Waaree Energies Limited (WEL) ranks among the top solar module producers in India in terms of growth speed and is a leader in the renewable energy sector. The company, which was established in December 1990, has evolved into a global solar energy powerhouse with a large-scale production facility, a strong export business, and a stable financial performance.in today market Waaree Energies Share Price are give high return portfolio
We will discuss about Waaree Energies Limited Review 2025: Price target, Price today, performance and more
Waaree Energies Limited Overview
Waaree Energies Ltd is a top-notch Indian solar PV module manufacturer with a footprint worldwide. It has been around for more than 30 years and has become the largest PV module manufacturer outside China, mainly due to its significant investments in state-of-the-art production technologies.
| Parameter | Details |
| Founded | 1990 |
| Industry | Solar Photovoltaic Manufacturing & EPC |
| Installed Manufacturing Capacity | 15.1 GW (largest outside China) |
| Global Reach | 68+ countries |
| Domestic Locations | 388+ offices & partners |
| EPC Projects Commissioned | 1+ GW |
| Battery Capacity | 400 MWh (Li-ion) |
Waaree Energies Business Segments
Waaree energy limited has diversified into several solar and energy-related verticals, making it a fully integrated clean energy company.
Key Products & Services
| Category | Offerings |
| Solar PV Modules | Mono, Poly, TOPCon, Bifacial Panels |
| EPC Services | Utility, Rooftop, Solar Parks |
| Solar Rooftop Systems | Residential, Commercial, Industrial |
| Solar Pumps | Agricultural Water Pumping Systems |
| Solar Inverters | On-grid, Off-grid, Hybrid |
| Lithium-ion Batteries | 400 MWh production capacity |
| Solar Thermal Products | Water heaters, Solar dryers |
| Cables & Accessories | Industrial & solar cables |
Waaree Energies Current Market Price Today
Waaree Energies Share Price are at a premium valuation, supported by strong growth, leadership, and high profitability.
| Parameter | Value |
| Current Market Price | ₹3,247 |
| Market Cap | ₹93,391 Cr |
| 52-Week High / Low | ₹3,865 / ₹1,809 |
| Stock P/E | 34.6 |
| Book Value | ₹399 |
| Dividend Yield | 0.06% |
| ROCE | 34.9% |
| ROE | 27.4% |
| Face Value | ₹10 |
Waaree Energies Share Price Trends
Waaree Energies Share Price have kept up a bright trend over a lengthy period of time going against some fluctuations in the short term. The company has been a reliable source of returns over the last few years as a result of its strong operational performance and sector growth.
| Time Period | Price Trend | Growth / Decline |
| 52-Week Range | ₹1,863 – ₹3,865 | — |
| 1-Year Return | Up | 19.3% |
| Year-to-Date (YTD) | Up | 17.7% |
| 5-Year Return | Up | 38.8% |
| 6-Month Trend | Strong Upside | 73% gain from lows |
| 1-Month Trend | Down | ~11% decline |
| 1-Week Trend | Down | ~6% decline |
| Recent Session Surge | Up | 17.65% rise |
Key Insights
- The stock has made some temporary corrections over the last month, but its long-term trend is still bullish.
- Waaree is a significant volume stock on both NSE and BSE, indicating that there is a lot of market participation.
- The price increase is consistent with the company’s capacity expansion, sector demand, and better financials.
Waaree Energies Share Price Target (2025–2026)
Analysts have a moderate optimistic view of the Waaree Energies Share Price performance for the upcoming 12 months. The target prices differ because of the evaluation issues and competitive nature of the industry.
| Analyst Estimate Type | Target Range (₹) | Sentiment |
| Average Target | ₹3,300 | Moderate Upside |
| Highest Target | ₹4,610 | Bullish |
| Lowest Target | ₹2,087 | Cautious |
| Common Analyst Range | ₹2,600 – ₹3,500 | Neutral to Positive |
Why Waaree Energies Stands Out
1. Market Leadership
Waaree is the top solar module manufacturer in India, leading the exports and expanding the capacity at a fast pace.
2. Strong Profit Growth
The company has achieved an excellent 113% profit CAGR in the last five years, thus ranking itself among the fastest-growing companies in the renewable space.
