Is Waaree Energies Ltd (WAAREEENER) a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Waaree Energies Ltd is a good quality company .

Is Waaree Energies Ltd (WAAREEENER) undervalued or overvalued?

The key valuation ratios of Waaree Energies Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone .

What is Waaree Energies Ltd (WAAREEENER) share price return in the past 10 years?

Data is not available for this company

Is Waaree Energies Ltd (WAAREEENER) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Waaree Energies Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

What is the share price of Waaree Energies Ltd (WAAREEENER)?

Company share prices are keep on changing according to the market conditions. The current trading price of Waaree Energies Ltd (WAAREEENER) on 17-Apr-2026 16:59:59 at 16:59 is 3471.45.

What is the P/E ratio of Waaree Energies?

The latest standalone P/E ratio of Waaree Energies as of 17-Apr-2026 is 29.29.

What is the P/B ratio of Waaree Energies Ltd (WAAREEENER)?

The latest standalone P/B ratio of Waaree Energies Ltd (WAAREEENER) as of 17-Apr-2026 is 8.15.

What is the 52-week high and low of Waaree Energies Ltd (WAAREEENER)?

The 52-week high of Waaree Energies Ltd (WAAREEENER) is Rs. 3864.40 and the 52-week low is Rs. 2344.35.

Waaree Energies Ltd (WAAREEENER) Share Analysis – Quality, Growth & Valuation Zone & DeciZen Rating

Name: Waaree Energies Ltd (WAAREEENER)
Brand: Waaree Energies

Key Metrics

Market Cap

₹99,857 Cr.

P/E Ratio

29.29

Price to Book (P/B)

8.15

Price to Sales (P/S)

5.68

EV/EBITDA

16.80

Return on Capital Employed (ROCE)

32.56%

Current Price

₹3,471.5

Return on Equity (ROE)

26.57%

Return on Assets (ROA)

12.53%

Operating Profit Margin

18.8%

Net Profit Margin

13.95%

Gross Profit Margin

21.3%

Book Value per Share

₹425.7

Sales Growth (YoY)

19.1%

Sales Growth (3 Years)

66.38%

Operating Profit Growth (1 Year)

74.28%

Operating Profit Growth (3 Years)

200.78%

Net Profit Growth (1 Year)

55.11%

52-Week Low / High

₹2,344 / 3,864

Net Profit Growth (3 Years)

36.74%

Dividend Yield

0.00%

Promoter Holding

64.19%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of Waaree Energies Ltd?

Waaree Energies Ltd revenue growth is 19.1% for FY-2025 , which is below its 5 year CAGR of 44.5% , indicating slower growth.

Q.1 Promoter shareholding and pledge status of Waaree Energies Ltd?

Promoters hold 64.19% of the Waaree Energies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Revenue growth of Waaree Energies Ltd vs industry peers?

Waaree Energies Ltd revenue CAGR is 44.49% , compared to the industry median CAGR of 31.34% , indicating faster growth and gaining its market share.

Q.1 Which industry/sub-sector does Waaree Energies Ltd belong to?

Waaree Energies Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Electric Equipment segment.

Q.1 Stock return of Waaree Energies Ltd over the last decade?

Over the last 1 year(s), the stock has delivered a CAGR of 49.5% based on the current price.

