Waaree Energies Limited
NSE: WAAREEENER · Other Electrical Equipment · sector
₹2,319.00NSE close 2026-10-26
Key numbers
Market cap₹66,706 cr
Price₹2,319.00
52w high / low₹3,643 / ₹2,282
P/E17.5xSector median 20.7x
P/B4.6xSector median 3.4x
Book value₹501.9
Dividend yield0.08%Sector median 0.26%
ROE23.0%Sector median 15.5%
ROCE33.2%Sector median 16.4%
OPM20.2%Sector median 11.7%
Debt / equity0.17xSector median 0.32x
EV/EBITDA10.2xSector median 13.3x
Interest cover18.3x
Current ratio1.39x
Sales growth 3y–Sector median +17.8%
Profit growth 3y–Sector median +15.2%
PEG0.71x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 59 companies in Other Electrical Equipment (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹7,389 cr vs borrowings ₹2,492 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 18.3x in the last 12 months.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 26% of net profit in the last 12 months.
- Dividend paid in 1 of the last 2 financial years.
- Price ₹2,319.00 on 2026-10-26: -36.3% from the 52-week high, +1.6% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹3,739.80 · low ₹2,103.90
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,574 | 3,457 | 4,004 | 4,426 | 6,066 | 7,565 | 8,480 | 7,932 |
| EBITDA | 525 | 722 | 919 | 997 | 1,406 | 1,633 | 1,577 | 1,440 |
| OPM % | 14.7% | 20.9% | 22.9% | 22.5% | 23.2% | 21.6% | 18.6% | 18.2% |
| Other income | 89 | 88 | 137 | 171 | 161 | 196 | 180 | 171 |
| Net profit | 362 | 493 | 619 | 745 | 843 | 10 | 1,061 | 850 |
| EPS (₹) | 13.75 | 18.41 | 21.59 | 25.94 | 29.33 | 36.95 | 36.91 | 29.56 |
| Revenue YoY | +69.7% | +118.8% | +111.8% | +79.2% | ||||
| Profit YoY | +133.0% | -98.1% | +71.4% | +14.1% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY25 | FY26 | TTM |
|---|---|---|---|
| Revenue | 14,444 | 26,537 | 30,043 |
| EBITDA | 2,718 | 5,614 | 6,056 |
| Net profit | 1,867 | 3,711 | 2,763 |
| EPS (₹) | 68.24 | 129.10 | 132.75 |
| Revenue growth | +83.7% | +94.3% | |
| Profit growth | +98.7% | +24.6% | |
| Dividend / share (₹) | – | 2.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +94.3% |
| Net profit | – | – | +24.6% |
| EPS | – | – | – |
| Share price | – | – (2y) | -30.1% |
Balance sheet
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Shareholders' equity | 9,595 | 14,437 |
| Borrowings | 939 | 2,492 |
| Cash & equivalents | 7,812 | 7,389 |
| Total assets | 19,747 | 30,115 |
| Fixed assets | 3,585 | 6,047 |
| Capital work in progress | 1,884 | 3,476 |
| Investments | 0 | 292 |
| Receivables | 1,185 | 2,492 |
| Inventory | 2,692 | 5,856 |
| Payables | 2,255 | 3,108 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Cash from operations | 3,158 | 1,627 |
| Cash from investing | -6,808 | -3,953 |
| Cash from financing | 4,036 | 2,573 |
| Capex | 3,274 | 4,882 |
| Free cash flow | -116 | -3,255 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY25 | FY26 |
|---|---|---|
| ROE % | 19.5% | 25.7% |
| ROCE % | 25.8% | 31.5% |
| Debtor days | 30 | 34 |
| Inventory days | 96 | 129 |
| Payable days | 81 | 69 |
