 0.01 | 0.03 | 0.20 | 0.02 | 0.02 | 0.07 | 0.28 | 0.32 |
| Depreciation | 0 | 0.68 | 1.09 | 1.09 | 1.09 | 1.10 | 1.08 | 0.64 |
| Profit before tax | 0.17 | -1.65 | -2.67 | -7.23 | -3.46 | -4.08 | -2.27 | -3.29 |
| Net profit | 0.15 | -1.24 | -2 | -5.50 | -2.62 | -3.03 | -1.72 | -2.46 |
Waaree Technologies profit and loss
Full years to March, FY15 to FY26 · ₹ crore, consolidated where reported
| FY15 | FY16 | FY17 | FY18 | FY19 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 4.20 | 4.95 | 4.76 | 6.78 | 1.47 | 29.40 | 28.55 | 10.24 | 7.13 |
| Expenses | 4.04 | 4.87 | 4.61 | 6.71 | 1.66 | 30.48 | 36.39 | 15.71 | 10.68 |
| Operating profit | 0.16 | 0.08 | 0.15 | 0.07 | -0.19 | -1.08 | -7.85 | -5.47 | -3.55 |
| OPM | 3.8% | 1.6% | 3.1% | 1.0% | -12.9% | -3.7% | -27.5% | -53.4% | -49.8% |
| Other income | 0.03 | 0.11 | 0.04 | 0.06 | 0.14 | 0.32 | 0.36 | 0.21 | 0.32 |
| Interest | 0 | 0 | 0 | 0.01 | 0.05 | 0.04 | 0.23 | 0.09 | 0.60 |
| Depreciation | 0.03 | 0.04 | 0.04 | 0.03 | 0 | 0.68 | 2.18 | 2.19 | 1.73 |
| Profit before tax | 0.16 | 0.15 | 0.15 | 0.09 | -0.10 | -1.48 | -9.89 | -7.53 | -5.56 |
| Tax rate | 31.3% | 33.3% | 33.3% | 33.3% | -20.0% | 26.4% | 24.2% | 25.0% | 24.8% |
| Net profit | 0.11 | 0.10 | 0.11 | 0.05 | -0.08 | -1.09 | -7.50 | -5.65 | -4.18 |
| EPS ₹ | 0.58 | 0.27 | 0.30 | 0.14 | -0.22 | -1.01 | -6.96 | -2.43 | -3.88 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY19) comes from tax charged on a small or negative profit, as reported.
Waaree Technologies profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. Its costs were more than its sales. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY15 | FY16 | FY17 | FY18 | FY19 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 3.8% | 1.6% | 3.1% | 1.0% | -12.9% | -3.7% | -27.5% | -53.4% | -49.8% |
| Tax rate | 31.3% | 33.3% | 33.3% | 33.3% | -20.0% | 26.4% | 24.2% | 25.0% | 24.8% |
| ROCE | · | 5.5% | 3.8% | 2.4% | -1.2% | -15.5% | -53.8% | -39.9% | -32.2% |
| ROE | · | 3.7% | 2.8% | 1.3% | -2.0% | -14.4% | -100.1% | · | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Waaree Technologies debt and cash flow
Balance sheet · Cash flow · Working capitalIts loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Waaree Technologies balance sheet
At each 31 March · ₹ crore
| FY15 | FY16 | FY17 | FY18 | FY19 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 1.36 | 2.63 | 2.63 | 2.63 | 2.63 | 10.77 | 10.77 | 10.77 | 10.77 |
| Reserves | 0.21 | 1.22 | 1.33 | 1.38 | 1.30 | 0.47 | -7.03 | -12.68 | -16.86 |
| Net worth | 1.57 | 3.85 | 3.96 | 4.01 | 3.93 | 11.24 | 3.74 | -1.91 | -6.09 |
| Borrowings | 0 | 0 | 0 | 0.29 | 0.38 | 3.05 | 17.85 | 17.66 | 21.11 |
| Other liabilities | 0.60 | 0.69 | 0.22 | 0.09 | 0.02 | 18.63 | 3.21 | 3.75 | 2.77 |
| Total liabilities | 2.17 | 4.54 | 4.18 | 4.39 | 4.33 | 32.92 | 24.80 | 19.50 | 17.79 |
| Fixed assets | 0.16 | 0.19 | 0.15 | 0 | 0.01 | 7.47 | 5.77 | 3.95 | 2.42 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0.75 | 0.21 | 0.21 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0.20 | 0.20 | 0.20 | 0.20 |
| Other assets | 2.01 | 4.35 | 4.03 | 4.39 | 4.32 | 24.50 | 18.62 | 15.14 | 15.17 |
Waaree Technologies cash flow
₹ crore
| FY15 | FY16 | FY17 | FY18 | FY19 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 0.67 | -0.85 | -1.06 | -1.50 | 0.10 | 9.15 | -15.12 | -1.74 | -2.48 |
| Cash from investing | 0 | 0.04 | 0.04 | 0.15 | 0.01 | -8.87 | 0.22 | -0.23 | -0.07 |
| Cash from financing | -0.06 | 2.17 | 0 | 0.28 | 0.04 | 3.01 | 14.57 | -0.27 | 2.85 |
| Net cash flow | 0.61 | 1.36 | -1.02 | -1.07 | 0.15 | 3.29 | -0.33 | -2.24 | 0.30 |
Working capital
Days
| FY15 | FY16 | FY17 | FY18 | FY19 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 55 | 110 | 74 | 122 | 246 | 4 | 1 | 0 | 6 |
| Inventory days | 48 | 51 | 178 | 35 | 0 | 171 | 78 | 129 | 129 |
| Days payable | 47 | 51 | 15 | 1 | · | 30 | 11 | 36 | 54 |
| Cash conversion cycle | 56 | 109 | 237 | 157 | 246 | 145 | 69 | 94 | 80 |
