Waaree Energies Ltd
Waaree Energies Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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42 extracted metrics + investor summaries across FY20–FY26.
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Technical Indicators
Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 143% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 31.2%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoWaaree Energies is India's largest solar module manufacturer with 22.3 GW of global capacity, trading at a PE of 19.1x with a market cap of ~₹77,062 crore. The company delivered FY26 PAT of ₹3,884 crore (up ~101% YoY) on revenue growth of over 90% TTM, supported by a record order book of ~₹61,500 crore, though it faces risks from structural module oversupply, margin moderation, and US trade policy uncertainty.
- Exceptional profit growth with 5-year compounded profit CAGR of 143% and FY26 PAT doubling to ₹3,884 crore from ₹1,928 crore in FY25
- Revenue scaling rapidly with TTM sales growth of 94% and FY26 Q4 revenue surging 112% YoY to ₹8,480 crore from ₹4,004 crore
- Record order book of approximately ₹61,500 crore with new orders of ~₹16,000 crore added in Q1 FY27 alone, providing multi-year revenue visibility
- Global manufacturing capacity expanded to 22.3 GW (19.7 GW India + 2.6 GW US), with US capacity planned to reach 4.2 GW by end of FY27
- Consistent return on equity track record with 3-year average ROE of 31% and last year ROE of 33%, indicating efficient capital deployment
- PE ratio of 19.1x is moderate relative to the triple-digit profit growth, suggesting earnings have caught up with valuation
- Production volume scaled from 4.77 GW in FY24 to 7.13 GW in FY25, demonstrating operational execution capability
- US manufacturing presence insulates the company from 125.87% countervailing duties on Indian solar module exports, with US Customs confirming zero Chinese cell content in its supply chain
- Stock has declined 9% over the past year despite strong earnings growth, signaling market concerns about sustainability of current growth rates
- Structural oversupply in the domestic module market as Indian manufacturing capacity scales aggressively, creating pricing pressure that could compress margins
- EBITDA margins projected to moderate from ~33% peak in FY26 to 27-28% by FY28 as competition intensifies across the sector
- Heavy capital expenditure cycle required to fund capacity expansion to 4.2 GW in the US and continued India expansion, with potential strain on free cash flow
- US trade policy remains unpredictable with 125.87% preliminary countervailing duties on Indian solar exports, creating uncertainty for export-dependent revenue streams
- Dividend yield of just 0.07% indicates minimal cash return to shareholders despite strong profitability, with capital being reinvested rather than distributed
- Dependence on imported wafers exposes the company to supply chain risks and input cost volatility that could squeeze margins during price downturns
- Share price fell over 10% post Q4 FY26 results despite 71% profit growth, suggesting the market is pricing in margin compression and elevated execution risk at current scale
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 19h ago- Insider trading violation flagged Jul 29
General Manager Ankit Ozarker's pledged shares were invoked by a lender during a trading window closure due to margin shortfall, triggering a Code of Conduct violation.
- Q1FY27 profit up 15% YoY Jul 29
Consolidated net profit rose to ₹891.87 crore in Q1FY27, up 15% YoY, driven by strong module revenue and duty refunds.
- JV with Ultratech for solar Aug 12
Subsidiary formed JV with Ultratech Cement via SPV Solaris Horizon Energy; UCL subscribed 26% stake for ₹27.76 crore.
- Enters hydrogen mobility space Aug 6
Incorporated WH Clean Mobility Systems (Aug 4, 2026) and WH Clean Fuels to target hydrogen, green ammonia, and battery mobility solutions.
- 118.8 MW solar unit commissioned Jul 29
Commissioned 118.8 MW of Unit 3 Solar Power Facility in Neemuch, MP on July 28, progressing toward total 170 MW capacity.
- 125 MW HJT module order won Jul 22
Waaree Solar Americas secured a 125 MW HJT solar module order from an international utility-scale customer for delivery in FY27.
- ₹1 lakh crore revenue target Jul 30
Management set a 5-year revenue target of ₹1 lakh crore and plans to add 10 GW manufacturing capacity within 6 months.
- FY27 EBITDA guidance reaffirmed Jul 31
Reaffirmed FY27 EBITDA guidance of ₹7,000–₹7,700 crore with ₹31,500 crore CapEx phased across FY27–FY29; cell-to-module ratio rising from ~20% to ~65%.
- C.T. Doshi Trust acquires 18.34% Aug 10
C.T. Doshi Family Trust indirectly acquired 18.34% stake via WSFPL share gift, exempted from open offer under SEBI regulations.
- Smart Meters buys Eppeleton stake Aug 7
Subsidiary Waaree Smart Meters acquired 24.21% stake in Eppeleton Engineers for ₹21.78 crore, expanding presence in the engineering sector.
- Analyst meets scheduled Aug 11-13 Aug 6
Company scheduled interactions with analysts at Citi's India Industrials Access Day and EMKAY Confluence from August 11 to 13, 2026.
