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Waaree Energies Ltd.

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waaree.comBSE: 544277NSE: WAAREEENER
Market Cap₹ 75,580 Cr.
Current Price
High / Low₹ 3,865 / 2,403
Stock P/E19.8
Book Value₹ 530
Price to Book6.22
Dividend Yield0.15 %
ROCE37.9 %
ROE32.7 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Solar Photovoltaic Modules and EPC of Solar Power Plants: 88.3% • EPC: 11.6% • Generation of Power: 0.1%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 143.3% CAGR over last 5 years
  • Company has a healthy return on capital (ROCE) of 40.6%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.0%
  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 68.5% CAGR over last 5 years
  • Operating margins have improved to 22.3% from 14.0%

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Promoter holding has decreased over last 2 years: -31.4pp
  • Free cash flow has been persistently negative
  • Total debt has risen sharply - up 141.0% year on year
  • Equity base is being diluted - shares outstanding up 18.2%
  • Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment
Part ofNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 100NIFTY MIDCAP 150NIFTY TOTAL MKT
S.No.Name
1.ABB7269.1051.56154038.320.543623.00930.0235588.701110.3130.1812.56
2.CGPOWER910.00114.69143365.960.14308.2815.523280.8113.9927.9412.11
3.SIEMENS3960.9043.07141055.770.45214.31-49.384713.708.4421.429.14
4.POWERINDIA31415.40121.72140025.860.032941.502135.1824936.901586.1828.7314.58
5.GVT&D4545.00623.18116373.150.22362.9924.651836.1438.0475.5125.10
6.ENRIN3178.7576.08113201.810.13440.9067.832485.6039.2840.1923.56
7.WAAREEENER2627.5019.8075580.390.15891.8715.397931.7979.2237.9218.15
8.APARINDS17496.1562.0173260.470.344674.501677.9865910.601191.3131.8411.50
9.HAVELLS1114.8042.8469960.570.90289.71-16.646518.1919.4825.747.15
10.SUZLON44.1619.3160700.730.00305.22-5.893829.0922.8335.7915.55
11.SCHNEIDER1227.70159.7529354.800.0012.44-69.84651.364.7831.015.23
12.TDPOWERSYS804.8591.4525148.090.13862.9372.336400.5472.1034.0119.00
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,5371,5962,9363,4093,5743,4574,0044,4266,0667,5658,4807,932
3,0201,4252,5182,8563,0502,7363,0813,4294,6595,6376,9046,892
Operating Profit5171714185525257229239971,4061,9281,5771,040
OPM %14.62%10.73%14.25%16.21%14.68%20.88%23.04%22.53%23.19%25.49%18.59%13.11%
21105364888988133171161-99180171
Interest331848343131574396934870
Depreciation717475768489153182240267301330
Profit before Tax4351846595314996908459431,2311,4691,4081,210
Tax %26.35%23.30%27.85%24.39%24.69%26.52%23.77%18.07%28.69%24.66%20.01%26.31%
Net Profit00003765076447738781,1071,126892
12.704.9317.9314.9813.7518.4121.5925.9429.3336.9536.9129.56

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
9921,3411,5911,9961,9532,8546,75111,39814,44426,53730,043
8871,2301,4471,9041,8572,7435,9199,82311,72320,62824,092
Operating Profit10511114492961118321,5742,7225,9095,951
OPM %10.58%8.24%9.03%4.62%4.90%3.89%12.33%13.81%18.84%22.27%19.81%
25165926349291576398413413
Interest53575934314182140152280308
Depreciation2828412732431642774029901,138
Profit before Tax494110357671186771,7342,5655,0525,319
Tax %49.29%41.45%19.75%31.47%31.47%32.71%26.12%26.51%24.82%23.11%24.74%
Net Profit2524823946805001,2741,9283,8844,003
EPS1.261.234.182.122.363.8421.5747.0565.00129.02—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%3.10%—

COMPOUNDED SALES GROWTH

10 Years:
41%
5 Years:
69%
3 Years:
58%

COMPOUNDED PROFIT GROWTH

10 Years:
86%
5 Years:
140%
3 Years:
97%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
—
1 Year:
-30%

RETURN ON EQUITY

10 Years:
27%
5 Years:
34%
3 Years:
35%
Last Year:
33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Sep 11

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2025

Oct 24

₹ 0.20

Rs.2.0000 per share(20%)Interim Dividend

2026

Aug 31

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital76197197197197197243263287288
Minority Interest72004240122361116574
77-21601011552311,5583,7789,13114,074
4955981391544044141,2252,3132,3754,017
Trade Payables2252093083003575351,4321,4752,0703,108
144941151451368312,9243,3405,4617,899
Total Liabilities1,0891,0768199381,2892,2197,40611,23119,43929,960
5505401261512936241,1051,4504,0117,313
Capital Work in Progress02703711235371,3411,8843,476
97968286115143317165953
59991002433685382,7092,5862,6925,856
00000009711,0532,492
Cash & Bank2129119791103661,7363,7797,7486,728
3622853913424014251,2871,0321,9873,141
Total Assets1,0891,0768199381,2892,2197,40611,23119,43929,960

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
12214112395937271,6612,3053,1581,627
Cash from Investing-90-14216-22-250-675-2,094-3,340-6,808-3,953
Cash from Financing-4440-106-50157996429094,0362,573
-21-11611-21125109-126386247

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2019Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
95.5564.3064.3064.3064.3064.2264.2264.1964.12
0.002.231.400.702.686.356.917.068.57
0.002.802.692.462.862.822.864.324.08
Government0.000.000.000.000.000.000.000.000.00
4.4530.6731.6032.5430.1626.6026.0124.4423.23

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03
Copy of Newspaper Publication

2026-09-03 - Waaree Energies Limited has informed the Exchange about Copy of Newspaper Publication regarding the Notice of the 36th Annual General Meeting and e-voting information.

2026-09-02
Updates

2026-09-02 - Waaree Energies Limited has informed the Exchange regarding 'Letter sent to Shareholders'.

2026-09-02
Updates

2026-09-02 - Waaree Energies Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report ("BRSR")' forming part of the Annual Report for FY 2025 - 26.

2026-09-02
Shareholders meeting

2026-09-02 - Waaree Energies Limited has informed the Exchange regarding Notice of the 36th Annual General Meeting to be held on September 24, 2026 at 11:00 A.M. (IST).

2026-08-31
Copy of Newspaper Publication

2026-08-31 - Waaree Energies Limited has informed the Exchange about Copy of Newspaper Publication regarding the 36th Annual General Meeting.

2026-08-29
Updates

2026-08-29 - Waaree Energies Limited has informed the Exchange regarding 'Consolidation of the Company's Manufacturing Facilities from Tumb & Nandigram to the Company's existing manufacturing facility at Chikhli, Gujarat'.

2026-08-29
Record Date

2026-08-29 - Waaree Energies Limited has informed the Exchange that Record date for the purpose of Final Dividend for the Financial Year 2025 - 26 is Friday, September 11, 2026.

2026-08-29
Retirement

2026-08-29 - Waaree Energies Limited has informed the Exchange about Retirement due to completion of first term of five years of Ms. Richa Goyal, Non - Executive Independent Director.

2026-08-29
Appointment

2026-08-29 - Waaree Energies Limited has informed the Exchange regarding Appointment of Ms Mona Bhide (DIN: 05203026) as an Additional Non- Executive Independent Director of the company w.e.f. August 30, 2026.

News

Recent coverage and analyst commentary for WAAREEENER

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