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 ₹ 1,01,690 Cr.
- Current Price ₹ 3,535
- High / Low ₹ 3,865 / 1,809
- Stock P/E 35.4
- Book Value ₹ 391
- Dividend Yield 0.06 %
- 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 9.05 times its book value
- Earnings include an other income of Rs.1,193 Cr.
* 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 | 14,357 | |
| 1,933 | 1,913 | 2,683 | 5,771 | 9,343 | 10,366 | 11,063 | |
| Operating Profit | 94 | 80 | 88 | 762 | 1,374 | 2,398 | 3,294 |
| OPM % | 5% | 4% | 3% | 12% | 13% | 19% | 23% |
| 24 | 41 | 81 | 87 | 581 | 451 | 1,193 | |
| Interest | 31 | 26 | 34 | 77 | 133 | 132 | 166 |
| Depreciation | 26 | 27 | 40 | 155 | 264 | 321 | 487 |
| Profit before tax | 61 | 68 | 96 | 618 | 1,558 | 2,396 | 3,833 |
| Tax % | 25% | 26% | 27% | 25% | 26% | 26% | |
| 45 | 50 | 70 | 460 | 1,148 | 1,781 | 2,871 | |
| EPS in Rs | 2.30 | 2.55 | 3.53 | 23.34 | 58.25 | 62.00 | 99.90 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 44% |
| 3 Years: | 66% |
| TTM: | 37% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 108% |
| 3 Years: | 195% |
| TTM: | 176% |
| 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 | 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 | 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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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2d - Audio recording of Oct 17, 2025 analyst/institutional call on Q2/H1 results available on company's website.
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Announcement under Regulation 30 (LODR)-Investor Presentation
2d - Investor Presentation for Investor/ Earnings call for Financial Results for the Quarter and half year ended September 30, 2025
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - Q2 FY26 revenue ₹6,226.54cr, PAT ₹878.21cr; interim ₹2/share dividend; ₹8,175cr capex; acquisitions, 24GW orderbook.
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Announcement under Regulation 30 (LODR)-Date of payment of Dividend
2d - Q2 results approved; interim dividend Rs2/share (record Oct24, pay Nov6); CBP probe ongoing; acquisitions progressing.
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Announcement under Regulation 30 (LODR)-Dividend Updates
2d - Q2/H1 results approved; interim dividend Rs.2/share (record Oct 24, pay Nov 6); CBP probe ongoing.
Annual reports
Concalls
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Oct 2025TranscriptNotesPPT
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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.