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Waaree Energies Ltd.
NSE: WAAREEENERTechnologySolar
- Last close
- ₹2,354.90
- Day change
- −₹15.10 (−0.64%)vs
- Market cap
- ₹67,454 crIndian rupees
- Research updated
- 1 report
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About Waaree Energies
Waaree Energies Ltd. is a prominent player in the renewable energy sector, primarily focusing on the manufacturing and distribution of solar photovoltaic modules. The company's core mission is to harness solar energy's potential to provide sustainable power solutions across India and globally. Known for its advanced photovoltaic manufacturing capabilities, Waaree Energies operates one of the largest solar panel production facilities in India, showcasing its commitment to high-quality and efficient solar technology. Beyond manufacturing, the company extends its expertise to project development and engineering, procurement, and construction (EPC) services, supporting large-scale solar installations and infrastructure. Waaree Energies significantly influences sectors such as residential, commercial, and utility solar energy markets, contributing to the broader global agenda of reducing carbon footprints and promoting clean energy alternatives. In the financial markets, Waaree Energies plays a vital role, illustrating the growing importance and economic impact of renewable energy initiatives worldwide. The company is pivotal in driving technological advancements and fostering sustainable energy policies, underpinning its stature in shaping the future energy landscape.
- Sector
- Technology
- Industry
- Solar
- Listing
- NSE: WAAREEENER
- Next results
- Chief executive
- Dr. Jignesh Devchandbhai Rathod
- Employees
- 2,110
- Headquarters
- Mumbai, India
- ISIN
- INE377N01017
- Website
- waaree.com
Public research · Report of
Business model & financial foundation
Waaree Energies (NSE: WAAREEENER), Solar PV module and cell manufacturing, EPC: revenue of ₹26,537 crore in FY26 (+83.7% on FY25), an EBITDA margin of 22.3%, net profit of ₹3,711 crore and net cash of ₹4,897 crore.
- Revenue, FY26 (₹ crore)
- 26,537
- consolidated
- Revenue growth, FY26
- +83.7%
- on FY25
- EBITDA margin, FY26
- 22.3%
- EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 3,711
- to owners
- Return on equity, FY26
- 30.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,897
- Borrowings less cash, current investments and other bank balances
- Market capitalisation (₹ crore)
- 71,763
- at the close of 13 Oct 2026
Company profile
Waaree Energies is India's largest solar PV module manufacturer (25.8 GW module and 5.4 GW cell capacity as of Q1 FY27), selling to Indian utility-scale developers, rooftop and retail channels and US customers, with US module plants in Texas and Arizona. It is integrating backward into cells, ingots and wafers and diversifying into BESS, inverters, electrolysers, transformers and, through its listed subsidiary Waaree Renewable Technologies, solar EPC.
| Item | Value |
|---|---|
| Legal name | Waaree Energies Limited (formerly Waaree Energies Private Limited) |
| Exchange and ticker | NSE: WAAREEENER; BSE: 544277 |
| ISIN | INE377N01017 |
| Sector | Capital goods / renewable energy equipment |
| Industry | Solar PV module and cell manufacturing, EPC |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co. LLP |
| Market capitalisation | ₹71,763 crore (13 Oct 2026) |
| Shares outstanding | 28.75 crore shares (FY26) |
| Price | ₹2,345 (close, 13 Oct 2026) |
| 52-week range | ₹2,282 - ₹3,719 (to 13 Oct 2026) |
| Website | https://www.waaree.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Waaree Solar Americas Inc. | 100% | US solar module manufacturing (Texas; Arizona assets acquired from Meyer Burger) |
| Waaree Renewable Technologies Ltd. | 74.46% | Listed solar EPC and power generation (NSE: WAAREERTL); holding conflict 74.46% vs 74.32% recorded in gaps |
| Indosolar Ltd. | 74.93% | Solar module manufacturing |
| Sangam Solar One Pvt. Ltd. | 100% | Integrated ingot-wafer-cell manufacturing project vehicle |
| Waaree Forever Energies Pvt. Ltd. | 100% | Renewable power infrastructure |
| Waaree Transpower Pvt. Ltd. (formerly Kotsons) | 64.04% | Transformers; acquired Oct 2025 for INR 192 cr |
