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WAAREEENER · NSE · Other Electrical Equipment

Waaree Energies Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Mid Cap · AMFI list Jan-Jun 2026 · Vendor sector: Capital Goods - Electrical Equipment
cheap low confidence No valuation within 120 days; P/E 17.5 vs peers 42.6 (4th of 9); P/B 6.8 vs peers 7.6 (4th of 9).
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is Waaree Energies's share price today?

Waaree Energies last traded at ₹2,345.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.9% on the day, down 31.8% over a year. Its 52-week range is ₹2,301 to ₹3,719. The live price is in the app.

₹2,345.00 +0.9% today
−31.8% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
24 month-end closes, 31 Oct 2024 to 30 Sep 2026, adjusted for splits and bonuses
52-week range3% of the way up
Low ₹2,301High ₹3,719

What is Waaree Energies's market cap?

Waaree Energies's market capitalisation is about ₹66,821 crore: what it would cost to buy every share at today's price. That makes it the 57th largest mid cap company we cover.

₹66,821 Cr Mid Cap57th largest mid cap company
Mid Cap means the companies ranked 101 to 250 by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: WAAREEENER
ISIN
INE377N01017
Cap bucket
Mid Cap, 57th largest by market cap
Industry (NSE)
Industrials › Capital Goods › Electrical Equipment › Other Electrical Equipment
Listed since
2024
Futures and options
Traded

Is Waaree Energies overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 17.5 vs peers 42.6 (4th of 9); P/B 6.8 vs peers 7.6 (4th of 9).

Valuation

Latest price and trailing 12 months
P/E 17.50
vs peers 42.6 · 4th of 9
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 6.81
vs peers 7.6 · 4th of 9
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹66,821 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 0.1%
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 0.33
vs peers 1.9 · 1st of 8
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 0.22
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
2 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored; P/E vs own history: 0 of 36 months of P/E history

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Waaree Energies a quality business?

Quality score 62.7, 1st of 10 in its peer set; WATCH on 30 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 62.7
vs peers 53.5 · 1st of 10
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level WATCH
30 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 33.4%
vs peers 12.6% · 3rd of 10
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 38.0%
vs peers 15.1% · 2nd of 10
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 12.4%
vs peers 12.2% · 4th of 9
Profit after everything, as a share of revenue. Learn more →
EPS ₹135.03
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
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Has Waaree Energies made money for shareholders?

Not over these periods: −31.8% over one year.

Shareholder returns

1-year return −31.8%
Price only
What the share price did over the last 12 months. Learn more →
5-year return Not available
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer Not available
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
−1.0%
1M
−9.1%
3M
−19.4%
6M
−30.3%
1Y
−31.8%
3Y
—
5Y
—
— not available

Does Waaree Energies pay a dividend?

Yes. Waaree Energies's dividend yield is 0.13% at the latest price; the last payout was ₹2.00 a share, ex-dividend 11 Sep 2026.

Dividends

Per share, by ex-dividend date
Dividend yield0.13%
The past 12 months' dividends as a share of today's price.
11 Sep 2026 · Final₹2.00
24 Oct 2025 · Interim₹2.00
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Waaree Energies growing?

Revenue 3 years 58.4% a year; profit 3 years 97.4% a year; revenue 5 years 59.8% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 58.4% a year
vs peers 67.5% · 6th of 9
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 97.4% a year
vs peers 105.2% · 5th of 8
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 59.8% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 119.1% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years 80.6% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years 120.2% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history Not available
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did Waaree Energies do last quarter?

Waaree Energies reported revenue of ₹7,932 Cr, up 83.7% on a year earlier and a net profit of ₹892 Cr, up 101.5% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹7,932 Cr
+83.7% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹892 Cr
+101.5% on a year earlier
What was left for shareholders after every cost and tax.

How does Waaree Energies compare with its peers?

Compared with 9 Other Electrical Equipment; 4th of 9 on P/E; 1st of 10 on quality score.

Compared with 9 Other Electrical Equipment

9 companies

Waaree Energies against its peers

Largest 9 of 9 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
Waaree Energies Ltd₹66,821 Cr17.56.833.4%38.0%−31.8%
Apar Industries Ltd₹75,303 Cr61.17.720.6%32.1%+111.3%
Premier Energies Ltd₹40,645 Cr24.120.87.6%9.8%−13.2%
MTAR Technologies Ltd₹23,936 Cr179.312.912.2%14.7%+311.9%
Diamond Power Infrastructure Ltd₹22,784 Cr102.1—12.6%4.8%+171.6%
Emmvee Photovoltaic Power Ltd₹20,774 Cr15.65.610.0%13.1%+36.8%
Avalon Technologies Ltd₹15,386 Cr114.97.611.6%15.1%+88.8%
Fujiyama Power Systems Ltd₹12,554 Cr—4.736.4%34.5%+96.2%
Genus Power Infrastructures Ltd₹9,022 Cr12.63.029.9%22.7%−3.8%
Waaree Renewable Technologies Ltd₹8,376 Cr16.58.769.1%85.0%−34.8%
Peer median—42.67.612.6%15.1%+88.8%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

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Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Waaree Energies?