3. High Return Ratios
The company shows good capital management with ROE of 27.4% and ROCE of 34.9%.
4. Strong Demand for Solar
The renewable energy transition in India is creating demand for modules, which is a direct advantage for Waaree.
Waaree Energies Limited Peer Comparison
Waaree leads the sector with the highest quarterly profit and strong growth.
| S.No | Name | CMP (₹) | P/E | Market Cap (Cr) | Div Yield % | NP Qtr (Cr) | Profit Var % | Sales Qtr (Cr) | Sales Var % | ROCE % |
| 1 | Waaree Energies | 3246.80 | 34.56 | 93,391.25 | 0.06 | 878.21 | 132.97 | 6065.64 | 69.70 | 34.94 |
| 2 | Premier Energies | 997.90 | 37.85 | 45,204.31 | 0.10 | 353.44 | 71.61 | 1836.87 | 20.28 | 41.12 |
| 3 | Apar Industries | 9231.50 | 39.47 | 37,081.38 | 0.55 | 251.70 | 29.82 | 5715.42 | 23.06 | 32.70 |
| 4 | Emmvee Photovoltaic | 232.63 | 43.65 | 16,106.02 | 0.00 | — | — | — | — | 28.01 |
| 5 | Waaree Renewable | 1110.40 | 32.78 | 11,575.54 | 0.09 | 116.35 | 117.22 | 774.78 | 47.73 | 82.31 |
| 6 | Vikram Solar | 300.65 | 41.67 | 10,875.02 | 0.00 | 128.49 | 1645.79 | 1109.91 | 93.72 | 26.45 |
| 7 | Genus Power | 336.85 | 21.66 | 10,244.00 | 0.73 | 148.15 | 162.44 | 1149.00 | 135.99 | 19.21 |
Waaree Energies Limited Quarterly Results (Consolidated)
OPM consistently improving, showing operational efficiency.
| Quarter | Sales (Cr) | Expenses (Cr) | Operating Profit | OPM % | Net Profit | EPS (₹) |
| Jun 2023 | 3,328 | 2,861 | 468 | 14% | 338 | 17.05 |
| Sep 2023 | 3,537 | 3,020 | 517 | 15% | 320 | 15.98 |
| Dec 2023 | 1,596 | 1,425 | 171 | 11% | 141 | 6.32 |
| Mar 2024 | 2,936 | 2,518 | 418 | 14% | 475 | 23.41 |
| Jun 2024 | 3,409 | 2,856 | 552 | 16% | 401 | 19.99 |
| Sep 2024 | 3,574 | 3,050 | 525 | 15% | 376 | 13.73 |
| Dec 2024 | 3,457 | 2,736 | 722 | 21% | 507 | 17.15 |
| Mar 2025 | 4,004 | 3,081 | 923 | 23% | 644 | 21.54 |
| Jun 2025 | 4,426 | 3,429 | 997 | 23% | 773 | 25.94 |
| Sep 2025 | 6,066 | 4,659 | 1,406 | 23% | 878 | 29.29 |
Waaree Energies Limited Profit & Loss Statement (Consolidated)
Revenue and profit have seen explosive growth in the last 3 years.
| Year | Sales (Cr) | Operating Profit | OPM % | Net Profit (Cr) | EPS (₹) |
| Mar 2020 | 1,996 | 93 | 5% | 39 | 2.12 |
| Mar 2021 | 1,953 | 85 | 4% | 48 | 2.50 |
| Mar 2022 | 2,854 | 106 | 4% | 80 | 3.84 |
| Mar 2023 | 6,751 | 836 | 12% | 500 | 24.49 |
| Mar 2024 | 11,398 | 1,574 | 14% | 1,274 | 62.76 |
| Mar 2025 | 14,444 | 2,722 | 19% | 1,928 | 65.00 |
| TTM | 17,953 | 4,048 | 23% | 2,802 | 93.92 |
Balance Sheet Overview
Rapid asset and reserve growth indicate strong reinvestment.
