Waaree Energies Ltd

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Waaree Energies Ltd

₹ 2,438 -0.46%
06 Nov - close price
waaree.com BSE: 544277 NSE: WAAREEENER F&O
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 F&O
  • Market Cap ₹ 70,129 Cr.
  • Current Price ₹ 2,438
  • High / Low ₹ 3,557 / 2,162
  • Stock P/E 18.0
  • Book Value ₹ 557
  • Dividend Yield 0.16 %
  • ROCE 38.4 %
  • ROE 32.5 %
  • Face Value ₹ 10.0
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Pros

  • 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 31.0%

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

Consolidated Figures in Rs. Crores / View Standalone

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
3,537 1,596 2,936 3,409 3,574 3,457 4,004 4,426 6,066 7,565 8,480 7,932 7,518
3,020 1,425 2,518 2,856 3,050 2,736 3,081 3,429 4,659 5,637 6,904 6,492 6,183
Operating Profit 517 171 418 552 525 722 923 997 1,406 1,928 1,577 1,440 1,335
OPM % 15% 11% 14% 16% 15% 21% 23% 23% 23% 25% 19% 18% 18%
21 105 364 88 89 88 133 171 161 -99 180 171 147
Interest 33 18 48 34 31 31 57 43 96 93 48 70 105
Depreciation 71 74 75 76 84 89 153 182 240 267 301 330 347
Profit before tax 435 184 659 531 499 690 845 943 1,231 1,469 1,408 1,210 1,030
Tax % 26% 23% 28% 24% 25% 27% 24% 18% 29% 25% 20% 26% 27%
320 141 475 401 376 507 644 773 878 1,107 1,126 892 754
EPS in Rs 15.98 6.32 23.41 19.99 13.73 17.15 21.54 25.94 29.29 36.94 36.89 29.56 24.98
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
1,996 1,953 2,854 6,751 11,398 14,444 26,537 31,495
1,903 1,868 2,748 5,915 9,823 11,723 20,628 25,215
Operating Profit 93 85 106 836 1,574 2,722 5,909 6,280
OPM % 4.7% 4.3% 3.7% 12% 14% 19% 22% 20%
25 45 97 88 576 398 413 399
Interest 34 31 41 82 140 152 280 317
Depreciation 27 29 43 164 277 402 990 1,245
Profit before tax 57 70 118 677 1,734 2,565 5,052 5,117
Tax % 31% 31% 33% 26% 27% 25% 23%
39 48 80 500 1,274 1,928 3,884 3,879
EPS in Rs 2.12 2.50 3.84 24.49 62.76 65.00 129.02 128.37
Dividend Payout % -0% -0% -0% -0% -0% -0% 3%
Compounded Sales Growth
10 Years: %
5 Years: 69%
3 Years: 58%
TTM: 75%
Compounded Profit Growth
10 Years: %
5 Years: 143%
3 Years: 99%
TTM: 44%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -26%
Return on Equity
10 Years: %
5 Years: 31%
3 Years: 31%
Last Year: 33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 197 197 197 243 263 287 288 288
Reserves 101 148 231 1,595 3,825 9,192 14,150 15,732
157 340 363 320 553 1,199 3,213 5,293
483 596 1,362 5,247 6,635 8,766 12,335 16,518
Total Liabilities 938 1,281 2,154 7,406 11,277 19,444 29,985 37,830
152 285 625 1,105 1,450 4,026 7,328 9,474
CWIP 40 3 124 537 1,341 1,884 3,477 7,578
Investments 85 115 143 31 71 65 953 2,177
661 878 1,262 5,732 8,414 13,469 18,227 18,601
Total Assets 938 1,281 2,154 7,406 11,277 19,444 29,985 37,830

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
83 67 698 1,560 2,305 3,158 1,627
-22 -250 -673 -2,088 -3,346 -6,806 -3,936
-50 161 101 642 909 4,036 2,573
Net Cash Flow 12 -21 126 114 -132 388 264
Free Cash Flow 32 -35 202 698 968 -114 -3,209
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 102% 105% 683% 199% 168% 143% 47%

Ratios

Consolidated / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 26 22 12 17 31 27 34
Inventory Days 54 83 85 192 108 96 129
Days Payable 67 99 83 143 84 85 79
Cash Conversion Cycle 13 6 14 66 55 38 84
Working Capital Days 10 2 -84 -66 -40 -92 -35
ROCE % 16% 21% 52% 44% 35% 38%

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)
%
Module Order Book
GW
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 2026Sep 2026
64.31% 64.31% 64.31% 64.22% 64.22% 64.19% 64.12% 64.12%
1.40% 0.70% 2.68% 6.35% 6.91% 7.06% 8.57% 8.57%
2.70% 2.46% 2.86% 2.82% 2.86% 4.32% 4.08% 4.09%
31.58% 32.53% 30.15% 26.60% 26.01% 24.44% 23.23% 23.22%
No. of Shareholders 7,67,9638,51,0287,67,2676,90,0256,95,6996,83,3017,31,6017,78,086

* 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

Announcements

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