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10 Yrs X-Ray 
Valuation 
Analyst Note 
Qtr. Results 
Financials 
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About
Waaree Energies Ltd (WAAREEENER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544277 NSE: WAAREEENER Electric Equipment | Mid Cap | Waaree Energies Share Price
₹2,627.50 82.50 (3.24%)
As on 11-Sep'26 16:01
Waaree Energies Ltd (WAAREEENER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544277 NSE: WAAREEENER Electric Equipment | Mid Cap | Waaree Energies Share Price
₹2,627.50 82.50 (3.24%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹73,207 Cr.
Current Price
₹2,627.5
52-Week Low / High
₹2,402 / 3,864
TTM EPS
₹132.7
TTM Sales
₹30,043 Cr.
Book Value per Share
₹530.3
P/E Ratio
19.18
Lower than its 3-year historical median
Industry PE
54.3
Price to Book (P/B)
4.80
Lower than its 3-year historical median
Price to Sales (P/S)
2.44
Lower than its 3-year historical median
EV/EBITDA
9.84
Lower than its 3-year historical median
Dividend Yield
0.15%
Profitability Efficiency
Return on Equity (ROE)
32.67%
Outperforms industry median
Return on Capital Employed (ROCE)
37.92%
Outperforms industry median
Return on Assets (ROA)
15.73%
Operating Profit Margin
22.3%
Net Profit Margin
14.64%
Gross Profit Margin
23.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
64.44%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
117.1%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
101.45%
Asset Quality
Promoter Holding
64.12%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹14,966 Cr.
Equity
₹287.7 Cr.
Face Value
₹10
All Time Low / High
₹1808.65 / 3864.40
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Weak
Is Waaree Energies Ltd a good quality company?
Waaree Energies Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Waaree Energies Ltd performance compare with that of its Peers?
Revenue growth of Waaree Energies Ltd vs industry peers?
Waaree Energies Ltd revenue CAGR is 60.14%, compared to the industry median CAGR of 44.62%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Waaree Energies Ltd?
Promoters hold 64.12% of the Waaree Energies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Waaree Energies Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -26.57% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Waaree Energies Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 34.6% | 18.8% | 24.3% | 24.3% | 20.9% | 20.4% | 39.9% | 44.3% | 32.6% | 39.7% | - |
| Value Creation Index ⓘ | 2.1 | 0.7 | 1.2 | 1.2 | 0.9 | 0.5 | 1.9 | 2.2 | 1.9 | 2.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,065 | 1,277 | 1,605 | 2,027 | 1,993 | 2,771 | 6,533 | 10,718 | 12,765 | 20,991 | 23,842 |
| Sales YoY Gr. | - | 19.9% | 25.6% | 26.3% | -1.7% | 39% | 135.7% | 64.1% | 19.1% | 64.4% | - |
| Adj EPS ⓘ | 2.2 | 1.2 | 1.8 | 2.2 | 1.8 | 2.8 | 18 | 32.5 | 61.7 | 123.6 | 133.6 |
| YoY Gr. | - | -47.1% | 52.5% | 23.3% | -17.6% | 52.5% | 544.8% | 80.6% | 89.9% | 100.3% | - |
| BVPS (₹) ⓘ | 10 | 11.3 | 13.2 | 15.4 | 17.8 | 21.7 | 78.4 | 154.3 | 325.4 | 453.9 | 479.5 |
| Adj Net Profit ⓘ | 44.1 | 23.3 | 35.4 | 43.7 | 36.1 | 54.9 | 438 | 854 | 1,773 | 3,556 | 3,842 |
| Cash Flow from Ops. ⓘ | 38.6 | 74.3 | 11.6 | 8 | 80.5 | 572 | 1,492 | 2,116 | 2,940 | 705 | - |
| Debt/CF from Ops. ⓘ | 1.3 | 2.1 | 9.1 | 10.5 | 2.1 | 0.6 | 0.5 | 0.4 | 0.4 | 3.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 39.3% | 60.1% | 47.6% | 64.4% | ||||
| Adj EPS ⓘ | 56.2% | 132.2% | 90.1% | 100.3% | ||||
| BVPSⓘ | 52.8% | 91.1% | 79.6% | 39.5% | ||||
