Order inflow slowdown
Order inflow declined to 2.3 GW in FY26 from 2.4 GW in FY25, and the order book shrank 12% YoY. Management attributed this to selective bidding, but competition may be intensifying.
WAAREERENEWABLETECHNOLOG / bear-case history
Track the concerns that keep returning.
Waaree Renewable Technologies · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Grid evacuation bottlenecks in Rajasthan
Analyst flagged that ~60 GW of projects in Rajasthan await clarity on substation coordinates, which could delay new EPC awards. Management acknowledged the risk but said current orders are unaffected.
Margin pressure from aggressive bidding
Despite delivering 19%+ margins, management's guided 15% threshold suggests potential compression. New entrants bidding aggressively could pressure pricing.
Working capital stretch from rising receivables
Receivables have doubled from ₹500 crore to over ₹1,000 crore, though management says most are secured by letters of credit and less than six months old.