Waaree Energies logo

Waaree Energies

WAAREEENER NSE

Key Fundamentals

MidcapOther Electrical EquipmentCapital Goods
Market Cap
₹72,856 Cr
Volatility
Moderate
P/E Ratio
19.78
EBITDA
₹5,614 Cr
Return on Equity
20.09%
Debt to Equity
0.22
Book Value
₹501.9
52W High
₹3,865
52W Low
₹2,403

Tapetide Score

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

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% higher than 3Y
Net Income Growth
100% level than 3Y
Cash Flow Change
37.01% lower than 3Y
ROE
-34.6% lower than 3Y
ROCE
-22.12% lower than 3Y
EBITDA Margin (Avg.)
-2.04% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Waaree Energies is India's largest solar PV module manufacturer with 15 GW installed capacity and a market cap of roughly ₹72,856 crore trading at a PE of 18.3x. FY25 revenue grew 27.6% YoY to ₹14,846 crore while PAT more than doubled to ₹1,932 crore (up 107% YoY), underpinned by a 5-year profit CAGR of 143% and 3-year ROE averaging 31%. The company carries a massive order book of ~26.5 GW (valued at ₹50,000 crore as of Dec 2024) but faces execution risks from aggressive capex, US tariff uncertainty, and the inherently cyclical nature of the solar industry.

Bull Case 8
  • FY25 PAT surged 107% YoY to ₹1,932 crore, with 5-year compounded profit CAGR of 143%, demonstrating exceptional earnings momentum
  • Revenue has compounded at 58% over 3 years and 69% over 5 years, with TTM sales growth at 94%, reflecting rapid top-line scaling
  • Order book stood at 26.5 GW valued at approximately ₹50,000 crore as of December 2024, providing multi-year revenue visibility
  • Installed module manufacturing capacity expanded to 15 GW (including 1.6 GW US plant in Texas and 1.3 GW Noida facility), making it India's largest solar PV module maker
  • 3-year average ROE of 31.2% and last-year ROE of 33% indicate strong capital efficiency relative to the capital goods sector
  • US manufacturing presence (1.6 GW Texas plant with expansion to 4.2 GW underway) positions the company to serve AI data-center-driven solar demand while partially mitigating tariff risk
  • PE of 18.3x appears reasonable relative to the triple-digit profit growth rate, suggesting the market has not fully priced in the growth trajectory
  • Backward integration into polysilicon, ingot, and glass manufacturing plus diversification into battery energy storage (BESS) and green hydrogen broadens the addressable market
Bear Case 8
  • Stock has declined 26% over the past 1 year, significantly underperforming the broader market and signalling investor concern about near-term headwinds
  • Planned capex of approximately ₹14,700 crore over two years is aggressive and introduces execution and financing risk that could pressure free cash flows
  • US preliminary anti-dumping duties of 126% on certain solar imports create regulatory uncertainty for the company's significant export business, even with local manufacturing
  • Q2 FY25 revenue was essentially flat YoY (up just 1%) and Q3 FY25 revenue declined 3.2% sequentially, indicating quarterly volatility in an order-lumpy business
  • Dividend yield of just 0.16% offers negligible income return, meaning investors are entirely dependent on capital appreciation
  • Solar module manufacturing is a cyclical, commoditised industry subject to global oversupply — Chinese module prices have fallen sharply, compressing margins industry-wide
  • Promoter holding at ~64% is stable but leaves limited public float; any promoter stake reduction could disproportionately impact the stock price
  • Heavy dependence on government policy — India's ALMM (Approved List of Models and Manufacturers) and BCD (Basic Customs Duty) provide protection, but any policy reversal would erode domestic pricing power

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 1
  • DRI probe on subsidiary imports Aug 28

    DRI searched subsidiary Sangam Solar over stainless-steel pipe import classification. Company paid ₹2.33 crore in antidumping duty, though management says no significant operational impact.

Positives 4
  • $37M US capacity expansion Aug 29

    Board approved $37 million capex for Arizona facility, boosting US manufacturing capacity to 4.8 GW. Also consolidated Indian plants and appointed Mona Bhide as independent director.

  • FY27 EBITDA target ₹7,000-7,700 Cr Sep 2

    Waaree set an operating EBITDA target of ₹7,000-7,700 crore for FY27 with module manufacturing capacity goal of 29 GW, signaling strong growth ambitions.

  • 700 MW solar-storage win Aug 28

    Awarded a 700 MW solar project in Solapur with 2,800 MWh energy storage component under a 25-year contract, adding significant order book visibility.

  • ₹2 dividend declared for FY26 Aug 31

    Board recommended ₹2 per share final dividend for FY26. 36th AGM scheduled for September 24, 2026.

Neutral 3
  • Promoter stake consolidation via trust Sep 3

    C.T. Doshi Family Trust acquired 18.34% indirect stake in Waaree Energies through inter se transfer from promoter Chimanlal Doshi, exempted by SEBI. No change in overall promoter holding.

  • FY26 BRSR sustainability filing Sep 2

    Submitted Business Responsibility and Sustainability Report for FY26 detailing GHG emissions, water consumption, and intensity ratios to stock exchanges.

  • Analyst and investor engagement Aug 24

    Scheduled analyst meet in Mumbai on Aug 27 and institutional investor plant visit at Gujarat facilities on Aug 25, both limited to publicly available information.

TL;DR: Waaree Energies is executing well on growth with an aggressive FY27 EBITDA target of ₹7,000-7,700 crore, US capacity expansion to 4.8 GW, and a fresh 700 MW solar-storage order win. The DRI probe on subsidiary imports is a minor regulatory overhang but appears contained at ₹2.33 crore. Promoter consolidation and active investor engagement suggest management confidence. The trend is improving with clear capacity buildout both domestically and in the US, positioning the company well for rising global solar demand.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

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 in Rs
2.12
2.5
3.84
24.49
62.76
65
129
133
Div. Payout %
0%
0%
0%
0%
0%
0%
2%
—
Figures in ₹ Crores

Balance Sheet

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
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

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
-3,953
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

Particulars 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%

Insights

Beta

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

Log in to view Waaree Energies insights

42 extracted metrics + investor summaries across FY20–FY27.

Log in — free

Shareholding Pattern

DIIs4.08%Promot.64.12%Others7.08%FIIs8.57%Public16.15%As ofJun 2026

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.[1]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 Industrials sector, in the Electrical Equipment industry.
What is the market capitalisation of Waaree Energies Ltd?
Waaree Energies Ltd has a market capitalisation of ₹72,856 Cr, which places it in the Large Cap band.
What is the PE ratio of Waaree Energies Ltd?
Waaree Energies Ltd trades at a PE ratio of 19.78, against a book value of ₹501.9 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 ₹2,403 and ₹3,865.
Does Waaree Energies Ltd pay dividends?
Waaree Energies Ltd has a dividend yield of 0.16%.
What is the Return on Equity (ROE) of Waaree Energies Ltd?
Waaree Energies Ltd reported a return on equity of 20.09%. 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.[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

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/WAAREEENER.md for Waaree Energies Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Industrials → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List