| Share Price | - | - | - | -29.7% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 24.4 | 11.1 | 14.6 | 15.5 | 11 | 14.1 | 36.9 | 28.3 | 26.2 | 31.6 | 28.6 |
| Op. Profit Mgn % ⓘ | 6.7 | 4.5 | 5.6 | 4.6 | 4 | 3.2 | 11.6 | 12.8 | 18.8 | 22.8 | 20.8 |
| Net Profit Mgn % ⓘ | 4.1 | 1.8 | 2.2 | 2.2 | 1.8 | 2 | 6.7 | 8 | 13.9 | 16.9 | 16.1 |
| Debt to Equity ⓘ | 0.3 | 0.7 | 0.4 | 0.3 | 0.5 | 0.8 | 0.4 | 0.2 | 0.1 | 0.2 | - |
| Working Cap Days ⓘ | 90 | 87 | 87 | 95 | 128 | 111 | 136 | 144 | 150 | 150 | 96 |
| Cash Conv. Cycle ⓘ | -14 | -12 | -10 | 7 | 14 | 12 | 51 | 58 | 34 | 36 | 23 |
Valuation of Waaree Energies - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 992 | 1,341 | 1,591 | 1,996 | 1,953 | 2,854 | 6,751 | 11,398 | 14,445 | 26,537 |
| Operating Expenses ⓘ + | 887 | 1,230 | 1,447 | 1,904 | 1,857 | 2,743 | 5,919 | 9,823 | 11,723 | 20,628 |
| Operating Profit ⓘ | 105 | 111 | 144 | 92 | 96 | 111 | 832 | 1,574 | 2,722 | 5,909 |
| Operating Profit Margin (%) | 10.6% | 8.2% | 9.0% | 4.6% | 4.9% | 3.9% | 12.3% | 13.8% | 18.8% | 22.3% |
| Other Income ⓘ + | 25 | 16 | 22 | 26 | 30 | 92 | 112 | 235 | 402 | 708 |
| Interest ⓘ | 53 | 57 | 59 | 34 | 31 | 41 | 82 | 140 | 152 | 281 |
| Depreciation ⓘ | 28 | 28 | 41 | 27 | 32 | 43 | 164 | 277 | 402 | 990 |
| Profit Before Tax ⓘ | 49 | 41 | 103 | 57 | 67 | 118 | 677 | 1,734 | 2,565 | 5,052 |
| Tax ⓘ | 24 | 17 | 20 | 18 | 21 | 39 | 177 | 460 | 637 | 1,168 |
| Profit After Tax | 25 | 24 | 82 | 39 | 46 | 80 | 500 | 1,274 | 1,928 | 3,884 |
| PAT Margin (%) | 2.5% | 1.8% | 5.2% | 2.0% | 2.3% | 2.8% | 7.4% | 11.2% | 13.4% | 14.6% |
| Adjusted EPS (₹) | 1.6 | 1.2 | 4.2 | 2.1 | 2.4 | 3.8 | 19.8 | 47.1 | 65.0 | 129.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3.10% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 153 | 176 | 257 | 298 | 353 | 428 | 1,802 | 4,041 | 9,418 | 14,362 | |
| Debt + | 391 | 461 | 67 | 92 | 320 | 289 | 781 | 819 | 1,230 | 2,820 | |
| Minority Interest | 72 | 0 | 0 | 42 | 40 | 12 | 23 | 61 | 116 | 574 | |
| Trade Payables | 225 | 209 | 308 | 300 | 357 | 535 | 1,432 | 1,475 | 2,070 | 3,108 | |
| Others Liabilities ⓘ | 248 | 230 | 187 | 207 | 219 | 956 | 3,368 | 4,834 | 6,606 | 9,096 | |
| Total Liabilities ⓘ | 1,089 | 1,076 | 819 | 938 | 1,289 | 2,219 | 7,406 | 11,231 | 19,439 | 29,960 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 550 | 540 | 126 | 151 | 293 | 624 | 1,105 | 1,450 | 4,011 | 7,313 | |
| CWIP ⓘ | 57 | 80 | 0 | 40 | 3 | 124 | 537 | 1,341 | 1,884 | 3,477 | |
| Investments ⓘ | 97 | 96 | 82 | 86 | 115 | 143 | 31 | 71 | 65 | 953 | |
| Inventories | 59 | 99 | 100 | 243 | 368 | 538 | 2,709 | 2,586 | 2,692 | 5,856 | |
| Trade Receivables | 134 | 80 | 215 | 140 | 118 | 93 | 313 | 971 | 1,053 | 2,492 | |
| Cash Equivalents | 21 | 29 | 119 | 79 | 110 | 366 | 1,736 | 3,779 | 7,748 | 6,728 | |
| Others Assets ⓘ | 172 | 152 | 176 | 199 | 281 | 331 | 975 | 1,032 | 1,987 | 3,141 | |
| Total Assets ⓘ | 1,089 | 1,076 | 819 | 938 | 1,289 | 2,219 | 7,406 | 11,231 | 19,439 | 29,960 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 113 | 102 | 105 | 83 | 72 | 701 | 1,560 | 2,305 | 3,158 | 1,627 |
| Cash Flow From Investing Activity ⓘ + | -90 | -142 | 16 | -22 | -250 | -675 | -2,094 | -3,340 | -6,808 | -3,953 |
| Cash Flow From Financing Activity ⓘ + | -44 | 40 | -106 | -50 | 157 | 99 | 642 | 909 | 4,036 | 2,573 |
| Net Cash Flow ⓘ | -21 | -1 | 16 | 11 | -21 | 125 | 109 | -126 | 386 | 247 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 17.36 | 14.76 | 38.07 | 14.07 | 14.02 | 20.42 | 44.88 | 43.62 | 28.65 | 32.67 |
| ROCE (%) | 18.16 | 15.84 | 30.99 | 23.02 | 17.19 | 21.11 | 43.44 | 49.05 | 34.71 | 37.92 |
