WAAREEENER

Waaree Energies Limited

India's largest solar module maker by capacity, adding cells, storage and EPC

Industrials›Capital Goods›Electrical Equipment›Other Electrical Equipment

waaree.com

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Key metrics

Price as of 2026-10-16

Stock price

₹2565.40

Market cap

73,787 Cr

Stock P/E

19.3

P/B

5.11

Dividend yield

0.1%

ROE (FY26)

24.7%

ROCE (FY26)

30.5%

Operating margin (FY26)

18.5%

Debt / equity (FY26)

0.17

OCF / EBITDA (FY26)

27.5%

OCF / EBITDA (3Y)

69.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Waaree Energies makes solar cells and modules in India and the United States and sells them to utilities and power producers, businesses, retail buyers and overseas customers, while expanding into battery storage, transformers, inverters and EPC (engineering, procurement and construction) services.

Company snapshot

1stBy market cap

Ranked among 32 companies in Other Electrical Equipment.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 89.5% of revenue

Segment	Revenue share	Revenue	PBT	Assets
Engineering, procurement and construction (EPC) contracts	10.5%	1,094 Cr	158 Cr	—
Generation of power	0.2%	25 Cr	16 Cr	—
Solar Photovoltaic Modules	89.5%	9,340 Cr	1,388 Cr	—

What we see

Positives

✓Debt-to-equity of 0.17x — the company is largely funded by its own money, not borrowed funds.

2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	3,574 Cr	3,457 Cr	4,004 Cr	4,426 Cr	6,066 Cr	7,565 Cr	8,480 Cr	7,932 Cr
Operating expenses (approx.)	3,050 Cr	2,736 Cr	3,081 Cr	3,429 Cr	4,659 Cr	5,637 Cr	6,904 Cr	6,492 Cr
EBITDA	525 Cr	722 Cr	923 Cr	997 Cr	1,406 Cr	1,928 Cr	1,577 Cr	1,440 Cr
OPM %	14.7%	20.9%	23.0%	22.5%	23.2%	25.5%	18.6%	18.2%
Other income	89 Cr	88 Cr	137 Cr	171 Cr	161 Cr	196 Cr	180 Cr	171 Cr
Interest	31 Cr	31 Cr	57 Cr	43 Cr	96 Cr	93 Cr	48 Cr	70 Cr
Depreciation	84 Cr	89 Cr	153 Cr	182 Cr	240 Cr	267 Cr	301 Cr	330 Cr
Profit before tax	499 Cr	690 Cr	845 Cr	943 Cr	1,231 Cr	1,469 Cr	1,408 Cr	1,210 Cr
Tax %	24.7%	26.5%	23.8%	18.1%	28.7%	24.7%	20.0%	26.3%
Net profit	376 Cr	507 Cr	644 Cr	773 Cr	878 Cr	1,107 Cr	1,126 Cr	892 Cr
EPS (₹)	₹13.75	₹18.41	₹21.59	₹25.94	₹29.33	₹36.95	₹36.91	₹29.56

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	2,854 Cr	6,751 Cr	11,398 Cr	14,445 Cr	26,537 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	2,743 Cr	5,916 Cr	9,823 Cr	11,723 Cr	20,628 Cr	Sign in free for the trailing twelve months
EBITDA	111 Cr	835 Cr	1,574 Cr	2,722 Cr	5,909 Cr	Sign in free for the trailing twelve months
OPM %	3.9%	12.4%	13.8%	18.8%	22.3%	Sign in free for the trailing twelve months
Other income	92 Cr	109 Cr	235 Cr	402 Cr	708 Cr	Sign in free for the trailing twelve months
Interest	41 Cr	82 Cr	140 Cr	152 Cr	281 Cr	Sign in free for the trailing twelve months
Depreciation	43 Cr	164 Cr	277 Cr	402 Cr	990 Cr	Sign in free for the trailing twelve months
Profit before tax	118 Cr	677 Cr	1,734 Cr	2,565 Cr	5,052 Cr	Sign in free for the trailing twelve months
Tax %	32.7%	26.1%	26.5%	24.8%	23.1%	Sign in free for the trailing twelve months
Net profit	80 Cr	500 Cr	1,274 Cr	1,928 Cr	3,884 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹3.84	₹21.82	₹48.05	₹68.24	₹129.10	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	0.0%	1.5%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	197 Cr	243 Cr	263 Cr	287 Cr	288 Cr
Reserves	231 Cr	1,595 Cr	3,825 Cr	9,308 Cr	14,150 Cr
Borrowings	313 Cr	273 Cr	317 Cr	939 Cr	2,492 Cr
Other liabilities	1,484 Cr	5,285 Cr	6,848 Cr	9,213 Cr	12,613 Cr
Total liabilities	2,237 Cr	7,420 Cr	11,314 Cr	19,747 Cr	30,115 Cr
Fixed assets (net)	565 Cr	991 Cr	1,149 Cr	3,585 Cr	6,047 Cr
CWIP	123 Cr	537 Cr	1,341 Cr	1,884 Cr	3,476 Cr
Investments	143 Cr	31 Cr	71 Cr	80 Cr	968 Cr
Loans & advances	—	—	—	11 Cr	0 Cr
Inventories	538 Cr	2,709 Cr	2,586 Cr	2,692 Cr	5,856 Cr
Trade receivables	93 Cr	313 Cr	971 Cr	1,185 Cr	2,492 Cr
Cash & bank	139 Cr	254 Cr	121 Cr	510 Cr	774 Cr
Other assets	637 Cr	2,585 Cr	5,074 Cr	9,800 Cr	10,502 Cr
Total assets	2,237 Cr	7,420 Cr	11,314 Cr	19,747 Cr	30,115 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	701 Cr	1,560 Cr	2,305 Cr	3,158 Cr	1,627 Cr
Cash from investing	-675 Cr	-2,094 Cr	-3,340 Cr	-6,808 Cr	-3,953 Cr
Cash from financing	99 Cr	642 Cr	909 Cr	4,036 Cr	2,573 Cr
Net cash flow	125 Cr	109 Cr	-126 Cr	388 Cr	264 Cr
Free cash flow (OCF − Capex)	205 Cr	698 Cr	968 Cr	-116 Cr	-3,255 Cr

Ratios

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	21.2%	35.6%	42.0%	25.8%	30.5%
ROE %	17.2%	25.9%	29.8%	19.5%	24.7%
Debtor days	12	17	31	30	34
Inventory days	109	167	113	119	126
Days payable	109	88	64	99	67
Cash conversion cycle	12	96	80	49	93
OCF / EBITDA %	631.7%	186.9%	146.4%	116.0%	27.5%
OCF / EBITDA % (3 years)	—	—	181.2%	136.9%	69.5%
Debt / equity	0.73	0.15	0.08	0.10	0.17
Current ratio	0.90	1.11	1.48	1.50	1.39
Net debt / EBITDA	1.57	0.02	0.12	0.16	0.29