Waaree Energies is held by promoters 64.1%, foreign institutions 8.6%, domestic institutions 4.1%.

Shareholding pattern

Latest filing, percent of shares
Promoters64.1%
The founders and controlling group.
Foreign institutions8.6%
Overseas funds investing through the FPI route.
Domestic institutions4.1%
Indian insurers, banks, pension and mutual funds together.
Mutual funds2.8%
Indian mutual fund schemes; part of domestic institutions.
Retail and others8.2%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Waaree Energies?

15 analysts cover Waaree Energies, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

15 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Waaree Energies do and what is it sensitive to?

Waaree Energies sells solar PV modules and related solar-value-chain products, including inverters, batteries and EPC services, to EPC contractors, IPPs, utilities and individual consumers, the latter through channel partners. Sensitive to: raw material prices.

Business-model card

FY2026 · 46 verified
4Revenue
4Channels
3Regulators
6Reg. dependencies
5Sensitivities
5Costs
4Geographies

Waaree Energies sells solar PV modules and related solar-value-chain products, including inverters, batteries and EPC services, to EPC contractors, IPPs, utilities and individual consumers, the latter through channel partners. Its standalone FY26 revenue from operations was ₹20,990.51 Cr, split between domestic sales and exports.

Revenue by segment

year ended March 31, 2026 (segment note of the standalone financial statements; the table's final column is labelled 'Consolidated Revenue', and the external customer revenue is used)
Solar Photovoltaic Modules88.3%
Generation of power0.1%
Engineering, procurement and construction contract11.6%

Revenue engine

4 verified
Utility/IPP/C&I revenue line (34.7%)
Revenue mix line for Utility/IPP/C&I. Interpretation: the excerpt lists four labels and four values in the same order, so 34.67 is read as the Utility/IPP/C&I share of FY26 revenue.
Overseas revenue line (33.0%)
Revenue mix line for Overseas. Interpretation: 33.00 is read as the Overseas share, matching label order in the same table.
Retail revenue line (20.8%)
Revenue mix line for Retail. Interpretation: 20.78 is read as the Retail share, matching label order in the same table.
1 more statement
EPC revenue line
Revenue mix line for EPC. Interpretation: 11.55 is read as the EPC share, matching label order in the same table.

Customers & channels

4 verified
EPC contractors
Company supplies modules to EPC contractors who build utility-scale, commercial and industrial solar installations.
Individual consumers through channel partners
Residential retail buyers are served through a channel-partner network with rooftop packages of modules, inverters, batteries and installation.
Authorised Selling Partners and franchisees
Company reports 2,500+ Authorised Selling Partners and 700+ franchisees across 27 states and about 15,000 pincodes, which is the route to market for retail and services.
1 more statement
Retail, Services and Overseas segments
Company states these segments contribute 60-70% of revenue; it describes this as its distributed sales channel.

Regulators

3 verified
Electricity Act, 2003 (applicable law)
Law listed as applicable specifically to the Company. Interpretation: the excerpt does not name the regulator that administers it.
Indian Electricity Rules, 1956 (applicable law)
Rules listed as applicable specifically to the Company, governing electricity matters for its power-related activity.
Special Economic Zones Act, 2005 (applicable law)
Act listed as applicable specifically to the Company. Interpretation: relevant if its facilities or sales operate under SEZ status; the excerpt does not say which.

Regulatory dependencies

6 verified
Government tenders
Interpretation: loss of eligibility for government tenders would cut the demand the company can bid for, since the excerpt says such tenders represent a substantial portion of domestic solar demand.
PLI incentive clawback
A PLI clawback from non-compliance with value-addition norms removes expected incentive income directly.
Anti-dumping duties on exports
Inaccurate trade documentation can trigger anti-dumping investigations and punitive duties, which would make exports unviable and cut overseas revenue.
3 more statements
ALMM and PLI policy support
Interpretation: the company names ALMM and PLI as policy support it leverages; a change to these lists or incentives would shift competitive position and incentive income.
GST on modules and components
Interpretation: a GST cut lowers module and component costs, which is a demand and pricing input for installations.
Tariff regulations for electricity sales
Electricity-sale revenue is recognised with regard to Power Purchase Agreements and relevant tariff regulations, so tariff changes would move that revenue.

