NSE:WAAREEENER · Risk Score Report

NSE:WAAREEENERNSETechnology

WAAREE ENERGIES LIMITED

📊 Solar

Day ₹3,462

₹3,508 Neutral

52W ₹2,403

₹3,865 Overbought

₹3,492.60

▲ ₹39.00 (+1.13%)

Vol: 863,770 · Avg: 2,077,321

As of April 29, 2026 · 06:27 IST

COMPOSITE RISK SCORE

VAL:12/25 · FIN:14/25 · GRO:21/25 · TECH:13/25

📈 P/E RATIO

30.7x

Trailing

📖 P/B RATIO

8.7x

Price to Book

💰 EPS

₹113.62

TTM

🏛 MARKET CAP

₹100,465Cr

Large Cap

📊 ROE

19.7%

Return on Equity

📈 REV GROWTH

118.8%

YoY

🏢 Company Analysis · WAAREE ENERGIES LIMITED

💼 BUSINESS MODEL

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..
Operates in Solar within the Technology sector.
Workforce of 1,804 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹100,465 Cr) — dominant market position with significant scale advantages.
Profit margin of 14.8% — moderate pricing power.
Key competitors: Waaree Energies, Waaree Renewab., Websol Energy, Shilchar Tech..

🚀 CATALYSTS

Company has delivered good profit growth of 113% CAGR over last 5 years
U.S. trade action deals blow to Indian solar makers (Reuters)
Revenue growing at 119% — strong top-line momentum.
Earnings growth of 101% signals execution on profitability.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹2,109 — ₹4,416 (mean ₹3,458, 13 analysts).
Unfavorable asymmetry — limited upside +26% vs downside -40% (0.7x).
P/E of 30.7x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (13 analysts).
Latest quarter earnings grew 116% YoY — positive trajectory.

✅ PROS

Company is expected to give good quarter
Company has delivered good profit growth of 113% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 30.7%

❌ CONS

Stock is trading at 8.75 times its book value

VALUATION

12/25

25% WEIGHT

P/E at 31x
P/B at 8.7x
Analyst target: ₹3458 (-1.0%)
1Y return: +30.9%

FINANCIAL HEALTH

14/25

25% WEIGHT

ROE: 19.7%
Profit margin: 14.8%
Revenue growth: 118.8%
Debt/Equity: 25%

GROWTH

21/25

25% WEIGHT

Revenue growth: 118.8%
Earnings growth: 101.3%
Beta: 0.00
Sector: Technology

TECHNICAL

13/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

30.7x

Trailing twelve months

P/B RATIO

8.7x

Price to Book value

ROE

19.7%

Return on Equity

PROFIT MARGIN

14.8%

Net profit margin

OPM

22.0%

Operating profit margin

ANALYST TARGET

₹3,458

Range: ₹2,109 - ₹4,416

Yahoo Finance ↗

PEG RATIO

0.15

Price/Earnings to Growth

EV/EBITDA

19.8x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.12%

Annual yield

ROA

13.8%

Return on Assets

GROSS MARGIN

34.1%

Gross profit margin

INDUSTRY AVERAGES — OTHER ELECTRICAL EQUIPMENT

P/E 18.9x (above avg)

P/B 8.0x (sector fair)

ROCE 51.4% (below avg)

ROE 25% (sector good)

OPM 25% (sector good)

Div Yield 0.09%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q3 FY25	₹3,457 Cr	—	₹493 Cr	—	N/A	23.4%
Q4 FY25	₹3,935 Cr	+13.8%	₹619 Cr	+25.6%	N/A	25.2%
Q1 FY26	₹4,426 Cr	+12.5%	₹745 Cr	+20.4%	N/A	26.4%
Q3 FY26	₹7,565 Cr	+70.9%	₹1,062 Cr	+42.6%	N/A	24.2%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹2,844 Cr	—	₹76 Cr	—	₹701 Cr	—
FY23	₹6,608 Cr	+132.4%	₹483 Cr	+538.2%	₹1,560 Cr	+122.6%
FY24	₹11,371 Cr	+72.1%	₹1,237 Cr	+156.3%	₹2,305 Cr	+47.7%
FY25	₹14,376 Cr	+26.4%	₹1,867 Cr	+50.9%	₹3,158 Cr	+37.0%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How WAAREE ENERGIES LIMITED Makes Its Money

