WAAREE Energies Limited (IN:WAAREEENER)
:WAAREEENER
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WAAREE Energies Limited
(WAAREEENER)
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Rating:71Outperform
Price Target:
₹3,445.00
▲(26.92% Upside)
Action:Reiterated
Date:05/01/26
The score is primarily supported by strong financial performance (rapid revenue and profit growth with improved leverage), but is meaningfully constrained by negative free cash flow. Technicals are moderately constructive with somewhat extended momentum signals, while valuation is reasonable but not compelling and the dividend yield is minimal.
Positive Factors
Revenue Growth
Sustained multi-year revenue scaling demonstrates durable demand for WAAREE's PV modules and services across utility, C&I and residential segments. Rapid top-line expansion supports operating leverage, market share gains, and the ability to amortize fixed costs over a larger base.
Negative Factors
Negative Free Cash Flow
Material and volatile negative free cash flow reflects heavy reinvestment and working-capital strains as the business scales. Persistent FCF deficits can erode liquidity, force external financing, increase cost of capital, and heighten execution risk if investments lag returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained multi-year revenue scaling demonstrates durable demand for WAAREE's PV modules and services across utility, C&I and residential segments. Rapid top-line expansion supports operating leverage, market share gains, and the ability to amortize fixed costs over a larger base.
Read all positive factors
WAAREE Energies Limited (WAAREEENER) vs. iShares MSCI India ETF (INDA)
Market Cap
₹864.74B
Dividend YieldN/A
Average Volume (3M)192.97K
Price to Earnings (P/E)21.1
Beta (1Y)1.63
Revenue Growth83.72%
EPS Growth98.80%
CountryIN
Employees2,512
SectorEnergy
Sector Strength52
IndustrySolar
Share Statistics
EPS (TTM)95.23
Shares Outstanding287,651,340
10 Day Avg. Volume125,759
30 Day Avg. Volume192,974
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)6.19
Price to Sales (P/S)3.37
P/FCF Ratio-30.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)161.31
Revenue Forecast (FY)₹348.45B
WAAREE Energies Limited Business Overview & Revenue Model
Company Description
Waaree Energies Limited manufactures and exports solar photovoltaic modules for residential, commercial, industrial, and institutional projects. It operates through three segments: Solar Photovoltaic Module Manufacturing, EPC and O&M Solutions, an...
How the Company Makes Money
WAAREE Energies Limited primarily makes money by selling solar PV modules to customers and project developers, generating revenue from the manufacturing and supply of PV modules used in solar power projects. Additional earnings may come from provi...
WAAREE Energies Limited Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 179.53B | 265.37B | 144.44B | 113.71B | 67.51B | 28.44B |
| Gross Profit | 54.48B | 68.67B | 39.24B | 22.69B | 11.05B | 4.35B |
| EBITDA | 44.15B | 59.09B | 27.22B | 21.20B | 9.12B | 2.00B |
| Net Income | 26.99B | 37.11B | 18.67B | 12.37B | 4.83B | 756.39M |
Balance Sheet | ||||||
| Total Assets | 246.25B | 301.15B | 197.47B | 113.14B | 74.20B | 22.37B |
| Cash, Cash Equivalents and Short-Term Investments | 80.30B | 73.89B | 78.13B | 38.50B | 17.11B | 4.08B |
| Total Debt | 29.41B | 36.92B | 11.99B | 10.92B | 9.06B | 4.21B |
| Total Liabilities | 129.22B | 151.04B | 101.52B | 71.65B | 55.58B | 17.98B |
| Stockholders Equity | 114.85B | 144.37B | 94.79B | 40.88B | 18.38B | 4.28B |
Cash Flow | ||||||
| Free Cash Flow | -20.02B | -29.12B | -1.16B | 9.63B | 6.95B | 2.04B |
| Operating Cash Flow | 5.75B | 19.69B | 31.58B | 23.05B | 15.60B | 7.01B |
| Investing Cash Flow | -23.78B | -44.96B | -68.08B | -33.40B | -20.94B | -6.75B |
| Financing Cash Flow | 18.57B | 27.74B | 40.36B | 9.09B | 6.42B | 985.19M |
WAAREE Energies Limited Technical Analysis
Negative
2714.40
Price Trends
3121.42
Negative
2984.30
Positive
3124.69
Negative
Market Momentum
-53.36
Positive
37.30
Neutral
11.85
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WAAREEENER, the sentiment is Negative. The current price of 2714.4 is below the 20-day moving average (MA) of 3204.64, below the 50-day MA of 3121.42, and below the 200-day MA of 3124.69, indicating a bearish trend. The MACD of -53.36 indicates Positive momentum. The RSI at 37.30 is Neutral, neither overbought nor oversold. The STOCH value of 11.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:WAAREEENER.
