WAAREE Energies Limited (WAAREEENER) AI Stock Analysis

• Market Cap: ₹828.97B
• Dividend Yield: N/A
• Average Volume (3M): 192.97K
• Price to Earnings (P/E): 20.1
• Beta (1Y): 1.65
• Revenue Growth: 55.90%
• EPS Growth: 93.10%
• Country: IN
• Employees: 2,512
• Sector: Energy
• Sector Strength: 52
• Industry: Solar
• EPS (TTM): 46.36
• Shares Outstanding: 287,640,900
• 10 Day Avg. Volume: 125,759
• 30 Day Avg. Volume: 192,974
• PEG Ratio: 0.60
• Price to Book (P/B): 6.90
• Price to Sales (P/S): 4.53
• P/FCF Ratio: -564.27
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 140.48
• Revenue Forecast (FY): ₹280.47B

• Rating: 71 Outperform
• Price Target: ₹2,993.00 ▲(10.26% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is driven primarily by strong financial performance (rapid growth, improved profitability, low leverage), offset by weak technicals with the stock trading below key moving averages and showing soft momentum. Valuation is supportive mainly due to the high dividend yield, but the P/E remains moderate-to-elevated.

Positive Factors

Sustained Revenue Growth

Exceptional multi-year revenue expansion reflects durable demand for the company’s solar PV products and solutions and meaningful scaling of its operations. Such sustained top-line growth underpins investments in capacity and R&D, supports bargaining power with suppliers, and creates a base for continued market share gains over the next 2–6 months and beyond.

Improving Profitability

Material improvement in gross and net margins indicates better pricing, cost control, or product mix, translating to more durable earnings per unit of revenue. Sustained margin expansion boosts cash generation potential and provides flexibility to invest in growth initiatives or absorb cyclical pressure without immediate erosion of profitability.

Conservative Capital Structure

Very low leverage and a rising equity base provide financial resilience and optionality. The conservative capital structure reduces refinancing and solvency risk, allowing management to pursue capex or strategic investments with lower funding stress and maintain operations through sector cycles without heavy interest burden.

Negative Factors

Negative Free Cash Flow

Negative free cash flow driven by heavy capex reduces near-term cash available for dividends, debt reduction, or opportunistic acquisitions. If capex does not quickly translate into incremental, profitable capacity, the company may need external financing or to reallocate resources, which can pressure returns and strategic flexibility.

Underutilized Cash Balances

Large cash holdings on the balance sheet can signal conservative or inefficient capital deployment when growth opportunities exist. Persistently idle cash may lower overall return on equity and indicate missed opportunities for higher-return investments, buybacks, or targeted M&A that could better leverage the company’s scale.

Limited Operating-Leverage Gains

While gross and net margins improved, flat EBIT/EBITDA margins imply the company has not yet converted top-line scale fully into operating leverage. This constrains sustainable margin expansion and indicates management must improve cost structure or efficiency to realize stronger operating profitability over the medium term.

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, and the Independent Power Producer. The company offers HJT, TOPCon, mono PERC, polycrystalline, flexible, and special modules; off-grid and on-grid inverters; and solar products, such as solar streetlights, water heaters, and water pumps. It also provides engineering, procurement, and construction solutions; and operation and maintenance services; and operates as an independent power producer, which generates renewable energy. The company was founded in 1989 and is based in Mumbai, India.

How the Company Makes Money

WAAREE Energies Limited generates revenue through multiple streams, primarily from the sale of solar PV modules and related equipment. The company manufactures and sells high-quality solar panels, solar inverters, and other components, catering to both domestic and international markets. In addition to product sales, WAAREE also offers engineering, procurement, and construction (EPC) services for solar power projects, which constitute a significant revenue source. The company has established strategic partnerships with various stakeholders, including government bodies and private enterprises, to facilitate the implementation of large-scale solar projects, further enhancing its revenue potential. Additionally, WAAREE benefits from incentives and subsidies provided by the Indian government to promote renewable energy, contributing to its overall earnings.

WAAREE Energies Limited Financial Statement Overview

Summary

Strong fundamentals overall: income statement strength (Score 89) reflects rapid revenue growth and improved gross and net margins; balance sheet is stable (Score 85) with low leverage (debt-to-equity 0.13) and rising equity, though high cash may indicate underutilized capital. Cash flow is solid but weaker (Score 78) as free cash flow turned negative in 2025 due to heavy capex despite strong operating cash generation.

Income Statement

WAAREE Energies Limited has shown strong revenue growth, with a significant increase from ₹19,417.76 crore in 2021 to ₹144,445 crore in 2025. The gross profit margin improved to 27.17% in 2025, up from previous years, indicating enhanced operational efficiency. The net profit margin also increased to 12.93%, showcasing improved profitability. However, EBIT and EBITDA margins remained consistent, suggesting room for further operational enhancements.

Balance Sheet

The company's balance sheet reveals a solid equity base, with stockholders' equity rising to ₹94,792 crore in 2025. The debt-to-equity ratio is relatively low at 0.13, indicating conservative leverage and financial stability. The equity ratio stands at 48.00%, showcasing a stable financial structure. However, high cash balances suggest potential underutilization of capital.