🏦 Snapshot of WAAREE ENERGIES LIMITED's Balance Sheet

💸 Looking into WAAREE ENERGIES LIMITED's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	3,328	3,537	1,596	2,936	3,409	3,574	3,457	4,004	4,426	6,066	7,565
YOY Sales Growth %					2%	1%	117%	36%	30%	70%	119%
Expenses +	2,861	3,020	1,425	2,518	2,856	3,050	2,736	3,081	3,429	4,659	5,637
Material Cost %	81%	80%	77%	77%	76%	78%	71%	68%	68%	65%	64%
Employee Cost %	1%	1%	3%	2%	2%	2%	2%	3%	3%	3%	2%
Operating Profit	468	517	171	418	552	525	722	923	997	1,406	1,928
OPM %	14%	15%	11%	14%	16%	15%	21%	23%	23%	23%	25%
Other Income +	87	21	105	364	88	89	88	133	171	161	-99
Exceptional items	-0	-0	49	292	-0	-0	-0	-4	-0	-0	-295
Other income normal	87	21	56	72	88	89	88	137	171	161	196
Interest	40	33	18	48	34	31	31	57	43	96	93
Depreciation	57	71	74	75	76	84	89	153	182	240	267
Profit before tax	457	435	184	659	531	499	690	845	943	1,231	1,469
Tax %	26%	26%	23%	28%	24%	25%	27%	24%	18%	29%	25%
Net Profit +	338	320	141	475	401	376	507	644	773	878	1,107
Minority share	-2	-5	-16	-14	-7	-14	-14	-26	-28	-36	-44
Exceptional items AT	0	0	23	196	0	0	0	-3	0	0	-218
Profit excl Excep	338	320	118	279	401	376	507	648	773	878	1,324
Profit for PE	336	315	105	271	394	362	493	622	745	843	1,271
Profit for EPS	336	315	125	462	394	362	493	619	745	843	1,062
YOY Profit Growth %					17%	15%	371%	130%	89%	133%	158%
EPS in Rs	17.05	15.98	6.32	23.41	19.99	13.73	17.15	21.54	25.94	29.29	36.94
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	1,996	1,953	2,854	6,751	11,398	14,444	22,060
Sales Growth %		-2.15%	46.16%	136.52%	68.83%	26.73%
Expenses +	1,903	1,868	2,748	5,915	9,823	11,723	16,806
Manufacturing Cost %	7%	8%	10%	7%	2%	2%
Employee Cost %	3%	3%	2%	2%	2%	2%
Other Cost %	4%	3%	3%	3%	6%	6%
Operating Profit	93	85	106	836	1,574	2,722	5,254
OPM %	5%	4%	4%	12%	14%	19%	24%
Other Income +	25	45	97	88	576	398	367
Exceptional items	-0	4	1	-15	373	10
Other income normal	25	40	96	103	204	388
Interest	34	31	41	82	140	152	289
Depreciation	27	29	43	164	277	402	842
Profit before tax	57	70	118	677	1,734	2,565	4,489
Tax %	31%	31%	33%	26%	27%	25%
Net Profit +	39	48	80	500	1,274	1,928	3,402
Minority share	3	1	-4	-18	-37	-61
Exceptional items AT	-0	3	0	-11	257	7
Profit excl Excep	39	45	79	511	1,018	1,921
Profit for PE	42	46	75	494	988	1,860
Profit for EPS	42	49	76	483	1,237	1,867
Profit Growth %		10%	63%	556%	100%	88%
EPS in Rs	2.12	2.50	3.84	24.49	62.76	65.00	113.71
Dividend Payout %	0%	0%	0%	0%	0%	0%

