WAAREE Energies Limited (IN:WAAREEENER)
:WAAREEENER
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WAAREE Energies Limited
(WAAREEENER)
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Rating:81Outperform
Price Target:
₹3,680.00
▲(35.57% Upside)
Action:ReiteratedDate:03/19/26
The score is driven primarily by strong financial performance (rapid growth, improving margins, and low leverage), supported by bullish technicals with the stock trading above major moving averages. Offsetting factors are negative free cash flow from elevated capex and a valuation that is only moderate with a very low dividend yield.
Positive Factors
High revenue growth
Sustained multi-year revenue expansion reflects strong demand for WAAREE's solar products and scale gains. Large top-line growth increases bargaining power with suppliers, supports long-cycle contract wins and creates a base to amortize fixed costs, improving durability of earnings.
Negative Factors
Negative free cash flow due to capex
Negative free cash flow driven by heavy capex weakens near-term cash available for discretionary uses. Unless capex translates into durable higher returns, it may necessitate external financing or slow shareholder returns, pressuring liquidity and capital allocation over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High revenue growth
Sustained multi-year revenue expansion reflects strong demand for WAAREE's solar products and scale gains. Large top-line growth increases bargaining power with suppliers, supports long-cycle contract wins and creates a base to amortize fixed costs, improving durability of earnings.
Read all positive factors
WAAREE Energies Limited (WAAREEENER) vs. iShares MSCI India ETF (INDA)
Market Cap
₹929.81B
Dividend YieldN/A
Average Volume (3M)192.97K
Price to Earnings (P/E)20.1
Beta (1Y)1.66
Revenue Growth55.90%
EPS Growth93.10%
CountryIN
Employees2,512
SectorEnergy
Sector Strength52
IndustrySolar
Share Statistics
EPS (TTM)44.70
Shares Outstanding287,640,900
10 Day Avg. Volume125,759
30 Day Avg. Volume192,974
Financial Highlights & Ratios
PEG Ratio0.60
Price to Book (P/B)6.90
Price to Sales (P/S)4.53
P/FCF Ratio-564.27
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)169.56
Revenue Forecast (FY)₹333.23B
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 makes money primarily by selling solar photovoltaic (PV) products and related solar solutions. Key revenue streams typically include (1) sales of solar PV modules (and potentially module supply under large, multi-year procu...
WAAREE Energies Limited Financial Statement Overview
Summary
Income Statement
89
Very Positive
Balance Sheet
85
Very Positive
Cash Flow
78
Positive
| 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
Positive
2714.40
Price Trends
2923.87
Positive
2944.34
Positive
3093.57
Positive
Market Momentum
71.89
Negative
60.50
Neutral
43.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WAAREEENER, the sentiment is Positive. The current price of 2714.4 is below the 20-day moving average (MA) of 2977.84, below the 50-day MA of 2923.87, and below the 200-day MA of 3093.57, indicating a bullish trend. The MACD of 71.89 indicates Negative momentum. The RSI at 60.50 is Neutral, neither overbought nor oversold. The STOCH value of 43.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | ₹929.81B | 20.09 | ― | ― | 55.90% | 93.10% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | ₹33.14B | 14.56 | ― | ― | 152.12% | ― | |
64 Neutral | ₹4.07B | 22.77 | ― | 0.25% | 64.71% | 48.65% | |
54 Neutral | ₹60.95B | 79.81 | ― | ― | 24.33% | 66.14% | |
49 Neutral | ₹63.17B | 18.86 | ― | ― | 7.68% | -114.23% | |
43 Neutral | ₹40.96B | -446.21 | ― | ― | 112.24% | -474.43% |
* Energy Sector Average
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WAAREE Energies Limited Corporate Events
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...
Waaree Energies Secures CARE Ratings Upgrade on Expanded Bank Facilities
Jan 27, 2026
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 reaffir...
Waaree Energies Releases Q3 FY26 Investor Presentation for Analysts and Institutions
Jan 22, 2026
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 pres...
Waaree Energies Reports Insider Trading Code Violation by Designated Employee
Jan 21, 2026
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....
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.