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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/E19.7
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%
View full sector analysis →

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 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

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,3691,4212,6833,1903,1693,0823,3233,3704,5826,2916,7486,222
2,8851,3362,3312,6712,6962,4422,5612,5213,5404,6105,5395,424
Operating Profit484853525194746407628491,0421,6811,209798
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%
2210736688104102160197735-70230195
Interest311845302727483458763141
Depreciation68707272747797130183195199199
Profit before Tax4071036005044776387768831,5361,3401,209993
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 Profit302834323723574715816601,1601,009934739
12.163.2916.7914.1313.5917.6120.2322.9740.3635.1032.4525.69

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,0651,2771,6052,0271,9932,7716,53310,71812,76520,99123,842
9941,2201,5141,9331,9132,6835,7749,34310,36916,20919,112
Operating Profit7157909480887581,3742,3954,7814,730
OPM %6.65%4.49%5.63%4.63%4.04%3.18%11.61%12.82%18.76%22.78%19.84%
20919244181915814541,0921,090
Interest12173131263477133132199206
Depreciation8819262740155264321707776
Profit before Tax7142606168966181,5582,3964,9685,078
Tax %34.81%40.18%36.26%25.40%26.40%27.32%25.49%26.29%25.67%24.27%24.35%
Net Profit4625384550704601,1481,7813,7623,842
EPS0.001.281.932.302.553.5320.5643.6762.00130.80—
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

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
12226641061542311,6643,7959,06012,767
511621061142113721,1442,0852,1832,620
Trade Payables2242343083004294411,4051,3591,6892,316
121531141321137932,8773,0904,6245,138
Total Liabilities5946727888491,1042,0347,33310,59317,84423,129
2930941161265489201,0112,6664,123
Capital Work in Progress0270011234531,2071,734701
22731196119471762542852362,826
59961002433685362,6792,5582,3073,934
00000007927171,930
Cash & Bank1815119421043241,7153,6167,0204,077
2601923793294583261,3131,1243,1655,538
Total Assets5946727888491,1042,0347,33310,59317,84423,129

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
531132719985941,5872,1162,940705
Cash from Investing-6-1558726-151-525-2,246-3,246-6,764-1,360
Cash from Financing-2978-79-5076668729604,077510
3-220-165112117-169252-145

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

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