DeciZen - make an informed investing decision on Waaree Energies

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation ⓘ

3. Price Trend

Waaree Energies stock performance

Key Ratios

Is Waaree Energies Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	22.2%	34.6%	18.8%	24.3%	24.3%	20.9%	20.4%	39.9%	44.3%	32.6%	-
Value Creation Index ⓘ	1.0	2.1	0.7	1.2	1.2	0.9	0.5	1.9	2.2	1.9	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	998	1,065	1,277	1,605	2,027	1,993	2,771	6,533	10,718	12,765	17,566
Sales YoY Gr.	-	6.7%	19.9%	25.6%	26.3%	-1.7%	39%	135.7%	64.1%	19.1%	-
Adj EPS ⓘ	1.2	2.2	1.2	1.8	2.2	1.8	2.8	18	32.5	61.7	118.5
YoY Gr.	-	92.2%	-47.1%	52.5%	23.3%	-17.6%	52.5%	544.8%	80.6%	89.9%	-
BVPS (₹) ⓘ	8.3	10	11.3	13.2	15.4	17.8	21.7	78.4	154.3	325.4	425.7
Adj Net Profit ⓘ	22.8	44.1	23.3	35.4	43.7	36.1	54.9	438	854	1,773	3,410
Cash Flow from Ops. ⓘ	68.8	38.6	74.3	11.6	8	80.5	572	1,492	2,116	2,940	-
Debt/CF from Ops. ⓘ	1	1.3	2.1	9.1	10.5	2.1	0.6	0.5	0.4	0.4	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	32.7%	44.5%	66.4%	19.1%
Adj EPS ⓘ	55.5%	94.5%	180.7%	89.9%
BVPSⓘ	50.4%	84.1%	146.5%	110.9%
Share Price	-	-	-	49.5%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	15	24.4	11.1	14.6	15.5	11	14.1	36.9	28.3	26.2	31.6
Op. Profit Mgn % ⓘ	5.8	6.7	4.5	5.6	4.6	4	3.2	11.6	12.8	18.8	24.7
Net Profit Mgn % ⓘ	2.3	4.1	1.8	2.2	2.2	1.8	2	6.7	8	13.9	19.4
Debt to Equity ⓘ	0.4	0.3	0.7	0.4	0.3	0.5	0.8	0.4	0.2	0.1	-
Working Cap Days ⓘ	84	90	87	87	95	128	111	136	144	150	133
Cash Conv. Cycle ⓘ	-8	-14	-12	-10	7	14	12	51	58	34	40

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	118.5	113.7
TTM Sales (₹ Cr.)	17,566	22,060
BVPS (₹) ⓘ	425.7	437.8
Reserves (₹ Cr.) ⓘ	11,959	12,305
P/BV ⓘ	8.15	7.93
PE ⓘ	29.29	30.55

From the Market
52 Week Low / High (₹)	2344.35 / 3864.40
All Time Low / High (₹)	1808.65 / 3864.40
Market Cap (₹ Cr.)	99,857
Equity (₹ Cr.)	287.7
Face Value (₹)	10
Industry PE ⓘ	58.6

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Waaree Energies - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	998	1,065	1,277	1,605	2,027	1,993	2,771	6,533	10,718	12,765
Operating Expenses ⓘ +	940	994	1,220	1,514	1,933	1,913	2,683	5,774	9,343	10,369
Manufacturing Costs	25	39	69	80	90	73	92	212	337	471
Material Costs	819	886	1,055	1,271	1,657	1,652	2,265	5,023	8,322	8,962
Employee Cost	21	22	32	42	49	43	46	109	133	213
Other Costs ⓘ	76	48	64	121	137	144	280	430	552	723
Operating Profit ⓘ	58	71	57	90	94	80	88	758	1,374	2,395
Operating Profit Margin (%)	5.8%	6.7%	4.5%	5.6%	4.6%	4.0%	3.2%	11.6%	12.8%	18.8%
Other Income ⓘ +	3	20	9	18	24	37	81	111	240	454
Exceptional Items ⓘ	0	0	0	1	0	4	0	-21	341	0
Interest ⓘ	16	12	17	31	31	26	34	77	133	132
Depreciation ⓘ	7	8	8	19	26	27	40	155	264	321
Profit Before Tax ⓘ	38	71	42	60	61	68	96	618	1,558	2,396
Tax ⓘ	15	25	17	22	15	18	26	157	410	615
Profit After Tax	23	46	25	38	45	50	70	460	1,148	1,781
PAT Margin (%)	2.3%	4.3%	2.0%	2.4%	2.2%	2.5%	2.5%	7.0%	10.7%	14.0%
Adjusted EPS (₹)	1.2	2.3	1.3	1.9	2.3	2.6	3.5	18.9	43.7	62.0
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	163	197	223	261	303	351	428	1,907	4,058	9,347
Share Capital ⓘ	76	76	197	197	197	197	197	243	263	287
Reserves ⓘ	88	122	26	64	106	154	231	1,664	3,795	9,060
Debt +	65	45	131	66	51	128	250	737	781	1,205
Long Term Debt	3	0	96	66	33	76	156	108	75	0
Short Term Debt	62	45	36	0	17	53	94	629	706	1,205
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	144	224	234	308	300	429	441	1,405	1,359	1,689
Others Liabilities ⓘ	108	127	83	153	196	196	915	3,284	4,395	5,602
Total Liabilities ⓘ	481	594	672	788	849	1,104	2,034	7,333	10,593	17,844
Fixed Assets
Net Fixed Assets ⓘ +	45	29	30	94	116	126	548	920	1,011	2,666
Gross Block	64	45	53	130	178	213	683	1,199	1,535	3,487
Accumulated Depreciation	19	16	24	37	62	87	135	279	524	821
CWIP ⓘ	0	0	27	0	0	1	123	453	1,207	1,734
Investments ⓘ	208	227	311	96	119	47	176	254	285	236
Inventories	67	59	96	100	243	368	536	2,679	2,558	2,307
Trade Receivables	44	151	89	215	154	117	76	321	792	717
Cash Equivalents	20	18	15	119	42	104	324	1,715	3,616	7,020
Others Assets ⓘ	96	110	103	164	175	341	250	992	1,124	3,165
Total Assets ⓘ	481	594	672	788	849	1,104	2,034	7,333	10,593	17,844

