Waaree Energies Ltd.

NSE: WAAREEENER · Other Electrical Equipment

52W Range₹2,403 ₹3,719

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.

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Key Metrics

REVENUE

₹30,043 Cr

TTM · consolidated

+94.3%YoY

NET PROFIT

₹4,003 Cr

TTM · consolidated

+74.1%YoY

EPS

₹132.75

TTM · consolidated

+66.6%YoY

RETURN ON EQUITY

27.7%

TTM · consolidated

+3.7 ppYoY

RETURN ON CAPITAL EMPLOYED

32.3%

TTM · consolidated

+3.7 ppYoY

P/E

19.8x

Q1 FY27 · consolidated

19.8 vs 24.8x5Y avg

EV/EBITDA

11.0x

Q1 FY27 · consolidated

11.0 vs 15.2x5Y avg

EBITDA MARGIN

23.5%

TTM · consolidated

-0.1 ppYoY

NET PROFIT MARGIN

11.2%

Q1 FY27 · consolidated

-6.3 ppYoY

DEBT TO EQUITY

0.2x

Q1 FY27 · consolidated

+0.07xYoY

Peers · Other Electrical Equipment

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Waaree Energies Ltd.WAAREEENER
₹75,796 Cr19.8510.9894.3%23.5%27.7%32.3%-17.7%
Apar Industries Ltd.APARINDS
₹69,988 Cr59.2331.1124.0%9.2%23.9%37.6%+120.6%
Premier Energies Ltd.PREMIERENE
₹45,390 Cr26.9417.3426.7%32.4%47.0%40.2%-1.0%
Emmvee Photovoltaic Power LimitedEMMVEE
₹22,515 Cr16.8711.2935.6%34.5%39.2%
Diamond Power Infrastructure Ltd-$DIACABS
₹19,844 Cr88.9578.3492.6%12.4%-26.5%15.4%+135.7%
Avalon Technologies LimitedAVALON
₹14,671 Cr109.7263.8644.4%13.1%20.0%27.5%+154.4%

As of Q1 FY27

Financials