WAAREEENER

Waaree Energies share price & financials

Price
₹2,840.7
Market cap
₹78.2k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 06 Aug 2026

Waaree Energies Limited Q1 FY27

Revenue from Operations ₹7,932 cr +79%Operating EBITDA ₹1,440 cr +44%Operating EBITDA Margin 18.2% PAT ₹892 cr +15%

What went well

  • Strong revenue growth of 79.2% YoY to INR7,932 crores, demonstrating robust operational performance.
  • Operating EBITDA grew 44.4% YoY to INR1,440 crores, with a healthy margin of 18.2%.
  • Record-high order book of INR61,500 crores, reflecting strong demand and market confidence.

What to watch

  • Raw material costs rose globally, compressing margins across the industry, including for Waaree.
  • Export mix was softer due to longer shipments and clearances, impacting realizations.
Read the full call →

What Waaree Energies Limited does

Waaree Energies, founded in 1990 and in solar energy since 2007, manufactures and sells solar photovoltaic modules and solar cells through a backward-to-forward integrated model spanning ingots/wafers, cells, modules, EPC and O&M. It earns revenue by selling modules to utility/IPP/C&I customers, overseas buyers and retail (B2C) customers through a franchisee network, alongside EPC contracting and O&M services for solar projects. The company is diversifying beyond solar modules into adjacent energy-transition products including battery energy storage systems (BESS), solar inverters, transformers and green hydrogen electrolysers, positioning itself as an integrated energy-transition player.

Segments

  • Utility/IPP/C&I
  • Retail
  • Overseas
  • EPC
Solar module manufacturing capacity
~26 GW (India + US)
Solar cell manufacturing capacity
5.4 GW — India's largest solar cell facility (Chikhli, Gujarat gigafactory)
Market position
Largest non-Chinese solar module manufacturer in the world; India's largest solar PV module manufacturer (CRISIL)
US manufacturing capacity
1.6 GW operational module facility (Texas, US)
Export footprint
24 countries
Retail distribution network
480+ franchisees and 2,800 authorised service points across 700+ districts in India
Founded 1990Headquarters Mumbai, Maharashtra, IndiaEmployees 11,400 (March 31, 2025 (FY2024-2) Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 1 delivered 5 missed 14 open
  • Green Hydrogen Electrolyzer Capacity went quiet said Q4 FY25 Promised: 300 megawatt plant by 2027 Q1 FY27: No update provided on the 1 GW electrolyzer capacity target for FY27.
  • 5.4 GW Cell Factory Utilization delayed said Q4 FY25 Promised: Fully on stream and manufacturing at rated capacity in 45-60 days Q1 FY27: Cell-to-module integration ratio at ~20%, guided to rise to ~65% in 2-3 quarters, confirming continued slow ramp-up.
  • FY26 EBITDA delivered said Q4 FY25 Promised: ₹5,500 crores to ₹6,000 crores Q4 FY26: FY26 Operating EBITDA achieved at ₹5,909 crores

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 79.2%, net profit up 15.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue3,574 3,457 4,004 4,426 6,066 +70%7,565 +119%8,480 +112%7,932 +79%
EBITDA525 722 923 997 1,406 +168%1,928 +167%1,577 +71%1,440 +44%
Net profit376 507 644 773 878 +134%1,107 +118%1,126 +75%892 +15%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −24.5% 1Y

₹2.5k₹3.0k₹3.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 22 Jan 2026Q3 FY26 — 25 Feb 2026Q4 FY26 — 30 Apr 2026Q1 FY27 — 6 Aug 2026

1Y: ₹3,477.8 on 10 Sept 2025 → ₹2,625. High ₹3,739.8 (11 Sept 2025), low ₹2,419 (21 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−1.3%
6 Aug
Q4 FY26
−11.0%
30 Apr
Q3 FY26
+9.2%
22 Jan
Q2 FY26
−2.5%
17 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 52.6% a year over 2 years, FY24 to FY26. Operating margin widened to 22.3%.

