WAAREE Energies Limited (WAAREEENER) AI Stock Analysis

• Market Cap: ₹801.74B
• Dividend Yield: N/A
• Average Volume (3M): 192.97K
• Price to Earnings (P/E): 24.2
• Beta (1Y): 1.96
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ₹2,917.00 ▲(7.46% Upside)

The score is led by strong financial performance (high growth, improving margins, and low leverage), partially offset by negative free cash flow from heavy capex. Technicals meaningfully detract due to a clear downtrend and weak momentum versus major moving averages. Valuation appears fair with a modest dividend yield, providing some support but not enough to overcome the weak technical setup.

Positive Factors

Revenue Growth

Sustained, multi-year revenue expansion reflects strong demand for WAAREE's PV modules, inverters and EPC services. This scale growth supports economies of scale, strengthens supplier/customer negotiating power, and underpins durable cash generation potential across the next 2-6 months.

Improving Profitability

Rising gross and net margins indicate improving operational efficiency and pricing power in solar product and project sales. Margin expansion is structural if driven by manufacturing scale, product mix or cost control, supporting sustainable earnings and reinvestment capacity over the medium term.

Low Leverage and Equity Base

Conservative leverage and a large equity base provide financial flexibility to fund projects and capex without excessive refinancing risk. This balance sheet strength supports durable investment in capacity buildout and cushions cyclical industry headwinds over the coming months.

Negative Factors

Negative Free Cash Flow

Negative FCF driven by heavy capex signals that organic cash generation currently lags investment needs. Over a 2-6 month horizon, ongoing negative FCF can constrain discretionary spending, heighten reliance on external funding, and delay returns to shareholders if capex doesn't quickly translate to higher cash returns.

Capex Intensity

High capital intensity to expand manufacturing and EPC capacity is structural for scaling but raises execution and ROI risk. If new capacity underperforms or industry pricing compresses, heavy capex can suppress near-term cash flows and returns, affecting durable profitability and funding needs.

Cash Underutilization and Operational Ceiling

Large cash holdings alongside consistent EBIT/EBITDA margins imply capital may not be deployed to boost longer-term returns. Persistent underinvestment or limited margin expansion could cap ROE and shareholder value over months, indicating room for clearer capital allocation strategy.

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 driven by rapid revenue growth and improving profitability (gross margin 27.17%, net margin 12.93%). Balance sheet is stable with low leverage (debt-to-equity 0.13) and a solid equity base, but free cash flow turned negative in 2025 due to heavy capex, tempering the score.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	154.61B	144.44B	113.71B	67.51B	28.44B	19.42B
Gross Profit	45.21B	39.24B	22.69B	11.05B	4.35B	2.69B
EBITDA	33.83B	27.22B	21.20B	9.12B	2.00B	1.29B
Net Income	22.18B	18.67B	12.37B	4.83B	756.39M	465.94M
Balance Sheet
Total Assets	0.00	197.47B	113.14B	74.20B	22.37B	12.93B
Cash, Cash Equivalents and Short-Term Investments	78.13B	78.13B	38.50B	17.11B	4.08B	397.60M
Total Debt	0.00	11.99B	10.92B	9.06B	4.21B	4.08B
Total Liabilities	-95.95B	101.52B	71.65B	55.58B	17.98B	9.00B
Stockholders Equity	95.95B	94.79B	40.88B	18.38B	4.28B	3.53B
Cash Flow
Free Cash Flow	-1.75B	-1.16B	9.63B	6.95B	2.04B	-1.26B
Operating Cash Flow	10.35B	31.58B	23.05B	15.60B	7.01B	716.68M
Investing Cash Flow	-11.88B	-68.08B	-33.40B	-20.94B	-6.75B	-2.50B
Financing Cash Flow	4.49B	40.36B	9.09B	6.42B	985.19M	1.57B

WAAREE Energies Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2714.40
• 50DMA: Negative
• 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 Negative. The current price of 2714.4 is above the 20-day moving average (MA) of 2615.66, below the 50-day MA of 2864.98, and below the 200-day MA of 3050.25, indicating a neutral trend. The MACD of -45.55 indicates Negative momentum. The RSI at 54.90 is Neutral, neither overbought nor oversold. The STOCH value of 93.91 is Negative, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WAAREEENER	71 Outperform	₹801.74B	24.17	―	―	55.90%	93.10%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	61 Neutral	₹34.40B	15.17	―	―	152.12%	―
ZODIAC	57 Neutral	₹3.92B	19.23	―	0.25%	64.71%	48.65%
INOXGREEN	55 Neutral	₹63.68B	104.64	―	―	24.33%	66.14%
BORORENEW	46 Neutral	₹69.35B	-99.31	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹43.24B	-11.12	―	―	112.24%	-474.43%

WAAREE Energies Limited Corporate Events

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.

WAAREE Energies Under Income Tax Investigation

WAAREE Energies Limited announced that the Income Tax Department conducted investigations at several of its offices and facilities in India. The company is fully cooperating with the authorities, and the outcome of these proceedings could have implications for its operations and stakeholder confidence.

Waaree Energies Expands Solar Module Production in Gujarat

Waaree Energies Limited has announced the commencement of commercial operations at its wholly owned subsidiary, Sangam Solar One Private Limited, located in Samakhiali-Kutch, Gujarat, India. The new facility, which has an annual production capacity of 1500 MW across two solar module lines, marks a significant expansion in Waaree’s manufacturing capabilities, potentially enhancing its market position in the renewable energy sector.