Waaree Renewable Technologies logo

Waaree Renewable Technologies MD, chairman, board of directors and AGM

NSE: WAAREERTLBSE: 534618Electrical EquipmentSmall Cap

Last close ₹678.25down ₹40.70 (5.66%)BSE ₹678.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹718.95.

52-week range of traded prices to 23 Oct 2026
₹673.15Low, 23 Oct 2026₹1,358.00High, 27 Oct 2025
Market cap
₹7,080 Cr571st largest listed
P/E
15.2
P/B
6.3
Dividend yield
Nonein the last 12 months
ROE
52.4%
ROCE
21.0%
Debt to equity
0.81
Volume, NSE
4,07,41638.8% delivered

Waaree Renewable Technologies board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonNilesh Bhogilal Gandhi
  • Managing directorPujan P. Doshi
  • Company Secretary and Compliance OfficerHeema Shah

8 directors4 independent4 executive

  • Nilesh Bhogilal Gandhi · ChairpersonIndependent · joined Feb 2017 · reappointed Feb 2022 · 116 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 2 as chair
  • Pujan P. Doshi · Managing directorExecutive · joined Sep 2016 · reappointed Jun 2025 · 1 listed board · 1 committee seat
  • Hitesh Pranjivan MehtaExecutive · joined Jun 2020 · reappointed Sep 2025 · 3 listed boards · 7 committee seats, 2 as chair
  • Viren Chimanlal DoshiExecutive · joined Jul 2021 · reappointed Sep 2024 · 3 listed boards · 2 committee seats
  • Sunil N RathiExecutive · joined Mar 2023 · reappointed Sep 2026 · 1 listed board
  • Ambika SharmaIndependent · joined Jun 2024 · 28 months as independent · 7 listed boards · 7 as independent · 10 committee seats, 2 as chair
  • Sunil JainIndependent · joined Sep 2024 · 25 months as independent · 1 listed board · 1 as independent · 4 committee seats
  • Sudhir AryaIndependent · joined Apr 2025 · 18 months as independent · 1 listed board · 1 as independent · 1 committee seat

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • MITUL CHANDULAL MEHTA, left 16 Apr 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 22 Sep 20267 of 8 present4 independent · 25 days in between
    • 27 Aug 20268 of 8 present4 independent · 35 days in between
    • 22 Jul 20268 of 8 present4 independent · 23 days in between
    • 28 Jun 20267 of 8 present4 independent · 39 days in between
    2 earlier meetings
    • 19 May 20267 of 8 present4 independent · 32 days in between
    • 16 Apr 20268 of 8 present4 independent

  • Audit Committee

    Chair Nilesh Bhogilal Gandhi

    Hitesh Pranjivan Mehta, Ambika Sharma

    • 22 Sep 20263 of 3 present2 independent · 25 days in between
    • 27 Aug 20263 of 3 present2 independent · 35 days in between
    • 22 Jul 20263 of 3 present2 independent · 63 days in between
    • 19 May 20263 of 3 present2 independent · 32 days in between
    1 earlier meeting
    • 16 Apr 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Sunil Jain

    Nilesh Bhogilal Gandhi, Ambika Sharma

    • 27 Aug 20263 of 3 present3 independent · 99 days in between

  • Stakeholders Relationship Committee

    Chair Ambika Sharma

    Pujan P. Doshi, Hitesh Pranjivan Mehta

    • 22 Jul 20263 of 3 present1 independent · 96 days in between
    • 16 Apr 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Nilesh Bhogilal Gandhi

    Viren Chimanlal Doshi, Hitesh Pranjivan Mehta

    • 30 Sep 20263 of 3 present1 independent · 33 days in between

  • Corporate Social Responsibility Committee

    • 19 May 20262 of 3 present1 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • kkc & associates llpPeer-review certificate valid to Jul 2027

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Waaree Renewable Technologies AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Waaree Renewable Technologies share news and announcements

Annual general meeting, 23 Sep 2026

3,09,048 shareholders on the register on 16 Sep 2026; present: 0 promoters and 56 others; votes counted by Shruti Somani / Shruti Somani.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.32% · other public 0.01%

    Turnout: all 77.41% · promoters 100.00% · institutions 86.16% · other public 5.59%

  2. To re-appoint a director, in place of Mr. Sunil Rathi, who retires by rotation and being eligible, seeks re-appointment as Director
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 2.44% · other public 0.04%

    Turnout: all 77.41% · promoters 100.00% · institutions 86.16% · other public 5.59%

  3. To re-appoint KKC & Associates LLP as Statutory Auditors of the Company for a term of five years
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 77.41% · promoters 100.00% · institutions 86.16% · other public 5.59%

  4. To approve conversion of loan into equity
    Special
    99.88% for0.12% against

    Against: promoters 0.00% · institutions 4.65% · other public 0.87%

    Turnout: all 77.41% · promoters 100.00% · institutions 86.16% · other public 5.59%

  5. Approval of Material Related Party Transaction with Waaree Energies Limited
    OrdinaryPromoters have an interest in it
    96.33% for3.67% against