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	69	39	74	12	8	81	572	1,492	2,116	2,940
PBT ⓘ	38	71	42	58	61	64	96	618	1,558	2,396
Adjustment ⓘ	19	11	19	40	51	38	72	249	287	48
Changes in Working Capital ⓘ	24	-28	53	-72	-93	-5	427	720	580	1161
Tax Paid ⓘ	-12	-15	-39	-17	-11	-22	-23	-95	-309	-666
Cash Flow From Investing Activity ⓘ +	-76	-6	-155	87	26	-151	-525	-2,246	-3,246	-6,765
Capex	-12	-7	-8	-55	-10	-21	-406	-791	-1,229	-2,400
Net Investments	-45	-11	-3	124	34	-54	-236	-1,277	-2,010	-3,252
Others ⓘ	-19	11	-143	19	2	-76	117	-178	-8	-1,113
Cash Flow From Financing Activity ⓘ +	-51	-29	78	-79	-50	76	66	872	960	4,077
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	1,040	1,003	3,492
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	0	0	0	0
Interest Paid ⓘ	-12	-9	-12	-28	-22	-21	-29	-61	-115	-64
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	0	0
Others ⓘ	-40	-20	90	-51	-28	96	95	-108	73	649
Net Cash Flow ⓘ	-59	3	-2	20	-16	5	112	117	-169	252

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	15	25.56	12.04	15.69	16.09	15.37	17.88	39.41	38.5	26.57
ROCE (%)	22.22	34.56	18.84	24.32	24.29	20.91	20.4	39.9	44.26	32.56
Asset Turnover Ratio	1.96	1.98	2.02	2.2	2.48	2.04	1.77	1.39	1.2	0.9
PAT to CFO Conversion(x)	3	0.85	2.96	0.32	0.18	1.62	8.17	3.24	1.84	1.65
Working Capital Days
Receivable Days	22	33	34	35	33	25	13	11	19	22
Inventory Days	27	22	22	22	31	56	60	90	89	70
Payable Days	61	76	79	78	67	80	70	67	61	62

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Waaree Energies Ltd FAQs

The current trading price of Waaree Energies on 17-Apr-2026 16:59 is ₹3,471.5.

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 16-Apr-2026 the market cap of Waaree Energies stood at ₹99,856.7 Cr

The latest P/E ratio of Waaree Energies as of 16-Apr-2026 is 29.29.

The latest P/B ratio of Waaree Energies as of 16-Apr-2026 is 8.15.

The 52-week high of Waaree Energies is ₹3,864.4 and the 52-week low is ₹2,344.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Waaree Energies is ₹17,566 ( Cr.) .

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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Waaree Energies Ltd (WAAREEENER) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Waaree Energies Share Price