| Cash conversion cycle (days) | 45 | 94 |
| Working capital days | 110 | 68 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 64.12% |
| FIIs | 8.57% |
| DIIs | 4.09% |
| of which Mutual funds | 2.71% |
| of which Insurance | 0.09% |
| Government | 0.00% |
| Public (non-institutions) | 23.22% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 64.30% | 64.30% | 64.30% | 64.22% | 64.22% | 64.19% | 64.12% | 64.12% |
| Promoter group | % |
|---|---|
| C.T. Doshi Family Trust | 44.14% |
| Waaree Sustainable Finance Private Limited (Formerly Mahavir Thermoequip Private Limited) | 18.34% |
| Chimanlal Tribhuvandas Doshi | 1.63% |
| Sonal Tarun Ramani | 0.00% |
| Ankit Hitesh Doshi | 0.00% |
| Bindiya Kirit Doshi | 0.00% |
| Binita Hitesh Doshi | 0.00% |
| Nipa Viren Doshi | 0.00% |
| Pujan Pankaj Doshi | 0.00% |
| Rushabh Pankaj Doshi | 0.00% |
| Pankaj Chimanlal Doshi | 0.00% |
| Hitesh Chimanlal Doshi | 0.00% |
| Viren Chimanlal Doshi | 0.00% |
| Kirit Chimanlal Doshi | 0.00% |
| Rasila Chimanlal Doshi | 0.00% |
| Public holders above 1% | % |
|---|---|
| Motilal Oswal Midcap Fund | 2.44% |
| Kalpraj Damji Dharamshi | 2.09% |
| V.T. Energy SRL | 1.91% |
7,78,086 shareholders. Pledged: – of promoter shares.
Peers in Other Electrical Equipment
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WAAREEENER | ₹66,706 cr | 17.5x | 4.6x | 23.0% | 33.2% | 20.2% | – | 0.08% |
| APARINDS | ₹59,456 cr | 50.3x | 11.0x | 11.6% | 32.9% | 8.7% | +16.9% | 0.35% |
| PREMIERENE | ₹38,159 cr | 22.6x | 8.8x | 46.7% | 29.7% | 30.0% | – | 0.08% |
| MTARTECH | ₹20,247 cr | 151.7x | 24.6x | 17.2% | 18.3% | 20.7% | +15.2% | – |
| DIACABS | ₹17,127 cr | 87.1x | – | – | 13.0% | 11.7% | – | – |
| EMMVEE | ₹16,647 cr | 11.6x | 3.8x | 53.0% | 34.1% | 34.7% | – | – |
| AVALON | ₹13,377 cr | 100.0x | 18.5x | 20.0% | 21.9% | 11.4% | +19.3% | 0.00% |
| UTLSOLAR | ₹11,168 cr | 36.1x | 8.8x | 23.1% | 25.4% | 14.6% | – | – |
| GENUSPOWER | ₹7,216 cr | 11.1x | 3.2x | 31.9% | 22.2% | 18.8% | +80.5% | 0.84% |
| WAAREERTL | ₹6,843 cr | 14.7x | 6.1x | 52.4% | 27.2% | 17.8% | – | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Solar Photovoltaic Modules | ₹24,133 cr | 87.9% | ₹4,423 cr | 18.3% |
| Engineering, procurement and construction (EPC) contracts | ₹3,282 cr | 12.0% | ₹548 cr | 16.7% |
| Generation of power | ₹34 cr | 0.1% | ₹10 cr | 31.1% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-11 | Dividend | Dividend - Rs 2 Per Share |
| 2025-10-24 | Dividend | Interim Dividend - Rs 2 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing of Solar Photo Voltaic (PV) Modules: Development, Manufacturing, Quality Assurance, Testing, marketing, distributing and Selling of Solar PV modules
| Sector | Industrials |
| Industry | Other Electrical Equipment |
| Sub-industry | Other Electrical Equipment |
| Symbol | WAAREEENER |
| BSE code | 544277 |
| ISIN | INE377N01017 |
| Face value | ₹10.0 |
| Incorporated | 1990-12-18 |
| Website | www.waaree.com |
| Plants (India / abroad) | 4 / 1 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.