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Waaree Energies Ltd

₹ 2,714-5.30%
05 Jan – close price
🔗waaree.com•BSE: 544277•NSE: WAAREEENER
Market Cap₹ 78,074 Cr.
Current Price₹ 2,714
High / Low₹ 3,865
Stock P/E27.2
Book Value₹ 391
Dividend Yield0.07 %
ROCE34.0 %
ROE26.3 %
Face Value₹ 10.0
Sales₹ 14,357 Cr.
OPM22.9 %
Mar Cap₹ 78,074 Cr.

ABOUT

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.

KEY POINTS

Market Leadership[1]Waaree Energies is India’s largest manufacturer and exporter of solar modules. As of FY24, they hold21% shareof the domestic market for solar modules and44% sharein India's solar module exports. Its installed capacity surged from 2GW in FY21 to 13.3GW by FY24.

Also present in buckets:
Aggressive Growth TriggersAggressive Growth TriggersExcellent ResultsRevenue GuidanceRevenue GuidanceAsset Base ExpansionAsset Base ExpansionCapacity Expansion And ProductsCapacity Expansion And ProductsPreferential IssuanceOrder Book PositionOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Waaree Energies2714.3027.1978074.370.071159.53224.384581.8444.5833.9514357.1922.942871.331159.536.9512.450.19
2.Premier Energies787.7529.8835684.630.13353.4471.611836.8720.2841.126991.7730.771194.26353.4410.3317.900.47
3.Apar Inds.8172.5034.9432827.560.62251.7029.825715.4223.0632.7020745.768.33939.50251.706.777.830.14
4.Emmvee Photovol.184.9122.3912802.150.00237.86577.281131.00181.0628.012335.6130.91368.94237.86–12.122.15
5.Waaree Renewab.953.8028.189952.500.10116.35117.22774.7847.7382.312214.9021.39353.17116.3015.1125.060.12
6.Genus Power295.2519.008982.030.83148.15162.441149.00135.9919.213632.3921.18472.85148.154.798.430.93
7.Vikram Solar239.7133.288685.420.00128.491645.791109.9193.7226.453423.4514.37139.83128.492.945.160.09
–Median: 58 Co.207.3529.67666.740.09.6152.08117.825.1820.17378.6713.3825.559.74.368.40.37

Quarterly Results

Standalone figures in ₹ crores

Dec 2023Dec 2024Jun 2024Jun 2025Mar 2024Mar 2025Sep 2023Sep 2024Sep 2025
Sales
1,4213,0823,1903,3702,6833,3233,3693,1694,582
Expenses
1,3362,4422,6712,5212,3312,5612,8852,6963,540
Operating Profit
856405198493527624844741,042
Other Income
1071028819736616022104735
Profit before tax
1036385048836007764074771,536
Tax %
20%26%26%25%28%25%26%25%25%
Net Profit
834713726604325813023571,160
EPS in Rs
4.2216.4118.8622.9721.9320.2115.3113.5740.31

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
2,0271,9932,7716,53310,71812,76514,357
Expenses
1,9331,9132,6835,7719,34310,36611,063
Operating Profit
9480887621,3742,3983,294
Other Income
244181875814511,193
Interest
31263477133132166
Depreciation
262740155264321487
Profit before tax
6168966181,5582,3963,833
Net Profit
4550704601,1481,7812,871
EPS in Rs
2.302.553.5323.3458.2562.0099.90
Dividend Payout %
0%0%0%0%0%0%–

Compounded Profit Growth

10 Years:%
5 Years:108%
3 Years:195%
TTM:176%

Compounded Sales Growth

10 Years:%
5 Years:44%
3 Years:66%
TTM:37%

Return on Equity

10 Years:%
5 Years:28%
3 Years:29%
Last Year:26%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:%
1 Year:-4%

Balance Sheet

Standalone figures in ₹ crores

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
197197197243263287288
Reserves
1061542311,7003,8409,12010,949
Borrowings
1161653212403341,0022,102
Other Liabilities
4375931,2905,1516,2377,4437,979
Total Liabilities
8561,1092,0397,33310,67417,85221,318
Fixed Assets
01265489201,0122,8454,186
Gross Block
180.14213.04683.171,199.361,535.423,666.95–
Accumulated Depreciation
62.1886.62135.30279.11523.59822.27–
CWIP
011234531,2071,734891
Investments
12047176254285236527
Other Assets
7369341,1925,7068,17113,03815,713
Total Assets
8561,1092,0397,33310,67417,85221,318

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
8815721,4922,1162,940
Cash from Investing Activity
26-151-523-2,241-3,252-6,767
Cash from Financing Activity
-5076668729604,077
Net Cash Flow
-165114123-176249

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
292110182720
Inventory Days
54818619511294
Days Payable
6695801458381
Cash Conversion Cycle
16816685634
Working Capital Days
2115-82-66-40-98
ROCE %
–19%20%48%40%34%

Shareholding Pattern

Numbers in percentages

Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
64.31%64.31%64.31%64.22%
FIIs
1.40%0.70%2.68%6.35%
DIIs
2.70%2.46%2.86%2.82%
Public
31.58%32.53%30.15%26.60%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Waaree Energies: Confirmation of Demat Holdings and Non-Applicability of SEBI Regulation 74(5)

3rd April 2026, 12:14 am

WAAREE Energies tax demand significantly reduced, but new ₹7.52 crore assessment issued

1st April 2026, 11:59 pm

Waaree Energies Allots 10,430 Shares Under ESOP 2021, Increases Share Capital

30th March 2026, 10:14 pm

WAAREE Energies to Close Trading Window from April 1, 2026

26th March 2026, 6:16 pm

Waaree Energies Approves ₹3,900 Crore Capex for Glass Plant and ₹190 Crore Stake Acquisition

