Waaree Energies Limited
₹2,300.00-₹22.00 (-0.9%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹74,772 Cr
- P/E
- 26.0x
- EV / EBITDA
- 37.6x
- Revenue
- ₹12,765 Cr
- Net margin
- 10.7%
- ROCE
- 31.0%
Price chart
Technical chartScreen technicals →-33.0% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -3.0%
- 3M
- -12.4%
- 6M
- -26.2%
- 1Y
- -33.0%
- 5Y
- -20.4%
52-week range
Day change -₹22.00 (-0.9%) from ₹2,322 to ₹2,300 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in WAAREEENER, bought on each weekday since 2024.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 39.5%
Concerns1
- Negative free cash flow (₹3827 Cr)
Rule-based from financial data. Not advice.
About the company
Waaree Energies Limited manufactures and exports solar photovoltaic modules for residential, commercial, industrial, and institutional projects. It operates through three segments: Solar Photovoltaic Module Manufacturing, EPC and O&M Solutions, and the Independent Power Producer.
Read moreShow less
Waaree Energies Limited manufactures and exports solar photovoltaic modules for residential, commercial, industrial, and institutional projects. It operates through three segments: Solar Photovoltaic Module Manufacturing, EPC and O&M Solutions, and the Independent Power Producer. The company offers HJT, TOPCon, mono PERC, polycrystalline, flexible, and special modules; off-grid and on-grid inverters; and solar products, such as solar streetlights, water heaters, and water pumps. It also provides engineering, procurement, and construction solutions; and operation and maintenance services; and operates as an independent power producer, which generates renewable energy. The company was founded in 1989 and is based in Mumbai, India.
- Sector
- Energy
- Shares outstanding
- 28.8 Cr shares
- ISIN
- INE377N01017
- BSE code
- 544277
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹74,772 Cr
- P/E
- 26.0x
- P/B
- 6.6x
- EV / EBITDA
- 37.6x
- EV / Sales
- 6.9x
- P/S
- 7.0x
- Earnings yield
- 3.8%
- 52-week high
- ₹3,624.70
- 52-week low
- ₹2,240.00
Profitability
- Operating margin
- 12.8%
- Net margin
- 10.7%
- EBITDA margin
- 18.2%
- ROE
- 28.0%
- ROCE
- 31.0%
- ROA
- 10.8%
- Dividend payout
- 0.0%
- Tax rate
- 26.0%
- Other income, % of PBT
- 37.3%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹12,765 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 19.1%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 39.5%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,955 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 130.3%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 55.1%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 91.1%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹2,116 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 41.8%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹249 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 45.6%
Solvency and efficiency
- Current ratio
- 1.36
- Debt / Equity
- 0.08
- Debt / Assets
- 0.03
- Debt / EBITDA
- 0.17
- Interest coverage
- 10.33
- Financial leverage
- 2.60
- CFO / Net profit
- 1.84
- Cash / Market cap
- 10.9%
- Cash per share
- ₹284.13
- Asset turnover
- 1.00
- Fixed asset turnover
- 10.59
- Capital intensity
- 0.09
- Debtor days
- 27 days
- Inventory turnover
- 3.26
- Cash conversion cycle
- 56 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹14 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹10,367 Cr |
| Sales | Operating profit | ₹2,398 Cr |
| Operating profit | Interest | ₹132 Cr |
| Operating profit | Depreciation | ₹321 Cr |
| Operating profit | Profit before tax | ₹1,945 Cr |
| Other income | Profit before tax | ₹451 Cr |
