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/E19.7

Book Value₹ 480

Price to Book6.85

Dividend Yield0.15 %

ROCE39.7 %

ROE33.6 %

Face Value₹ 10

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ABOUT

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%

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PROS

Company has delivered good profit growth of 137.0% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 38.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 32.9%
Company has delivered good sales growth of 60.1% CAGR over last 5 years
Operating margins have improved to 22.8% from 13.3%

CONS

Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -31.4pp
A large part of profit comes from other income (27.9% of PBT)
Free cash flow has been persistently negative
Total debt has risen sharply - up 88.1% year on year
Equity base is being diluted - shares outstanding up 18.2%

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

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150 NIFTY TOTAL MKT

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	TDPOWERSYS	804.85	91.45	25148.09	0.13	862.93	72.33	6400.54	72.10	34.01	19.00

Detailed Comparison with:

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	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	3,369	1,421	2,683	3,190	3,169	3,082	3,323	3,370	4,582	6,291	6,748	6,222
	2,885	1,336	2,331	2,671	2,696	2,442	2,561	2,521	3,540	4,610	5,539	5,424
Operating Profit	484	85	352	519	474	640	762	849	1,042	1,681	1,209	798
OPM %	14.37%	5.99%	13.10%	16.26%	14.94%	20.77%	22.94%	25.20%	22.74%	26.72%	17.91%	12.83%
	22	107	366	88	104	102	160	197	735	-70	230	195
Interest	31	18	45	30	27	27	48	34	58	76	31	41
Depreciation	68	70	72	72	74	77	97	130	183	195	199	199
Profit before Tax	407	103	600	504	477	638	776	883	1,536	1,340	1,209	993
Tax %	25.94%	19.52%	28.01%	26.30%	25.13%	26.11%	25.24%	25.26%	24.51%	24.66%	22.80%	25.56%
Net Profit	302	83	432	372	357	471	581	660	1,160	1,009	934	739
	12.16	3.29	16.79	14.13	13.59	17.61	20.23	22.97	40.36	35.10	32.45	25.69

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,065	1,277	1,605	2,027	1,993	2,771	6,533	10,718	12,765	20,991	23,842
	994	1,220	1,514	1,933	1,913	2,683	5,774	9,343	10,369	16,209	19,112
Operating Profit	71	57	90	94	80	88	758	1,374	2,395	4,781	4,730
OPM %	6.65%	4.49%	5.63%	4.63%	4.04%	3.18%	11.61%	12.82%	18.76%	22.78%	19.84%
	20	9	19	24	41	81	91	581	454	1,092	1,090
Interest	12	17	31	31	26	34	77	133	132	199	206
Depreciation	8	8	19	26	27	40	155	264	321	707	776
Profit before Tax	71	42	60	61	68	96	618	1,558	2,396	4,968	5,078
Tax %	34.81%	40.18%	36.26%	25.40%	26.40%	27.32%	25.49%	26.29%	25.67%	24.27%	24.35%
Net Profit	46	25	38	45	50	70	460	1,148	1,781	3,762	3,842
EPS	0.00	1.28	1.93	2.30	2.55	3.53	20.56	43.67	62.00	130.80	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.06%	—

COMPOUNDED SALES GROWTH

10 Years:: 36%
5 Years:: 60%
3 Years:: 48%

COMPOUNDED PROFIT GROWTH

10 Years:: 67%
5 Years:: 137%
3 Years:: 101%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 24%
5 Years:: 31%
3 Years:: 33%
Last Year:: 34%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	76	197	197	197	197	197	243	263	287	288
	122	26	64	106	154	231	1,664	3,795	9,060	12,767
	51	162	106	114	211	372	1,144	2,085	2,183	2,620
Trade Payables	224	234	308	300	429	441	1,405	1,359	1,689	2,316
	121	53	114	132	113	793	2,877	3,090	4,624	5,138
Total Liabilities	594	672	788	849	1,104	2,034	7,333	10,593	17,844	23,129
	29	30	94	116	126	548	920	1,011	2,666	4,123
Capital Work in Progress	0	27	0	0	1	123	453	1,207	1,734	701
	227	311	96	119	47	176	254	285	236	2,826
	59	96	100	243	368	536	2,679	2,558	2,307	3,934
	0	0	0	0	0	0	0	792	717	1,930
Cash & Bank	18	15	119	42	104	324	1,715	3,616	7,020	4,077
	260	192	379	329	458	326	1,313	1,124	3,165	5,538
Total Assets	594	672	788	849	1,104	2,034	7,333	10,593	17,844	23,129

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	53	113	27	19	98	594	1,587	2,116	2,940	705
Cash from Investing	-6	-155	87	26	-151	-525	-2,246	-3,246	-6,764	-1,360
Cash from Financing	-29	78	-79	-50	76	66	872	960	4,077	510
	3	-2	20	-16	5	112	117	-169	252	-145

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

	Sep 2019	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	95.55	64.30	64.30	64.30	64.30	64.22	64.22	64.19	64.12
	0.00	2.23	1.40	0.70	2.68	6.35	6.91	7.06	8.57
	0.00	2.80	2.69	2.46	2.86	2.82	2.86	4.32	4.08
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.45	30.67	31.60	32.54	30.16	26.60	26.01	24.44	23.23

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.

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