Waaree Energies
Waaree Energies
Capital Goods F&OKey Fundamentals
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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 31.0%
Growth Rate
AI Analysis — Bull vs Bear
Waaree Energies has a market cap of about Rs 71,714 crore and trades at a P/E of 17.8 and a P/B of 4.95. Over five years, sales grew at a 69% CAGR and profit at a 143% CAGR, with a 3-year ROE of 31%. In Q1 FY27, revenue rose 79% YoY to about Rs 7,932 crore, but net profit grew only 15% to Rs 892 crore, and the stock is down 22% over the past year.
- Profit has grown at a 143% CAGR over 5 years and a 99% CAGR over 3 years, with TTM profit growth of 81%, which shows fast scaling of earnings.
- Sales have compounded at 69% over 5 years and 58% over 3 years, with TTM sales growth of 94%. Q1 FY27 revenue rose 79% YoY to about Rs 7,932 crore.
- The order book reached a record of about Rs 61,500 crore in July 2026, up from about Rs 60,000 crore in January 2026, after roughly Rs 16,000 crore of new orders in Q1 FY27. At about 0.86x the market cap, it gives multi-year revenue visibility.
- Return ratios are high and consistent, with ROE of 31% over both 3 and 5 years and 33% in the last year, well above what capital-heavy manufacturers usually report.
- A trailing P/E of 17.8 looks low next to a 5-year profit CAGR of 143% and TTM profit growth of 81%, and the stock is down 22% over the past year.
- Module capacity reached 25.8 GW and cell capacity 5.4 GW by Q4 FY26, up from 18.7 GW of modules in Q2 FY26. Q4 module production rose 20% QoQ, which leaves room to grow as utilization rises.
- The company is diversifying into battery energy storage (5.15 GWh of container production capacity), green hydrogen and power infrastructure, which reduces reliance on modules alone.
- The US-India trade deal in February 2026 eased tariff concerns, which helps export prospects for a manufacturer with meaningful exposure to the US.
- Margins are under pressure. Q1 FY27 net profit grew only 15% YoY to Rs 892 crore while revenue grew 79%, so earnings are converting from sales at a much lower rate.
- Q1 FY27 revenue of about Rs 7,932 crore fell 6.47% QoQ from about Rs 8,480 crore, which suggests uneven quarterly execution.
- Capacity use is incomplete. Q4 FY26 utilization was 66% for modules and 53% for cells, so a large part of the capital deployed is not yet producing returns.
- Cell capacity of 5.4 GW covers only about 21% of 25.8 GW of module capacity. That keeps the company dependent on outside or imported cells and exposed to cell pricing and supply policy.
- The stock has fallen 22% over one year and dropped about 4-6% after Q1 FY27 results despite 79% revenue growth, a sign the market is sceptical about sustaining margins.
- A P/B of 4.95 is a premium to book value for a capital-intensive manufacturer in a cyclical, commoditised solar module market that is prone to global oversupply.
- The dividend yield of 0.16% gives almost no income support if the valuation compresses.
- Past growth rates of 143% (5-year profit CAGR) and 94% (TTM sales) come from a small base and a policy-driven demand cycle. The recent 15% YoY profit growth suggests they are slowing sharply.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock in sustained downtrend Sep 21
Shares are down 14.37% YTD in 2026, 5.51% over one month and 0.96% over the past week, and trade below seven of eight SMAs.
- Order values not disclosed Sep 22
The 2 GW domestic order received on Sep 21, 2026 came with no disclosed commercial value or customer name, which makes the revenue impact hard to gauge.
- Heavy battery capex commitment Sep 24
The planned 20 GW battery facility from FY27 needs ₹25,000 crore capex over 24 months against ₹1,000 crore equity funding, which raises execution and balance-sheet risk.
- Mutual fund holdings slip Sep 21
Mutual fund stake fell from 2.98% to 2.81% in the June 2026 quarter, so domestic institutions are cooling slightly.
- 2 GW domestic module order Sep 21
Waaree won a one-time 2 GW solar module order from a leading domestic developer, to be delivered across FY27 and FY28. It is not a related party transaction, and shares rose up to 1.71% to ₹2,541.80.
- Strong FY27 EBITDA guidance Sep 23
Management guides FY27 EBITDA of ₹7,000-7,500 crore (an earlier figure was ₹7,000-7,700 crore) at 15-20% margins, alongside a target of 29 GW module capacity.
- 2,210 MW new module orders Sep 24
New orders include a 210 MW DCR order for India for FY27 delivery and a 2,000 MW US order spanning 2028-2030.
- 300 MW SECI wind LoA Sep 24
Subsidiary Waaree Forever Energies won a Letter of Award from SECI for a 300 MW wind project in Dwarka, Gujarat, with a 25-year PPA.
- Joindre initiates Buy, ₹3,112 target Sep 21
Joindre Capital initiated coverage with a Buy and a ₹3,112 target, implying 21.8% upside on 7.6x FY29E EBITDA of ₹11,375 crore. Valuation looks undemanding at a P/E of 19.3.