| Waaree Smart Meters Pvt. Ltd. (formerly Racemosa) | 76% | Smart meters, via Waaree Power |
Selective list of material subsidiaries; Enel Green Power India acquisition (ceiling INR 792 cr) not completed and under ICC arbitration (S34).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 64.22% | 64.19% | 64.12% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 6.91% | 7.06% | 8.57% | |
| Domestic institutions | 2.86% | 4.32% | 4.08% | |
| of which mutual funds | 1.31% | 2.98% | 2.81% | |
| Retail | 7.53% | 7.31% | 8.25% | |
| Other | 18.48% | 17.12% | 14.98% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Waaree manufactures PV modules for Indian utility, C&I/retail and export customers. It is integrating into cells (5.4 GW at Q1FY27) and ingot/wafer (10 GW Nagpur project, now FY28) to retain the DCR/ALMM economics. US manufacturing through Waaree Solar Americas competes for domestic-content demand and 45X credits; Indian exports depend on cell origin and duty exposure. WRTL and Indosolar are consolidated; segment module sales to EPC must be eliminated. FY26 segment revenue: modules INR24,133.40 cr, power INR33.77 cr, EPC INR3,281.89 cr; reconciliation to group INR26,536.77 cr includes eliminations.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Solar Photovoltaic Modules | 24,133 | 87.9% | 4,423 | 88.8% |
| Generation of power | 33.8 | 0.1% | 10.5 | 0.2% |
| EPC | 3,282 | 12.0% | 547.8 | 11.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Premier Energies (PREMIERENE) | Listed integrated cell and module maker; closest domestic comparable with higher cell integration |
| Vikram Solar (VIKRAMSOLR) | Listed module maker scaling cells; domestic and export exposure |
| Emmvee Photovoltaic Power (EMMVEE) | Listed module and cell maker, south India focused |
| Saatvik Green Energy (SAATVIKGL) | Listed module maker expanding into cells |
| Websol Energy System (WEBELSOLAR) | Listed cell and module maker; DCR cell economics benchmark |
| Waaree Renewable Technologies (WAAREERTL) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,844 | 6,608 | 11,398 | 14,445 | 26,537 |
| Cost of revenue (vendor classification) * | 2,409 | 5,363 | 9,014 | 10,521 | 18,291 |
| Other operating costs (vendor classification) * | 276.6 | 427.0 | 649.8 | 898.4 | 1,690 |
| EBITDA (vendor classification) * | 186.7 | 925.4 | 1,810 | 3,123 | 6,470 |
| EBIT * | 154.4 | 746.6 | 1,874 | 2,717 | 5,240 |
| Finance costs | 36.1 | 69.4 | 139.9 | 152.1 | 280.5 |
| Profit before tax after exceptional items | 118.4 | 677.2 | 1,734 | 2,565 | 5,052 |
| Total tax expense including prior-year and deferred tax | 38.7 | 176.9 | 459.8 | 636.5 | 1,168 |
| Net profit including non-controlling interest | 79.7 | 500.3 | 1,274 | 1,928 | 3,884 |
| Diluted EPS (₹) | 2.63 | 16.80 | 47.86 | 67.96 | 128.8 |
| Materials consumed, traded purchases and inventory change | 8,760 | 10,190 | 16,544 | ||
| Employee benefits expense | 177.2 | 318.2 | 599.3 | ||
| Manufacturing/EPC plus sales, administration and other expenses | 886.2 | 1,215 | 3,485 | ||
| Operating EBITDA excluding other income and exceptional items | 1,574 | 2,722 | 5,909 | ||
| Other income | 235.2 | 401.6 | 708.2 | ||
| Depreciation and amortisation expense | 276.8 | 402.5 | 989.7 | ||
| Exceptional items (gain positive, loss negative) | 341.3 | -4.02 | -294.8 | ||
| Profit attributable to non-controlling interests | 37.2 | 60.7 | 172.9 | ||
| Net profit attributable to owners of the parent | 1,237 | 1,867 | 3,711 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 439.9 | 1,862 | 4,148 | 9,595 | 15,011 |
| Current and non-current borrowings excluding leases and LC acceptances | 421.1 | 906.1 | 317.3 | 939.5 | 2,492 |
| Cash and cash equivalents | 47.8 | 197.3 | 121.4 | 509.8 | 774.2 |
| Trade receivables | 92.5 | 312.6 | 971.4 | 1,185 | 2,492 |
| Inventories | 538.2 | 2,709 | 2,586 | 2,692 | 5,856 |
| Trade payables (MSME plus other creditors) | 534.8 | 1,432 | 1,475 | 2,255 | 3,108 |
| Net property, plant and equipment * | 69.4 | 75.2 | 263.8 | 167.6 | 307.7 |
| Capital work in progress * | 189.8 | 648.2 | 1,649 | 2,080 | 4,101 |
| Total assets * | 2,237 | 7,420 | 11,314 | 19,747 | 30,115 |
| Current investments | 71.2 | 64.7 | 660.5 | ||
