WAAREE Energies Limited (WAAREEENER) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 228.44K
• Price to Earnings (P/E): 46.5
• Beta (1Y): 1.95
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 2,512
• Sector: Energy
• Sector Strength: 52
• Industry: Solar
• EPS (TTM): 25.90
• Shares Outstanding: 287,283,200
• 10 Day Avg. Volume: 327,536
• 30 Day Avg. Volume: 228,440
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ₹3,803.33
• Price Target Upside: 7.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 76 Outperform
• Price Target: ₹3,300.00 ▼(-6.49% Downside)

WAAREE Energies Limited benefits from strong financial performance, highlighted by significant revenue and profitability growth, and a robust balance sheet. Technical analysis shows positive momentum, but high volatility poses a risk. The stock's valuation, while suggesting growth potential, is relatively high, which could be a concern for value investors.

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 primarily through the sale of its photovoltaic solar modules, which are used in a wide range of applications from residential to commercial and industrial solar power systems. The company also earns income by providing EPC services, where it designs, procures, and constructs solar power projects for clients, ensuring efficient and timely execution. Additionally, WAAREE engages in project development, where it undertakes the complete development of solar power plants, often partnering with investors or governments. These activities, combined with strategic partnerships and a focus on expanding its market presence both domestically and internationally, contribute significantly to the company's earnings.

WAAREE Energies Limited Financial Statement Overview

Summary

WAAREE Energies Limited demonstrates strong revenue growth and profitability with efficient operations. The balance sheet is solid with low leverage and substantial equity, while cash flow generation is robust albeit with recent challenges in free cash flow. The company is well-positioned in the solar industry, but should focus on optimizing capital deployment.

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 2021	Dec 2020
Income Statement
Total Revenue	144.36B	144.44B	113.71B	66.08B	28.44B	19.42B
Gross Profit	38.90B	39.24B	22.69B	12.45B	4.35B	2.69B
EBITDA	28.54B	27.22B	21.20B	9.12B	2.00B	1.29B
Net Income	18.67B	18.67B	12.37B	4.83B	756.39M	465.94M
Balance Sheet
Total Assets	197.47B	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	11.99B	11.99B	10.92B	9.06B	4.21B	4.08B
Total Liabilities	101.52B	101.52B	71.65B	55.58B	17.98B	9.00B
Stockholders Equity	94.79B	94.79B	40.88B	18.38B	4.28B	3.53B
Cash Flow
Free Cash Flow	-1.19B	-1.16B	9.63B	6.95B	2.04B	-1.26B
Operating Cash Flow	14.93B	31.58B	23.05B	15.60B	7.01B	716.68M
Investing Cash Flow	-14.86B	-68.08B	-33.40B	-20.94B	-6.75B	-2.50B
Financing Cash Flow	3.57B	40.36B	9.09B	6.42B	985.19M	1.57B

WAAREE Energies Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3529.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 3529.2 is above the 20-day moving average (MA) of 3377.30, above the 50-day MA of 3224.10, and above the 200-day MA of 2764.04, indicating a bullish trend. The MACD of 116.38 indicates Negative momentum. The RSI at 58.91 is Neutral, neither overbought nor oversold. The STOCH value of 55.22 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WAAREEENER	76 Outperform		46.50		―	―	―
WEBELSOLAR	62 Neutral	54.52B	27.40	55.65%	―	397.23%	0.00%
ZODIAC	61 Neutral	5.92B	29.08	20.68%	0.19%	59.55%	58.31%
INOXGREEN	59 Neutral	71.33B	187.07	1.01%	―	14.36%	3.96%
BORORENEW	49 Neutral	75.72B	-33.67	-6.97%	―	4.94%	-328.07%
SWSOLAR	45 Neutral	63.24B	57.90	8.09%	―	108.08%	0.00%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%