WAAREE Energies Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹44.08B | 6.49 | ― | ― | 82.37% | 90.41% | |
71 Outperform | ₹864.74B | 21.06 | ― | ― | 83.72% | 98.80% | |
68 Neutral | ₹4.44B | 22.77 | ― | 0.25% | 46.83% | 20.61% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | ₹72.35B | 79.81 | ― | ― | 33.08% | 90.33% | |
61 Neutral | ₹72.24B | 39.77 | ― | ― | 5.25% | ― | |
47 Neutral | ₹45.66B | 6.46 | ― | ― | 19.77% | -479.97% |
* Energy Sector Average
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WAAREE Energies Limited Corporate Events
Waaree Energies to Host Investor Day in Mumbai on May 7, 2026
May 4, 2026
Waaree Energies Limited has announced it will host an Investor Day in Mumbai on May 7, 2026, under the theme “Waaree Energies Ltd. 2.0 UNBOUND,” aimed at engaging with a group of analysts and institutional investors. The company will s...
Waaree Energies Releases FY26 Investor Presentation for Analyst Meet
Apr 29, 2026
Waaree Energies Limited has released its investor and earnings presentation for the quarter and financial year ended March 31, 2026, in line with disclosure requirements. The presentation will be used in a meeting with analysts and institutional i...
Waaree Energies Clears FY26 Results, Rs 10,000 Crore Fundraise and Subsidiary Acquisition
Apr 29, 2026
Waaree Energies Limited’s board has approved the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, and recommended a final dividend of Rs. 2 per equity share, subject to shareholder app...
Waaree Energies Reshuffles Top Leadership, Names New CEO and CFO
Mar 20, 2026
Waaree Energies Limited has announced a series of senior leadership changes following a board meeting held on March 20, 2026. The company and outgoing Whole-Time Director and CEO Amit Ashok Paithankar have mutually agreed to end his tenure earlier...
Waaree Energies reshapes top leadership with new CEO and CFO
Mar 20, 2026
Waaree Energies Limited announced a series of top management changes, including the mutual early release of Whole-Time Director and Chief Executive Officer Amit Ashok Paithankar effective March 20, 2026. The board has approved the elevation of Jig...
Waaree Energies Revamps Top Leadership, Appoints New CEO and CFO
Mar 20, 2026
Waaree Energies Limited has announced a series of senior leadership changes following a board meeting held on March 20, 2026, including the mutual early relief of Amit Ashok Paithankar from his role as whole-time director and chief executive offic...
Waaree Energies Overhauls Top Leadership, Appoints New CEO and CFO
Mar 20, 2026
Waaree Energies Limited has announced a series of senior management changes following a Board meeting held on March 20, 2026, in Mumbai. The company and Amit Ashok Paithankar have mutually agreed to advance his exit as Whole-Time Director and Chie...
Waaree Energies Formalizes Team to Handle Market-Sensitive Disclosures
Mar 20, 2026
Waaree Energies has designated specific key managerial personnel to assess the materiality of corporate events and information, in line with Regulation 30(5) of SEBI’s Listing Obligations and Disclosure Requirements. The move clarifies inter...
Waaree Energies to Join Morgan Stanley Virtual India Industrials & Energy Seminar
Mar 18, 2026
Waaree Energies Limited has announced that its officials will participate in the Morgan Stanley Virtual India Industrials Energy Seminar on Tuesday, March 24, 2026, from 10:00 a.m. to 11:00 a.m. via a virtual meeting format. The interaction will ...
Waaree Energies Schedules Virtual Analyst and Investor Meet for March 24, 2026
Mar 18, 2026
Waaree Energies Limited has announced that its officials will participate in a scheduled virtual meeting with analysts and institutional investors on March 24, 2026, as part of ongoing market engagement activities. The discussion will be held unde...
Waaree Energies Completes $30 Million U.S. Solar Share Acquisition
Mar 16, 2026
Waaree Energies Limited, via its wholly owned U.S. subsidiary Waaree Solar Americas Inc., has completed the acquisition of 5,368,551 Series B preferred shares of United Solar Holding Inc. for about USD 30 million. The deal, which the company discl...
Waaree Subsidiary Wins 300 MW Wind Project Order from SECI in Gujarat
Feb 24, 2026
Waaree Energies said its wholly owned subsidiary, Waaree Forever Energies, has received a Letter of Award from Solar Energy Corporation of India to develop a 300 MW wind power project in Dwarka, Gujarat. The one-time project, backed by a 25-year p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.