Waaree Energies Ltd

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

Waaree Energies Ltd

₹ 2,829 -1.83%
14 Jul 11:05 a.m.
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]
The company is the Largest Non-Chinese module manufacturer in the world.

Website BSE NSE
  • Market Cap ₹ 81,368 Cr.
  • Current Price ₹ 2,829
  • High / Low ₹ 3,865 / 2,402
  • Stock P/E 20.3
  • Book Value ₹ 456
  • Dividend Yield 0.07 %
  • ROCE 42.8 %
  • ROE 35.4 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 144% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.6%

Cons

* 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 Capital Goods BSE 200 BSE Dollex 200 Nifty 500

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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 Mar 2026
3,369 1,421 2,683 3,190 3,169 3,082 3,323 3,370 4,582 6,291 6,748
2,885 1,336 2,331 2,671 2,696 2,442 2,561 2,521 3,540 4,610 5,539
Operating Profit 484 85 352 519 474 640 762 849 1,042 1,681 1,209
OPM % 14% 6% 13% 16% 15% 21% 23% 25% 23% 27% 18%
22 107 366 88 104 102 160 197 735 -70 230
Interest 31 18 45 30 27 27 48 34 58 76 31
Depreciation 68 70 72 72 74 77 97 130 183 195 199
Profit before tax 407 103 600 504 477 638 776 883 1,536 1,340 1,209
Tax % 26% 20% 28% 26% 25% 26% 25% 25% 25% 25% 23%
302 83 432 372 357 471 581 660 1,160 1,009 934
EPS in Rs 15.31 4.22 21.93 18.86 13.57 16.41 20.21 22.97 40.31 35.10 32.45
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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 Mar 2026
2,027 1,993 2,771 6,533 10,718 12,765 20,991
1,933 1,913 2,683 5,771 9,343 10,366 16,209
Operating Profit 94 80 88 762 1,374 2,398 4,781
OPM % 5% 4% 3% 12% 13% 19% 23%
24 41 81 87 581 451 1,092
Interest 31 26 34 77 133 132 199
Depreciation 26 27 40 155 264 321 707
Profit before tax 61 68 96 618 1,558 2,396 4,968
Tax % 25% 26% 27% 25% 26% 26% 24%
45 50 70 460 1,148 1,781 3,762
EPS in Rs 2.30 2.55 3.53 23.34 58.25 62.00 130.80
Dividend Payout % 0% 0% 0% 0% 0% 0% 2%
Compounded Sales Growth
10 Years: %
5 Years: 60%
3 Years: 48%
TTM: 64%
Compounded Profit Growth
10 Years: %
5 Years: 144%
3 Years: 104%
TTM: 125%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -10%
Return on Equity
10 Years: %
5 Years: 32%
3 Years: 32%
Last Year: 35%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 197 197 197 243 263 287 288
Reserves 106 154 231 1,700 3,840 9,120 12,842
116 165 321 240 334 1,002 2,015
437 593 1,290 5,151 6,237 7,443 7,984
Total Liabilities 856 1,109 2,039 7,333 10,674 17,852 23,129
0 126 548 920 1,012 2,845 4,299
CWIP 0 1 123 453 1,207 1,734 701
Investments 120 47 176 254 285 236 2,826
736 934 1,192 5,706 8,171 13,038 15,303
Total Assets 856 1,109 2,039 7,333 10,674 17,852 23,129

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
8 81 572 1,492 2,116 2,940 705
26 -151 -523 -2,241 -3,252 -6,767 -1,360
-50 76 66 872 960 4,077 510
Net Cash Flow -16 5 114 123 -176 249 -145
Free Cash Flow -2 59 166 700 888 540 -188
CFO/OP 20% 127% 675% 208% 176% 150% 37%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 29 21 10 18 27 20 34
Inventory Days 54 81 86 195 112 94 101
Days Payable 66 95 80 145 83 81 59
Cash Conversion Cycle 16 8 16 68 56 34 75
Working Capital Days 21 15 -82 -66 -40 -98 -35
ROCE % 19% 20% 48% 40% 34% 43%

Insights

In beta
Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Solar Module Manufacturing Capacity
GW

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Order Book
INR Crore
Solar Module Production
GW
Module Capacity Utilization (CUF)
%
Retail Distribution Network (Franchises)
count
Solar Cell Manufacturing Capacity
GW
Solar Cell Production
GW

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
64.31% 64.31% 64.31% 64.22% 64.22% 64.19% 64.12%
1.40% 0.70% 2.68% 6.35% 6.91% 7.06% 8.57%
2.70% 2.46% 2.86% 2.82% 2.86% 4.32% 4.08%
31.58% 32.53% 30.15% 26.60% 26.01% 24.44% 23.23%
No. of Shareholders 7,67,9638,51,0287,67,2676,90,0256,95,6996,83,3017,31,601

* 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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Documents

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