24th March 2026, 9:59 pm

Published by Other Websites

External media mentions & references

Indian Markets Surge: Nifty Crosses 23,300, Sensex Jumps 1,205 Points

25th March 2026, 4:18 pm

Indian Markets Rebound: Shriram Finance, L&T, Avantel Surge on Big Orders

25th March 2026, 2:45 pm

Geojit Bets Big on Solar: Waaree, Premier Energies Get 'Buy' Calls with High Upside

25th March 2026, 1:22 pm

Geojit Initiates 'Buy' on Waaree, Premier Energies With Strong Upside Targets

25th March 2026, 11:48 am

Indian Equities Surge as Oil Prices Tumble on Ceasefire Hopes

25th March 2026, 10:24 am

News Articles

Editorial & research coverage

Waaree's Solar Subsidiaries Soar on Budget Boost; Two Small-Caps Shine
Waaree's Solar Subsidiaries Soar on Budget Boost; Two Small-Caps Shine

10th February 2026, 6:09 am

Order Surge Masks Mixed Stock Performance
Order Surge Masks Mixed Stock Performance

7th February 2026, 7:37 am

Waaree Lands 150 MW US Order Amidst Growth Valuation Debate
Waaree Lands 150 MW US Order Amidst Growth Valuation Debate

5th February 2026, 2:46 pm

India-US Trade Deal Sparks Rally, But Froth & Sector Disparities Emerge
India-US Trade Deal Sparks Rally, But Froth & Sector Disparities Emerge

3rd February 2026, 4:32 pm

Waaree Energies Bets Big on Clean Energy Value Chain Amid US Probe
Waaree Energies Bets Big on Clean Energy Value Chain Amid US Probe

30th January 2026, 11:06 am

Documents

Announcements

Rumour verification - Regulation 30(11)

10h - On Jan 5, 2026, Waaree clarifies press release disclosure; denies pending UPSI regarding Rs1,003 crore news.

Clarification sought from Waaree Energies Ltd

11h - Exchange has sought clarification from Waaree Energies Ltd on January 5, 2026, with reference to news appeared in https://economictimes.indiatimes.com dated January 5, 2026 quoting "Waaree …

Announcement under Regulation 30 (LODR)-Press Release / Media Release

11h - WESSPL raises ~INR 1,003 Cr to fund 20 GWh lithium-ion cell and pack plant (part of INR 10,000 Cr capex).

Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015

31 Dec - Two GST assessment demands totalling ~₹5.06cr (Annex A ~₹2.58cr, Annex B ₹2.48cr); received 30 Dec 2025; appeal planned.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

31 Dec - Received Dec 30, 2025 order to supply 1500 MW (1000 MW DCR, 500 MW Non-DCR) modules in FY2026-27.

Annual Reports

Financial Year 2025

(from bse)

Credit Ratings

Rating update

19 Mar 2025 from care

Rating update

3 Apr 2024 from care

Rating update

17 Feb 2023 from crisil

Rating update

13 Feb 2023 from crisil

Rating update

7 Feb 2023 from care

Rating update

23 Jun 2022 from care

Concalls

Oct 2025

TranscriptPPTRecording

Aug 2025

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May 2025

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Feb 2025

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Jan 2025

PPT

Nov 2024

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Nov 2024

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Oct 2024

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Stock Analysis

Description

  1. 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.

Key Growth Triggers

  1. Significant capacity expansions in solar modules, cells, and battery energy storage systems (BESS) to meet escalating demand.
  2. Strategic diversification through acquisitions into transformer solutions (Kotsons) and smart meter manufacturing (Racemosa Energy).
  3. Entry into new high-growth segments such as Lithium-ion cell manufacturing and green hydrogen solutions.
  4. Robust order pipeline from domestic and international markets, especially the United States, supported by government policies and global demand for renewables.
  5. Expansion of US manufacturing capacity and investment in the polysilicon supply chain to secure raw materials and strengthen global presence.

Order Book

  1. Order Book: Sep 2025 = ~24 GW valued at ~₹47,000 Cr.

Key Red Flags

  1. Ongoing investigations by US Customs and Border Protection (CBP) regarding solar import duties and component origin.
  2. Investigation by the Income Tax Department at select Indian facilities.
  3. Receipt of GST demand orders and penalties, with appeals planned.
  4. Potential increased borrowing to fund significant capital expenditure for expansion projects.

Key Dates To Watch

  1. January 21, 2026: Board Meeting scheduled to approve Q3 FY26 financial results.
  2. Ongoing: CEO transition with Jignesh Rathod appointed as CEO-Designate.

Corporate Announcements

2nd Apr 26
Impact Rating: 3
Waaree Energies Limited has officially confirmed that its entire shareholding is in demat form. Consequently, SEBI Regulation 74(5) is deemed not applicable for the quarter ending March 31, 2026, as no rematerialisation requests were received.
1st Apr 26
Impact Rating: 7
WAAREE Energies announced a substantial reduction in a tax demand for FY18-19, but faces a new ₹7.52 crore assessment for FY19-20, citing ITC issues.
30th Mar 26
Impact Rating: 6
Waaree Energies announced the allotment of 10,430 equity shares under its Employee Stock Option Plan 2021, following approval by its Board of Directors. This action increases the company's total issued share capital.
26th Mar 26
Impact Rating: 5
Waaree Energies will close its trading window for insiders from April 1, 2026, remaining shut until 48 hours after the announcement of its audited financial results for the quarter and year ended March 31, 2026.
24th Mar 26
Impact Rating: 8
Waaree Energies announced a ₹3,900 crore capital expenditure for a new glass manufacturing plant and the acquisition of an additional 11.06% stake in its subsidiary, Waaree Transpower Private Limited, for ₹190 crore by June 2026.