Cash Flow

WAAREE Energies' operating cash flow has consistently grown, reaching ₹31,582 crore in 2025, indicating strong cash generation. However, free cash flow turned negative in 2025 due to substantial capital expenditures, highlighting a potential area of concern. Despite this, the operating cash flow to net income ratio indicates robust cash conversion.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	179.53B	144.44B	113.71B	67.51B	28.44B	19.42B
Gross Profit	54.48B	39.24B	22.69B	11.05B	4.35B	2.69B
EBITDA	44.15B	27.22B	21.20B	9.12B	2.00B	1.29B
Net Income	26.99B	18.67B	12.37B	4.83B	756.39M	465.94M
Balance Sheet
Total Assets	246.25B	197.47B	113.14B	74.20B	22.37B	12.93B
Cash, Cash Equivalents and Short-Term Investments	80.30B	78.13B	38.50B	17.11B	4.08B	397.60M
Total Debt	29.41B	11.99B	10.92B	9.06B	4.21B	4.08B
Total Liabilities	129.22B	101.52B	71.65B	55.58B	17.98B	9.00B
Stockholders Equity	114.85B	94.79B	40.88B	18.38B	4.28B	3.53B
Cash Flow
Free Cash Flow	-20.02B	-1.16B	9.63B	6.95B	2.04B	-1.26B
Operating Cash Flow	5.75B	31.58B	23.05B	15.60B	7.01B	716.68M
Investing Cash Flow	-23.78B	-68.08B	-33.40B	-20.94B	-6.75B	-2.50B
Financing Cash Flow	18.57B	40.36B	9.09B	6.42B	985.19M	1.57B

WAAREE Energies Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2714.40
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WAAREEENER, the sentiment is Neutral. The current price of 2714.4 is below the 20-day moving average (MA) of 2774.65, below the 50-day MA of 2790.32, and below the 200-day MA of 3078.27, indicating a neutral trend. The MACD of -36.47 indicates Negative momentum. The RSI at 56.36 is Neutral, neither overbought nor oversold. The STOCH value of 81.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:WAAREEENER.

WAAREE Energies Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WAAREEENER	71 Outperform	₹828.97B	20.09	―	―	55.90%	93.10%
WEBELSOLAR	67 Neutral	₹26.29B	14.56	―	―	152.12%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ZODIAC	63 Neutral	₹3.56B	22.77	―	0.25%	64.71%	48.65%
INOXGREEN	55 Neutral	₹55.93B	79.81	―	―	24.33%	66.14%
BORORENEW	49 Neutral	₹57.68B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹39.44B	-446.21	―	―	112.24%	-474.43%

WAAREE Energies Limited Corporate Events

Waaree Subsidiary Wins 300 MW Wind Project Order from SECI in Gujarat

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 power purchase agreement, strengthens Waaree’s position in India’s renewables sector and provides long-term revenue visibility from a key government-backed offtaker.

The contract, awarded by a domestic entity with no related-party involvement, marks a notable expansion of Waaree’s wind portfolio beyond its core solar operations. By securing a sizable grid-connected wind project in a strategically important state, the company deepens its role in utility-scale clean energy and enhances its growth prospects in India’s competitive green power market.

Waaree Energies Secures CARE Ratings Upgrade on Expanded Bank Facilities

Waaree Energies Limited announced that CARE Ratings Limited has upgraded the company’s long-term bank facilities rating from CARE A+; Stable to CARE AA-; Stable, reflecting an improvement in its credit profile. The rating agency also reaffirmed the short-term rating at CARE A1+ while the total rated long-term and long-term/short-term bank facilities were significantly enhanced, suggesting stronger lender confidence, improved operational and financial performance, and potentially better access to funding for the company’s ongoing and future business requirements.

Waaree Energies Releases Q3 FY26 Investor Presentation for Analysts and Institutions

Waaree Energies Limited has released its investor and earnings presentation for the quarter and nine months ended December 31, 2025, and has submitted the same to the stock exchanges in compliance with SEBI’s disclosure regulations. The presentation, which will be used in a scheduled meeting with analysts and institutional investors and is also available on the company’s website, is intended to provide an updated view of the company’s financial performance and operations, supporting greater transparency and engagement with the capital markets.

Waaree Energies Reports Insider Trading Code Violation by Designated Employee

Waaree Energies Limited has reported to the stock exchanges a violation of its Code of Conduct under SEBI (Prohibition of Insider Trading) Regulations, 2015 by a designated person, Associate Manager Ruchit Jain from the Accounts & Finance function. The company disclosed that the trades in its own shares by the designated person during November 2025 exceeded the Rs 10 lakh threshold in a calendar quarter, triggering mandatory reporting to SEBI and the exchanges, underscoring its compliance posture and transparency in dealing with insider trading-related issues.

Waaree Energies to Appeal INR 5.83 Crore GST Assessment Order

Waaree Energies Limited has disclosed that the Assistant Commissioner of State Tax, Investigation-A, Mumbai, has issued an assessment order under the CGST, MGST and IGST Acts for the period April 2018 to March 2019, raising a demand of INR 5.83 crore related to alleged ineligible input tax credit and non-cross-charging of common ITC. The company has stated that the order will not impact its financials, operations or other activities and plans to challenge the assessment by filing an appeal before the appropriate authority within the prescribed timelines, signalling its intent to contest the tax demand while seeking to reassure stakeholders about business continuity.

Waaree Energies to Hold Analyst and Investor Meet in Delhi on December 27, 2025

Waaree Energies Limited has announced that its officials will hold a physical analyst and institutional investor meeting in Delhi on Saturday, December 27, 2025. The company stated that discussions during this session will be restricted to publicly available information, with no unpublished price-sensitive information to be shared, underscoring its adherence to regulatory disclosure norms and its ongoing efforts to maintain transparent engagement with the investment community.

Waaree Energies Schedules Analyst/Investor Meet for December 2025

Waaree Energies Limited has announced an Analyst/Investor Meet scheduled for December 19, 2025, at their manufacturing plant in Chikhli, Gujarat. The meeting will involve discussions based on publicly available information, ensuring no unpublished price-sensitive information is disclosed, highlighting the company’s commitment to transparency and regulatory compliance.