Waaree Energies Ltd.

NSE: WAAREEENER · Other Electrical Equipment

52W Range₹2,403 ₹3,865

Snapshot

Unlock Waaree Energies Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Waaree Energies Limited is a prominent manufacturer of solar photovoltaic modules and a provider of comprehensive solar energy solutions. The company operates across the solar value chain, including module manufacturing, EPC services, and independent power production.

Business Model

The company generates revenue through the sale of diverse solar modules and products, alongside providing engineering, procurement, and construction (EPC) services. Additionally, it operates as an independent power producer, earning income from renewable energy generation and long-term maintenance contracts.

Growth Outlook

Growth is driven by the increasing global and domestic demand for renewable energy infrastructure and the transition toward sustainable power sources. The company is well-positioned to capitalise on government initiatives promoting solar adoption and energy self-sufficiency.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the cost of silicon and other raw materials can significantly impact manufacturing margins.
  • Regulatory and Policy Risk. Changes in government subsidies, import duties, or renewable energy policies may adversely affect project viability and demand.
  • Intense Competition. The solar manufacturing sector faces aggressive pricing pressure from both domestic and international competitors.
  • Technological Obsolescence. Rapid advancements in solar technology require continuous investment to maintain product efficiency and market relevance.

Price

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Key Metrics

P/E

21.9x

Q4 FY26 · consolidated

21.9 vs 27.9x5Y avg

EV/EBITDA

12.6x

Q4 FY26 · consolidated

12.6 vs 17.3x5Y avg

NET PROFIT MARGIN

13.3%

Q4 FY26 · consolidated

-2.8 ppYoY

DEBT TO EQUITY

0.2x

Q4 FY26 · consolidated

+0.07xYoY

Peers · Other Electrical Equipment

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Waaree Energies Ltd.WAAREEENER
88,50421.9212.5624.9%35.9%42.4%-14.0%
Premier Energies Ltd.PREMIERENE
39,80232.7820.0733.0%47.3%42.9%+2.2%
Apar Industries Ltd.APARINDS
39,67258.4129.4923.3%8.5%20.7%33.6%+57.6%
Emmvee Photovol.EMMVEE
15,66434.0%
Waaree Renewable Technologies Ltd.WAAREERTL
8,61221.8515.84108.5%19.9%83.2%101.8%-16.6%
Genus Power Infrastructures LimitedGENUSPOWER
7,17815.3011.2994.5%20.7%30.3%33.2%-14.6%

As of Q4 FY26

Financials