🏦 Balance Sheet Source: Screener ↗

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	197	197	197	243	263	287	288
Reserves	101	148	231	1,595	3,825	9,192	11,198
Borrowings +	157	340	363	320	553	1,199	2,941
Long term Borrowings	71	197	189	146	103	24	23
Short term Borrowings	20	55	124	128	215	915	2,368
Lease Liabilities	32	50	50	47	236	260	550
Other Borrowings	34	38	0	0	0	0
Other Liabilities +	483	596	1,362	5,247	6,635	9,028	10,199
Non controlling int	42	40	12	23	61	116	217
Trade Payables	300	437	527	2,017	2,014	2,548	2,902
Advance from Customers	84	52	0	0	0	0
Other liability items	57	66	824	3,206	4,561	6,363	7,080
Total Liabilities	938	1,281	2,154	7,406	11,277	19,706	24,625
Fixed Assets +	152	285	625	1,105	1,450	4,051	6,181
Land	14.13	14.71	152.41	355.19	360.29	717.47
Building	34.69	62.37	118.25	144.60	400.15	904.54
Plant Machinery	111.26	121.44	359.12	32.09	924.56	2,815.31
Equipments	16.20	16.44	17.36	11.85	43.03	67.68
Computers	3.12	2.28	3.19	4.10	5.11	9.72
Furniture n fittings	5.84	7.26	27.44	36.61	47.99	186.84
Vehicles	2.55	3.11	3.29	3.66	4.29	8.33
Intangible Assets	5.63	7.03	6.34	6.34	6.34	6.34	10.80
Other fixed assets	33.53	151.47	77.18	803.95	218.52	276.14
Gross Block	226.95	386.11	764.58	1,398.39	2,010.28	4,992.37
Accumulated Depreciation	75.20	101.40	139.96	293.12	560.43	941.42
CWIP	40	3	124	537	1,341	1,884	1,894
Investments	85	115	143	31	71	65	254
Other Assets +	661	878	1,262	5,732	8,414	13,706	16,296
Inventories	243	368	538	2,709	2,586	2,692	4,709
Trade receivables	140	117	93	313	971	1,185	1,310
Cash Equivalents	79	110	366	1,736	3,779	7,748	7,784
Loans n Advances	93	78	50	441	359	927	358
Other asset items	106	204	215	533	719	1,155	2,135
Total Assets	938	1,281	2,154	7,406	11,277	19,706	24,625

💰 Cash Flow Statement Source: Screener ↗

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	83	67	698	1,560	2,305	3,158
Profit from operations	118	107	191	941	2,049	2,744
Receivables	86	22	21	-215	-670	-223
Inventory	-143	-99	-170	-2,171	123	-107
Payables	-12	78	178	1,073	-6	557
Operating Deposits	0	-3	0	0	0	0
Other WC items	46	-17	504	2,032	1,144	930
Working capital changes	-23	-18	533	720	592	1,157
Direct taxes	-11	-22	-26	-100	-335	-743
Cash from Investing Activity +	-22	-250	-673	-2,088	-3,346	-6,806
Fixed assets purchased	-16	-70	-496	-865	-1,342	-3,274
Fixed assets sold	0	0	1	4	5	1
Capital WIP	-35	-33	0	0	0	0
Investments purchased	-0	-50	-161	0	-1,913	-5,128
Investments sold	0	21	31	109	1,906	5,151
Interest received	13	17	9	30	125	298
Redemp n Canc of Shares	0	0	42	0	0	0
Acquisition of companies	-20	-2	0	0	0	0
Other investing items	37	-133	-98	-1,365	-2,126	-3,854
Cash from Financing Activity +	-50	161	101	642	909	4,036
Proceeds from shares	0	0	0	1,040	1,004	3,508
Proceeds from borrowings	0	184	141	16	779	809
Repayment of borrowings	-21	0	0	-167	-738	-187
Interest paid fin	-25	-23	-29	-69	-121	-71
Dividends paid	0	0	-0	-0	-1	0
Financial liabilities	-4	0	-10	-8	-15	-23
Other financing items	0	0	0	-169	-1	0
Net Cash Flow	12	-21	126	114	-132	388
Free Cash Flow	32	-35	202	698	968	-114
CFO/OP	102%	105%	683%	199%	168%	143%

📈 Key Financial Ratios

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	26	22	12	17	31	30
Inventory Days	54	83	85	192	108	96
Days Payable	67	99	83	143	84	91
Cash Conversion Cycle	13	6	14	66	55	35
Working Capital Days	10	2	-84	-66	-40	-87
ROCE %		16%	21%	52%	44%	35%

