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Waaree Energies

WAAREEENER NSE
₹2,408.00 No trade today
P/E
18.15
View as Markdown
MCP
Close 4 Nov 2026 ₹2,408.00 −961.00 −28.5% 1Y
Start ₹3,369.00

Key Fundamentals

MidcapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
38.40%
Debt to Equity
0.22
EPS (TTM)
₹132.68
Book Value
₹556.91
Market Cap
—
P/E (TTM)
18.15
P/B
4.32
ROE
32.50%
Dividend Yield
0.17%
EBITDA
₹6,617 Cr
52W High
₹3,557.00
52W Low
₹2,161.50
Volume
0

Peer Comparison

Industrials › Capital Goods › Other Electrical Equipment

Waaree Energies peer comparison
Waaree Energies (this company)
₹2,408.0018.15₹67,713 Cr4.320.17%32.50%38.40%₹30,043 Cr₹4,003 Cr
Apar Industries
₹15,998.0054.39₹65,476 Cr7.860.39%20.30%31.80%₹24,389 Cr₹1,181 Cr
Premier Energies
₹904.0024.61₹40,624 Cr9.530.11%41.00%32.70%₹8,466 Cr₹1,674 Cr
Diamond Power Infrastructure
₹385.85111.84₹22,658 Cr—0.00%—10.40%₹2,348 Cr₹182 Cr
MTAR Technologies
₹6,036.50137.95₹19,040 Cr22.570.05%12.60%15.20%₹1,080 Cr₹134 Cr
Emmvee Photovoltaic Power
₹246.4112.03₹16,196 Cr3.890.43%50.70%44.60%₹6,023 Cr₹1,418 Cr
Avalon Technologies
₹2,041.00102.05₹13,437 Cr18.920.00%16.50%19.30%₹1,764 Cr₹134 Cr
Median 7 companies₹2,041.0054.39₹22,658 Cr8.700.11%26.40%31.80%₹6,023 Cr₹1,181 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

55 Good

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
65
Good
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
27
Poor
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish766
OscillatorsBullish162
Moving AveragesStrong Bearish604

Key readings

RSI (14)
50.97
Neutral
MACD (12,26,9)
−40.96
Bullish
SMA (50)
2,472.01
Bearish
SMA (200)
2,828.70
Bearish

As of

Analyst Rating

Based on 15 analysts
BUY67%

10 of 15 analysts rate Buy, 2 Hold, 3 Sell.

As of

BUY
10
67%
HOLD
2
13%
SELL
3
20%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+68.51%
3Y+57.82%
1Y+83.72%
TTM+94.31%

Net profit

Net profit growth by window
5Y+140.77%
3Y+98.05%
1Y+101.45%
TTM+74.04%

Operating cash flow

Operating cash flow growth by window
5Y+89.26%
3Y+1.41%
1Y−48.48%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+17.92 pp
3Y+9.89 pp
1Y+3.42 pp
TTM+0.66 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹1,996 Cr
Mar 2021₹1,953 Cr
Mar 2022₹2,854 Cr
Mar 2023₹6,751 Cr
Mar 2024₹11,398 Cr
Mar 2025₹14,444 Cr
Mar 2026₹26,537 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹39.00 Cr
Mar 2021₹48.00 Cr
Mar 2022₹80.00 Cr
Mar 2023₹500 Cr
Mar 2024₹1,274 Cr
Mar 2025₹1,928 Cr
Mar 2026₹3,884 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,970 Cr +32.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Waaree Energies Ltd trades at ₹2,318 as of 2026-11-03 with a market cap of ₹66,939 Cr. The company has delivered exceptional profit growth of 143% CAGR over five years and maintains strong return ratios (ROE of 25.88%, ROCE of 30.63%), though the stock has declined 30% over the past year and sits 35% below its 52-week high of ₹3,557.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 143% CAGR demonstrates sustained earnings momentum in the solar manufacturing space
  • TTM sales growth of 94% indicates the company is still scaling revenue at a rapid pace, suggesting strong order book execution
  • ROE of 25.88% and a 3-year average ROE of 31% reflect highly efficient capital deployment relative to most capital goods peers
  • ROCE of 30.63% significantly exceeds typical cost of capital, indicating the business generates substantial economic value
  • Debt-to-equity ratio of just 0.22 means the company is conservatively financed, providing headroom to fund capacity expansion without excessive leverage
  • PE of 17.47x on TTM EPS of ₹132.68 appears moderate given the 81% TTM profit growth rate, implying the stock may have de-rated from earlier premium levels
  • 3-year compounded sales growth of 58% alongside 99% profit growth suggests improving operating leverage and margin expansion over time
  • The stock trading at ₹2,318 versus its 52-week low of ₹2,161.50 is only about 7% above the trough, meaning much of the correction may already be priced in
Bear Case 8
  • The stock has delivered a negative 1-year CAGR of -30%, reflecting significant erosion of investor confidence despite strong operating performance
  • Trading 35% below its 52-week high of ₹3,557 suggests the market is repricing growth expectations or sector-level risks downward
  • Solar module manufacturing is a capital-intensive, cyclical business exposed to global overcapacity — particularly from large Chinese manufacturers who can undercut on pricing
  • Price-to-book ratio of 4.16x is elevated for a capital goods manufacturer, implying the market still prices in significant future growth that must be delivered
  • Dividend yield of just 0.17% offers negligible income return, meaning total shareholder return depends almost entirely on capital appreciation
  • TTM profit growth of 81%, while strong, has decelerated from the 5-year CAGR of 143%, which could signal a maturing growth trajectory or normalising margins
  • The solar energy sector is subject to shifting government policy on tariffs, subsidies, and import duties — any adverse change could compress margins quickly
  • Last year's ROE of 33% versus the current TTM ROE of 25.88% indicates a decline in return on equity, which may reflect dilution or margin pressure from recent capacity investments

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

AI News Digest

9h ago

TL;DR: Waaree Energies is scaling revenue strongly at +24% YoY with a breakout retail segment now at 46% of sales, but profitability is under pressure with EBITDA margins contracting 540 bps to 17.8% and net profit declining 14%. Key risks include the loss of ~3 GW in US export orders due to Section 232 tariffs, a US CBP evasion ruling, pollution scrutiny at Gujarat, and potential QIP dilution. The improving cell utilization (67% to 81%) and planned cell-to-module integration from 20% to 65% represent the clearest near-term margin recovery lever. The trend is mixed — top-line momentum and domestic pivot are encouraging, but margin recovery and execution on the ambitious ₹31,500 crore capex and diversification program remain the key watchpoints.