| Working capital days | 51 | 108 | 202 | 212 | 911 | -26 | -120 | 27 | -164 |
Waaree Technologies peers and competitors
Listed SME companies in the same industryBy sales, Waaree Technologies is number 2 of the 2 listed SME companies in power.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Waa Solar | 57 | 87.2 | 27.8 | 0.7 | 55.8% | 0.96 |
| Waaree Technologies | 208 | - | 7.1 | -4.2 | -49.8% | - |
| Median of the 1 others | 57 | 87.2 | 27.8 | 0.7 | 55.8% | 0.96 |
Waaree Technologies shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Waaree Technologies shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 23 | Sep 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 60.42% | 60.10% | 59.12% | 58.80% | 58.80% | 58.80% | 58.81% | 58.81% |
| Foreign investors (FIIs) | 0.00% | 0.00% | 0.00% | 0.03% | 0.00% | 0.00% | - | - |
| Number of shareholders | 653 | 974 | 1,482 | 3,611 | 5,203 | 5,486 | 5,667 | 5,603 |
Waaree Technologies study: the business from its own documents
Read from 2 of the company's own documentsWaaree Technologies key facts from the filings
Each figure with the document it comes from
- Sales in FY26
- ₹7.1 cr
- Revenue from operations, down from ₹10.2 cr in FY25.Annual report FY26, p.80
- Loss in FY26
- −₹4.2 cr
- Loss after tax, after a loss of ₹5.6 cr in FY25; the board blames higher input costs, idle capacity and slow market uptake.Annual report FY26, p.48 and p.80
- Cash losses
- ₹3.1 cr
- Cash loss the auditor reports for FY26, after ₹4.9 cr in FY25.Annual report FY26, p.75
- Shareholders' funds
- −₹6.1 cr
- Below zero at March 2026: past losses are larger than all the share capital raised.Annual report FY26, p.79
- Loans from directors
- ₹13.8 cr
- Unsecured loans from Rushabh Pankaj Doshi and Kirit Chimanlal Doshi at March 2026, the main source of the company's money.Annual report FY26, p.85 and p.93
Show 5 more facts
- Loans from companies
- ₹7.3 cr
- Short term loans from companies at 10% interest, up from ₹4.0 cr a year earlier.Annual report FY26, p.85
- Tax asset on losses
- ₹6.1 cr
- Deferred tax asset carried on the balance sheet because management expects enough future taxable income to use past losses.Annual report FY26, p.83 and p.88
- Largest group limit sought
- ₹100 cr
- Purchases from promoter group company Waaree Energies for one year from the 2026 AGM, stated as 1402.05% of last year's turnover.Annual report FY26, p.19 to p.20
- Warranty cost
- ₹0.70 cr
- Warranty expense in FY26, up from ₹0.46 cr in FY25 while sales fell.Annual report FY26, p.90
- Staff
- 16
- Permanent employees at March 2026; staff costs fell to ₹1.7 cr from ₹3.6 cr.Annual report FY26, p.64 and p.80
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Waaree Technologies makes and trades lithium battery packs, but its sales are too small to cover its costs and it has lost money every recent year.
Its weak spots are a crowded market where price decides, reliance on loans from its directors and group companies, and no outside customers named in its reports.
WatchCan it set its own prices?No. The company itself calls its market highly competitive and price sensitive, and higher input costs are among the reasons it gives for its losses.
WatchHow strong is it against rivals?It is a very small maker that must keep changing its technology to keep up, and it spends nothing on research.
WatchWho are its customers?The reports name no outside customers. Group companies are visible buyers and are being lined up as sales channels.
WatchDoes it need a lot of money?Yes. Losses are paid for with loans from directors and group companies, and the company says battery rules need constant spending on equipment.
WatchCan it keep finding new work?Sales have shrunk two years running and there is no order book; the group limits allow more trade but are not orders.
WatchDo good and bad years swing a lot?Results are weak and exposed to cell supply, prices and government policy for electric vehicles and storage.
Who runs Waaree Technologies?
