About
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.
Key Metrics
as of Sep 2026Market Cap75,793 Cr
P/E18.80
Div Yield0.15 %
Book Value₹502.00
52w High₹3,865.00
52w Low₹2,402.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,222.00 | 6,748.00 | 6,291.00 | 4,582.00 | 3,370.00 | 3,323.00 | 3,082.00 | 3,169.00 | 3,190.00 | 2,683.00 | 1,421.00 | 3,369.00 |
| Expenses | 5,183.00 | 5,539.00 | 4,610.00 | 3,540.00 | 2,521.00 | 2,561.00 | 2,442.00 | 2,696.00 | 2,671.00 | 2,331.00 | 1,336.00 | 2,885.00 |
| Operating Profit | 1,038.00 | 1,209.00 | 1,681.00 | 1,042.00 | 849.00 | 762.00 | 640.00 | 474.00 | 519.00 | 352.00 | 85.00 | 484.00 |
| OPM % | 17.00 | 18.00 | 27.00 | 23.00 | 25.00 | 23.00 | 21.00 | 15.00 | 16.00 | 13.00 | 6.00 | 14.00 |
| Other Income | 195.00 | 230.00 | -70.00 | 735.00 | 197.00 | 160.00 | 102.00 | 104.00 | 88.00 | 366.00 | 107.00 | 22.00 |
| Depreciation | 199.00 | 199.00 | 195.00 | 183.00 | 130.00 | 97.00 | 77.00 | 74.00 | 72.00 | 72.00 | 70.00 | 68.00 |
| Interest | 41.00 | 31.00 | 76.00 | 58.00 | 34.00 | 48.00 | 27.00 | 27.00 | 30.00 | 45.00 | 18.00 | 31.00 |
| Profit before tax | 993.00 | 1,209.00 | 1,340.00 | 1,536.00 | 883.00 | 776.00 | 638.00 | 477.00 | 504.00 | 600.00 | 103.00 | 407.00 |
| Tax % | 26.00 | 23.00 | 25.00 | 25.00 | 25.00 | 25.00 | 26.00 | 25.00 | 26.00 | 28.00 | 20.00 | 26.00 |
| Net Profit | 739.00 | 934.00 | 1,009.00 | 1,160.00 | 660.00 | 581.00 | 471.00 | 357.00 | 372.00 | 432.00 | 83.00 | 302.00 |
| EPS in Rs | 25.69 | 32.45 | 35.10 | 40.31 | 22.97 | 20.21 | 16.41 | 13.57 | 18.86 | 21.93 | 4.22 | 15.31 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Sales | 20,991.00 | 12,765.00 | 10,718.00 | 6,533.00 | 2,771.00 | 1,993.00 | 2,027.00 |
| Expenses | 16,209.00 | 10,366.00 | 9,343.00 | 5,771.00 | 2,683.00 | 1,913.00 | 1,933.00 |
| Operating Profit | 4,781.00 | 2,398.00 | 1,374.00 | 762.00 | 88.00 | 80.00 | 94.00 |
| OPM % | 23.00 | 19.00 | 13.00 | 12.00 | 3.20 | 4.00 | 4.60 |
| Other Income | 1,092.00 | 451.00 | 581.00 | 87.00 | 81.00 | 41.00 | 24.00 |
| Interest | 199.00 | 132.00 | 133.00 | 77.00 | 34.00 | 26.00 | 31.00 |
| Depreciation | 707.00 | 321.00 | 264.00 | 155.00 | 40.00 | 27.00 | 26.00 |
| Profit before tax | 4,968.00 | 2,396.00 | 1,558.00 | 618.00 | 96.00 | 68.00 | 61.00 |
| Tax % | 24.00 | 26.00 | 26.00 | 25.00 | 27.00 | 26.00 | 25.00 |
| Net Profit | 3,762.00 | 1,781.00 | 1,148.00 | 460.00 | 70.00 | 50.00 | 45.00 |
| EPS in Rs | 130.80 | 62.00 | 58.25 | 23.34 | 3.53 | 2.55 | 2.30 |
| Dividend Payout % | 2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 288.00 | 287.00 | 263.00 | 243.00 | 197.00 | 197.00 | 197.00 |
| Reserves | 12,842.00 | 9,120.00 | 3,840.00 | 1,700.00 | 231.00 | 154.00 | 106.00 |
| Borrowings | 2,015.00 | 1,002.00 | 334.00 | 240.00 | 321.00 | 165.00 | 116.00 |
| Other Liabilities | 7,984.00 | 7,443.00 | 6,237.00 | 5,151.00 | 1,290.00 | 593.00 | 437.00 |
| Total Liabilities | 23,129.00 | 17,852.00 | 10,674.00 | 7,333.00 | 2,039.00 | 1,109.00 | 856.00 |
| Fixed Assets | 4,299.00 | 2,845.00 | 1,012.00 | 920.00 | 548.00 | 126.00 | 0.00 |
| CWIP | 701.00 | 1,734.00 | 1,207.00 | 453.00 | 123.00 | 1.00 | 0.00 |
| Investments | 2,826.00 | 236.00 | 285.00 | 254.00 | 176.00 | 47.00 | 120.00 |
| Other Assets | 15,303.00 | 13,038.00 | 8,171.00 | 5,706.00 | 1,192.00 | 934.00 | 736.00 |
| Total Assets | 23,129.00 | 17,852.00 | 10,674.00 | 7,333.00 | 2,039.00 | 1,109.00 | 856.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 705.00 | 2,940.00 | 2,116.00 | 1,492.00 | 572.00 | 81.00 | 8.00 |
| Cash from Investing Activity | -1,360.00 | -6,767.00 | -3,252.00 | -2,241.00 | -523.00 | -151.00 | 26.00 |
| Cash from Financing Activity | 510.00 | 4,077.00 | 960.00 | 872.00 | 66.00 | 76.00 | -50.00 |
| Net Cash Flow | -145.00 | 249.00 | -176.00 | 123.00 | 114.00 | 5.00 | -16.00 |
| Free Cash Flow | -188.00 | 540.00 | 888.00 | 700.00 | 166.00 | 59.00 | -2.00 |
| CFO/OP % | 37.00 | 150.00 | 176.00 | 208.00 | 675.00 | 127.00 | 20.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 34.00 | 20.00 | 27.00 | 18.00 | 10.00 | 21.00 | 29.00 |
| Inventory Days | 101.00 | 94.00 | 112.00 | 195.00 | 86.00 | 81.00 | 54.00 |
| Days Payable | 59.00 | 81.00 | 83.00 | 145.00 | 80.00 | 95.00 | 66.00 |
| Cash Conversion Cycle | 75.00 | 34.00 | 56.00 | 68.00 | 16.00 | 8.00 | 16.00 |
| Working Capital Days | -35.00 | -98.00 | -40.00 | -66.00 | -82.00 | 15.00 | 21.00 |
| ROCE % | 43.00 | 34.00 | 40.00 | 48.00 | 20.00 | 19.00 | — |
Corporate Actions
1 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 24 Oct 2025 | 24 Oct 2025 | — | 2.00 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update5 Feb from care
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Rating update19 Mar 2025 from care
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Rating update3 Apr 2024 from care
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Rating update17 Feb 2023 from crisil
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Rating update13 Feb 2023 from crisil
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Rating update7 Feb 2023 from care