    Against: promoters 0.00% · institutions 3.78% · other public 2.94%

    Turnout: all 2.06% · promoters 0.00% · institutions 86.16% · other public 1.13%

  6. Approval of Material Related Party Transaction with Waaree Forever Energies Private Limited
    OrdinaryPromoters have an interest in it
    96.32% for3.68% against

    Against: promoters 0.00% · institutions 3.78% · other public 2.96%

    Turnout: all 2.06% · promoters 0.00% · institutions 86.16% · other public 1.13%

  7. Approval of Material Related Party Transaction with Waaneep Solar One Private Limited
    OrdinaryPromoters have an interest in it
    96.32% for3.68% against

    Against: promoters 0.00% · institutions 3.78% · other public 2.96%

    Turnout: all 2.06% · promoters 0.00% · institutions 86.16% · other public 1.13%

  8. Approval of Material Related Party Transaction with Lumina Greentech Private Limited
    OrdinaryPromoters have an interest in it
    96.32% for3.68% against

    Against: promoters 0.00% · institutions 3.78% · other public 2.96%

    Turnout: all 2.06% · promoters 0.00% · institutions 86.16% · other public 1.13%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 14 Apr 2026, 1 resolution

3,16,296 shareholders on the register on 6 Mar 2026; votes counted by Shruti Somani / Shruti Somani.The company's voting result (opens in a new tab)

  1. To increase in threshold of loans guarantees, providing of securities and making of investments in securities under section 186 of the Companies Act, 2013
    Special
    98.14% for1.86% against

    Against: promoters 0.00% · institutions 86.88% · other public 0.51%

    Turnout: all 77.06% · promoters 100.00% · institutions 86.07% · other public 4.60%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 14 Nov 2025, 1 resolution

3,18,456 shareholders on the register on 10 Oct 2025; votes counted by Shruti Somani / Shruti Somani.The company's voting result (opens in a new tab)

  1. Approval of Amendment to Waaree Renewable Technologies Limited- Employee Stock Option Plan 2022 (“Waaree RTL ESOP 2022”)
    Special
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 9.48% · other public 0.15%

    Turnout: all 76.74% · promoters 100.00% · institutions 82.66% · other public 4.63%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 23 Sep 2025, 13 resolutions

3,23,346 shareholders on the register on 16 Sep 2025; present: 1 promoter and 44 others; votes counted by Shruti Somani / Shruti Somani.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 77.09% · promoters 100.00% · institutions 80.01% · other public 6.63%

  2. Re-appointment of Director liable to retire by rotation
    Ordinary
    98.72% for1.28% against

    Against: promoters 0.00% · institutions 88.68% · other public 0.04%

    Turnout: all 76.04% · promoters 100.00% · institutions 80.01% · other public 2.28%

  3. Appointment of Secretarial Auditor
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 77.09% · promoters 100.00% · institutions 80.01% · other public 6.63%

  4. Approval for increase in overall Borrowing Limits of the Company as per Section 180 (1) (c) of the Companies Act, 2013
    Special
    98.61% for1.39% against

    Against: promoters 0.00% · institutions 97.86% · other public 0.03%

    Turnout: all 77.09% · promoters 100.00% · institutions 80.01% · other public 6.63%

  5. To seek approval under Section 180(1)(a) of the Companies Act, 2013
    Special
    98.62% for1.38% against

    Against: promoters 0.00% · institutions 97.23% · other public 0.03%

    Turnout: all 77.09% · promoters 100.00% · institutions 80.01% · other public 6.63%

  6. Appointment of Mr. Viren Doshi (DIN: 00207121) as a Whole Time Director of the Company
    Ordinary
    99.88% for0.12% against

    Against: promoters 0.00% · institutions 8.60% · other public 0.02%

    Turnout: all 77.09% · promoters 100.00% · institutions 80.01% · other public 6.63%

  7. Appointment of Mr. Hitesh Mehta (DIN: 00207506) as a Whole Time Director of the Company
    Ordinary
    98.79% for1.21% against

    Against: promoters 0.00% · institutions 84.25% · other public 0.02%

    Turnout: all 76.04% · promoters 100.00% · institutions 80.01% · other public 2.28%

  8. Appointment of Mr. Sunil Rathi (DIN: 08036090) as a Whole Time Director of the Company
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 1.33% · other public 0.02%

    Turnout: all 77.09% · promoters 100.00% · institutions 80.01% · other public 6.63%

  9. Approval of Material Related Party Transaction with Waaree Energies Limited (`Waaree`), parent company of Waaree Renewable Technologies Limited (`Company`)
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 1.64% · promoters 0.00% · institutions 80.01% · other public 2.28%

  10. Approval of Material Related Party Transaction with Waaree Forever Energies Private Limited, group company of Waaree Renewable Technologies Limited (`Company`)
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 1.64% · promoters 0.00% · institutions 80.01% · other public 2.28%

  11. Approval of Material Related Party Transaction with Indosolar Limited, group company of Waaree Renewable Technologies Limited (`Company`)
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 1.65% · promoters 0.00% · institutions 80.01% · other public 2.28%

  12. Approval of Material Related Party Transaction with Waaneep Solar One Private Limited, having common directors as Waaree Renewable Technologies Limited
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.05%