TL;DR: Waaree Energies delivered solid Q1FY27 results with 15% profit growth and reaffirmed its full-year EBITDA guidance, while aggressively expanding into hydrogen mobility, green ammonia, and cementing partnerships like the Ultratech JV. The lone headwind is a minor insider trading code violation. The overall trend is strongly positive with ambitious capacity expansion (10 GW in 6 months) and a ₹1 lakh crore long-term revenue target, though execution risk on the massive ₹31,500 crore CapEx plan warrants monitoring.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,328 | 3,537 | 1,596 | 2,936 | 3,409 | 3,574 | 3,457 | 4,004 | 4,426 | 6,066 | 7,565 | 8,480 | 7,932 |
| Expenses | 2,861 | 3,020 | 1,425 | 2,518 | 2,856 | 3,050 | 2,736 | 3,081 | 3,429 | 4,659 | 5,637 | 6,904 | 6,492 |
| Operating Profit | 468 | 517 | 171 | 418 | 552 | 525 | 722 | 923 | 997 | 1,406 | 1,928 | 1,577 | 1,440 |
| OPM % | 14% | 15% | 11% | 14% | 16% | 15% | 21% | 23% | 23% | 23% | 25% | 19% | 18% |
| Other Income | 87 | 21 | 105 | 364 | 88 | 89 | 88 | 133 | 171 | 161 | -99 | 180 | 171 |
| Interest | 40 | 33 | 18 | 48 | 34 | 31 | 31 | 57 | 43 | 96 | 93 | 48 | 70 |
| Depreciation | 57 | 71 | 74 | 75 | 76 | 84 | 89 | 153 | 182 | 240 | 267 | 301 | 330 |
| PBT | 457 | 435 | 184 | 659 | 531 | 499 | 690 | 845 | 943 | 1,231 | 1,469 | 1,408 | 1,210 |
| Tax % | 26% | 26% | 23% | 28% | 24% | 25% | 27% | 24% | 18% | 29% | 25% | 20% | 26% |
| Net Profit | 338 | 320 | 141 | 475 | 401 | 376 | 507 | 644 | 773 | 878 | 1,107 | 1,126 | 892 |
| EPS in Rs | 17.05 | 15.98 | 6.32 | 23.41 | 19.99 | 13.73 | 17.15 | 21.54 | 25.94 | 29.29 | 36.94 | 36.89 | 29.56 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,996 | 1,953 | 2,854 | 6,751 | 11,398 | 14,444 | 26,537 | 30,043 |
| Expenses | 1,903 | 1,868 | 2,748 | 5,915 | 9,823 | 11,723 | 20,628 | 23,692 |
| Operating Profit | 93 | 85 | 106 | 836 | 1,574 | 2,722 | 5,909 | 6,351 |
| OPM % | 4.7% | 4.3% | 3.7% | 12% | 14% | 19% | 22% | 21% |
| Other Income | 25 | 45 | 97 | 88 | 576 | 398 | 413 | 413 |
| Interest | 34 | 31 | 41 | 82 | 140 | 152 | 280 | 308 |
| Depreciation | 27 | 29 | 43 | 164 | 277 | 402 | 990 | 1,138 |
| PBT | 57 | 70 | 118 | 677 | 1,734 | 2,565 | 5,052 | 5,319 |
| Tax % | 31% | 31% | 33% | 26% | 27% | 25% | 23% | — |
| Net Profit | 39 | 48 | 80 | 500 | 1,274 | 1,928 | 3,884 | 4,003 |
| EPS in Rs | 2.12 | 2.5 | 3.84 | 24.49 | 62.76 | 65 | 129 | 133 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 2% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 197 | 197 | 197 | 243 | 263 | 287 | 288 |
| Reserves | 101 | 148 | 231 | 1,595 | 3,825 | 9,192 | 14,150 |
| Borrowings | 157 | 340 | 363 | 320 | 553 | 1,199 | 3,213 |
| Other Liabilities | 483 | 596 | 1,362 | 5,247 | 6,635 | 9,028 | 12,465 |
| Total Liabilities | 938 | 1,281 | 2,154 | 7,406 | 11,277 | 19,706 | 30,115 |
| Fixed Assets | 152 | 285 | 625 | 1,105 | 1,450 | 4,051 | 7,329 |
| CWIP | 40 | 3 | 124 | 537 | 1,341 | 1,884 | 3,476 |
| Investments | 85 | 115 | 143 | 31 | 71 | 65 | 953 |
| Other Assets | 661 | 878 | 1,262 | 5,732 | 8,414 | 13,706 | 18,358 |
| Total Assets | 938 | 1,281 | 2,154 | 7,406 | 11,277 | 19,706 | 30,115 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 83 | 67 | 698 | 1,560 | 2,305 | 3,158 | 1,627 |
| Investing | -22 | -250 | -673 | -2,088 | -3,346 | -6,806 | -3,953 |
| Financing | -50 | 161 | 101 | 642 | 909 | 4,036 | 2,573 |
| Net Cash Flow | 12 | -21 | 126 | 114 | -132 | 388 | 247 |
| Free Cash Flow | 32 | -35 | 202 | 698 | 968 | -114 | -3,209 |
| CFO/OP | 102 | 105 | 683 | 199 | 168 | 143 | 47 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 26 | 22 | 12 | 17 | 31 | 30 | 34 |
| Inventory Days | 54 | 83 | 85 | 192 | 108 | 96 | 118 |
| Days Payable | 67 | 99 | 83 | 143 | 84 | 91 | 63 |
| Cash Conversion Cycle | 13 | 6 | 14 | 66 | 55 | 35 | 90 |
| Working Capital Days | 10 | 2 | -84 | -66 | -40 | -87 | -26 |
| ROCE % | — | 16% | 21% | 52% | 44% | 35% | 39% |
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Company Information
Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.[1]WEL has five solar module manufacturing facilities in India, with international presence.