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Waaree Energies

₹3103.6 16.3 | 0.5%

Last updated: 10:14

Consolidated Standalone

Last updated: 10:14

Waaree Energies Overview

Waaree Energies Limited, established in 1989 and headquartered in Mumbai, India, is a leading player in the solar energy sector. The company specializes in manufacturing high-efficiency solar photovoltaic (PV) modules and provides a wide range of solar solutions, including EPC (Engineering, Procurement, and Construction), project development, rooftop solutions, and solar water pumps. Waaree’s state-of-the-art manufacturing facilities, based in Gujarat, have a combined capacity of over 12 GW, making it one of the largest solar module manu...Read More

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Waaree Energies Key Financials

Market Cap ₹89272 Cr.

Stock P/E 46.3

P/B 7.1

Current Price ₹3103.6

Book Value ₹ 437.8

Face Value 10

52W High ₹3864.4

Dividend Yield 0%

52W Low ₹ 1808.7

Edit Ratio

Waaree Energies Share Price

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Waaree Energies Quarterly Price

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Waaree Energies Peer Comparison

Waaree Energies Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 3537 1596 2936 3409 3574 3457 4004 4426 6066 7565
Other Income 21 56 72 88 89 88 137 171 161 196
Total Income 3559 1652 3007 3496 3663 3545 4141 4597 6227 7761
Total Expenditure 3020 1425 2518 2856 3050 2736 3081 3429 4659 5637
Operating Profit 539 227 490 640 614 810 1060 1169 1567 2124
Interest 33 18 48 34 31 31 57 43 96 93
Depreciation 71 74 75 76 84 89 153 182 240 267
Exceptional Income / Expenses 0 49 292 0 0 0 -4 0 0 -295
Profit Before Tax 435 184 659 531 499 690 845 943 1231 1469
Provision for Tax 115 43 183 129 123 183 201 170 353 362
Profit After Tax 320 141 475 401 376 507 644 773 878 1107
Adjustments -5 -16 -14 -7 -14 -14 -26 -28 -36 -44
Profit After Adjustments 315 125 462 394 362 493 619 745 843 1062
Adjusted Earnings Per Share 12.1 4.8 17.6 15 13.7 17.2 21.5 25.9 29.3 36.9

Waaree Energies Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 551 829 992 1341 1591 1996 1953 2854 6751 11398 14445 22061
Other Income 17 4 25 16 22 26 30 92 112 235 402 665
Total Income 568 833 1017 1357 1613 2021 1983 2946 6863 11633 14846 22726
Total Expenditure 524 749 887 1230 1447 1904 1857 2743 5919 9823 11723 16806
Operating Profit 44 83 130 127 165 118 126 203 944 1810 3123 5920
Interest 11 49 53 57 59 34 31 41 82 140 152 289
Depreciation 4 16 28 28 41 27 32 43 164 277 402 842
Exceptional Income / Expenses 0 0 0 0 37 0 4 0 -21 341 -4 -299
Profit Before Tax 28 18 49 41 103 57 67 118 677 1734 2565 4488
Provision for Tax 15 15 24 17 20 18 21 39 177 460 637 1086
Profit After Tax 13 4 25 24 82 39 46 80 500 1274 1928 3402
Adjustments 1 4 6 -1 0 3 1 -4 -18 -37 -61 -134
Profit After Adjustments 13 8 31 23 82 42 47 76 483 1237 1867 3269
Adjusted Earnings Per Share 0.7 0.4 1.6 1.2 4.2 2.1 2.4 3.8 19.8 47 65 113.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 27% 72% 49% 39%
Operating Profit CAGR 73% 149% 93% 53%
PAT CAGR 51% 189% 118% 65%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 37% NA% NA% NA%
ROE Average 29% 39% 30% 23%
ROCE Average 37% 44% 34% 25%

Waaree Energies Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 127 134 153 176 257 298 353 428 1838 4088 9479
Minority's Interest 44 71 72 0 0 42 40 12 23 61 116
Borrowings 255 337 338 411 66 71 189 189 146 103 24
Other Non-Current Liabilities 8 11 113 113 50 56 83 93 469 1556 1296
Total Current Liabilities 374 277 414 376 446 471 625 1498 4929 5423 8786
Total Liabilities 807 830 1089 1076 819 938 1289 2219 7406 11231 19701
Fixed Assets 49 306 550 540 126 151 293 624 1105 1450 4036
Other Non-Current Assets 386 286 193 221 112 179 226 251 818 1768 2509
Total Current Assets 372 238 347 314 581 607 770 1344 5476 8013 13139
Total Assets 807 830 1089 1076 819 938 1289 2219 7406 11231 19701