- Green hydrogen deals signed Sep 24
Agreements total 52.5 MW, including a 15-year EaaS contract for a 2.5 MW electrolyser with ZFI and a 50 MW supply MoU. The project targets 41 lakh Nm³ of hydrogen a year, with COD by Q3 FY27.
- FII stake rises Sep 21
FIIs raised their holding from 7.06% to 8.57% in the June 2026 quarter.
- UltraTech JV stake Sep 24
UltraTech Cement took a 26% stake for ₹27.76 crore in a JV with subsidiary SHEPL, backed by a power offtake agreement.
- Specialty gases diversification Sep 25
Subsidiary WCES is entering ultra-high-purity specialty gases (silane, ammonia, phosphine mixtures) for chip and solar cell makers, with a plant at GIDC Saykha, Dahej. Gas storage is expected to start operating next quarter.
- Indosolar merger approved Sep 23
The board approved a draft scheme to amalgamate Indosolar Limited, to simplify group structure and integrate solar manufacturing.
- Promoter stake moved to trust Sep 3
The C.T. Doshi Family Trust acquired a 44.14% direct and 18.34% indirect stake through an off-market gift and inter se transfer from promoter Chimanlal Doshi on Jul 16, 2026. The transfer is SEBI-exempt and leaves effective control unchanged.
- New subsidiaries and Eppeleton stake Sep 24
WH Clean Mobility Systems was incorporated on Aug 4, 2026. Waaree Smart Meters bought a 24.21% stake in Eppeleton Engineers for ₹21.78 crore. Eight step-down subsidiaries formed Jan 13-15, 2026 are not yet operational.
- 36th AGM, FY26 dividend Sep 24
At the 36th AGM on Sep 24, 2026, shareholders adopted the FY26 audited financials and approved an equity dividend.
- Investor meetings scheduled Sep 22
Waaree met investors at the Anand Rathi conference on Sep 21 and held a Goldman Sachs analyst call on Sep 28, 2026, covering publicly available information only.
- Q2FY27 trading window closed Sep 28
The trading window is closed from Oct 1, 2026 until 48 hours after Q2/H1 FY27 results are declared.
- FY26 BRSR filed Sep 2
Waaree filed its FY26 Business Responsibility and Sustainability Report, covering GHG emissions, water use and intensity ratios.
TL;DR: Waaree's business momentum is strong. It won about 4.2 GW of module orders (2 GW domestic plus 2,210 MW across India and the US), a 300 MW SECI wind award, and guides FY27 EBITDA of ₹7,000-7,500 crore. It is also diversifying into batteries, green hydrogen and specialty gases. The stock has not followed: it is down 14.37% YTD and below most moving averages, and the large ₹25,000 crore battery capex and undisclosed order values bring execution and visibility risk. With a P/E near 19, a ₹3,112 broker target and rising FII interest, Q2FY27 results could trigger a re-rating if margins and order conversion meet guidance.
Quarterly Results
| Particulars | 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
| Particulars | 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% | 3% | — |
Balance Sheet
| Particulars | 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 | 8,766 | 12,335 |
| Total Liabilities | 938 | 1,281 | 2,154 | 7,406 | 11,277 | 19,444 | 29,985 |
| Fixed Assets | 152 | 285 | 625 | 1,105 | 1,450 | 4,026 | 7,328 |
| CWIP | 40 | 3 | 124 | 537 | 1,341 | 1,884 | 3,477 |
| Investments | 85 | 115 | 143 | 31 | 71 | 65 | 953 |
| Other Assets | 661 | 878 | 1,262 | 5,732 | 8,414 | 13,469 | 18,227 |
| Total Assets | 938 | 1,281 | 2,154 | 7,406 | 11,277 | 19,444 | 29,985 |
Cash Flow
| Particulars | 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 | -3,936 |
| Financing | -50 | 161 | 101 | 642 | 909 | 4,036 | 2,573 |
| Net Cash Flow | 12 | -21 | 126 | 114 | -132 | 388 | 264 |
| Free Cash Flow | 32 | -35 | 202 | 698 | 968 | -114 | -3,209 |
| CFO/OP | 102 | 105 | 683 | 199 | 168 | 143 | 47 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 26 | 22 | 12 | 17 | 31 | 27 | 34 |
| Inventory Days | 54 | 83 | 85 | 192 | 108 | 96 | 129 |
| Days Payable | 67 | 99 | 83 | 143 | 84 | 85 | 79 |
| Cash Conversion Cycle | 13 | 6 | 14 | 66 | 55 | 38 | 84 |
| Working Capital Days | 10 | 2 | -84 | -66 | -40 | -92 | -35 |
| ROCE % | — | 16% | 21% | 52% | 44% | 35% | 38% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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60 extracted metrics + investor summaries across FY20–FY27.
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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.
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