Waaree Energies
- Market cap
- ₹ 67,339 Cr.
- P/E
- 16.5x
- P/B
- 4.72x
- 52-week range
- 2,161.5 – 3,590
- ROE
- 33%
- ROCE
- 39%
- Dividend yield
- 0.2%
- Debt / equity
- 0.26
- Sector
- Electrical Equipment
- Industry
- Other Electrical Equipment
- Listed on
- NSE, BSE
About
Waaree Energies Limited is an India-based renewable energy company. The Company is primarily engaged in the business of manufacturing of solar Photo-voltaic modules and solar cells, setting up of projects in solar space and the sale of electricity. The Company’s operating segments include Solar Photovoltaic Modules, Generation of Power, and Engineering, procurement and construction (EPC) contract. Its manufacturing plants are located in Tumb, Nandigram, Chikhli and Surat, Gujarat State, India. Its By Products include PV Modules, Inverter, Solar Kits, BESS and Electrolyzer Stacks. The PV Modules include HJT Module, N Type Module, Mono PERC, Flexible and Special Module. Its By Applications include Rooftop Solar, Flexible Solar, Small Modules, Special Modules, Energy Storage and Green Hydrogen. The Company’s solutions include EPC, Energy Storage and Green Hydrogen (Alkaline Electrolysers Turnkey).
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Other Electrical Equipment: 83 companies →Waaree Energies against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)16.5 against a typical 25.4: cheaper than most peers (1st = cheapest).29th of 80
- Sales growth+79.2% against a typical +32% from a year earlier.18th of 69
- Profit growth+15.4% against a typical +15.9% from a year earlier.33rd of 64
- Share price, 3 months−18.2% against a typical −11%.49th of 74
- Size₹ 67,339.2 Cr. market value against a typical ₹ 553.8 Cr. (1st = largest).1st of 77
Latest announcements
Exchange filings and their impact on the company.
- Strong revenue growth but Q2 profit fell 14% on margin pressure with rising debt-funded capex and US customs overhang.
Waaree Energies reported Q2 FY27 consolidated revenue of Rs 7,518 crore, up 24% from last year, but net profit fell 14% to Rs 754 crore. Half-year revenue was Rs 15,450 crore including a Rs 360 crore refund of US reciprocal duties, while profit was flat at Rs 1,646 crore. The board also moved a tiny pre-revenue data-centre shell company in-house for Rs 1 lakh to explore data centres, which has no near-term financial impact.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA- by CARE- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CARE | CARE AA- / CARE A1+ | Stable | 5 Feb 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 5 Feb 2026 | ▲ Upgrade | CARE AA- / CARE A1+ | — | CARE | ₹ 9,454 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 27 Oct 2026 | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 29 Jul 2026 | Financial Results | To consider and approve the Un-Audited Financial Results for the quarter ended Jun 30, 2026. |
| 29 Apr 2026 | Fund Raising | Waaree Energies Limited has informed the Exchange that in continuation to our earlier intimation dated April 21, 2026, the Board of Directors shall also consider and approve the proposal of raising of funds. |
| 21 Jan 2026 | Financial Results | To consider and approve the Unaudited Financial Results (Standalone And Consolidated) Of the Company For The Quarter Ended December 31, 2025. |
| 16 Oct 2025 | Financial Results/Dividend | Meeting of the Board of Directors of the Company is scheduled on 16/10/2025 ,inter alia, to consider and approve The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter Ended September 30, 2025 and the proposal for payment of interim dividend, if any. |
| 28 Jul 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,537 | 1,596 | 2,936 | 3,409 | 3,574 | 3,457 | 4,004 | 4,426 | 6,066 | 7,565 | 8,480 | 7,932 |
| Expenses | 3,020 | 1,425 | 2,518 | 2,856 | 3,050 | 2,736 | 3,081 | 3,429 | 4,659 | 5,637 | 6,904 | 6,492 |
| Operating Profit | 517 | 171 | 418 | 552 | 525 | 722 | 923 | 997 | 1,406 | 1,928 | 1,577 | 1,440 |
| OPM % | 15% | 11% | 14% | 16% | 15% | 21% | 23% | 23% | 23% | 25% | 19% | 18% |
| Other Income | 21 | 105 | 364 | 88 | 89 | 88 | 133 | 171 | 161 | −99 | 180 | 171 |
| Interest | 33 | 18 | 48 | 34 | 31 | 31 | 57 | 43 | 96 | 93 | 48 | 70 |
| Depreciation | 71 | 74 | 75 | 76 | 84 | 89 | 153 | 182 | 240 | 267 | 301 | 330 |
| Profit before tax | 435 | 184 | 659 | 531 | 499 | 690 | 845 | 943 | 1,231 | 1,469 | 1,408 | 1,210 |
| Tax % | 26% | 23% | 28% | 24% | 25% | 27% | 24% | 18% | 29% | 25% | 20% | 26% |
| Net Profit | 320 | 141 | 475 | 401 | 376 | 507 | 644 | 773 | 878 | 1,107 | 1,126 | 892 |
| EPS in Rs | 15.98 | 6.32 | 23.41 | 19.99 | 13.73 | 17.15 | 21.54 | 25.94 | 29.29 | 36.94 | 36.89 | 29.56 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- 69%
- 3 Years
- 58%
- TTM
- 94%
- 10 Years
- —
- 5 Years
- 143%
- 3 Years
- 100%
- TTM
- 81%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- —
- 10 Years
- —
- 5 Years
- 32%
- 3 Years
- 31%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Waaree Energies | ₹ 2,238.00 | ₹ 67,339 Cr. | 16.5x | 4.7x | 33% | — |
| Premier Energies | ₹ 882.00 | ₹ 39,782 Cr. | 32.3x | 11.3x | 42.4% | 19.3% |
| Emmvee Photovoltaic Power | ₹ 237.80 | ₹ 16,430 Cr. | 20.1x | 6.5x | — | 22.8% |
| RRP Semiconductor | ₹ 8,044.35 | ₹ 10,960 Cr. | — | 1,378.8x | −59.8% | — |
| Vikram Solar | ₹ 127.85 | ₹ 4,633 Cr. | 14.1x | 2.2x | — | 9.8% |
| Saatvik Green Energy | ₹ 350.00 | ₹ 4,469 Cr. | 15.5x | 4.4x | 42.5% | 7.9% |
Management
- Hitesh Chimanlal Doshi
- Executive Chairman of the Board, Managing Director
- Jignesh Devchandbhai Rathod
- Chief Executive Officer, Whole - Time Director
- Abhishek Pareek
- Chief Financial Officer
- Rajesh Ghanshyam Gaur
- Compliance Officer, Company Secretary
- Viren Chimanlal Doshi
- Whole-Time Director
- Hitesh Pranjivan Mehta
- Whole-Time Director
Prices are delayed and for information only. Nothing on this page is investment advice.