Waaree Energies Ltd logo

Waaree Energies Ltd

WAAREEENER NSE

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.

AI Verdict: BUY Confidence: 7%

Waaree Energies delivers exceptional growth with 143% profit CAGR over 5 years and 31% 3-year ROE, supported by India's solar energy tailwinds. At a PE of 22.7x, valuation appears reasonable for a high-growth industrials name, though the negligible 0.07% dividend yield and polarized analyst sentiment (27% sell ratings) warrant caution.

Key Fundamentals

MidcapOther Electrical EquipmentCapital Goods
Market Cap
₹88,254 Cr
Volatility
Moderate
P/E Ratio
23.32
EBITDA
₹5,614 Cr
Debt to Equity
0.13
Book Value
₹501.9
52W High
₹3,865
52W Low
₹2,403

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

Revenue Growth
78.75% ↗
Net Income Growth
100.10% ↗
Cash Flow Change
37.01% ↗
ROE
-34.60% ↘
ROCE
-22.12% ↘
EBITDA Margin (Avg.)
-2.04% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
BUY
Risk medium

Waaree Energies delivers exceptional growth with 143% profit CAGR over 5 years and 31% 3-year ROE, supported by India's solar energy tailwinds. At a PE of 22.7x, valuation appears reasonable for a high-growth industrials name, though the negligible 0.07% dividend yield and polarized analyst sentiment (27% sell ratings) warrant caution.

Bull Case 8
  • Compounded profit growth of 143% CAGR over 5 years demonstrates exceptional earnings scalability
  • TTM sales growth of 84% signals strong demand momentum and robust order book execution
  • 3-year ROE of 31% reflects highly efficient capital deployment relative to industrial peers
  • PE ratio of 22.7x is reasonable for a company delivering 111% TTM profit growth, implying a PEG well below 1
  • 73% of analysts rate the stock a Buy (11 out of 15 coverage analysts), indicating broad institutional conviction
  • Compounded sales CAGR of 58% over 3 years and 69% over 5 years shows sustained topline acceleration, not a one-off spike
  • Market cap of Rs 90,147 crore positions Waaree as a large-cap solar manufacturer benefiting from India's PLI scheme and 500 GW renewable target by 2030
  • Last year ROE of 33% shows improving return profile year-on-year versus the 3-year average of 31%
Bear Case 8
  • Dividend yield of just 0.07% offers negligible income return, suggesting limited shareholder payout commitment
  • 26.67% of analysts (4 out of 15) rate the stock a Sell with zero Hold ratings, indicating a polarized and binary view on valuation
  • Price-to-book ratio of 6.11x is elevated for an industrials company, pricing in significant future growth that must materialize
  • No 52-week high/low data available suggests limited price discovery transparency or recent listing, adding uncertainty for technical analysis
  • No reported debt-to-equity ratio creates opacity around balance sheet leverage, a key risk in capital-intensive solar manufacturing
  • Stock CAGR of 15% over 1 year underperforms the profit growth of 111% TTM, suggesting the market may be discounting future margin compression
  • Solar module manufacturing is a cyclically competitive industry with Chinese oversupply risk that could compress ASPs and margins going forward
  • Absence of 10-year financial track record data limits long-term consistency assessment for this recently listed entity

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 4
  • ₹10,000 cr QIP approved Jun 15

    Shareholders approved raising ₹10,000 crores via QIP and appointed Jignesh Rathod as Whole-Time Director & CEO, all resolutions passed with requisite majority.

  • 800 MW solar module order Jun 15

    Secured 800 MW domestic solar module supply order for FY27 from a leading energy solutions provider, adding significantly to order pipeline.

  • ALMM deadline boosts domestic manufacturers May 26

    MNRE confirmed no blanket extension of ALMM List-II beyond June 1, 2026, making domestic cell sourcing mandatory and creating structural demand catalyst for Waaree. Stock rose ~3.7% on the news.

  • Strong Q4 FY26 financial performance Jun 15

    Consolidated revenue surged 111.8% YoY to ₹8,480 crore in Q4 FY26, net profit jumped 71.4% YoY to ₹1,061 crore. Management guided FY27 EBITDA at ₹7,000-7,700 crore with ~20% margins.

Neutral 4
  • Australia subsidiary deregistered Jun 24

    Dormant subsidiary Waaree Renewable Energies Australia PTY Limited was deregistered by ASIC on June 10, 2026, with nil turnover, revenue, or net worth in FY26.

  • CPO Sanjeev Pushkarna resigns Jun 20

    Chief Procurement Officer Sanjeev Pushkarna resigned effective June 19, 2026, citing personal aspirations.