| Asset Turnover Ratio | 1.03 | 1.24 | 1.68 | 2.27 | 1.75 | 1.63 | 1.4 | 1.22 | 0.94 | 1.07 |
| PAT to CFO Conversion(x) | 4.52 | 4.25 | 1.28 | 2.13 | 1.57 | 8.76 | 3.12 | 1.81 | 1.64 | 0.42 |
| Working Capital Days | ||||||||||
| Receivable Days | 35.30 | 29.10 | 33.90 | 32.50 | 24.20 | 13.50 | 11 | 20.60 | 25.60 | 24.40 |
| Inventory Days | 23.60 | 21.50 | 22.80 | 31.40 | 57.10 | 57.90 | 87.80 | 84.80 | 66.70 | 58.80 |
| Payable Days | 89.30 | 75.70 | 76.90 | 68.10 | 74.90 | 70.30 | 69.70 | 60.60 | 63.50 | 57.10 |
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Waaree Energies Ltd FAQs
The current trading price of Waaree Energies on 11-Sep-2026 16:01 is ₹2,627.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Waaree Energies stood at ₹73,207.3 Cr
The latest P/E ratio of Waaree Energies as of 10-Sep-2026 is 19.06.
The latest P/B ratio of Waaree Energies as of 10-Sep-2026 is 5.31.
The 52-week high of Waaree Energies is ₹3,864.4 and the 52-week low is ₹2,402.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Waaree Energies is ₹23,842 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Waaree Energies Ltd is a good quality company.
The key valuation ratios of Waaree Energies Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Waaree Energies Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Waaree Energies Ltd
Waaree Energies Limited was originally incorporated as ‘Anmol Fluid Connectors Private Limited’ at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated December 18, 1990, issued by the RoC. The name of the company was changed to ‘Waaree Solar Private Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on April 25, 2007. The name of the company was further changed to ‘Waaree Energies Priave Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on October 15, 2007. The name of the company was further changed to ‘Waaree Energies Private Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on December 12, 2007. Thereafter, the company was converted into a public limited company pursuant to a special resolution passed in the extraordinary general meeting of the Shareholders held on March 8, 2013, and consequently the name of the company was changed to its present name i.e., ‘Waaree Energies Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on May 2, 2013.
Waaree Energies is the largest manufacturer of solar Photo-voltaic (PV) modules in India. The company commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life. The company’s solar PV modules are manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon) which helps reduce energy loss and enhances overall efficiency. Its portfolio of solar energy products consists of the following PV modules: (i) multicrystalline modules; (ii) monocrystalline modules; and (iii) TopCon modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.
The company’s solar PV modules warranties are insured by external parties, which require it to maintain high standards for insurance approval. It has received a tier-1 PV module maker rating from the Bloomberg New Energy Finance between Fiscal 2018 and Fiscal 2024. Certain of its laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) which tests its solar PV modules for quality check. Further, it ensures that its manufacturing facilities are regularly audited by quality audit firms. It is also included under the ALMM list identified by the Government of India, which enables it to participate in various government schemes aimed at developing the solar industry in India. It also manufactures semi-flexible solar panels for sale to global customers through its in-house research and development in product application.
