Waaree Energies Ltd.
•₹ 2,678.20.12%
2026-08-21
ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Solar Photovoltaic Modules and EPC of Solar Power Plants: 89.3% • EPC: 10.5% • Generation of Power: 0.2%
PROS
- Company has delivered good profit growth of 118.2% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 42.4%
- Company has a good return on equity (ROE) track record: 3 Years ROE 39.1%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 48.6% CAGR over last 5 years
- Operating margins have improved to 18.8% from 7.1%
CONS
- Promoter holding has decreased over last 2 years: -31.4pp
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 45.7%
- Total debt has risen sharply - up 44.0% year on year
- Recurring exceptional / one-off items are inflating headline profit
- Stock is trading at 7.3x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | ABB | 7400.00 | 52.48 | 156812.20 | 0.53 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| 2. | POWERINDIA | 33550.00 | 0.00 | 149540.28 | 0.02 | 294.15 | 123.52 | 2493.69 | 74.46 | 28.73 | 14.58 |
| 3. | SIEMENS | 3880.10 | 42.19 | 138178.32 | 0.46 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| 4. | CGPOWER | 862.90 | 108.75 | 135945.59 | 0.15 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| 5. | ENRIN | 3483.60 | 0.00 | 124058.14 | 0.11 | 4409.00 | 1578.34 | 24856.00 | 1292.81 | 40.19 | 23.56 |
| 6. | GVT&D | 4119.00 | 564.77 | 105465.57 | 0.24 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| 7. | HAVELLS | 1278.00 | 49.11 | 80202.38 | 0.78 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| 8. | WAAREEENER | 2688.00 | 20.26 | 77320.68 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 34.71 | 18.15 |
| 9. | APARINDS | 16607.65 | 58.86 | 69540.11 | 0.36 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 33.47 | 11.50 |
| 10. | SUZLON | 46.78 | 20.45 | 64302.09 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| 11. | SCHNEIDER | 1254.75 | 0.00 | 30001.58 | 0.00 | 124.40 | 201.65 | 6513.60 | 947.83 | 31.01 | 5.23 |
| 12. | TDPOWERSYS | 1545.45 | 87.80 | 24144.32 | 0.14 | 86.29 | 72.33 | 640.05 | 72.10 | 34.01 | 19.00 |
Detailed Comparison with:
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,537 | 1,596 | 2,936 | 3,409 | 3,574 | 3,457 | 4,004 | 4,426 | 6,066 | 7,565 | 8,480 | 7,932 | |
| 3,020 | 1,425 | 2,518 | 2,856 | 3,050 | 2,736 | 3,081 | 3,429 | 4,659 | 5,637 | 6,904 | 6,892 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 21 | 56 | 72 | 88 | 89 | 88 | 137 | 171 | 161 | 196 | 180 | 171 |
| Interest | 33 | 18 | 48 | 34 | 31 | 31 | 57 | 43 | 96 | 93 | 48 | 70 |
| Depreciation | 71 | 74 | 75 | 76 | 84 | 89 | 153 | 182 | 240 | 267 | 301 | 330 |
| 435 | 184 | 659 | 531 | 499 | 690 | 845 | 943 | 1,231 | 1,469 | 1,408 | 1,210 | |
| 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 Profit | 0 | 0 | 0 | 0 | 376 | 507 | 644 | 773 | 878 | 1,107 | 1,126 | 892 |
| 13 | 5 | 18 | 15 | 14 | 18 | 22 | 26 | 29 | 37 | 37 | 3 | |
| Equity Capital | 261 | 262 | 263 | 263 | 263 | 287 | 287 | 287 | 288 | 288 | 288 | 288 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 261 | 262 | 263 | 263 | 263 | 287 | 287 | 287 | 288 | 288 | 288 | 288 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Sep 2023
- 3,537
- 3,020
- Operating Profit
- —
- OPM %
- —
- Other Income
- 21
- Interest
- 33
- Depreciation
- 71
- 435
- Tax %
- 26.35%
- Net Profit
- 0
- 13
- Equity Capital
- 261
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 261
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 1,596
- 1,425
- Operating Profit
- —
- OPM %
- —
