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 41.2
  • Book Value ₹ 330
  • Dividend Yield 0.00 %
  • ROCE 35.1 %
  • ROE 27.6 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 114% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.8%

Cons

  • Stock is trading at 9.66 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

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
3,328 3,537 1,596 2,936 3,409 3,574 3,457 4,004 4,426
2,861 3,020 1,425 2,518 2,856 3,050 2,736 3,081 3,429
Operating Profit 468 517 171 418 552 525 722 923 997
OPM % 14% 15% 11% 14% 16% 15% 21% 23% 23%
87 21 105 364 88 89 88 133 171
Interest 40 33 18 48 34 31 31 57 43
Depreciation 57 71 74 75 76 84 89 153 182
Profit before tax 457 435 184 659 531 499 690 845 943
Tax % 26% 26% 23% 28% 24% 25% 27% 24% 18%
338 320 141 475 401 376 507 644 773
EPS in Rs 17.05 15.98 6.32 23.41 19.99 13.73 17.15 21.54 25.94
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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 TTM
1,996 1,953 2,854 6,751 11,398 14,444 15,461
1,903 1,868 2,748 5,915 9,823 11,723 12,295
Operating Profit 93 85 106 836 1,575 2,722 3,166
OPM % 5% 4% 4% 12% 14% 19% 20%
25 45 97 88 576 398 481
Interest 34 31 41 82 140 152 162
Depreciation 27 29 43 164 277 402 509
Profit before tax 57 70 118 677 1,734 2,565 2,977
Tax % 31% 31% 33% 26% 27% 25%
39 48 80 500 1,274 1,928 2,300
EPS in Rs 2.12 2.50 3.84 24.49 62.76 65.00 78.36
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 49%
3 Years: 72%
TTM: 35%
Compounded Profit Growth
10 Years: %
5 Years: 114%
3 Years: 192%
TTM: 105%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: %
5 Years: 30%
3 Years: 31%
Last Year: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 197 197 197 243 263 287
Reserves 101 148 231 1,595 3,825 9,192
157 340 363 320 553 1,199
483 596 1,362 5,247 6,635 9,069
Total Liabilities 938 1,281 2,154 7,406 11,277 19,747
152 285 625 1,105 1,450 4,051
CWIP 40 3 124 537 1,341 1,884
Investments 85 115 143 31 71 65
661 878 1,262 5,732 8,414 13,748
Total Assets 938 1,281 2,154 7,406 11,277 19,747

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
83 67 698 1,560 2,305 3,158
-22 -250 -673 -2,088 -3,346 -6,808
-50 161 101 642 909 4,036
Net Cash Flow 12 -21 126 114 -132 386

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 26 22 12 17 31 30
Inventory Days 54 83 85 192 108 93
Days Payable 67 99 83 143 84 78
Cash Conversion Cycle 13 6 14 66 55 45
Working Capital Days 10 2 -84 -66 -40 -78
ROCE % 16% 21% 52% 44% 35%

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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