Sensitivities

5 verified
Raw material prices
Rising raw material prices hurt margins and profitability; the company lists pass-through pricing and order-backed procurement as mitigants.
Currency
Currency fluctuations affect input costs and export margins; the company lists forward hedging and natural hedging as mitigants.
Interest rates
Variable interest rates make project financing unpredictable, so higher rates raise financing cost.
2 more statements
Working capital needs
Expansion and order-book growth raise working capital requirements, which pressures liquidity when orders grow.
Technology change
Interpretation: rapid technology change can make existing capacity outdated, which lowers the value of assets bought earlier.

Cost inputs

5 verified
Cost of materials consumed
Materials consumed rose to 13,758.38 from 7,889.29 (₹ Cr); the purchases line of 14,388.82 feeds it.
Purchases of traded stock
Bought-in finished goods for resale, 593.51 in FY26 against 322.40 in FY25.
Job work charges
Outsourced manufacturing charges of 325.61 in FY26 against 61.96 in FY25, within other manufacturing expenses.
2 more statements
In-house solar cell supply
Company states backward integration through its 5.4 GW solar cell facility reduces supplier dependence; the excerpt says this is in ramp-up.
Diversified raw material procurement
Company states it diversifies raw material procurement and sources locally to reduce supply-chain risk.

Geographies

4 verified
Domestic India (73.8%)
Standalone domestic sales of ₹15,488.26 Cr in FY26, the larger geography.
Exports (26.2%)
Standalone exports of ₹5,503.25 Cr to other countries in FY26.
Texas, USA module manufacturing
Corporate structure shows a module manufacturing entity in the USA; the excerpt does not give its revenue.
1 more statement
US manufacturing presence
Company states its US manufacturing presence is used to mitigate tariff and currency risks.
Each statement is checked word for word against the FY2026 annual report; the passages are in the app.

What changed recently?

Dividend - Rs 2 Per Share (11 Sep 2026).

Change log

8 entries · newest first
  1. Corporate actionDividend - Rs 2 Per Share.
  2. Results filedQ1 FY2027 results filed.
  3. Results filedQ4 FY2026 results filed.
  4. Results filedQ3 FY2026 results filed.
  5. Corporate actionInterim Dividend - Rs 2 Per Share.
  6. Results filedQ2 FY2026 results filed.
  7. Results filedQ1 FY2026 results filed.
  8. Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored; P/E vs own history: 0 of 36 months of P/E history.
  • FlagsWATCH on 30 of 30 flags judged; 1 red.
  • Data gapsBusiness quality, 5-year return, Wealth destroyer, P/E vs own history: not available yet.

What this page rests on

✓8 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓24 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2026 · 46 verified

Questions people ask

What is Waaree Energies's share price today?

Waaree Energies last traded at ₹2,345.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.9% on the day, down 31.8% over a year. Its 52-week range is ₹2,301 to ₹3,719. The live price is in the app.

What is Waaree Energies's market cap?

Waaree Energies's market capitalisation is about ₹66,821 crore: what it would cost to buy every share at today's price. That makes it the 57th largest mid cap company we cover.

Is Waaree Energies Ltd a large cap, mid cap or small cap?

Waaree Energies Ltd (WAAREEENER) is a mid cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Waaree Energies Ltd's P/E ratio?

17.50, vs peers 42.6 · 4th of 9. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Waaree Energies Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 17.5 vs peers 42.6 (4th of 9); P/B 6.8 vs peers 7.6 (4th of 9).

How does Waaree Energies Ltd make money?

Waaree Energies sells solar PV modules and related solar-value-chain products, including inverters, batteries and EPC services, to EPC contractors, IPPs, utilities and individual consumers, the latter through channel partners. Its standalone FY26 revenue from operations was ₹20,990.51 Cr, split between domestic sales and exports.

Who are Waaree Energies Ltd's peers?

Compared with 9 Other Electrical Equipment: Apar Industries Ltd, Premier Energies Ltd, MTAR Technologies Ltd, Diamond Power Infrastructure Ltd, Emmvee Photovoltaic Power Ltd and 4 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Waaree Energies do last quarter?

Waaree Energies reported revenue of ₹7,932 Cr, up 83.7% on a year earlier and a net profit of ₹892 Cr, up 101.5% in the Jun 2026 quarter.

Who owns Waaree Energies?

Waaree Energies is held by promoters 64.1%, foreign institutions 8.6%, domestic institutions 4.1%.

Does Waaree Energies pay a dividend?

Yes. Waaree Energies's dividend yield is 0.13% at the latest price; the last payout was ₹2.00 a share, ex-dividend 11 Sep 2026.

What do analysts say about Waaree Energies?

15 analysts cover Waaree Energies, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Waaree Energies, and 6,621 other companies, with 212 filters and the full peer tables

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