- Other Income
- 56
- Interest
- 18
- Depreciation
- 74
- 184
- Tax %
- 23.30%
- Net Profit
- 0
- 5
- Equity Capital
- 262
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 262
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 2,936
- 2,518
- Operating Profit
- —
- OPM %
- —
- Other Income
- 72
- Interest
- 48
- Depreciation
- 75
- 659
- Tax %
- 27.85%
- Net Profit
- 0
- 18
- Equity Capital
- 263
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 263
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 3,409
- 2,856
- Operating Profit
- —
- OPM %
- —
- Other Income
- 88
- Interest
- 34
- Depreciation
- 76
- 531
- Tax %
- 24.39%
- Net Profit
- 0
- 15
- Equity Capital
- 263
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 263
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 3,574
- 3,050
- Operating Profit
- —
- OPM %
- —
- Other Income
- 89
- Interest
- 31
- Depreciation
- 84
- 499
- Tax %
- 24.69%
- Net Profit
- 376
- 14
- Equity Capital
- 263
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 263
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 3,457
- 2,736
- Operating Profit
- —
- OPM %
- —
- Other Income
- 88
- Interest
- 31
- Depreciation
- 89
- 690
- Tax %
- 26.52%
- Net Profit
- 507
- 18
- Equity Capital
- 287
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 287
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 4,004
- 3,081
- Operating Profit
- —
- OPM %
- —
- Other Income
- 137
- Interest
- 57
- Depreciation
- 153
- 845
- Tax %
- 23.77%
- Net Profit
- 644
- 22
- Equity Capital
- 287
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 287
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 4,426
- 3,429
- Operating Profit
- —
- OPM %
- —
- Other Income
- 171
- Interest
- 43
- Depreciation
- 182
- 943
- Tax %
- 18.07%
- Net Profit
- 773
- 26
- Equity Capital
- 287
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 287
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 6,066
- 4,659
- Operating Profit
- —
- OPM %
- —
- Other Income
- 161
- Interest
- 96
- Depreciation
- 240
- 1,231
- Tax %
- 28.69%
- Net Profit
- 878
- 29
- Equity Capital
- 288
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 288
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 7,565
- 5,637
- Operating Profit
- —
- OPM %
- —
- Other Income
- 196
- Interest
- 93
- Depreciation
- 267
- 1,469
- Tax %
- 24.66%
- Net Profit
- 1,107
- 37
- Equity Capital
- 288
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 288
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 8,480
- 6,904
- Operating Profit
- —
- OPM %
- —
- Other Income
- 180
- Interest
- 48
- Depreciation
- 301
- 1,408
- Tax %
- 20.01%
- Net Profit
- 1,126
- 37
- Equity Capital
- 288
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 288
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 7,932
- 6,892
- Operating Profit
- —
- OPM %
- —
- Other Income
- 171
- Interest
- 70
- Depreciation
- 330
- 1,210
- Tax %
- 26.31%
- Net Profit
- 892
- 3
- Equity Capital
- 288
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 288
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 829 | 992 | 1,341 | 1,591 | 1,996 | 1,953 | 2,854 | 6,751 | 11,398 | 14,444 | 30,043 | |
| 749 | 887 | 1,230 | 1,447 | 1,904 | 1,857 | 2,743 | 5,919 | 9,823 | 11,723 | 24,092 | |
| Operating Profit | 83 | 130 | 127 | 165 | 118 | 126 | 203 | 944 | 1,810 | 3,123 | — |
| OPM % | 10 | 13 | 9 | 10 | 6 | 6 | 7 | 14 | 16 | 22 | — |
| Other Income | 4 | 25 | 16 | 22 | 26 | 30 | 92 | 112 | 235 | 402 | 708 |
| Interest | 49 | 53 | 57 | 59 | 34 | 31 | 41 | 82 | 140 | 152 | 308 |