Waaree Energies Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 149 27 7 7 22 34 13 139 254 121
Cash Flow from Operating Activities 0 44 113 102 105 83 72 701 1560 2305 3158
Cash Flow from Investing Activities 0 -182 -90 -142 16 -22 -250 -675 -2094 -3340 -6808
Cash Flow from Financing Activities 0 35 -44 40 -106 -50 157 99 642 909 4036
Net Cash Inflow / Outflow 0 -102 -21 -1 16 11 -21 125 109 -126 386
Closing Cash & Cash Equivalent 0 47 7 6 22 34 13 139 254 121 510

Waaree Energies Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.67 0.38 1.56 1.17 4.18 2.12 2.36 3.84 19.84 47.05 65
CEPS(Rs) 0.86 1.01 2.68 2.66 6.24 3.36 3.95 6.24 27.3 58.99 81.13
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 6.43 6.79 7.75 8.92 13.03 15.12 17.88 21.69 74.03 153.69 327.84
Core EBITDA Margin(%) 4.91 9.61 10.58 8.24 9.03 4.62 4.9 3.89 12.33 13.81 18.84
EBIT Margin(%) 7.14 8.1 10.26 7.35 10.16 4.54 4.99 5.58 11.25 16.44 18.81
Pre Tax Margin(%) 5.1 2.22 4.95 3.09 6.45 2.85 3.41 4.15 10.03 15.22 17.76
PAT Margin (%) 2.3 0.47 2.51 1.81 5.18 1.96 2.34 2.79 7.41 11.18 13.35
Cash Profit Margin (%) 3.07 2.41 5.34 3.91 7.73 3.31 3.99 4.31 9.84 13.61 16.13
ROA(%) 1.57 0.47 2.59 2.24 8.69 4.44 4.09 4.54 10.4 13.68 12.47
ROE(%) 9.98 2.97 17.36 14.76 38.07 14.07 14.02 20.42 44.88 43.62 28.65
ROCE(%) 7.42 12.38 18.16 15.84 30.99 23.02 17.19 21.11 43.44 52.77 36.65
Receivable days 51 29.71 35.25 29.11 33.89 32.5 24.15 13.48 10.95 20.56 27.24
Inventory Days 52.19 32.49 23.6 21.5 22.76 31.37 57.1 57.94 87.78 84.77 66.68
Payable days 104.34 79.16 89.26 75.68 76.9 68.06 74.91 70.26 69.67 60.56 66.81
PER(x) 0 0 0 0 0 0 0 0 0 0 37.01
Price/Book(x) 0 0 0 0 0 0 0 0 0 0 7.34
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.6 0.54 0.47 0.5 0.12 0.12 0.23 0.07 -0.09 -0.28 4.31
EV/Core EBITDA(x) 7.56 5.41 3.6 5.31 1.12 2.07 3.54 1 -0.67 -1.77 19.95
Net Sales Growth(%) 0 50.45 19.63 35.21 18.64 25.44 -2.14 46.14 136.52 68.83 26.73
EBIT Growth(%) 0 70.8 51.51 -3.07 63.96 -43.94 7.54 63.38 376.85 146.78 44.96
PAT Growth(%) 0 -69.39 542.58 -2.52 239.49 -52.61 16.87 74.65 528.09 154.73 51.3
EPS Growth(%) 0 -42.49 305.5 -25.01 257.05 -49.34 11.71 62.34 417 137.18 38.16
Debt/Equity(x) 3.18 3.15 2.7 2.87 0.42 0.42 1.01 0.87 0.48 0.08 0.1
Current Ratio(x) 1 0.86 0.84 0.84 1.3 1.29 1.23 0.9 1.11 1.48 1.5
Quick Ratio(x) 0.78 0.61 0.7 0.57 1.08 0.77 0.64 0.54 0.56 1 1.19
Interest Cover(x) 3.51 1.38 1.93 1.72 2.74 2.69 3.15 3.9 9.23 13.4 17.86
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0.01

Waaree Energies Shareholding Pattern

# Dec 2016 Dec 2017 Sep 2018 Sep 2019 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 95.34 95.52 95.55 95.55 64.3 64.3 64.3 64.3 64.22 64.22
FII 0 0 0 0 2.23 1.4 0.7 2.68 6.35 6.91
DII 0 0 0 0 2.8 2.69 2.46 2.85 2.82 2.86
Public 4.66 4.48 4.45 4.45 30.67 31.6 32.54 30.16 26.6 26.01
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Waaree Energies News

Waaree Energies Pros & Cons

Pros

  • Company has delivered good profit growth of 118% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 39%
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Debtor days have increased from 60.56 to 66.81days.
  • Stock is trading at 7.1 times its book value.

* The pros and cons are machine generated.

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