    Turnout: all 1.64% · promoters 0.00% · institutions 80.01% · other public 2.28%

  13. To approve the revision in the remuneration of Mr. Pujan Doshi (DIN: 07063863), Managing Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.05%

    Turnout: all 77.09% · promoters 100.00% · institutions 80.01% · other public 6.63%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 23 May 2025, 3 resolutions

3,30,440 shareholders on the register on 18 Apr 2025; votes counted by Shruti Somani / Shruti Somani.The company's voting result (opens in a new tab)

  1. Alteration of Ancillary Object Clause of Memorandum of Association of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.12%

    Turnout: all 76.47% · promoters 100.00% · institutions 75.75% · other public 4.88%

  2. Appointment of Mr. Sudhir Arya (DIN: 05135780) as an Independent Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.18%

    Turnout: all 76.47% · promoters 100.00% · institutions 75.75% · other public 4.88%

  3. Change in designation of Mr. Sunil Rathi (DIN: 08036090) from Non-Executive Director to Executive Director
    Special
    98.85% for1.15% against

    Against: promoters 0.00% · institutions 99.08% · other public 0.16%

    Turnout: all 76.47% · promoters 100.00% · institutions 75.75% · other public 4.88%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 23 Sep 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)

  • Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026
    1 for0 against
  • To re-appoint a director, in place of Mr. Sunil Rathi, who retires by rotation and being eligible, seeks re-appointment as Director
    1 for0 against
  • To re-appoint KKC & Associates LLP as Statutory Auditors of the Company for a term of five years
    1 for0 against
  • To approve conversion of loan into equity
    Against Angel One Mutual Fund
    • Angel One Mutual FundTransparency Concern: Blanket approval proposed. No clarity on potential lenders.
    0 for1 against
  • Approval of Material Related Party Transaction with Waaree Energies Limited
    Against Angel One Mutual Fund
    • Angel One Mutual FundThe Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the Chief Executive Officer / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the Related Party Transaction Industry Standards. Governance and Transparency Concern: Inadequate disclosures with respect to the basis of arm’s length pricing.
    0 for1 against
  • Approval of Material Related Party Transaction with Waaree Forever Energies Private Limited
    Against Angel One Mutual Fund
    • Angel One Mutual FundThe Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the Chief Executive Officer / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the Related Party Transaction Industry Standards. Governance and Transparency Concern: Inadequate disclosures with respect to the basis of arm’s length pricing.
    0 for1 against
  • Approval of Material Related Party Transaction with Waaneep Solar One Private Limited
    Against Angel One Mutual Fund
    • Angel One Mutual FundThe Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the Chief Executive Officer / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the Related Party Transaction Industry Standards. Governance and Transparency Concern: Inadequate disclosures with respect to the basis of arm’s length pricing.
    0 for1 against
  • Approval of Material Related Party Transaction with Lumina Greentech Private Limited
    Against Angel One Mutual Fund
    • Angel One Mutual FundThe Company has failed to disclose whether the Audit Committee has reviewed the certificates provided by the Chief Executive Officer / Managing Director / Whole-Time Director / Manager and the Chief Financial Officer as mandated under the Related Party Transaction Industry Standards. Governance and Transparency Concern: Inadequate disclosures with respect to the basis of arm’s length pricing.
    0 for1 against

Mutual fund votes, meeting of 14 Apr 2026, 5 fund houses

  • To increase in threshold of loans guarantees, providing of securities and making of investments in securities under section 186 of the Companies Act, 2013
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Lack of adequate justifications & disclosure. Umbrella approval to cover any person/entity in the proposed limit.
    • Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance & Transparency Concern: Lack of adequate justifications & disclosure. Umbrella approval to cover any person/entity in the proposed limit.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Motilal Oswal Mutual FundInadequate justification & disclosures; Umbrella approval is being sought.
    0 for5 against
2 earlier meetings

Mutual fund votes, meeting of 14 Nov 2025, 5 fund houses

  • Approval of Amendment to Waaree Renewable Technologies Limited- Employee Stock Option Plan 2022 (“Waaree RTL ESOP 2022”)
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundNon-Disclosure of Exercise period. Non-Disclosure of Exercise Price. Nomination and Remuneration Committee discretion to determine Exercise Period & Price.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant under SEBI SBEB Regulations: Non-Disclosure of Exercise period. Non-Disclosure of Exercise Price. NRC discretion to determine Exercise Period & Price.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    0 for5 against

Mutual fund votes, meeting of 28 Jan 2025, 1 fund house

  • Approval of material related party transaction with Waaree Forever Energies Private Limited, group Company of the listed entity for a Value of Transaction of Rs. 500 Crores.
    1 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Stakes in unlisted companies

Reported in the filing for the quarter to Sep 2026.

  • Unlisted stake boughtSunstar Data Centers Private LimitedSince 11 Sep 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

  • Unlisted stake boughtAurovault Data Centers Private LimitedSince 14 Sep 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

At most 2 complaints open, quarter to Jun 2025.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

The company's results filing for the quarter to Sep 2026 says no statement of how money raised was used applies to it.