| Depreciation | 16 | 28 | 28 | 41 | 27 | 32 | 43 | 164 | 277 | 402 | 1,138 |
| 18 | 49 | 41 | 103 | 57 | 67 | 118 | 677 | 1,734 | 2,565 | 5,319 | |
| Tax % | 79 | 49 | 41 | 20 | 31 | 31 | 33 | 26 | 27 | 25 | 25 |
| Net Profit | 4 | 25 | 24 | 82 | 39 | 46 | 80 | 500 | 1,274 | 1,928 | 4,003 |
| EPS | 1 | 1 | 1 | 4 | 2 | 2 | 4 | 22 | 47 | 65 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 4 | 6 | -1 | 0 | 3 | 1 | -4 | -18 | -37 | -61 | 42 |
| Share of Associates | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 2 | 1 | 4 | 2 | 2 | 4 | 20 | 47 | 65 | — |
| Minority Interest | 4 | 6 | -1 | 0 | 3 | 1 | -4 | -18 | -37 | -61 | 42 |
| Share of Associates | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 2 | 1 | 4 | 2 | 2 | 4 | 20 | 47 | 65 | — |
Mar 2016
- 829
- 749
- Operating Profit
- 83
- OPM %
- 10
- Other Income
- 4
- Interest
- 49
- Depreciation
- 16
- 18
- Tax %
- 79
- Net Profit
- 4
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 4
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 4
- Share of Associates
- 0
- Adjusted EPS
- 0
Mar 2017
- 992
- 887
- Operating Profit
- 130
- OPM %
- 13
- Other Income
- 25
- Interest
- 53
- Depreciation
- 28
- 49
- Tax %
- 49
- Net Profit
- 25
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 6
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 6
- Share of Associates
- 0
- Adjusted EPS
- 2
Mar 2018
- 1,341
- 1,230
- Operating Profit
- 127
- OPM %
- 9
- Other Income
- 16
- Interest
- 57
- Depreciation
- 28
- 41
- Tax %
- 41
- Net Profit
- 24
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2019
- 1,591
- 1,447
- Operating Profit
- 165
- OPM %
- 10
- Other Income
- 22
- Interest
- 59
- Depreciation
- 41
- 103
- Tax %
- 20
- Net Profit
- 82
- EPS
- 4
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2020
- 1,996
- 1,904
- Operating Profit
- 118
- OPM %
- 6
- Other Income
- 26
- Interest
- 34
- Depreciation
- 27
- 57
- Tax %
- 31
- Net Profit
- 39
- EPS
- 2
- Dividend Payout %
- 0
- Minority Interest
- 3
- Share of Associates
- -0
- Adjusted EPS
- 2
- Minority Interest
- 3
- Share of Associates
- -0
- Adjusted EPS
- 2
Mar 2021
- 1,953
- 1,857
- Operating Profit
- 126
- OPM %
- 6
- Other Income
- 30
- Interest
- 31
- Depreciation
- 32
- 67
- Tax %
- 31
- Net Profit
- 46
- EPS
- 2
- Dividend Payout %
- 0
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 2
Mar 2022
- 2,854
- 2,743
- Operating Profit
- 203
- OPM %
- 7
- Other Income
- 92
- Interest
- 41
- Depreciation
- 43
- 118
- Tax %
- 33
- Net Profit
- 80
- EPS
- 4
- Dividend Payout %
- 0
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2023
- 6,751
- 5,919
- Operating Profit
- 944
- OPM %
- 14
- Other Income
- 112
- Interest
- 82
- Depreciation
- 164
- 677
- Tax %
- 26
- Net Profit
- 500
- EPS
- 22
- Dividend Payout %
- 0
- Minority Interest
- -18
- Share of Associates
- 0
- Adjusted EPS
- 20
- Minority Interest
- -18
- Share of Associates
- 0
- Adjusted EPS
- 20
Mar 2024
- 11,398
- 9,823
- Operating Profit
- 1,810
- OPM %
- 16
- Other Income
- 235
- Interest
- 140
- Depreciation
- 277
- 1,734
- Tax %
- 27
- Net Profit
- 1,274
- EPS
- 47
- Dividend Payout %
- 0
- Minority Interest
- -37
- Share of Associates
- 0
- Adjusted EPS
- 47
- Minority Interest
- -37
- Share of Associates
- 0
- Adjusted EPS
- 47
Mar 2025
- 14,444
- 11,723
- Operating Profit
- 3,123
- OPM %
- 22
- Other Income
- 402
- Interest
- 152
- Depreciation
- 402
- 2,565
- Tax %
- 25
- Net Profit
- 1,928
- EPS
- 65
- Dividend Payout %
- 0
- Minority Interest
- -61
- Share of Associates
- 0
- Adjusted EPS
- 65
- Minority Interest
