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Waaree Energies (WAAREEENER) had a P/E of 19.0× on 6 Nov 2026, above the industry P/E of 15.5×, and the shares are 31% below their 52-week high. Sales and net profit grew 58% and 97% a year over 3 years, with ROCE of 30% and ROE of 27%. Debt is 0.31× equity, and its dividend yield is 0.2%. It is a mid-cap company with a market cap of ₹70,129 Cr, the largest of 27 Solar companies by market cap; the shares fell 27% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹2,437.10
Day high
₹2,438.00
Day low
₹2,378.20
Prev. close
₹2,449.30
Volume
4.2 L

Health check

1 good · 3 fair · 2 to check
  • ReturnsIn line

    −27.3% over a year, better than 3 of 7 peers.

  • Price tagPricier

    P/E 19.0 vs industry 15.5.

  • GrowthSteady

    Sales +57.8%, profit +97.3% a year over 3 years.

  • ProfitabilityStrong

    ROCE 30.1% vs peer median 27.4%.

  • Balance sheetFair

    Debt 0.31× equity, interest covered 27.8×, Piotroski 5 of 9.

  • Red flags2 to check

    Quarterly profit down 14.8% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Solar

26 listed peers. Screen the industry

Mid cap

₹70,129 Cr, the largest of 27 in its industry.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹31,495 Cr · profit ₹3,692 Cr
Market cap
₹70,129 Cr
Mid cap
P/E
19.0
Industry 15.5
Price to book
4.38
Peers 3.96
Dividend yield
0.16%
ROE
26.7%
Peers 36.4%
ROCE
30.1%
Peers 27.4%
Debt to equity
0.31
Debt ₹5,293 Cr
EPS (TTM)
₹128.17
Face value ₹10
OPM (TTM)
19.9%
Net margin 11.7%
Sales growth
+23.9%
Latest quarter vs a year ago
Profit growth
−14.8%
Latest quarter vs a year ago
Price to sales
2.23
EV/EBITDA 11.0

Strengths and risks

Strengths

  • Return on equity of 26.7%.
  • Return on capital employed of 30.1%.
  • Quarterly sales up 23.9% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Quarterly profit down 14.8% on a year ago.
  • 31% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Waaree Energies

Waaree Energies Limited manufactures and trades in solar photovoltaic modules in India and internationally. It operates through Solar Photovoltaic Modules; Generation of Power; and Engineering, Procurement and Construction Contract segments. The company offers PV modules, such as HJT, N Type, mono PERC, flexible, and special modules; single and three phase on-grid inverter; solar kits; battery energy storage system; electrolyzer stacks; smart meter;…

Headquarters
Mumbai
Employees
2,110
Sector
Technology
ISIN
INE377N01017
Website
waaree.com

Price range

52 weeks

₹2,161.50₹3,557.00

Today

₹2,378.20₹2,438.00
Avg volume (3M)
6.3 L
1-year return
minus 27.3%
From 52-week high
minus 31.5%

Analyst consensus

14 analysts
BuyMean target ₹3,076.50 plus 26.2%

Target range, with today’s price

Low ₹2,000.00High ₹4,375.00

Consensus from Yahoo Finance. Not a recommendation.

Peers · Solar

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
WAAREEENERWaaree Energies2,438.00minus 0.46%70,12919.012.030.1%19.9%0.3157.8%minus 27.3%
PREMIERENEPremier Energies890.00plus 0.85%40,31622.517.427.4%29.9%0.8676.2%minus 15.3%
EMMVEEEmmvee Photovoltaic Power251.31minus 0.28%17,39912.19.734.5%34.7%0.25102.7%plus 14.5%
KARAMTARAKaramtara Engineering375.70minus 0.96%12,09152.827.718.1%9.0%0.9140.4%plus 6.7%
UTLSOLARFujiyama Power Systems351.80minus 9.21%10,81135.722.528.9%18.8%0.4158.7%plus 68.8%
BORORENEWBOROSIL RENEWABLES403.20minus 2.55%5,93413.412.19.5%30.1%0.0720.2%minus 37.6%
VIKRAMSOLRVikram Solar142.39plus 1.95%5,16014.16.020.5%15.4%0.2032.3%minus 56.6%
SAATVIKGLSaatvik Green Energy358.60plus 0.01%4,55826.58.930.8%9.7%0.6995.5%minus 32.1%
Median of 7 peers–−0.28%10,81122.512.127.4%18.8%0.4158.7%−15.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
4,4267,5658,4807,9327,518
3,4295,6376,9046,4926,183
9971,9281,5771,4401,335
22.5%25.5%18.6%18.2%17.8%
171196180171147
43.393.347.970.4105
182267301330347
–−295–––
9431,4691,4081,2101,030
18.1%24.7%20.0%26.3%26.8%
7451,0621,061850719
25.8436.8936.8429.5024.94

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+57.8%
Profit CAGR 3Y
+97.3%
EPS CAGR 3Y
+97.2%
ROE
26.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
6,60811,37114,37625,955
–+72.1%+26.4%+80.5%
5,7699,79311,63520,004
8391,5782,7405,951
12.7%13.9%19.1%22.9%
86.5186322519
69.412488.9188
164277402990
−14.6371−5.8−240
6771,7342,5655,052
26.1%26.5%24.8%23.1%
4831,2371,8673,711
–+156.3%+50.9%+98.7%
16.8043.0667.96128.84

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
243263287288
1,5953,8259,19214,150
9061,0921,4923,692
4,6756,1348,51411,986
7,42011,31419,48530,115
1,7403,0856,26611,365
6481,6492,2664,101
1535.619.1415
1,7113,8503,4372,529
3,1682,7247,49711,705
7,42011,31419,48530,115

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,5602,3053,1581,627
−2,094−3,340−6,808−3,953
6429094,0362,573
109−126386247
−865−1,342−3,274−4,882
695963−116−3,255
−0.3−0.5–−57.5

Shareholding pattern

Source: NSE filings
64.1%
promoters
  • Promoters64.12%
  • Public35.88%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202664.12%35.88%0.00
30 Jun 202664.12%35.88%minus 0.07
31 Mar 202664.19%35.81%minus 0.03
31 Dec 202564.22%35.78%0.00
30 Sep 202564.22%35.78%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you