  • Multiple investor meets scheduled Jun 8

    Company held analyst meets in London (Jun 8, Nuvama conference), Mumbai (Jun 3 and Jun 11), all based on publicly available information.

  • Promoter transfers shares to trusts Jun 1

    Promoter Chimanlal Tribhuvandas Doshi transferred 200,000 shares (0.069% of paid-up capital) to Ratnakukshi Bhakti Foundation and Jain Education and Empowerment Trust on June 1, 2026.

TL;DR: Waaree Energies is firing on all cylinders with 111.8% revenue growth, a strong order pipeline (800 MW new win), and ₹10,000 crore QIP approval to fund expansion. The ALMM policy enforcement from June 1 acts as a structural tailwind for domestic manufacturers. No material headwinds are visible, though margin compression (18.8% vs 26.5% in standalone Q4) from rising EPC costs and CPO departure warrant monitoring. The trend is strongly positive with clear policy support and growth visibility into FY27.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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
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
Operating Profit
468
517
171
418
552
525
722
923
997
1,406
1,928
1,577
OPM %
14%
15%
11%
14%
16%
15%
21%
23%
23%
23%
25%
19%
Other Income
87
21
105
364
88
89
88
133
171
161
-99
180
Interest
40
33
18
48
34
31
31
57
43
96
93
48
Depreciation
57
71
74
75
76
84
89
153
182
240
267
301
PBT
457
435
184
659
531
499
690
845
943
1,231
1,469
1,408
Tax %
26%
26%
23%
28%
24%
25%
27%
24%
18%
29%
25%
20%
Net Profit
338
320
141
475
401
376
507
644
773
878
1,107
1,126
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
Figures in ₹ Crores

Profit & Loss

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,996
1,953
2,854
6,751
11,398
14,444
26,537
Expenses
1,903
1,868
2,748
5,915
9,823
11,723
20,628
Operating Profit
93
85
106
836
1,574
2,722
5,909
OPM %
5%
4%
4%
12%
14%
19%
22%
Other Income
25
45
97
88
576
398
413
Interest
34
31
41
82
140
152
280
Depreciation
27
29
43
164
277
402
990
PBT
57
70
118
677
1,734
2,565
5,052
Tax %
31%
31%
33%
26%
27%
25%
23%
Net Profit
39
48
80
500
1,274
1,928
3,884
EPS in Rs
2.12
2.5
3.84
24.49
62.76
65
129
Div. Payout %
0%
0%
0%
0%
0%
0%
2%
Figures in ₹ Crores

Balance Sheet

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Mar 2026
Promoters 64.19%
Public 17.42%
FIIs 7.05%
Others 7.02%
DIIs 4.32%
Total 100.00%
  Sep 2021Sep 2024Oct 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
95.74%
64.30%
64.30%
64.30%
64.30%
64.30%
64.22%
64.22%
64.19%
FIIs
0.00%
2.23%
2.23%
1.40%
0.70%
2.68%
6.35%
6.91%
7.05%
DIIs
0.00%
3.02%
3.02%
2.70%
2.46%
2.86%
2.82%
2.86%
4.32%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
23.56%
23.56%
23.20%
24.06%
21.95%
19.31%
18.96%
17.42%
Others
4.26%
6.89%
6.89%
8.39%
8.48%
8.20%
7.29%
7.05%
7.02%
No. of Shareholders
26
11,47,870
11,47,870
7,67,963
8,51,028
7,67,267
6,90,025
6,95,699
6,83,301

Documents

Frequently Asked Questions about Waaree Energies Ltd

What does Waaree Energies Ltd do?
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.
Where is Waaree Energies Ltd (WAAREEENER) listed?
Waaree Energies Ltd is listed on the Indian stock exchanges. It is listed on NSE: WAAREEENER and BSE: 544277. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Waaree Energies Ltd belong to?
Waaree Energies Ltd operates in the Industrials sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Waaree Energies Ltd?
Waaree Energies Ltd has a market capitalisation of approximately ₹88253.98 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Waaree Energies Ltd?
The Price-to-Earnings (PE) ratio of Waaree Energies Ltd is 23.32. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Waaree Energies Ltd?
Over the past 52 weeks, Waaree Energies Ltd has traded between a low of ₹2,403 and a high of ₹3,865. This range helps investors understand the stock's price volatility and recent trading levels.
Does Waaree Energies Ltd pay dividends?
Yes, Waaree Energies Ltd has a dividend yield of 0.07%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
How can I research Waaree Energies Ltd on Tapetide?
On Tapetide, you can view Waaree Energies Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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.

Website waaree.com
Listed 2024-10-28
Face Value ₹ 10
Issued Size 28,76,40,905

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