Waaree Energies Ltd
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.
- Market Cap ₹ 98,971 Cr.
- Current Price ₹ 3,442
- High / Low ₹ 3,865 / 1,809
- Stock P/E 47.8
- Book Value ₹ 327
- Dividend Yield 0.00 %
- ROCE 34.0 %
- ROE 26.3 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 108% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.6%
Cons
- Stock is trading at 10.5 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Part of BSE 500 BSE 200 Nifty 500 Nifty Midcap 100 BSE IPO
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 2,027 | 1,993 | 2,771 | 6,533 | 10,718 | 12,765 | 12,944 | |
| 1,933 | 1,913 | 2,683 | 5,771 | 9,343 | 10,366 | 10,219 | |
| Operating Profit | 94 | 80 | 88 | 762 | 1,374 | 2,398 | 2,726 |
| OPM % | 5% | 4% | 3% | 12% | 13% | 19% | 21% |
| 24 | 41 | 81 | 87 | 581 | 451 | 563 | |
| Interest | 31 | 26 | 34 | 77 | 133 | 132 | 135 |
| Depreciation | 26 | 27 | 40 | 155 | 264 | 321 | 378 |
| Profit before tax | 61 | 68 | 96 | 618 | 1,558 | 2,396 | 2,775 |
| Tax % | 25% | 26% | 27% | 25% | 26% | 26% | |
| 45 | 50 | 70 | 460 | 1,148 | 1,781 | 2,069 | |
| EPS in Rs | 2.30 | 2.55 | 3.53 | 23.34 | 58.25 | 62.00 | 73.16 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 44% |
| 3 Years: | 66% |
| TTM: | 21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 108% |
| 3 Years: | 195% |
| TTM: | 110% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 28% |
| 3 Years: | 29% |
| Last Year: | 26% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 197 | 197 | 197 | 243 | 263 | 287 |
| Reserves | 106 | 154 | 231 | 1,700 | 3,840 | 9,120 |
| 116 | 165 | 321 | 240 | 334 | 1,002 | |
| 437 | 593 | 1,290 | 5,151 | 6,237 | 7,443 | |
| Total Liabilities | 856 | 1,109 | 2,039 | 7,333 | 10,674 | 17,852 |
| 0 | 126 | 548 | 920 | 1,012 | 2,845 | |
| CWIP | 0 | 1 | 123 | 453 | 1,207 | 1,734 |
| Investments | 120 | 47 | 176 | 254 | 285 | 236 |
| 736 | 934 | 1,192 | 5,706 | 8,171 | 13,038 | |
| Total Assets | 856 | 1,109 | 2,039 | 7,333 | 10,674 | 17,852 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 8 | 81 | 572 | 1,492 | 2,116 | 2,940 | |
| 26 | -151 | -523 | -2,241 | -3,252 | -6,767 | |
| -50 | 76 | 66 | 872 | 960 | 4,077 | |
| Net Cash Flow | -16 | 5 | 114 | 123 | -176 | 249 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 29 | 21 | 10 | 18 | 27 | 20 |
| Inventory Days | 54 | 81 | 86 | 195 | 112 | 94 |
| Days Payable | 66 | 95 | 80 | 153 | 83 | 81 |
| Cash Conversion Cycle | 16 | 8 | 16 | 60 | 56 | 34 |
| Working Capital Days | 21 | 15 | -82 | -66 | -40 | -98 |
| ROCE % | 19% | 20% | 48% | 40% | 34% |
Documents
Announcements
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Intimation Regarding Expression Of Interest/Intent Received From Promoter Group And Promoter Family To Donate 1% Of The Equity Share Capital For Charitable Purposes
33m - Promoter family to donate 1% of company's equity; announced at 35th AGM (Oct 6, 2025).
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Grant Of Esops
2d - Granted 17,062 ESOPs at Rs.10 each; vesting over six years; exercisable within four years.
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Board Meeting Outcome for Outcome Of Board Meeting Dated October 01, 2025
1 Oct - Approved ~Rs 8,000cr for Li-ion 3.5→20GWh; Rs125cr electrolyser to 1,000MW; Rs50cr inverter to 4GW.
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Commencement Of Commercial Production
30 Sep - 950 MW solar module manufacturing line in Degam, Gujarat commenced operations on September 30, 2025.
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Media Statement By The Company
28 Sep - Reports CBP AD/CVD inquiry; operates 1.6 GW Texas plant expanding to 3.2 GW; acquired Meyer Burger assets; cooperating.
Annual reports
Concalls
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT
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Jan 2025TranscriptNotesPPT
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Nov 2024TranscriptPPTREC
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Nov 2024TranscriptNotesPPT REC
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Oct 2024TranscriptNotesPPT
Market Leadership[1]
Waaree Energies is India’s largest manufacturer and exporter of solar modules. As of FY24, they hold 21% share of the domestic market for solar modules and 44% share in India's solar module exports. Its installed capacity surged from 2GW in FY21 to 13.3GW by FY24.