Business area of the company
The company is primarily engaged in the business of manufacture of Solar Photo-voltaic Modules, setting up of Projects in solar space and sale of electricity.
Products of the company
- PV modules
- Multicrystalline modules
- Monocrystalline modules
- TOPCon modules
Awards, accreditations or recognitions
- 2017: Solar PV EPC Company of the year at the India Solar Week Excellence 2017 awarded by Solar Quarter.
- 2017: Leadership in the category of Solar PV EPC Company of the Year Utility Scale (50 MW -100 MW) at the India Solar Week Excellence Awards 2017 awarded by Solar Quarter.
- 2017: Leadership in the category of Solar Module Company of the Year Utility Scale (Domestic Manufacturer) at the India Solar Week Excellence Awards 2017 awarded by Solar Quarter.
- 2017: Consumer choice award by Solar Quarter in the category of rooftop application, flexible modules (Waaree Merlin Modules).
- 2017: Dun and Bradstreet Everest Industries Limited award for Metro RESCO Solar PV Project.
- 2018: Solar Module Company of the year in solar sector at the CSR Leadership Awards by ET Now.
- 2018: Solar Module Company of the Year (Monocrystalline Technology) Domestic at the Indian Solar PV Module TECH India Awards 2018 awarded by Solar Quarter.
- 2018: Top-30 Evergreen in India for solar rooftop power plant ((i) Indian oil fuel retail outlet, Madhya Pradesh; (ii) Reliance Mumbai Metro; and (iii) Swaminarayan Temple, Gujarat) Awards by SKOCH.
- 2021: Best brand 2021 by the Economic Times.
- 2022: One of the top performers of 2022 in the PV Module Reliability Scorecard
- 2022: Indian module company of year for the state of Maharashtra at the Suryacon Pune Conference.
- 2022: Leading renewable energy manufacturer –solar modules at the Renewable Energy India Awards 2022.
- 2023: Most preferred workplace - manufacturing 2022-23 by Marksmen Network.
- 2023: Best performing domestic modules of the year for the state of Tamil Nadu at the Suryacon Coimbatore Conference 2023.
- 2023: Most preferred solar panel for rooftops in Maharashtra at the Suryacon Pune Conference.
- 2023: Winner of the renewable energy –manufacturer-solarcategory by the Indian Chamber of Commerce 2023.
- 2023: RE brand of the year at the RenewX Awards 2023.
- 2023: Energy Company of the year (Renewables) by the Economic Times at the Energy Leadership Awards 2023.
- 2023: EPC company of the year for largescale projects –platinum category at the Suryacon Coimbatore Conference 2023 to Waaree Renewable Technologies Limited.
- 2024: Long Association Award at Enerparc's vendor association meeting, Bangalore.
- 2024: Recognised in the Renewable Energy Test Center (RETC) 2024 PV Module Index Report.
- 2024: Largest solar PV module manufacturer for achieving 200GW non-fossil power capacity by Ministry of New and Renewable Energy, Government of India.
- 2024: Recognised as tier 1 solar module manufacturer by Bloomberg New Energy Finance.
History and milestones
- 2007: Entered the solar energy sector with a 30 MW module manufacturing line.
- 2014: Started a joint venture with North Eastern Electric Power Corporation Limited (NEEPCO) for implementation of solar power project in Sehore, Madhya Pradesh.
- 2017: Acquired 40% shares in Waaneep Solar Private Limited from NEEPCO pursuant to which Waaneep Solar Private Limited became its wholly owned subsidiary
- 2018: Commissioned solar photovoltaic modules plant having capacity of 1,000 MW.
- 2018: Divested Waaneep Solar Private Limited to Hero Solar Energy Private Limited in tranches.
- 2019: Commissioned international EPC project of 49.5 MWp ground mounted Song Giang solar power project in Vietnam
- 2021: Acquired 500 MW Solar Module manufacturing facility to take total installed capacity to 2GW Initiated construction activities for a solar cell manufacturing unit.
- 2023: Increased capacity to 12GW.
- 2023: Selected as a manufacturer under the PLI Scheme for setting up a manufacturing facility of 6GW as a greenfield project.
- 2024: Increased capacity to 13.3GW with commissioning of 1.3 GW of module manufacturing facility at Indosolar Limited’s Noida facility.
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