Promoters, directors and officers; tap a name for the background
KCKirit Chimanlal DoshiPromoter, Chairman and Managing Director · holds 13.78%
Described in the 2025 notice as playing a key role in project acquisition, development and execution, with extensive experience in management, project execution and development. Re-appointed Managing Director for three years from 14 May 2025 and named Chairman and Managing Director at the September 2025 AGM; the notice states that, as a promoter and considering the losses, Kirit Chimanlal Doshi draws no remuneration. A lender to the company at March 2026; held 14,84,175 shares then, against 17,89,200 a year earlier.
Annual report FY25, p.16 to p.17; Annual report FY26, p.51, p.84 and p.93RPRushabh Pankaj DoshiPromoter, Executive Director and Chief Financial Officer
B.Com with around five years in the battery business, handling day to day operations, per the 2025 notice, which also states that Rushabh Pankaj Doshi is the son of a brother of Kirit Chimanlal Doshi. Paid ₹0.03 cr in FY26 against ₹0.12 cr in FY25, a lender to the company at March 2026, and a director of Waaree ESS, Waaree Sustainable Finance and other companies. Held 3,05,025 shares at March 2026.
Annual report FY25, p.22; Annual report FY26, p.84 and p.93VCViren Chimanlal DoshiPromoter · holds 12.34%
Named among the promoters in the FY26 accounts; not on the board. Held 13,28,842 shares at March 2026, against 16,33,867 a year earlier.
Annual report FY26, p.84PCPankaj Chimanlal DoshiPromoter · holds 9.51%
Named among the promoters in the FY26 accounts; not on the board. Held 10,23,642 shares at March 2026, against 16,33,867 a year earlier.
Annual report FY26, p.84BHBinita Hitesh DoshiPromoter · holds 2.98%
Named among the promoters in the FY26 accounts; not on the board. Held 3,20,425 shares at March 2026, against 50,400 a year earlier.
Annual report FY26, p.84BKBindiya Kirit DoshiPromoter · holds 2.83%
Named among the promoters in the FY26 accounts; not on the board. Held 3,05,200 shares at March 2026 and none a year earlier.
Annual report FY26, p.84HCHitesh Chimanlal DoshiPromoter · holds 2.82%
Named among the promoters in the FY26 accounts; not on the board. Held 3,03,933 shares at March 2026, against 8,98,933 a year earlier.
Annual report FY26, p.84VSVivek SrivastavaNon-Executive Director
Bachelor of Engineering with more than 32 years of global experience in strategy, business development, marketing, sales, design, engineering, safety and programme management; on the board since 8 August 2023 and a director of Kineco Limited and two other unlisted companies.
Annual report FY26, p.46MCMitul Chandulal MehtaIndependent Director
B.Com with more than 25 years of experience in production; on the board since 6 March 2025, and left the board of Waaree Renewable Technologies within the three years before the 2025 notice.
Annual report FY25, p.22AJAnita JaiswalIndependent Director
LLB and Company Secretary with more than nine years in legal, compliance and secretarial work; on the board since 6 March 2025 and also a director of Indosolar Limited.
Annual report FY25, p.23Waaree Technologies latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹3 cr (-35%), net profit -₹2.5 cr (-) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 58.81%.
Waaree Technologies announcements
3 on record, latest first; each opens the filing on the exchange
- Company UpdateAppointment of M/s Bhatter & Co. Staturory Auditor w.e.f from the conclusion of the 13th AGM of the Company, in place of retiring auditor R T Jain & Co LLP whoPDF ↗
- AGM/EGMConsolidated Scrutinizer''s report for on remote e-voting and e-voting at 13th AGM held on September 28, 2026PDF ↗
- AGM/EGMProceeding of the 13th Annual General Meeting held on September 28, 2026PDF ↗
Waaree Technologies annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Waaree Technologies share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Waaree Technologies' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,07,68,139 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY15 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Waaree Technologies
What does Waaree Technologies do?
Waaree Technologies puts together lithium battery packs and energy storage products and also trades batteries, for industrial and home users and for other companies in the Waaree group. Its shares trade on BSE SME.
What is the share price of Waaree Technologies?
₹193 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Waaree Technologies?
₹208 cr at the close on 6 Nov 2026, on 1,07,68,139 shares.
What are Waaree Technologies' revenue and profit?
Revenue ₹7 cr and profit after tax -₹4 cr in FY26.
Who are the promoters of Waaree Technologies?
Kirit Chimanlal Doshi, Rushabh Pankaj Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, Binita Hitesh Doshi, Bindiya Kirit Doshi, Hitesh Chimanlal Doshi; promoters held 58.81% at 30 Sept 2026.
What is Waaree Technologies' website?
waareetech.com
More SME companies like Waaree Technologies
Other listed SME companies in power, the closest in size first, each read from its own documents.
Built from 2 annual reports, 3 exchange announcements, 8 shareholding patterns and 9 years of reported results. Every figure carries its source; where the documents are silent, the page says so.