Sangam Advisors — Now Waaree Renewables Technologies Ltd
Back in 2018 I put together a list of 35 deeply undervalued, ignored companies. Most people wouldn’t have touched a single name on it. One of them was a tiny, forgotten shell called Sangam Advisors Ltd, trading at an adjusted ₹3. Today that same company — reborn as Waaree Renewables Technologies Ltd — trades near ₹938. That is roughly a 312-fold return: ₹1 lakh would have become over ₹3 crore. This is the single most important idea in my investing life, and here is exactly why I bought it.
The business behind the transformation
Sangam Advisors was an obscure micro-cap going nowhere — until the Waaree Group, India’s largest solar-module manufacturer, took control and turned it into their renewable-energy EPC arm. The company now designs, procures and builds solar power projects end-to-end, and is expanding into battery storage (BESS) and data centres. It went from an empty ticker to a real, fast-scaling business riding the biggest energy transition of our lifetime.
The fundamental strengths that made me buy — and hold
- Explosive, profitable growth. FY26 revenue of about ₹3,331 crore grew ~108% in a single year, and net profit of ~₹479 crore grew ~109% — this is not a story stock, it earns real money.
- Extraordinary return ratios. Return on equity near 69% and return on capital near 85% — numbers most blue-chips can only dream of.
- An asset-light, near-debt-free model. As an EPC player it builds with very little borrowing (~₹115 crore), so growth converts straight into shareholder value.
- A visible order book. An unexecuted order book of roughly 2.83 GWp gives 12–15 months of clear revenue visibility.
- Powerful parentage. Backing from the Waaree Group — India’s largest solar manufacturer — with promoters holding ~74%, so management’s wealth is tied to yours.
- A once-in-a-generation tailwind. India added ~44 GW of solar in FY26, nearly double the prior year. This company sits at the centre of that wave.
From ₹3 shell to ₹9,000-crore powerhouse
This is the purest example of the equation I search for my entire career: a near-worthless price attached to an asset that is about to be transformed. When the Waaree Group breathed a real, high-growth solar business into a ₹3 shell, the market had no choice but to re-rate it from “penny stock” to “sector leader.” That re-rating, on top of a rock-bottom entry price, is what produced a 312-fold move — the kind of outcome that changes a portfolio forever.
Don’t take my word for it — it’s on the public record
I did not buy this after it became famous. It is on my public record as one of 35 companies I shortlisted in 2018, when it was a ₹3 stock nobody wanted. Conviction means being early, being alone, and being willing to wait years for the thesis to prove itself.
“The biggest fortunes are not made buying great companies at fair prices — they are made buying ignored companies at the exact moment they are about to be transformed.”
The lesson for you
Waaree Renewables is why I never dismiss a company just because it is small, cheap or forgotten. The market’s most violent re-ratings happen when a neglected shell is handed a real, growing business. Learn to look where nobody else is looking — that is where the 100-baggers are hiding in plain sight.
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Disclaimer: This article is a personal account of my own past investment decision, shared for educational purposes only. It is not a recommendation to buy or sell this or any stock at current prices. All return figures are calculated to recent market prices and adjusted for stock splits and bonuses; past performance is not a guarantee of future returns. Equity investments are subject to market risks. Please do your own research or consult your financial adviser before investing.