| Profit before tax | Tax and other | ₹615 Cr |
| Profit before tax | Net profit | ₹1,781 Cr |
Revenue and net profit
Revenue grew 19.1% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹1,993 Cr | ₹50 Cr |
| FY2022 | ₹2,771 Cr | ₹70 Cr |
| FY2023 | ₹6,533 Cr | ₹460 Cr |
| FY2024 | ₹10,718 Cr | ₹1,148 Cr |
| FY2025 | ₹12,765 Cr | ₹1,781 Cr |
Cash flows
FY2025: ₹2,940 Cr from operations, -₹3,827 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹81 Cr | -₹70 Cr |
| FY2022 | ₹572 Cr | ₹49 Cr |
| FY2023 | ₹1,492 Cr | -₹749 Cr |
| FY2024 | ₹2,116 Cr | -₹1,136 Cr |
| FY2025 | ₹2,940 Cr | -₹3,827 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹12,765 Cr+19.1%1Y
- Net profit
- ₹1,781 Cr+55.1%1Y
- Cash from operations
- ₹2,940 Cr
- Free cash flow
- -₹3,827 Cr
- Revenue CAGR, 5Y
- 39.5%
- EBITDA CAGR, 5Y
- 75.3%
- Net profit CAGR, 5Y
- 91.1%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹12,765 Cr | ₹2,398 Cr | — | ₹1,781 Cr | ₹2,940 Cr | -₹3,827 Cr | 18.9% | +19.1% | +55.1% |
Monthly returns
Month-by-month returns of WAAREEENER across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹17,852 Cr |
| Equity capital | ₹287 Cr |
| Reserves | ₹9,120 Cr |
| Borrowings | ₹1,002 Cr |
| Other liabilities | ₹7,443 Cr |
| Assets | ₹17,852 Cr |
| Fixed assets | ₹2,845 Cr |
| Capital work in progress | ₹1,734 Cr |
| Investments | ₹236 Cr |
| Other assets | ₹13,038 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
WAAREEENER trades at 26.0x earnings against a peer median of 24.8x.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Waaree Energies LimitedWAAREEENERthis company | ₹74,772 Cr | 26.0x | 6.6x | 28.0% | 37.6x |
| Hindustan Petroleum Corporation LtdHINDPETRO | ₹95,486 Cr | 6.5x | 1.8x | 35.8% | 5.5x |
| JSW Energy LimitedJSWENERGY | ₹86,383 Cr | 83.6x | 3.8x | 6.3% | 48.1x |
| Siemens Energy India LimitedENRIN | ₹85,572 Cr | 77.8x | 19.5x | — | — |
| NHPC LimitedNHPC | ₹81,826 Cr | 25.8x | 2.1x | 10.0% | 17.7x |
| NTPC GREEN ENERGY LIMITEDNTPCGREEN | ₹77,227 Cr | 141.0x | 4.1x | 5.9% | 46.7x |
| Oil India LimitedOIL | ₹72,830 Cr | 15.6x | 1.5x | 12.6% | 8.9x |
| TORRENT POWER LIMITEDTORNTPOWER | ₹67,853 Cr | 23.5x | 3.6x | 14.9% | 17.4x |
| ADANI TOTAL GAS LIMITEDATGL | ₹61,127 Cr | 99.1x | 13.6x | 18.3% | 54.2x |
| Peer median | — | 24.8x | 3.1x | 12.8% | 15.7x |
Year-to-date ROI
WAAREEENER since 1 January, against earlier years.
Historical volatility
WAAREEENER's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 4.0% |
| FY2022 | 3.0% |
| FY2023 | 12.0% |
| FY2024 | 13.0% |
| FY2025 | 19.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹12,765 Cr |
| Costs | |
| Interest | ₹132 Cr |
| Expenses | ₹10,366 Cr |
| Operating profitOperating Profit | ₹2,398 Cr |
| Other income and charges | |
| Profit before tax | ₹2,396 Cr |
| Tax | |
| Net profitNet Profit | ₹1,781 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹17,852 Cr |
| Equity capitalEquity Capital | ₹287 Cr |
| Reserves | ₹9,120 Cr |
| Borrowings | ₹1,002 Cr |
| Other liabilitiesOther Liabilities | ₹7,443 Cr |
| AssetsTotal Assets | ₹17,852 Cr |
| Fixed assetsFixed Assets | ₹2,845 Cr |
| Capital work in progressCWIP | ₹1,734 Cr |
| Investments | ₹236 Cr |
| Other assetsOther Assets | ₹13,038 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹2,940 Cr |
| Investing cash flowCash from Investing Activity | -₹6,767 Cr |
| Financing cash flowCash from Financing Activity | ₹4,077 Cr |
| Change in cashNet Cash Flow | ₹249 Cr |
Learn while you research
Academy chapters picked for Waaree Energies Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 04 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 05 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read