Year endingFY24FY25FY26
Revenue₹11.4k Cr₹14.4k Cr₹26.5k Cr
Operating profit₹1.6k Cr₹2.7k Cr₹5.9k Cr
Operating margin13.8%18.8%22.3%
Interest₹139 Cr₹153 Cr₹280 Cr
Depreciation₹277 Cr₹402 Cr₹990 Cr
Net profit₹1.3k Cr₹1.9k Cr₹3.9k Cr
Net margin11.2%13.3%14.6%
ROCE44.0%35.0%39.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹197 Cr₹197 Cr₹243 Cr₹263 Cr₹288 Cr₹288 Cr
Reserves₹148 Cr₹231 Cr₹1.6k Cr₹3.8k Cr₹11.2k Cr₹14.2k Cr
Borrowings₹340 Cr₹363 Cr₹320 Cr₹553 Cr₹2.9k Cr₹3.2k Cr
Other liabilities₹596 Cr₹1.4k Cr₹5.2k Cr₹6.6k Cr₹10.2k Cr₹12.5k Cr
Total liabilities₹1.3k Cr₹2.2k Cr₹7.4k Cr₹11.3k Cr₹24.6k Cr₹30.1k Cr
Fixed assets₹285 Cr₹625 Cr₹1.1k Cr₹1.4k Cr₹6.2k Cr₹7.3k Cr
Capital work in progress₹3 Cr₹124 Cr₹537 Cr₹1.3k Cr₹1.9k Cr₹3.5k Cr
Investments₹115 Cr₹143 Cr₹31 Cr₹71 Cr₹254 Cr₹953 Cr
Other assets₹878 Cr₹1.3k Cr₹5.7k Cr₹8.4k Cr₹16.3k Cr₹18.4k Cr
Total assets₹1.3k Cr₹2.2k Cr₹7.4k Cr₹11.3k Cr₹24.6k Cr₹30.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −6.92 pp while FIIs added +5.89 pp. The shareholder count shrank 5% to 7,31,601.

Promoters
64.1%
FIIs
8.6%
DIIs
4.1%
Public
23.2%

Since Jun 2025

  • Public −6.92 pp
  • FIIs +5.89 pp
  • DIIs +1.22 pp

How it drifted, 7 quarters

Over this window the public fell from 31.6% to 23.2% — −8.3 pp.

Dec '24Sep '25Jun '26

Ownership split by quarter, oldest first. Dec '24: Promoters 64.3%, FIIs 1.4%, DIIs 2.7%, Public 31.6%.Mar '25: Promoters 64.3%, FIIs 0.7%, DIIs 2.5%, Public 32.5%.Jun '25: Promoters 64.3%, FIIs 2.7%, DIIs 2.9%, Public 30.1%.Sep '25: Promoters 64.2%, FIIs 6.3%, DIIs 2.8%, Public 26.6%.Dec '25: Promoters 64.2%, FIIs 6.9%, DIIs 2.9%, Public 26.0%.Mar '26: Promoters 64.2%, FIIs 7.1%, DIIs 4.3%, Public 24.4%.Jun '26: Promoters 64.1%, FIIs 8.6%, DIIs 4.1%, Public 23.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Waaree Energies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Chimanlal Tribhuvandas Doshi 45.78%−0.06 pp
Waaree Sustainable Finance Private Limited (Formerly Mahavir Thermoequip Private Limited) 18.34%unchanged
Motilal Oswal Large And Midcap Fund Mutual fund2.47%+0.50 pp
Kalpraj Damji Dharamshi 2.12%−0.13 pp
Vt Energy Srl 1.91%unchanged
Hitesh C Doshi 0.00%unchanged
Viren C Doshi 0.00%unchanged
Kirit Chimanlal Doshi 0.00%unchanged
Pujan P Doshi 0.00%unchanged
Smita Shah 0.00%unchanged
Rushabh Pankaj Doshi 0.00%unchanged
Waaree Ess Private Ltd 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in WAAREEENER

Filings to Aug 2026

0 new, 5 added, 1 trimmed, 0 sold out — net +0.08 L shares (+2.8%).

Held by funds
₹75 Cr
7 schemes
Biggest holder
HDFC Large and Mid Cap Fund
₹24 Cr · 0.1% of that fund
SchemeHoldingLast month
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹24 Crheld
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹24 Cr+0.05 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹17 Cr+0.01 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹8 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹1 Cr−0.00 L
SBI Nifty Midcap150 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

5 added, 1 trimmed — net +7,752 shares (+2.8%)

Funds are sitting on
-3%
vs est. average cost
Held by funds
₹75 Cr
7 schemes · ≈ 0.10% of the company
Biggest holder
HDFC Large and Mid Cap Fund
₹24 Cr · 0.1% of that fund

Shares held by these funds +4%

Oct '24 2.76 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹2625, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~96%. At that growth it is worth ₹99950 — upside of 3708%.

Growth the price implies
11.9% a year
for 7 years, fading to 4%
It has actually compounded at
95.6% a year
net profit, FY24–FY26
The gap
-0.8 pp
3708% downside if it only repeats history
Price today ₹2,625 Value at the reference growth ₹99,949.92

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Waaree Energies Limited

Guides on how to read this kind of business and the numbers that matter.