Waaree Energies Ltd

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

Waaree Energies Ltd

₹ 3,189 -1.08%
22 Aug - 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 ₹ 91,603 Cr.
  • Current Price ₹ 3,189
  • High / Low ₹ 3,743 / 1,809
  • Stock P/E 44.3
  • Book Value ₹ 327
  • Dividend Yield 0.00 %
  • ROCE 34.1 %
  • ROE 26.4 %
  • 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 28.7%

Cons

  • Stock is trading at 9.74 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend

* 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

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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
3,369 1,421 2,683 3,190 3,169 3,082 3,323 3,370
2,885 1,336 2,331 2,671 2,695 2,442 2,561 2,521
Operating Profit 484 85 352 519 474 640 762 849
OPM % 14% 6% 13% 16% 15% 21% 23% 25%
22 107 366 88 104 102 160 197
Interest 31 18 45 30 27 27 48 34
Depreciation 68 70 72 72 74 77 97 130
Profit before tax 407 103 600 504 477 638 776 883
Tax % 26% 20% 28% 26% 25% 26% 25% 25%
302 83 432 372 357 471 581 660
EPS in Rs 15.31 4.22 21.93 18.86 13.57 16.41 20.21 22.97
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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 12,944
1,933 1,913 2,683 5,771 9,343 10,369 10,219
Operating Profit 94 80 88 762 1,374 2,395 2,726
OPM % 5% 4% 3% 12% 13% 19% 21%
24 41 81 87 581 454 563
Interest 31 26 34 77 133 132 135
Depreciation 26 27 40 155 264 321 378
Profit before tax 61 68 96 618 1,558 2,396 2,775
Tax % 25% 26% 27% 25% 26% 26%
45 50 70 460 1,148 1,781 2,069
EPS in Rs 2.30 2.55 3.53 23.34 58.25 62.00 73.16
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 44%
3 Years: 66%
TTM: 21%
Compounded Profit Growth
10 Years: %
5 Years: 108%
3 Years: 195%
TTM: 110%
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
Equity Capital 197 197 197 243 263 287
Reserves 106 154 231 1,700 3,840 9,120
116 165 321 240 334 1,002
437 593 1,290 5,151 6,237 7,443
Total Liabilities 856 1,109 2,039 7,333 10,674 17,852
0 126 548 920 1,012 2,845
CWIP 0 1 123 453 1,207 1,734
Investments 120 47 176 254 285 236
736 934 1,192 5,706 8,171 13,038
Total Assets 856 1,109 2,039 7,333 10,674 17,852

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 -6,764
-50 76 66 872 960 4,077
Net Cash Flow -16 5 114 123 -176 252

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 90
Days Payable 66 95 80 153 83 66
Cash Conversion Cycle 16 8 16 60 56 45
Working Capital Days 21 15 -82 -66 -40 -97
ROCE % 19% 20% 48% 40% 34%

Shareholding Pattern

Numbers in percentages

10 Recently
Dec 2024Mar 2025Jun 2025
64.31% 64.31% 64.31%
1.40% 0.70% 2.68%
2.70% 2.46% 2.86%
31.58% 32.53% 30.15%
No. of Shareholders 7,67,9638,51,0287,67,267

* 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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