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Swing Capital

Waaree Energies Ltd

NSE: WAAREEENER BSE: 544277Energy

Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.[1]WEL has five solar module manufacturing facilities in India, with international presence.

₹2,998
52W: ₹2402 — ₹3865
PE 21.6 · Book ₹456 · +557% vs book
Market Cap₹86,226 Cr
Stock P/E21.6Price to Earnings
ROCE42.8%Return on Capital
ROE35.4%Return on Equity
Div. Yield0.07%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 144% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 31.6%

Shareholding Pattern

Promoters64.19%
FIIs7.06%
DIIs4.32%
Public24.44%
CategoryDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters64.31%64.31%64.31%64.22%▼0.164.22%64.19%▼0.0
FIIs1.4%0.7%▼0.72.68%▲2.06.35%▲3.76.91%▲0.67.06%▲0.1
DIIs2.7%2.46%▼0.22.86%▲0.42.82%▼0.02.86%▲0.04.32%▲1.5
Public31.58%32.53%▲1.030.15%▼2.426.6%▼3.526.01%▼0.624.44%▼1.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,4212,6833,1903,1693,0823,3233,3704,5826,2916,748
Expenses1,3362,3312,6712,6962,4422,5612,5213,5404,6105,539
Operating Profit853525194746407628491,0421,6811,209
OPM %6%13%16%15%21%23%25%23%27%18%
Net Profit834323723574715816601,1601,009934
EPS ₹4.2221.9318.8613.5716.4120.2122.9740.3135.132.45

AI Insights

Revenue Trend

Mar 2026 revenue at ₹20,991Cr, up 64.4% YoY. OPM at 23%.

Debt Position

Borrowings at ₹2,015Cr. Debt-to-equity ratio: 0.16x. Healthy balance sheet.

Capex Cycle

CWIP at ₹701Cr (16% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 4.32% (+1.62pp change). FIIs: 7.06% (+5.66pp change). Promoters hold 64.19%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 43% (Mar 2026). Working capital days: -35.

Valuation

PE 21.6x with 42.8% ROCE. Price is 557% above book value of ₹456. Dividend yield: 0.07%.

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