- -61
- Share of Associates
- 0
- Adjusted EPS
- 65
TTM
- 30,043
- 24,092
- Operating Profit
- —
- OPM %
- —
- Other Income
- 708
- Interest
- 308
- Depreciation
- 1,138
- 5,319
- Tax %
- 25
- Net Profit
- 4,003
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 42
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 42
- Share of Associates
- 0
- Adjusted EPS
- —
COMPOUNDED SALES GROWTH
- 10 Years:
- 39%
- 5 Years:
- 49%
- 3 Years:
- 72%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 64%
- 5 Years:
- 114%
- 3 Years:
- 191%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- 24%
- 5 Years:
- 30%
- 3 Years:
- 39%
- Last Year:
- 29%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 76 | 76 | 197 | 197 | 197 | 197 | 197 | 243 | 263 | 287 |
| 58 | 77 | -21 | 60 | 101 | 155 | 231 | 1,558 | 3,778 | 9,131 | |
| 67 | 53 | 85 | 41 | 54 | 169 | 182 | 713 | 716 | 1,205 | |
| Trade Payables | 153 | 225 | 209 | 308 | 300 | 357 | 535 | 1,432 | 1,475 | 2,255 |
| 477 | 658 | 606 | 213 | 286 | 411 | 1,075 | 3,459 | 4,998 | 6,823 | |
| Total Liabilities | 830 | 1,089 | 1,076 | 819 | 938 | 1,289 | 2,219 | 7,406 | 11,231 | 19,701 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 306 | 550 | 540 | 126 | 151 | 293 | 624 | 1,105 | 1,450 | 4,036 | |
| Capital Work in Progress | 84 | 0 | 27 | 0 | 37 | 1 | 123 | 537 | 1,341 | 1,884 |
| 88 | 97 | 96 | 82 | 86 | 115 | 143 | 31 | 71 | 65 | |
| 69 | 59 | 99 | 100 | 243 | 368 | 538 | 2,709 | 2,586 | 2,692 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 971 | 1,185 | |
| Cash & Bank | 47 | 21 | 29 | 119 | 79 | 110 | 366 | 1,736 | 3,779 | 7,748 |
| 236 | 362 | 285 | 391 | 342 | 401 | 425 | 1,287 | 1,032 | 2,092 | |
| Total Assets | 830 | 1,089 | 1,076 | 819 | 938 | 1,289 | 2,219 | 7,406 | 11,231 | 19,701 |
| Total Debt | 421 | 413 | 504 | 107 | 126 | 358 | 371 | 859 | 856 | 1,233 |
| Net Working Capital | -39 | -67 | -62 | 135 | 137 | 146 | -153 | 547 | 2,589 | 4,353 |
| Contingent Liabilities | 0 | 509 | 352 | 317 | 326 | 102 | 61 | 113 | 152 | 871 |
| Book Value per Share | 17.65 | 20.15 | 8.92 | 13.03 | 15.12 | 17.88 | 21.69 | 74.03 | 153.69 | 327.84 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 421 | 413 | 504 | 107 | 126 | 358 | 371 | 859 | 856 | 1,233 |
| Net Working Capital | -39 | -67 | -62 | 135 | 137 | 146 | -153 | 547 | 2,589 | 4,353 |
| Contingent Liabilities | 0 | 509 | 352 | 317 | 326 | 102 | 61 | 113 | 152 | 871 |
| Book Value per Share | 17.65 | 20.15 | 8.92 | 13.03 | 15.12 | 17.88 | 21.69 | 74.03 | 153.69 | 327.84 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2016
- Equity Capital
- 76
- 58
- 67
- Trade Payables
- 153
- 477
- Total Liabilities
- 830
- 306
- Capital Work in Progress
- 84
- 88
- 69
- 0
- Cash & Bank
- 47
- 236
- Total Assets
- 830
- Total Debt
- 421
- Net Working Capital
- -39
- Contingent Liabilities
- 0
- Book Value per Share
- 17.65
- Face Value
- 10.00
- Total Debt
- 421
- Net Working Capital
- -39
- Contingent Liabilities
- 0
- Book Value per Share
- 17.65
- Face Value
- 10.00
Mar 2017
- Equity Capital
- 76
- 77
- 53
- Trade Payables
- 225
- 658
- Total Liabilities
- 1,089
- 550
- Capital Work in Progress
- 0
- 97
- 59
- 0
- Cash & Bank
- 21
- 362
- Total Assets
- 1,089
- Total Debt
- 413
- Net Working Capital
- -67
- Contingent Liabilities
- 509
- Book Value per Share
- 20.15
- Face Value
- 10.00
- Total Debt
- 413
- Net Working Capital
- -67
- Contingent Liabilities
- 509
- Book Value per Share
- 20.15
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 197
- -21
- 85
- Trade Payables
- 209
- 606
- Total Liabilities
