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WAAREE Energies Limited
(WAAREEENER)
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Rating:61Neutral
Price Target:
₹2,825.00
▲(7.91% Upside)
Action:Downgraded
Date:08/06/26
The score is driven primarily by strong financial performance (rapid revenue and profit expansion and improved leverage), but is meaningfully held back by negative and volatile free cash flow and clear technical weakness (price below key moving averages with negative MACD and low RSI). Valuation is reasonable at ~20x earnings but does not fully offset the cash-flow and trend risks.
Positive Factors
Rapid revenue scale-up
Sustained multi-year revenue expansion reflects strong market demand and successful scaling across PV module sales and project execution. This durable top-line growth strengthens bargaining power with suppliers, supports long-term customer relationships, and enables continued reinvestment in capacity and capabilities.
Negative Factors
Volatile, negative free cash flow
Large negative free cash flow amid rapid expansion signals heavy reinvestment or working-capital strain. If cash outflows persist, the company may face pressure to raise financing, delay returns, or curtail investments, raising execution risk and testing management’s ability to convert growth into sustainable cash returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue scale-up
Sustained multi-year revenue expansion reflects strong market demand and successful scaling across PV module sales and project execution. This durable top-line growth strengthens bargaining power with suppliers, supports long-term customer relationships, and enables continued reinvestment in capacity and capabilities.
Read all positive factors
WAAREE Energies Limited (WAAREEENER) vs. iShares MSCI India ETF (INDA)
Market Cap
₹755.80B
Dividend Yield0.15%
Average Volume (3M)44.57K
Price to Earnings (P/E)19.8
Beta (1Y)1.50
Revenue Growth94.31%
EPS Growth74.80%
CountryIN
Employees2,110
SectorGeneral
Sector StrengthN/A
IndustrySolar
Share Statistics
EPS (TTM)132.70
Shares Outstanding287,651,340
10 Day Avg. Volume42,053
30 Day Avg. Volume44,566
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)152.16
Revenue Forecast (FY)₹350.16B
WAAREE Energies Limited Business Overview & Revenue Model
Company Description
Established in 1989 and based in Mumbai, India, Waaree Energies Limited is a leading manufacturer and global exporter of solar photovoltaic (PV) modules. The company supplies these advanced solar components for a diverse range of applications, spa...
How the Company Makes Money
WAAREE Energies Limited makes money primarily by selling solar photovoltaic (PV) products and by executing solar energy projects and related services. Key revenue streams typically include: (1) Solar PV module sales: Revenue is generated from manu...
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 | 300.43B | 265.37B | 144.44B | 113.71B | 67.51B | 28.44B |
| Gross Profit | 73.09B | 68.67B | 39.24B | 22.69B | 11.05B | 4.35B |
| EBITDA | 65.93B | 63.22B | 27.22B | 21.20B | 9.12B | 2.00B |
| Net Income | 38.16B | 37.11B | 18.67B | 12.37B | 4.83B | 756.39M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 301.15B | 197.47B | 113.14B | 74.20B | 22.37B |
| Cash, Cash Equivalents and Short-Term Investments | 73.89B | 73.89B | 78.13B | 38.50B | 17.11B | 4.08B |
| Total Debt | 0.00 | 36.92B | 11.99B | 10.92B | 9.06B | 4.21B |
| Total Liabilities | -150.11B | 151.04B | 101.52B | 71.65B | 55.58B | 17.98B |
| Stockholders Equity | 150.11B | 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 Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹32.91B | 4.45 | ― | 0.33% | 76.28% | 54.75% | |
67 Neutral | ₹10.45B | 6.30 | ― | ― | 7.02% | -5.74% | |
62 Neutral | ₹442.40B | 26.38 | ― | 0.15% | 26.70% | 58.85% | |
61 Neutral | ₹755.80B | 19.78 | ― | 0.15% | 94.31% | 74.80% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹8.59B | 20.30 | ― | 0.62% | -10.86% | 55.28% | |
40 Neutral | ₹42.06B | -14.64 | ― | 3.25% | 3.19% | -362.93% |
* General Sector Average
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WAAREE Energies Limited Corporate Events
Waaree Energies Schedules Investor and Analyst Meets in August 2026
Aug 6, 2026
Waaree Energies Limited has scheduled interactions with analysts and institutional investors as part of Citi’s 2026 India Industrials Access Day, to be held virtually on August 11 and 13, and the EMKAY Confluence – Investor Conference ...
Waaree Energies Plans Investor Meets at August 2026 Conferences
Aug 6, 2026
Waaree Energies Limited has scheduled interactions with analysts and institutional investors in mid-August 2026, including participation in Citi’s 2026 India Industrials Access Day and the EMKAY Confluence – Investor Conference 2026 in...
Waaree Energies Files Monitoring Report on Rs 3,600 Crore IPO Proceeds
Aug 4, 2026
Waaree Energies Limited has submitted to the stock exchanges a Monitoring Agency Report for the quarter ended June 30, 2026, covering the utilisation of proceeds from its public issue of equity shares.Prepared by CARE Ratings Limited under SEBI re...
Waaree Energies Releases Q1 FY27 Investor Presentation and Schedules Earnings Call
Jul 29, 2026
Waaree Energies Limited has released its investor and earnings presentation for the quarter ended June 30, 2026, in line with disclosure requirements under SEBI’s Listing Regulations. The presentation will be used during an earnings call wit...
Waaree Energies Sets Analyst Call to Discuss Q1 FY27 Results
Jul 27, 2026
Waaree Energies Limited has scheduled an analyst and institutional investor conference call on Thursday, July 30, 2026, at 11:00 a.m. IST to discuss its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. T...
Waaree Energies says U.S. customs finding narrow, no impact on U.S. operations
Jun 28, 2026
Waaree Energies Limited issued a media statement to clarify recent U.S. Customs and Border Protection findings in an EAPA investigation concerning its solar module exports. The company said CBP confirmed Waaree did not export solar modules to the ...
Waaree Energies Discloses Resignation of Chief Procurement Officer
Jun 22, 2026
Waaree Energies Limited has announced a change in its senior management, disclosing the resignation of Chief Procurement Officer Sanjeev Pushkarna with effect from the close of business on June 19, 2026. The company has filed the disclosure under ...
Waaree Energies to Engage Investors at Motilal Oswal Corporate Day in Singapore
May 13, 2026
Waaree Energies Limited has announced that its officials will participate in analyst and institutional investor meetings at the Motilal Oswal Corporate Day – Singapore Edition, to be held in person in Singapore on May 18 and 19, 2026, from 9...
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.