Headwinds 7
  • US CBP evasion ruling upheld Nov 02

    US CBP affirmed evasion determination in EAPA Case 8163 against Waaree Energies. Company is evaluating judicial review; financial impact already provisioned.

  • ~3 GW US export orders cancelled Nov 04

    Section 232 MIP regulations prompted cancellation of ~3 GW US export orders, reducing India-origin exports to 7.8% of the ₹59,200-crore order book from ~24% in Q1FY27. Order book declined 4% QoQ.

  • EBITDA margin contracts 540 bps Oct 29

    EBITDA margin compressed to 17.8% from 23.2% YoY in Q2FY27 due to rising raw material costs, logistics spikes, lower export mix, and third-party cell procurement for DCR orders.

Positives 5
  • Retail revenue surges 253% YoY Nov 04

    Retail revenue jumped 252.9% YoY to ₹3,464 crore in Q2FY27, contributing 46.1% of total revenue. H1 FY27 retail revenue already exceeded full-year FY26, with a ₹10,000-11,000 crore FY27 target for the vertical.

  • Revenue grows 24% YoY to ₹7,518 cr Oct 27

    Consolidated revenue rose 23.9% YoY to ₹7,518 crore in Q2FY27 and 47% for H1 FY27, with operating cash flows improving nearly 5x. FY27 EBITDA guidance of ₹7,000-7,700 crore reaffirmed.

  • US local manufacturing margins stronger Nov 04

    US facility capacity utilization improved to 71% from 59% in Q1FY27, with local manufacturing yielding 8-9 cents/watt peak EBITDA versus 3-4 cents for exports.

Neutral 2
  • Acquires 33.34% stake in Victor Sealz Oct 31

    Waaree approved acquiring 33.34% in Victor Sealz for ₹33,340 at face value plus ₹5 crore additional investment by March 2027, aiming to reduce dependence on imported solar module sealants. Target entity is pre-revenue.

  • Acquires Waaree Green Data Centers Oct 30

    Completed 100% acquisition of Waaree Green Data Centers and two subsidiaries for ₹1 lakh on October 30, 2026. Entities are pre-operational and target hyperscale and AI-ready data centre infrastructure.

Quarterly Results

₹ Cr
WAAREEENER quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
7,518
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
6,183
Operating Profit
468
517
171
418
552
525
722
923
997
1,406
1,928
1,577
1,440
1,335
OPM %
14%
15%
11%
14%
16%
15%
21%
23%
23%
23%
25%
19%
18%
18%
Other Income
87
21
105
364
88
89
88
133
171
161
−99
180
171
147
Interest
40
33
18
48
34
31
31
57
43
96
93
48
70
105
Depreciation
57
71
74
75
76
84
89
153
182
240
267
301
330
347
PBT
457
435
184
659
531
499
690
845
943
1,231
1,469
1,408
1,210
1,030
Tax %
26%
26%
23%
28%
24%
25%
27%
24%
18%
29%
25%
20%
26%
27%
Net Profit
338
320
141
475
401
376
507
644
773
878
1,107
1,126
892
754
EPS (₹)
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
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
WAAREEENER profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
2.12
2.5
3.84
24.49
62.76
65
129
133
Div. Payout %
0%
0%
0%
0%
0%
0%
3%
—

Balance Sheet

₹ Cr
WAAREEENER balance sheet, annual, ₹ crore
Particulars 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
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

₹ Cr
WAAREEENER cash flow, annual, ₹ crore
Particulars 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
−3,936
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

WAAREEENER financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Waaree Energies insights

61 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 64.12%
  • Public 16.87%
  • FIIs 8.57%
  • Others 6.35%
  • DIIs 4.09%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Waaree Energies

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. WEL has five solar module manufacturing facilities in India, with international presence.
Where is Waaree Energies Ltd (WAAREEENER) listed?
Waaree Energies Ltd trades as WAAREEENER on the NSE and under code 544277 on the BSE.
Which sector does Waaree Energies Ltd belong to?
Waaree Energies Ltd is classified under the Capital Goods sector, in the Other Electrical Equipment industry.
What is the PE ratio of Waaree Energies Ltd?
Waaree Energies Ltd trades at a PE ratio of 18.15 as of 4 Nov 2026, on earnings per share of ₹132.68, against a book value of ₹556.91 per share.
What is the 52-week high and low of Waaree Energies Ltd?
Over the last 52 weeks Waaree Energies Ltd has traded between ₹2,161.5 and ₹3,557 as of 4 Nov 2026.
Does Waaree Energies Ltd pay dividends?
Waaree Energies Ltd has a dividend yield of 0.17%.
What is the Return on Equity (ROE) of Waaree Energies Ltd?
Waaree Energies Ltd reported a return on equity of 32.50%. Its debt-to-equity ratio is 0.22.

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. WEL has five solar module manufacturing facilities in India, with international presence.

Website waaree.com
Listed 28 Oct 2024
Face Value ₹10

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