- 1,076
- 540
- Capital Work in Progress
- 27
- 96
- 99
- 0
- Cash & Bank
- 29
- 285
- Total Assets
- 1,076
- Total Debt
- 504
- Net Working Capital
- -62
- Contingent Liabilities
- 352
- Book Value per Share
- 8.92
- Face Value
- 10.00
- Total Debt
- 504
- Net Working Capital
- -62
- Contingent Liabilities
- 352
- Book Value per Share
- 8.92
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 197
- 60
- 41
- Trade Payables
- 308
- 213
- Total Liabilities
- 819
- 126
- Capital Work in Progress
- 0
- 82
- 100
- 0
- Cash & Bank
- 119
- 391
- Total Assets
- 819
- Total Debt
- 107
- Net Working Capital
- 135
- Contingent Liabilities
- 317
- Book Value per Share
- 13.03
- Face Value
- 10.00
- Total Debt
- 107
- Net Working Capital
- 135
- Contingent Liabilities
- 317
- Book Value per Share
- 13.03
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 197
- 101
- 54
- Trade Payables
- 300
- 286
- Total Liabilities
- 938
- 151
- Capital Work in Progress
- 37
- 86
- 243
- 0
- Cash & Bank
- 79
- 342
- Total Assets
- 938
- Total Debt
- 126
- Net Working Capital
- 137
- Contingent Liabilities
- 326
- Book Value per Share
- 15.12
- Face Value
- 10.00
- Total Debt
- 126
- Net Working Capital
- 137
- Contingent Liabilities
- 326
- Book Value per Share
- 15.12
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 197
- 155
- 169
- Trade Payables
- 357
- 411
- Total Liabilities
- 1,289
- 293
- Capital Work in Progress
- 1
- 115
- 368
- 0
- Cash & Bank
- 110
- 401
- Total Assets
- 1,289
- Total Debt
- 358
- Net Working Capital
- 146
- Contingent Liabilities
- 102
- Book Value per Share
- 17.88
- Face Value
- 10.00
- Total Debt
- 358
- Net Working Capital
- 146
- Contingent Liabilities
- 102
- Book Value per Share
- 17.88
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 197
- 231
- 182
- Trade Payables
- 535
- 1,075
- Total Liabilities
- 2,219
- 624
- Capital Work in Progress
- 123
- 143
- 538
- 0
- Cash & Bank
- 366
- 425
- Total Assets
- 2,219
- Total Debt
- 371
- Net Working Capital
- -153
- Contingent Liabilities
- 61
- Book Value per Share
- 21.69
- Face Value
- 10.00
- Total Debt
- 371
- Net Working Capital
- -153
- Contingent Liabilities
- 61
- Book Value per Share
- 21.69
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 243
- 1,558
- 713
- Trade Payables
- 1,432
- 3,459
- Total Liabilities
- 7,406
- 1,105
- Capital Work in Progress
- 537
- 31
- 2,709
- 0
- Cash & Bank
- 1,736
- 1,287
- Total Assets
- 7,406
- Total Debt
- 859
- Net Working Capital
- 547
- Contingent Liabilities
- 113
- Book Value per Share
- 74.03
- Face Value
- 10.00
- Total Debt
- 859
- Net Working Capital
- 547
- Contingent Liabilities
- 113
- Book Value per Share
- 74.03
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 263
- 3,778
- 716
- Trade Payables
- 1,475
- 4,998
- Total Liabilities
- 11,231
- 1,450
- Capital Work in Progress
- 1,341
- 71
- 2,586
- 971
- Cash & Bank
- 3,779
- 1,032
- Total Assets
- 11,231
- Total Debt
- 856
- Net Working Capital
- 2,589
- Contingent Liabilities
- 152
- Book Value per Share
- 153.69
- Face Value
- 10.00
- Total Debt
- 856
- Net Working Capital
- 2,589
- Contingent Liabilities
- 152
- Book Value per Share
- 153.69
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 287
- 9,131
- 1,205
- Trade Payables
- 2,255
- 6,823
- Total Liabilities
- 19,701
- 4,036
- Capital Work in Progress
- 1,884
- 65
- 2,692
- 1,185
- Cash & Bank
- 7,748
- 2,092
- Total Assets
- 19,701
- Total Debt
- 1,233
- Net Working Capital
- 4,353
- Contingent Liabilities
- 871
- Book Value per Share
- 327.84
- Face Value
- 10.00
- Total Debt
