Waaree Energies Ltd

Waaree Energies Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Waaree Energies Ltd

₹ 3,166 0.32%
20 Mar - close price
waaree.com BSE: 544277 NSE: WAAREEENER
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 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.

Website BSE NSE
  • Market Cap ₹ 91,064 Cr.
  • Current Price ₹ 3,166
  • High / Low ₹ 3,865 / 1,809
  • Stock P/E 25.1
  • Book Value ₹ 391
  • Dividend Yield 0.06 %
  • ROCE 34.0 %
  • ROE 26.3 %
  • Face Value ₹ 10.0
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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 8.10 times its book value

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
3,369 1,421 2,683 3,190 3,169 3,082 3,323 3,370 4,582 6,291
2,885 1,336 2,331 2,671 2,696 2,442 2,561 2,521 3,540 4,610
Operating Profit 484 85 352 519 474 640 762 849 1,042 1,681
OPM % 14% 6% 13% 16% 15% 21% 23% 25% 23% 27%
22 107 366 88 104 102 160 197 735 -70
Interest 31 18 45 30 27 27 48 34 58 76
Depreciation 68 70 72 72 74 77 97 130 183 195
Profit before tax 407 103 600 504 477 638 776 883 1,536 1,340
Tax % 26% 20% 28% 26% 25% 26% 25% 25% 25% 25%
302 83 432 372 357 471 581 660 1,160 1,009
EPS in Rs 15.31 4.22 21.93 18.86 13.57 16.41 20.21 22.97 40.31 35.10
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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 17,566
1,933 1,913 2,683 5,771 9,343 10,366 13,231
Operating Profit 94 80 88 762 1,374 2,398 4,335
OPM % 5% 4% 3% 12% 13% 19% 25%
24 41 81 87 581 451 1,021
Interest 31 26 34 77 133 132 216
Depreciation 26 27 40 155 264 321 605
Profit before tax 61 68 96 618 1,558 2,396 4,535
Tax % 25% 26% 27% 25% 26% 26%
45 50 70 460 1,148 1,781 3,409
EPS in Rs 2.30 2.55 3.53 23.34 58.25 62.00 118.59
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 44%
3 Years: 66%
TTM: 45%
Compounded Profit Growth
10 Years: %
5 Years: 108%
3 Years: 195%
TTM: 152%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 35%
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 Sep 2025
Equity Capital 197 197 197 243 263 287 288
Reserves 106 154 231 1,700 3,840 9,120 10,949
116 165 321 240 334 1,002 2,102
437 593 1,290 5,151 6,237 7,443 7,979
Total Liabilities 856 1,109 2,039 7,333 10,674 17,852 21,318
0 126 548 920 1,012 2,845 4,186
CWIP 0 1 123 453 1,207 1,734 891
Investments 120 47 176 254 285 236 527
736 934 1,192 5,706 8,171 13,038 15,713
Total Assets 856 1,109 2,039 7,333 10,674 17,852 21,318

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 80 145 83 81
Cash Conversion Cycle 16 8 16 68 56 34
Working Capital Days 21 15 -82 -66 -40 -98
ROCE % 19% 20% 48% 40% 34%

Insights

In beta
Mar 2007 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Dec 2025
Order Book Value
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Solar Module Manufacturing Capacity
GW
Solar Cell Manufacturing Capacity
GW
Module Capacity Utilization Factor
%
Number of Channel Partners
Number
Number of Franchisees
Number
O&M Portfolio Size
GW
Operational Inverter Capacity
GW
Service Network (ASP Network)
Number

Shareholding Pattern

Numbers in percentages

2 Recently
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
64.31% 64.31% 64.31% 64.22% 64.22%
1.40% 0.70% 2.68% 6.35% 6.91%
2.70% 2.46% 2.86% 2.82% 2.86%
31.58% 32.53% 30.15% 26.60% 26.01%
No. of Shareholders 7,67,9638,51,0287,67,2676,90,0256,95,699

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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