NSE: WAAREEENER · BSE: 544277
WAAREE ENERGIES LIMITED
Manufactures solar photovoltaic modules and executes engineering, procurement and construction (EPC) contracts for solar projects, with a small power generation business. In FY26, solar PV modules brought in ₹24,133.4 crore (87.9% of segment revenue) and EBIT of ₹4,423.23 crore, while EPC contracts contributed ₹3,281.89 crore (12.0%) and power generation ₹33.77 crore (0.1%). The module business operates at industrial scale — 26 GW of module capacity (described by management as the largest non-Chinese module manufacturer globally), 5.4 GW of cell capacity, and FY26 production of 12.6 GW (around 56,000 modules per day) with roughly 12 GW sold. The order book stood at ₹53,000 crore, with 65–70% from overseas customers and 3–4 year delivery visibility, while US capacity is scaling to 4.2 GW within six months. Retail distribution runs through 600+ franchisees across 27 states, contributing around 20.8% of revenue, and a backward-integration programme is under execution — 10 GW ingot-wafer at Nagpur, 2,500 TPD of glass, 20 GWh of BESS, 1 GW electrolyser, 4 GW inverters and 20,000 MVA of transformers via the APSL acquisition. Materials are the largest cost at 63.7% of revenue, with other operating expenses at 13.1%, depreciation at 3.7%, capex at 18.4%, and employee costs at 2.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar Photovoltaic Modules (88%), Engineering, procurement and construction (EPC) contracts (12%), Generation of power (0%). Capital-intensive, vertically integrating solar manufacturer and EPC contractor with backward integration into glass, cells, BESS, transformers and electrolysers
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 14,445 | 26,537 |
| EBITDA (ex other income) | 2,718 | 5,614 |
| margin % | 18.8 | 21.2 |
| Owners' profit | 1,867 | 3,711 |
| EPS, as reported (₹) | 68.24 | 129.10 |
| ROE % · ROCE % | 20.1 · 24.8 | 25.9 · 30.6 |
| Debt / equity (x) | 0.10 | 0.17 |
| Cash from operations | 3,158 | 1,627 |
| Capex | (3,274) | (4,882) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,574 | 3,457 | 4,004 | 4,426 | 6,066 | 7,565 | 8,480 | 7,932 |
| Profit before tax | 499 | 690 | 845 | 943 | 1,231 | 1,469 | 1,408 | 1,210 |
| Net profit | 376 | 507 | 644 | 773 | 878 | 1,107 | 1,126 | 892 |
| EPS (₹) | 13.75 | 18.41 | 21.59 | 25.94 | 29.33 | 36.95 | 36.91 | 29.56 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Solar Photovoltaic Modules | 18,764 | 68.4 |
| Generation of power | 34 | 0.1 |
| Engineering, procurement and construction (EPC) contracts | 3,282 | 12.0 |
| Solar Photovoltic Modules | 5,369 | 19.6 |
| Total, before eliminations | 27,449 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED ◆ | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.1 | 22.6 | 21 of 52 | 61% |
| P/B | 4.4 | 3.3 | 32 of 49 | 35% |
| ROCE | 29.0 | 12.4 | 7 of 55 | 89% |
| ROE | 25.9 | 12.4 | 12 of 50 | 78% |
| Debt / Equity | 0.2 | 0.3 | 20 of 50 | 61% |
| EBITDA margin | 20.3 | 12.6 | 16 of 51 | 70% |
| Revenue growth | 79.2 | 20.7 | 6 of 46 | 89% |
| Profit growth | 15.4 | 37.7 | 26 of 45 | 43% |
| Market cap | 65440 | 576 | 1 of 56 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 revenue rises 24%, but EBITDA margin falls to 17.8% | investor communications | medium | — | — |
| 27 Oct 2026 · Insider trading violation reported; Rs 4.34 lakh profit disgorged | regulatory legal | high | — | — |
| 27 Oct 2026 · Q2 and H1 FY27 revenue rises 47%, while Q2 profit falls | compliance | low | — | — |
| 27 Oct 2026 · 5,800 employee stock options granted at Rs 10 | capital market events | medium | — | — |
| 27 Oct 2026 · Waaree acquires data centre arm; Q2 profit Rs 754 crore | strategic transactions | high | — | — |
| 27 Oct 2026 · Q2 FY27 revenue rises 24%, but profit falls 14% amid US trade uncertainty | results | high | — | — |
| 27 Oct 2026 · Q2 revenue up 23.9%, net profit down 14.2%; data centre deal approved | results | high | — | — |
| 23 Oct 2026 · Analyst and investor call scheduled for Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 6 Oct 2026 · Routine compliance filing: all shares held in demat form | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.