- 1,233
- Net Working Capital
- 4,353
- Contingent Liabilities
- 871
- Book Value per Share
- 327.84
- Face Value
- 10.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 44 | 113 | 102 | 105 | 83 | 72 | 701 | 1,560 | 2,305 | 3,158 | |
| Cash from Investing | -182 | -90 | -142 | 16 | -22 | -250 | -675 | -2,094 | -3,340 | -6,808 |
| Cash from Financing | 35 | -44 | 40 | -106 | -50 | 157 | 99 | 642 | 909 | 4,036 |
| -102 | -21 | -1 | 16 | 11 | -21 | 125 | 109 | -126 | 386 | |
| Free Cash Flow | -55 | -79 | 67 | 105 | -8 | -58 | 208 | 512 | 889 | -351 |
| OCF / Net Profit | 11.45 | 4.54 | 4.20 | 1.28 | 2.13 | 1.57 | 8.80 | 3.12 | 1.81 | 1.64 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 31 | 27 | 314 | 759 | 1,543 | 1,199 |
| OCF / Net Profit | 11.45 | 4.54 | 4.20 | 1.28 | 2.13 | 1.57 | 8.80 | 3.12 | 1.81 | 1.64 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 31 | 27 | 314 | 759 | 1,543 | 1,199 |
Mar 2016
- 44
- Cash from Investing
- -182
- Cash from Financing
- 35
- -102
- Free Cash Flow
- -55
- OCF / Net Profit
- 11.45
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 11.45
- Cumulative 5-Year FCF
- 0
Mar 2017
- 113
- Cash from Investing
- -90
- Cash from Financing
- -44
- -21
- Free Cash Flow
- -79
- OCF / Net Profit
- 4.54
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 4.54
- Cumulative 5-Year FCF
- 0
Mar 2018
- 102
- Cash from Investing
- -142
- Cash from Financing
- 40
- -1
- Free Cash Flow
- 67
- OCF / Net Profit
- 4.20
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 4.20
- Cumulative 5-Year FCF
- 0
Mar 2019
- 105
- Cash from Investing
- 16
- Cash from Financing
- -106
- 16
- Free Cash Flow
- 105
- OCF / Net Profit
- 1.28
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.28
- Cumulative 5-Year FCF
- 0
Mar 2020
- 83
- Cash from Investing
- -22
- Cash from Financing
- -50
- 11
- Free Cash Flow
- -8
- OCF / Net Profit
- 2.13
- Cumulative 5-Year FCF
- 31
- OCF / Net Profit
- 2.13
- Cumulative 5-Year FCF
- 31
Mar 2021
- 72
- Cash from Investing
- -250
- Cash from Financing
- 157
- -21
- Free Cash Flow
- -58
- OCF / Net Profit
- 1.57
- Cumulative 5-Year FCF
- 27
- OCF / Net Profit
- 1.57
- Cumulative 5-Year FCF
- 27
Mar 2022
- 701
- Cash from Investing
- -675
- Cash from Financing
- 99
- 125
- Free Cash Flow
- 208
- OCF / Net Profit
- 8.80
- Cumulative 5-Year FCF
- 314
- OCF / Net Profit
- 8.80
- Cumulative 5-Year FCF
- 314
Mar 2023
- 1,560
- Cash from Investing
- -2,094
- Cash from Financing
- 642
- 109
- Free Cash Flow
- 512
- OCF / Net Profit
- 3.12
- Cumulative 5-Year FCF
- 759
- OCF / Net Profit
- 3.12
- Cumulative 5-Year FCF
- 759
Mar 2024
- 2,305
- Cash from Investing
- -3,340
- Cash from Financing
- 909
- -126
- Free Cash Flow
- 889
- OCF / Net Profit
- 1.81
- Cumulative 5-Year FCF
- 1,543
- OCF / Net Profit
- 1.81
- Cumulative 5-Year FCF
- 1,543
Mar 2025
- 3,158
- Cash from Investing
- -6,808
- Cash from Financing
- 4,036
- 386
- Free Cash Flow
- -351
- OCF / Net Profit
- 1.64
- Cumulative 5-Year FCF
- 1,199
- OCF / Net Profit
- 1.64
- Cumulative 5-Year FCF
- 1,199
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 1.00 | 4.06 | 1.17 | 4.18 | 2.12 | 2.36 | 3.84 | 19.84 | 47.05 | 65.00 |
| Book Value (₹) | 17.65 | 20.15 | 8.92 | 13.03 | 15.12 | 17.88 | 21.69 | 74.03 | 153.69 | 327.84 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 1.01 | 2.68 | 2.66 | 6.24 | 3.36 | 3.95 | 6.24 | 27.30 | 58.99 | 81.13 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 10.04% | 13.09% | 9.45% | 10.39% | 5.90% | 6.44% | 7.10% | 13.99% | 13.81% | 18.84% |
