Noida-based solar PV module manufacturer and captive-manufacturing subsidiary of Waaree Energies.
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 372 | 372 | 372 | 42 | 42 | 42 | 42 | 42 |
| Reserves | -1.4k | -1.4k | -1.5k | -41 | -56 | -1 | 162 | 245 |
| Borrowings | 41 | 829 | 829 | 60 | 102 | 50 | 3 | 3 |
| Other Liabilities | 1.2k | 407 | 408 | 4 | 63 | 150 | 129 | 54 |
| Total Liabilities | 252 | 238 | 116 | 65 | 150 | 241 | 336 | 344 |
| AssetsFixed Assets | 147 | 140 | 82 | 48 | 47 | 122 | 105 | 91 |
| CWIP | 83 | 83 | 27 | 4 | 94 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 21 | 14 | 7 | 13 | 9 | 118 | 231 | 253 |
| Total Assets | 252 | 238 | 116 | 65 | 150 | 241 | 336 | 344 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 32 | -1 | -1 | 0 | -14 | 18 | 85 | 78 |
| Cash from Investing | -23 | 2 | -1 | 0 | -3 | -56 | -20 | -24 |
| Cash from Financing | -12 | 0 | 0 | 1 | 18 | 38 | -53 | -66 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 9 | 0 | -1 | 0 | -14 | -38 | 65 | 53 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
WAAREEINDO · CYCLICAL_UNMODELABLE
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