Waaree Energies Ltd

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

₹ 2,678 0.12%
21 Aug - 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 ₹ 77,039 Cr.
  • Current Price ₹ 2,678
  • High / Low ₹ 3,865 / 2,402
  • Stock P/E 19.1
  • Book Value ₹ 502
  • Dividend Yield 0.07 %
  • ROCE 38.8 %
  • ROE 32.8 %
  • 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 31.2%

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 200 BSE Dollex 200 Nifty Midcap 100 Nifty Midcap 50 Nifty 200

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
3,328 3,537 1,596 2,936 3,409 3,574 3,457 4,004 4,426 6,066 7,565 8,480 7,932
2,861 3,020 1,425 2,518 2,856 3,050 2,736 3,081 3,429 4,659 5,637 6,904 6,492
Operating Profit 468 517 171 418 552 525 722 923 997 1,406 1,928 1,577 1,440
OPM % 14% 15% 11% 14% 16% 15% 21% 23% 23% 23% 25% 19% 18%
87 21 105 364 88 89 88 133 171 161 -99 180 171
Interest 40 33 18 48 34 31 31 57 43 96 93 48 70
Depreciation 57 71 74 75 76 84 89 153 182 240 267 301 330
Profit before tax 457 435 184 659 531 499 690 845 943 1,231 1,469 1,408 1,210
Tax % 26% 26% 23% 28% 24% 25% 27% 24% 18% 29% 25% 20% 26%
338 320 141 475 401 376 507 644 773 878 1,107 1,126 892
EPS in Rs 17.05 15.98 6.32 23.41 19.99 13.73 17.15 21.54 25.94 29.29 36.94 36.89 29.56
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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 30,043
1,903 1,868 2,748 5,915 9,823 11,723 20,628 23,692
Operating Profit 93 85 106 836 1,574 2,722 5,909 6,351
OPM % 4.7% 4.3% 3.7% 12% 14% 19% 22% 21%
25 45 97 88 576 398 413 413
Interest 34 31 41 82 140 152 280 308
Depreciation 27 29 43 164 277 402 990 1,138
Profit before tax 57 70 118 677 1,734 2,565 5,052 5,319
Tax % 31% 31% 33% 26% 27% 25% 23%
39 48 80 500 1,274 1,928 3,884 4,003
EPS in Rs 2.12 2.50 3.84 24.49 62.76 65.00 129.02 132.68
Dividend Payout % 0% 0% 0% 0% 0% 0% 2%
Compounded Sales Growth
10 Years: %
5 Years: 69%
3 Years: 58%
TTM: 94%
Compounded Profit Growth
10 Years: %
5 Years: 143%
3 Years: 100%
TTM: 81%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -16%
Return on Equity
10 Years: %
5 Years: 32%
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
Equity Capital 197 197 197 243 263 287 288
Reserves 101 148 231 1,595 3,825 9,192 14,150
157 340 363 320 553 1,199 3,213
483 596 1,362 5,247 6,635 9,028 12,465
Total Liabilities 938 1,281 2,154 7,406 11,277 19,706 30,115
152 285 625 1,105 1,450 4,051 7,329
CWIP 40 3 124 537 1,341 1,884 3,476
Investments 85 115 143 31 71 65 953
661 878 1,262 5,732 8,414 13,706 18,358
Total Assets 938 1,281 2,154 7,406 11,277 19,706 30,115

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 -3,953
-50 161 101 642 909 4,036 2,573
Net Cash Flow 12 -21 126 114 -132 388 247
Free Cash Flow 32 -35 202 698 968 -114 -3,209
CFO/OP 102% 105% 683% 199% 168% 143% 47%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 26 22 12 17 31 30 34
Inventory Days 54 83 85 192 108 96 118
Days Payable 67 99 83 143 84 91 63
Cash Conversion Cycle 13 6 14 66 55 35 90
Working Capital Days 10 2 -84 -66 -40 -87 -26
ROCE % 16% 21% 52% 44% 35% 39%

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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