Inve India ▾

Waaree Energies share price & results

Waaree Energies Limited· Capital Goods· Industrials

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

India's largest solar PV module manufacturer, with integrated cell, EPC and O&M operations in 24+ countries.

Company research is public. Sign in to keep your own companies, notes and cases.

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue7,932 ₹ crore+79.2% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin18.0 %−5.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit892 ₹ crore+15.4% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity33.66 %+5.2 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-12.09 %−11.3 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)94.31 %+57.0 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

1 of 6 judged targets kept · 17 open · verdicts reflect calls analysed to Q1 FY27.

Waaree Energies Limited management guidance track record on Inve: 23 targets tracked across analysed earnings calls (1 achieved, 5 missed, 17 open).

TargetOriginal wordingSaidLatest callVerdict
FY26 EBITDA₹5,500 crores to ₹6,000 crores
Call transcript, Q4 FY25 · 23 Apr 2025		Q4 FY25Q1 FY27:Completed and achieved in FY26 at ₹5,909 crores.
Call transcript, Q1 FY27 · 6 Aug 2026		Achieved
Green Hydrogen Electrolyzer Capacity300 megawatt plant by 2027
Call transcript, Q4 FY25 · 23 Apr 2025		Q4 FY25Q1 FY27:No specific update provided on the 1 GW electrolyzer capacity timeline for FY27.
Call transcript, Q1 FY27 · 6 Aug 2026		Ghosted
5.4 GW Cell Factory UtilizationFully on stream and manufacturing at rated capacity in 45-60 days
Call transcript, Q4 FY25 · 23 Apr 2025		Q4 FY25Q1 FY27:Q1 DCR cell production was 800 MW with cell-to-module integration at ~20%, guided to rise to 1.1-1.2 GW in Q2 and ~65% integration in 2-3 quarters, confirming continued slow ramp-up.
Call transcript, Q1 FY27 · 6 Aug 2026		Delayed

Source: Inve Guidance Tracker for Waaree Energies Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

5 of Waaree Energies Limited's 23 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.
See the full record

Price

₹2,319 −1.52% · −₹35.9

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance −34.3% 1Y

₹2.5k₹3.0k₹3.5kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 24 Oct 2025Q3 FY26 — 22 Jan 2026Q3 FY26 — 25 Feb 2026Q4 FY26 — 30 Apr 2026Q1 FY27 — 6 Aug 2026

1Y: ₹3,529.5 on 24 Oct 2025 → ₹2,319. High ₹3,585.5 (27 Oct 2025), low ₹2,317 (8 Oct 2026).

Previous close
₹2,354.9
Market cap
₹65.4k Cr
52-week range
₹2,317 – ₹3,585.5
One year
−35.32%
Price to earnings (TTM to Jun 2026)
16.25×
Return on equity (TTM to Jun 2026)
33.66%

Overview

Symbol
NSE:WAAREEENER
Industry
Industrials
Exchange
NSE
Currency
INR

What Waaree Energies Limited does

Based on the company's own presentations, annual report and earnings calls.

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

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

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.

Your own record

Start an Inve Case for Waaree Energies Limited

Free account: one company. Everything above stays public.

Write why you follow Waaree Energies Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Capital Goods companies

All Capital Goods companies → · Capital Goods earnings growth →

Learn to analyse Waaree Energies Limited

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