| Year | Equity | Reserves | Borrowings | Other Liabilities | Total Liabilities |
| Mar 2020 | 197 | 101 | 157 | 483 | 938 |
| Mar 2021 | 197 | 148 | 340 | 596 | 1,281 |
| Mar 2022 | 197 | 231 | 363 | 1,362 | 2,154 |
| Mar 2023 | 243 | 1,595 | 320 | 5,247 | 7,406 |
| Mar 2024 | 263 | 3,825 | 553 | 6,635 | 11,277 |
| Mar 2025 | 287 | 9,192 | 1,199 | 9,028 | 19,706 |
| Sep 2025 | 288 | 11,198 | 2,941 | 10,199 | 24,625 |
Waaree Energies Limited Cash Flow Statement
High negative investing cash flow reflects heavy capex for expansion.
| Year | CFO | CFI | CFF | Net Cash Flow |
| Mar 2020 | 83 | -22 | -50 | 12 |
| Mar 2021 | 67 | -250 | 161 | -21 |
| Mar 2022 | 698 | -673 | 101 | 126 |
| Mar 2023 | 1,560 | -2,088 | 642 | 114 |
| Mar 2024 | 2,305 | -3,346 | 909 | -132 |
| Mar 2025 | 3,158 | -6,806 | 4,036 | 388 |
Waaree Energies Limited Financial Ratios
ROCE remains consistently strong despite capex.
| Year | Debtor Days | Inventory Days | Payable Days | CCC | ROCE % |
| Mar 2020 | 26 | 54 | 67 | 13 | — |
| Mar 2021 | 22 | 83 | 99 | 6 | 16% |
| Mar 2022 | 12 | 85 | 83 | 14 | 21% |
| Mar 2023 | 17 | 192 | 143 | 66 | 52% |
| Mar 2024 | 31 | 108 | 84 | 55 | 44% |
| Mar 2025 | 30 | 96 | 91 | 35 | 35% |
Waaree Energies Limited Shareholding Pattern
Foreign investors are increasing their stake rapidly, which signals confidence.
| Quarter | Promoters | FIIs | DIIs | Public |
| Dec 2024 | 64.31% | 1.40% | 2.70% | 31.58% |
| Mar 2025 | 64.31% | 0.70% | 2.46% | 32.53% |
| Jun 2025 | 64.31% | 2.68% | 2.86% | 30.15% |
| Sep 2025 | 64.22% | 6.35% | 2.82% | 26.60% |
Pros and Cons of Waaree Energies
| Pros | Cons |
| Expected to deliver strong quarterly results | Stock trades at 8.13× its book value |
| 113% profit CAGR in 5 years | Dividend yield is low |
| Strong 3-year ROE of 30.7% | High valuation may limit short-term upside |
| Market leader in domestic module manufacturing | Requires continuous capex for expansion |
Waaree Energies Limited Growth Overview
Waaree’s sales and profits have expanded exponentially.
| Category | Growth % |
| 5-Year Sales CAGR | 49% |
| 3-Year Sales CAGR | 72% |
| TTM Sales Growth | 56% |
| 5-Year Profit CAGR | 113% |
| 3-Year Profit CAGR | 191% |
| TTM Profit Growth | 139% |
| 1-Year Stock Price CAGR | 19% |
Conclusion
Waaree Energies Limited is a leading renewable energy company in India with a vast capacity, solid financials, and excellent stock performance. Its exponential profit growth, improving margins, and entry into the international markets make it a compelling long-term story of India’s clean energy revolution. The stock is overvalued and is trading at a significant premium to the book value. There is also a possibility that the heavy capital expenditure requirements will hamper the free cash flows. Long-term investors who are optimistic about the solar energy sector in India can consider investing in Waaree Energies as it is a high-growth stock with high potential.
FAQs
The company operates with thin margins, records high ROE/ROCE, and shows rapid profit growth.
The company’s leading position and high growth rate are the main reasons for a premium valuation.
Dividend yield is very low at 0.06% as the company prefers to reinvest the profits for expansion.
For investors who are positive about the renewable energy sector, Waaree would be a solid long-term investment.
The biggest strength of Waaree Energies is its market leadership with the large manufacturing capacity and being the export leader.
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