| Net Margin % | 0.47% | 2.51% | 1.81% | 5.18% | 1.96% | 2.34% | 2.79% | 7.41% | 11.18% | 13.35% |
| ROE % | 2.97% | 17.36% | 14.76% | 38.07% | 14.07% | 14.02% | 20.42% | 44.88% | 43.62% | 28.65% |
| ROCE % | 12.38% | 18.16% | 15.84% | 30.99% | 23.02% | 17.19% | 21.11% | 43.44% | 49.05% | 34.71% |
| 0.47% | 2.59% | 2.24% | 8.69% | 4.44% | 4.09% | 4.54% | 10.40% | 13.68% | 12.47% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 30 | 35 | 29 | 34 | 32 | 24 | 13 | 11 | 21 | 27 |
| Inventory Days | 32 | 24 | 21 | 23 | 31 | 57 | 58 | 88 | 85 | 67 |
| Payable Days | 79 | 89 | 76 | 77 | 68 | 75 | 70 | 70 | 61 | 67 |
| -17 | -30 | -25 | -20 | -4 | 6 | 1 | 29 | 45 | 27 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 3.15x | 2.70x | 2.87x | 0.42x | 0.42x | 1.01x | 0.87x | 0.48x | 0.21x | 0.13x |
| Interest Coverage (x) | 1.38x | 1.93x | 1.72x | 2.74x | 2.69x | 3.15x | 3.90x | 9.23x | 13.40x | 17.86x |
| 0.86x | 0.84x | 0.84x | 1.30x | 1.29x | 1.23x | 0.90x | 1.11x | 1.48x | 1.50x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 50.45% | 19.63% | 35.21% | 18.64% | 25.44% | -2.14% | 46.14% | 136.52% | 68.83% | 26.73% |
| Operating Profit Growth % | 90.99% | 55.88% | -2.33% | 30.44% | -28.77% | 6.74% | 61.10% | 366.17% | 91.67% | 72.59% |
| Net Profit Growth % | -69.39% | 542.58% | -2.52% | 239.49% | -52.61% | 16.87% | 74.65% | 528.09% | 154.73% | 51.30% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 137.18% | 38.16% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 37.01x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 7.34x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -1.47x | 20.04x |
Mar 2016
- EPS (₹)
- 1.00
- Book Value (₹)
- 17.65
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.01
- Operating Margin %
- 10.04%
- Net Margin %
- 0.47%
- ROE %
- 2.97%
- ROCE %
- 12.38%
- 0.47%
- Debtor Days
- 30
- Inventory Days
- 32
- Payable Days
- 79
- -17
- Debt to Equity (x)
- 3.15x
- Interest Coverage (x)
- 1.38x
- 0.86x
- Revenue Growth %
- 50.45%
- Operating Profit Growth %
- 90.99%
- Net Profit Growth %
- -69.39%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2017
- EPS (₹)
- 4.06
- Book Value (₹)
- 20.15
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.68
- Operating Margin %
- 13.09%
- Net Margin %
- 2.51%
- ROE %
- 17.36%
- ROCE %
- 18.16%
- 2.59%
- Debtor Days
- 35
- Inventory Days
- 24
- Payable Days
- 89
- -30
- Debt to Equity (x)
- 2.70x
- Interest Coverage (x)
- 1.93x
- 0.84x
- Revenue Growth %
- 19.63%
- Operating Profit Growth %
- 55.88%
- Net Profit Growth %
- 542.58%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 1.17
- Book Value (₹)
- 8.92
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.66
- Operating Margin %
- 9.45%
- Net Margin %
- 1.81%
- ROE %
- 14.76%
- ROCE %
- 15.84%
- 2.24%
- Debtor Days
- 29
- Inventory Days
- 21
- Payable Days
- 76
- -25
- Debt to Equity (x)
- 2.87x
- Interest Coverage (x)
- 1.72x
- 0.84x
- Revenue Growth %
- 35.21%
- Operating Profit Growth %
- -2.33%
- Net Profit Growth %
- -2.52%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 4.18
- Book Value (₹)
- 13.03
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 6.24
- Operating Margin %
- 10.39%
- Net Margin %
- 5.18%
- ROE %
- 38.07%
- ROCE %
- 30.99%
- 8.69%
- Debtor Days
- 34
- Inventory Days
- 23
- Payable Days
- 77
- -20
- Debt to Equity (x)
- 0.42x
- Interest Coverage (x)
- 2.74x
- 1.30x
- Revenue Growth %
- 18.64%
- Operating Profit Growth %
- 30.44%
- Net Profit Growth %
- 239.49%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 2.12
- Book Value (₹)
- 15.12
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 3.36