🏭 Industry Peers — Other Electrical Equipment

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Waaree Energies ★	₹3,493	28.9	₹100,477	34.9%	+158.1%	64
2	Waaree Renewab.	₹1,051	22.9	₹10,970	83.6%	+60.7%	63
3	Websol Energy	₹123	17.5	₹5,319	63.2%	+152.3%	58
4	Shilchar Tech.	₹5,130	31.7	₹5,869	71.3%	+21.8%	55
5	Saatvik Green	₹497	16.1	₹6,316	52.3%	+144.1%	54
6	Diamond Power	₹160	80.2	₹8,447	—	+693.0%	53
7	Alpex Solar	₹1,168	16.1	₹2,983	50.5%	+135.0%	52
8	Vikram Solar	₹228	18.2	₹8,274	26.4%	+436.3%	52
9	Emmvee Photovol.	₹295	18.9	₹20,426	44.8%	+89.4%	52

★ WAAREEENER is the top-ranked techno-fundamental pick in Other Electrical Equipment

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	64.31%	64.31%	64.31%	64.22%	64.22%	64.19%
FIIs	1.40%	0.70%	2.68%	6.35%	6.91%	7.06%
DIIs	2.70%	2.46%	2.86%	2.82%	2.86%	4.32%
Public	31.58%	32.53%	30.15%	26.60%	26.01%	24.44%
No. of Shareholders	7,67,963	8,51,028	7,67,267	6,90,025	6,95,699	6,83,301

🟢 CATALYSTS

🏆Revenue Growth 119%: Above sector norm of 30% — strong top-line momentum.

💹Earnings Growth (101%): Above sector norm — strong profit expansion.

🔀Sector Opportunity: Technology / Solar — positioned in growth sector.

🔴 RISKS

📜Below Analyst Target: CMP above mean target — limited upside consensus.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Technology space.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +12.3%, 6M +0.4%, RSI 67, MACD bearish, Above 200DMA

Sentiment 5/10
Analyst upside -1.0%, Rec: buy

Value 6/10
P/E 30.7, P/B 8.7, PEG 0.15, EV/EBITDA 19.8

Quality 6/10
Margin 14.8%, D/E 25

Low Volatility 5/10
Ann. vol 43%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Benefit from potential re-rating; strong 35% ROCE compounds	OPM of 22% provides margin buffer; P/E 31x vs sector median 19x is a risk
HOLD	Retain existing position; wait for better entry; FII stake rising (+0.15%)	Miss further upside if momentum continues; 1M return of +12.3% shows momentum
SELL	Lock in +30.9% 1Y return; redeploy into Waaree Renewab. at lower P/E	Avoid further drawdown; P/E compression risk at 31x

REASONS TO BUY

ROCE at 35% indicates strong capital efficiency
FII stake rising (+0.15%) — signals institutional confidence
Revenue growing at 118.8% YoY (sector norm: 12%)

REASONS TO SELL / AVOID

P/E of 30.7x is 1.6x the sector median of 19x
Waaree Renewab. offers lower P/E (22.9) with ROCE of 83.6% in the same sector
Trading above analyst target — consensus sees -1.0% downside

📰 Latest News

Waaree subsidiary begins operations at 3GW facility in Gujarat, India

Power Technology · 2026-04-07T11:12

U.S. trade action deals blow to Indian solar makers

Reuters · 2026-02-25T05:58

India's solar manufacturer stocks tank after preliminary US duties on imports

Reuters · 2026-02-25T05:10

Waaree Energies Ltd (NSE:WAAREEENER) Q3 2026 Earnings Call Highlights: Record Growth and ...

GuruFocus.com · 2026-01-24T01:00

Indian solar module maker Waaree Energies' CEO resigns

Reuters · 2025-12-29T15:07

Waaree Energies Ltd (NSE:WAAREEENER) Q2 2026 Earnings Call Highlights: Robust Growth Amidst ...

GuruFocus.com · 2025-10-21T05:00

RECOMMENDATION

HOLD

COMPOSITE SCORE

60/100

WAAREE ENERGIES LIMITED trades at ₹3,492.60 with a composite risk score of 60/100. The stock scores 12/25 on valuation, 14/25 on financial health, 21/25 on growth, and 13/25 on technicals. The company is currently profitable with strong return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 118.8% — a strong positive signal.

Bottom Line: Neutral for Technology — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE HIGH ROE STRONG GROWTH