Waaree Energies

WAAREEENER · NSE · Large Cap

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Solar Modules·Listed·Directness 98/100

Waaree Energies

India's largest solar PV module manufacturer. ALMM-II cell capacity 5,251 MW (FY26E production 2,283 MW at 44% utilisation), expanding cell capacity from 5.4 GW to 15.4 GW by FY27E. Source: VQ Research, MNRE / DCR Portal.

Solar ModulesSolar Cells
Buy
Last price
₹3232.00
52W: ₹2,402 – ₹3,865
-16.4% from 52W high
Mkt Cap
₹92.98K Cr
P/E
23.7x
EV/EBITDA
16.3x
ROCE
38.8%
ROE
32.8%
Book Value
₹502.0
Promoter
64.2%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B+
Fundamental (30%)
89
Valuation (20%)
71
Technical (20%)
67
Solar exposure (10%)
98
Policy beneficiary (7.5%)
90
Project pipeline (5%)
88
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹2,402Current: ₹3,232₹3,865
P/E
23.7x
P/B
6.4x
Div Yield
0.06%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Waaree Energies: scale + integration + ALMM/PLI tailwind drive multi-year module margin expansion.

Bull case

Bull case for Waaree Energies: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Waaree Energies: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover
  • 05Realization per watt vs cost per watt (EBITDA/watt)
  • 06Imported BOM dependence and ALMM/PLI compliance
  • 07Cell sourcing in light of ALMM List-II

Solar exposure

Directness · policy linkage · BOM

Primary segmentSolar Modules
Directness98/100
ALMM eligibleYes
PLI beneficiaryYes
Imported BOM35%
Module capacity13.3 GW
Cell capacity5.4 GW

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)23.7x—
Forward P/E——
EV/EBITDA16.3x—
EV/Sales3.6x—
P/B6.4x—
FCF Yield-2.5%—
EV / GW (Module)₹7,232 cr—

Project pipeline

2 tracked projects

Waaree Chikhli Gigafactory
Gujarat · Module Mfg
Commissioned
6,000 MW· ₹4.00K Cr· COD FY25
Waaree Noida Cell Plant
Uttar Pradesh · Cell Mfg
Under Construction
5,400 MW· ₹6.50K Cr· COD FY26

Financials

Source: Screener.in (consolidated) · ticker WAAREEENER · last updated 2026-05-11

Open on Screener.in
Market Cap
₹92.98K Cr
Price
₹3,232.00
Stock P/E
23.7x
Book Value
₹502.0
ROCE
38.8%
ROE
32.8%
Div Yield
0.06%
52W Range
₹2,402 – ₹3,865

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y83.7%
Sales 3Y CAGR57.8%
Sales 5Y CAGR74.6%
PAT 1Y101.5%
PAT 3Y CAGR98.0%
PAT 5Y CAGR164.0%
Profitability
OPM latest22.0%
PAT margin latest14.6%
PAT margin 3Y avg13.1%
ROE32.8%
ROCE38.8%
Asset turnover0.88x
Leverage & cash
D / E0.22x
Net Debt / EBITDA0.54x
Borrowings / Assets10.7%
CFO / EBITDA0.28x
CFO / PAT0.42x
FCF (TTM proxy)₹-2.33K Cr
Valuation
P/E23.7x
EV/EBITDA16.3x
EV/Sales3.62x
P/B6.44x
FCF Yield-2.50%
Div Yield0.06%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales2,8546,75111,39814,44426,537
Operating Profit1068361,5742,7225,909
OPM %4%12%14%19%22%
Net Profit805001,2741,9283,884
EPS (₹)3.8424.4962.7665.00129.02

Quarterly results · last 4 quarters

₹ Crore.

MetricJun 2025Sep 2025Dec 2025Mar 2026
Sales4,4266,0667,5658,480
OPM %23%23%25%19%
Net Profit7738781,1071,126

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital197243263287288
Reserves2311,5953,8259,19214,150
Borrowings3633205531,1993,213
Fixed Assets6251,1051,4504,0517,329
Total Assets2,1547,40611,27719,70630,115

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating6981,5602,3053,1581,627
Investing-673-2,088-3,346-6,806-3,953
Financing1016429094,0362,573
Net Cash Flow126114-132388247

Shareholding pattern

Latest disclosed

Promoters
64.19%
FII
7.06%
DII
4.32%
Public
24.44%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

PM Surya Ghar: Muft Bijli Yojana
MNRE · 2024-02-13
Confirmed

Rooftop module supply

Solar PLI (High-Efficiency PV Modules)
MNRE · 2021-04-28
Confirmed

Tranche II awardee

ALMM-I (Modules) · Active
MNRE · 2021-03-10
Confirmed

Listed module supply for government tenders

ALMM-II (Cells) · Effective June 2026
MNRE · 2026-06-01
Confirmed

ALMM-II cell listing 5,251 MW; expansion to 15.4 GW by FY27

ALMM-III (Wafers) · Effective June 2028
MNRE · 2028-06-01
Likely

Wafer expansion required to retain Era-3 margin

Basic Customs Duty (BCD)
Ministry of Finance · 2022-04-01
Confirmed

Module assembly margin protection