| Bank balances other than cash and cash equivalents | 3,658 | 7,238 | 5,954 | ||
| Borrowings less cash, current investments and other bank balances | -3,533 | -6,873 | -4,897 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash inflow from operating activities after taxes | 502.9 | 379.4 | 2,305 | 3,158 | 1,627 |
| Free cash flow (vendor definition) * | 204.4 | 694.8 | 962.7 | -115.9 | -3,255 |
| Dividends paid (the provider's sign: an outflow is negative) * | -0.48 | -0.27 | -0.53 | -57.5 | |
| Cash acquisition of PPE/intangibles incl capital advances (outflow negative) | -495.7 | -861.8 | -1,342 | -3,274 | -4,882 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 28.73 | 28.73 | 28.73 | 27.37 | 28.75 |
| Company-published Operating EBITDA | n.r. | 2,722 | 5,909 | ||
| Company EBITDA including other income, excluding exceptional items | 1,810 | 3,123 | 6,617 | ||
| US AMPC 45X government grants in operating revenue | 349.9 | ||||
| Warranty provision expense (cash-flow reconciliation) | 54.4 | 64.8 | 111.5 | ||
| Unrealised forex cash-flow adjustment (loss positive) | 8.73 | -15.3 | 130.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,574 | 3,457 | 4,004 | 4,426 | 6,066 | 7,565 | 8,480 | 7,932 |
| Cost of revenue (vendor classification) * | 2,440 | 2,716 | 3,002 | 4,872 | 6,253 | 5,883 | ||
| Other operating costs (vendor classification) * | 210.7 | 262.1 | 291.6 | 597.2 | 506.9 | 439.0 | ||
| EBITDA (vendor classification) * | 809.7 | 1,060 | 1,169 | 2,124 | 1,756 | 1,611 | ||
| EBIT * | 720.7 | 902.2 | 986.6 | 1,562 | 1,456 | 1,281 | ||
| Finance costs | 30.8 | 30.9 | 56.7 | 43.3 | 96.1 | 93.3 | 47.9 | 70.4 |
| Profit before tax after exceptional items | 498.8 | 689.8 | 845.5 | 943.4 | 1,231 | 1,469 | 1,408 | 1,210 |
| Total tax expense including prior-year and deferred tax | 123.2 | 182.9 | 201.0 | 170.5 | 353.3 | 362.2 | 281.7 | 318.5 |
| Net profit including non-controlling interest | 375.7 | 506.9 | 644.5 | 772.9 | 878.2 | 1,107 | 1,126 | 891.9 |
| Diluted EPS (₹) | 13.71 | 18.33 | 21.51 | 25.84 | 29.27 | 36.89 | 36.84 | 29.50 |
| Materials consumed, traded purchases and inventory change | 2,704 | 2,364 | 2,609 | 2,816 | 3,725 | 4,223 | 5,780 | 5,467 |
| Employee benefits expense | 66.8 | 85.2 | 102.9 | 135.3 | 152.5 | 167.8 | 143.7 | 169.9 |
| Manufacturing/EPC plus sales, administration and other expenses | 278.9 | 286.9 | 369.1 | 476.9 | 781.9 | 1,246 | 980.2 | 855.2 |
| Operating EBITDA excluding other income and exceptional items | 524.9 | 721.7 | 922.6 | 997.3 | 1,406 | 1,928 | 1,577 | 1,440 |
| Other income | 89.1 | 88.0 | 137.0 | 171.4 | 160.9 | 196.2 | 179.7 | 170.8 |
| Depreciation and amortisation expense | 84.3 | 89.1 | 153.4 | 182.1 | 239.8 | 267.3 | 300.6 | 330.0 |
| Exceptional items (gain positive, loss negative) | 0.00 | 0.00 | -4.02 | 0.00 | 0.00 | -294.8 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 14.0 | 14.2 | 25.6 | 27.7 | 35.7 | 44.3 | 65.2 | 41.7 |
| Net profit attributable to owners of the parent | 361.7 | 492.7 | 618.9 | 745.2 | 842.6 | 1,062 | 1,061 | 850.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 46.4% | 132.4% | 72.5% | 26.7% | 83.7% |
| EBITDA margin | 13.8% | 18.8% | 22.3% | ||
| Net margin | 10.9% | 12.9% | 14.0% | ||
| Return on equity | 41.2% | 27.2% | 30.2% | ||
| Return on capital employed | 18.6% | 41.1% | 51.8% | 36.2% | 37.4% |
| Return on assets | 13.2% | 12.0% | 14.9% | ||
| Net debt (₹ crore) | -3,533 | -6,873 | -4,897 | ||
| Net debt / EBITDA | -2.24x | -2.53x | -0.83x | ||
| Interest cover | 4.28x | 10.8x | 13.4x | 17.9x | 18.7x |
| Asset turnover | 1.61x | 1.37x | 1.22x | 0.93x | 1.06x |
| Receivable days | 12 | 17 | 31 | 30 | 34 |
| Inventory days (on revenue) | 69 | 150 | 83 | 68 | 81 |
| Payable days (on revenue) | 69 | 79 | 47 | 57 | 43 |
| Cash conversion | 1.86x | 1.69x | 0.44x | ||
| Capex intensity | 17.4% | 13.0% | 11.8% | 22.7% | 18.4% |
| Free cash flow (₹ crore) | 7.19 | -482.4 | 962.7 | -115.9 | -3,255 |
| Dividend payout | 0.0% | 1.6% | |||
| EPS, diluted (₹) | 2.63 | 16.80 | 47.86 | 67.96 | 128.8 |
| Book value per share (₹) | 15.31 | 64.81 | 144.4 | 350.6 | 522.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash, current investments and other bank balances; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.