Waaree Energies Limited share price
NSE: WAAREEENER · ISIN INE377N01017
Key numbers
- Market cap
- ₹ 71,769 Cr
- Current price
- ₹ 2,495.00
- 52-week high / low
- ₹ 3,719 / 2,403
- Stock P/E
- 19.1
- Book value
- ₹ 502.2
- Dividend yield
- 0.16%
- ROCE
- 36.0%
- ROE
- 31.0%
- Debt to equity
- 0.26
- Sales growth (3 yrs)
- 57.8%
- Profit growth (3 yrs)
- 97.4%
- 1-year return
- -28.5%
About Waaree Energies Limited
Waaree Energies Limited manufactures and trades in solar photovoltaic modules in India and internationally. It operates through Solar Photovoltaic Modules; Generation of Power; and Engineering, Procurement and Construction Contract segments. The company offers PV modules, such as HJT, N Type, mono PERC, flexible, and special modules; single and three phase on-grid inverter; solar kits; battery energy storage system; electrolyzer stacks; smart meter; transformer; and Waaree lights. It also provides engineering, procurement, and construction services; asset management; and solar systems for emerging, hybrid, and niche formats, including tracker-integrated systems, agrovoltaics, BIPV, and repowering legacy plants. The company serves engineering, procurement and construction companies; power production companies; power generation utilities; and individual consumers. The company was founded in 1989 and is based in Mumbai, India.
Quarterly results
Consolidated figures in ₹ crores
| Mar 2025 | Jun 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|
| Sales | 4,004 | 4,426 | 7,565 | 8,480 | 7,932 |
| Operating profit | 923 | 997 | 1,928 | 1,577 | 1,440 |
| Net profit | 619 | 745 | 1,062 | 1,061 | 850 |
| EPS (₹) | 21.59 | 25.94 | 36.95 | 36.91 | 29.56 |
Concall summary (2026-08-06)
AI summary of the earnings call transcript · tone: Positive · source document
Guidance & outlook
- We expect retail to be INR10,000 crores business this year.
- It is exactly this best of execution that gives us the confidence to reaffirm our operating EBITDA guidance of INR7,000 crores to INR7,700 crores of FY27.
Growth & demand
- Our module volumes sold during the quarter grew 89% over the prior period from 1.9 gigawatts to 3.6 gigawatts.
- Our total order book has grown from approximately INR47,000 crores at end of FY25 to INR53,000 crores last financial year and now INR61,500 crores as on 2 8th of July 2026, taking our total order book of module in gigawatts terms to 25.2 gigawatts.
Margins & costs
- First, raw material costs rose globally driven by the metal indices and price movement out of China, and that compressed margin across our industry, and we were not immune.
- Operating EBITDA came in at INR1,440-odd crores, up 44.4% year-on-year at an operating EBITDA margin of 18.2%.
Capex & expansion
- On the capacity, we commissioned an additional 3 gigawatt of module capacity at our SMS plant, Samakhiali, Gujarat in April '26 Waaree Energy Storage Solutions commenced the automated BESS container production at 5.15 gigawatt hours, nearly 1.5x the 3.5 gigawatt hours we had originally planned.
- Our modules in India capacity stands at 24.2 gigawatts running at an annualized utilization of around 50% this quarter.
Balance sheet & cash
- And on our return ratios, we continue to run a net cash balance sheet with a net debt to equity of minus 0.08x as on 30th of June, an ROCE of 28.5% and ROE of 24.8%.
- We already have our largest module capacity outside of China, a track record of expanding ahead of competition, scale that act as a moat, driving procurement advantages, operating leverages and bankability.
Peers in Solar
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