- Operating Margin %
- 5.90%
- Net Margin %
- 1.96%
- ROE %
- 14.07%
- ROCE %
- 23.02%
- 4.44%
- Debtor Days
- 32
- Inventory Days
- 31
- Payable Days
- 68
- -4
- Debt to Equity (x)
- 0.42x
- Interest Coverage (x)
- 2.69x
- 1.29x
- Revenue Growth %
- 25.44%
- Operating Profit Growth %
- -28.77%
- Net Profit Growth %
- -52.61%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 2.36
- Book Value (₹)
- 17.88
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 3.95
- Operating Margin %
- 6.44%
- Net Margin %
- 2.34%
- ROE %
- 14.02%
- ROCE %
- 17.19%
- 4.09%
- Debtor Days
- 24
- Inventory Days
- 57
- Payable Days
- 75
- 6
- Debt to Equity (x)
- 1.01x
- Interest Coverage (x)
- 3.15x
- 1.23x
- Revenue Growth %
- -2.14%
- Operating Profit Growth %
- 6.74%
- Net Profit Growth %
- 16.87%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 3.84
- Book Value (₹)
- 21.69
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 6.24
- Operating Margin %
- 7.10%
- Net Margin %
- 2.79%
- ROE %
- 20.42%
- ROCE %
- 21.11%
- 4.54%
- Debtor Days
- 13
- Inventory Days
- 58
- Payable Days
- 70
- 1
- Debt to Equity (x)
- 0.87x
- Interest Coverage (x)
- 3.90x
- 0.90x
- Revenue Growth %
- 46.14%
- Operating Profit Growth %
- 61.10%
- Net Profit Growth %
- 74.65%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 19.84
- Book Value (₹)
- 74.03
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 27.30
- Operating Margin %
- 13.99%
- Net Margin %
- 7.41%
- ROE %
- 44.88%
- ROCE %
- 43.44%
- 10.40%
- Debtor Days
- 11
- Inventory Days
- 88
- Payable Days
- 70
- 29
- Debt to Equity (x)
- 0.48x
- Interest Coverage (x)
- 9.23x
- 1.11x
- Revenue Growth %
- 136.52%
- Operating Profit Growth %
- 366.17%
- Net Profit Growth %
- 528.09%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 47.05
- Book Value (₹)
- 153.69
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 58.99
- Operating Margin %
- 13.81%
- Net Margin %
- 11.18%
- ROE %
- 43.62%
- ROCE %
- 49.05%
- 13.68%
- Debtor Days
- 21
- Inventory Days
- 85
- Payable Days
- 61
- 45
- Debt to Equity (x)
- 0.21x
- Interest Coverage (x)
- 13.40x
- 1.48x
- Revenue Growth %
- 68.83%
- Operating Profit Growth %
- 91.67%
- Net Profit Growth %
- 154.73%
- 137.18%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- -1.47x
Mar 2025
- EPS (₹)
- 65.00
- Book Value (₹)
- 327.84
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 81.13
- Operating Margin %
- 18.84%
- Net Margin %
- 13.35%
- ROE %
- 28.65%
- ROCE %
- 34.71%
- 12.47%
- Debtor Days
- 27
- Inventory Days
- 67
- Payable Days
- 67
- 27
- Debt to Equity (x)
- 0.13x
- Interest Coverage (x)
- 17.86x
- 1.50x
- Revenue Growth %
- 26.73%
- Operating Profit Growth %
- 72.59%
- Net Profit Growth %
- 51.30%
- 38.16%
- P/E (x)
- 37.01x
- P/B (x)
- 7.34x
- Dividend Yield %
- 0.00%
- 20.04x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-20 - Waaree Energies Limited has informed the Exchange about Plant Visit scheduled to be held on Tuesday, August 25, 2026.
- Arrangements for strategic, technical, manufacturing, or marketing tie up
2026-08-13 - Waaree Energies Limited has informed the Exchange about Intimation under Regulation 30 - Execution of Joint Venture Agreement by the subsidiaries of the Company.
Annual Reports
Nothing filed yet.
Credit Ratings
- Credit Rating- Others
2026-04-07 - Waaree Energies Limited has informed the Exchange about ESG Rating.
- Credit Rating- Revision
2026-01-27 - Waaree Energies Limited has informed the Exchange about Intimation for Revision in Credit Rating.
Concalls
Aug 2026
May 2026
Apr 2026