Waaree Energies Ltd (WAAREEENER) share price, results, shareholding

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	3,537	1,596	2,936	3,409	3,574	3,457	4,004	4,426	6,066	7,565	8,480	7,932
Expenses	3,020	1,425	2,518	2,856	3,050	2,736	3,081	3,429	4,659	5,637	6,904	6,492
Operating Profit	517	171	418	552	525	722	923	997	1,406	1,928	1,577	1,440
OPM %	15%	11%	14%	16%	15%	21%	23%	23%	23%	25%	19%	18%
Other Income	21	105	364	88	89	88	133	171	161	-99	180	171
Interest	33	18	48	34	31	31	57	43	96	93	48	70
Depreciation	71	74	75	76	84	89	153	182	240	267	301	330
Profit before tax	435	184	659	531	499	690	845	943	1,231	1,469	1,408	1,210
Tax %	26%	23%	28%	24%	25%	27%	24%	18%	29%	25%	20%	26%
Net Profit	320	141	475	401	376	507	644	773	878	1,107	1,126	892
EPS in Rs	15.98	6.32	23.41	19.99	13.73	17.15	21.54	25.94	29.29	36.94	36.89	29.56

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	1,996	1,953	2,854	6,751	11,398	14,444	26,537	30,043
Expenses	1,903	1,868	2,748	5,915	9,823	11,723	20,628	23,692
Operating Profit	93	85	106	836	1,574	2,722	5,909	6,351
OPM %	4.7%	4.3%	3.7%	12%	14%	19%	22%	21%
Other Income	25	45	97	88	576	398	413	413
Interest	34	31	41	82	140	152	280	308
Depreciation	27	29	43	164	277	402	990	1,138
Profit before tax	57	70	118	677	1,734	2,565	5,052	5,319
Tax %	31%	31%	33%	26%	27%	25%	23%
Net Profit	39	48	80	500	1,274	1,928	3,884	4,003
EPS in Rs	2.12	2.50	3.84	24.49	62.76	65.00	129.02	132.68
Dividend Payout %	0%	0%	0%	0%	0%	0%	3%

	10 Years	5 Years	3 Years	TTM	1 Year	Last Year
Compounded Sales Growth	%	69%	58%	94%
Compounded Profit Growth	%	143%	99%	81%
Stock Price CAGR	%	%	%		-28%
Return on Equity	%	31%	31%			33%

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	197	197	197	243	263	287	288
Reserves	101	148	231	1,595	3,825	9,192	14,150
Borrowings	157	340	363	320	553	1,199	3,213
Other Liabilities	483	596	1,362	5,247	6,635	8,766	12,335
Total Liabilities	938	1,281	2,154	7,406	11,277	19,444	29,985
Fixed Assets	152	285	625	1,105	1,450	4,026	7,328
CWIP	40	3	124	537	1,341	1,884	3,477
Investments	85	115	143	31	71	65	953
Other Assets	661	878	1,262	5,732	8,414	13,469	18,227
Total Assets	938	1,281	2,154	7,406	11,277	19,444	29,985

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	83	67	698	1,560	2,305	3,158	1,627
Cash from Investing Activity	-22	-250	-673	-2,088	-3,346	-6,806	-3,936
Cash from Financing Activity	-50	161	101	642	909	4,036	2,573
Net Cash Flow	12	-21	126	114	-132	388	264
Free Cash Flow	32	-35	202	698	968	-114	-3,209
CFO/OP	102%	105%	683%	199%	168%	143%	47%

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	26	22	12	17	31	27	34
Inventory Days	54	83	85	192	108	96	129
Days Payable	67	99	83	143	84	85	79
Cash Conversion Cycle	13	6	14	66	55	38	84
Working Capital Days	10	2	-84	-66	-40	-92	-35
ROCE %		16%	21%	52%	44%	35%	38%

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	64.31%	64.31%	64.31%	64.22%	64.22%	64.19%	64.12%
FIIs	1.40%	0.70%	2.68%	6.35%	6.91%	7.06%	8.57%
DIIs	2.70%	2.46%	2.86%	2.82%	2.86%	4.32%	4.08%
Public	31.58%	32.53%	30.15%	26.60%	26.01%	24.44%	23.23%
No. of Shareholders	7,67,963	8,51,028	7,67,267	6,90,025	6,95,699	6,83,301	7,31,601

Fundamentals

Market Cap₹ 68,461 Cr.

Current Price₹ 2,380

Stock P/E17.0

Book Value₹ 502

ROCE38.4 %

ROE32.5 %

Dividend Yield0.17 %

Face Value₹ 10.0

Compounded Sales Growth (TTM)94%

Compounded Profit Growth (TTM)81%

Consolidated figures.

Valuation

Market capRs 56,948 Cr

Enterprise valueRs 55,532 Cr

P/E (TTM)14.92x

Price to book30.98x

Price to sales1.90x

EV / EBITDA8.21x

EV / EBIT9.87x

EV / sales1.85x

Price to cash flow36.50x

Earnings yield6.70%

Profitability

Operating margin (excl. other income)12.38%

Operating margin (incl. other income)13.68%

EBITDA margin22.51%

Pre-tax margin17.70%

Net profit margin12.70%

Net margin, latest quarter10.72%

ROE42.61%

ROCE51.49%

ROA10.10%

ROE, 3-year average25.83%

ROCE, 3-year average30.25%

ROA, 3-year average6.31%

ROIC (approx.)984.40%

Tax rate26.12%

Other income / net worth4.77%

Growth

Sales growth (latest year)136.52%

Profit growth (latest year)538.23%

Sales CAGR, 3 years50.11%

Profit CAGR, 3 years126.20%

Sales growth QoQ-6.47%

Profit growth QoQ-19.87%

Sales growth YoY (latest quarter)79.22%

Profit growth YoY (latest quarter)14.09%

Per share

EPS (TTM)Rs 156.81

EPS (latest year)Rs 19.84

EPS (latest quarter)Rs 34.94

EPS, 3-year averageRs 8.72

Book value per shareRs 75.54

Sales per shareRs 1,234.47

Cash flow per shareRs 64.11

Free cash flow per shareRs -131.86

Efficiency

Asset turnover0.91x

Fixed asset turnover6.11x

Inventory turnover2.07x

Inventory days176 days

Debtor days17 days

Debtors turnover21.60x

Creditor days79 days

Cash conversion cycle84 days

Working capital days-35 days

Leverage

Total debtRs 320 Cr

Cash and bankRs 1,736 Cr

Net debtRs -1,416 Cr

Debt to equity0.17x

Net debt / EBITDA-0.21x

Interest coverage18.29x

Current ratio (filing 2026-03-31)1.39x

Quick ratio (filing 2026-03-31)0.93x

Trade payables (filing 2026-03-31)Rs 3,108 Cr

Owners' fund to total sources24.82%

Debt to assets4.32%

Cash flow

Cash from Operating Activity (latest year)Rs 1,560 Cr

Cash from Investing Activity (latest year)Rs -2,088 Cr

Cash from Financing Activity (latest year)Rs 642 Cr

Net Cash Flow (latest year)Rs 114 Cr

Free cash flow (latest year)Rs -3,209 Cr

FCFE (approx.: FCF + change in debt)Rs -3,252 Cr

Cash from ops / profit, 5 years1.22x

Sales to cash flow4.33x

Statement figures

Net sales (TTM)Rs 30,043 Cr

Net sales (latest year)Rs 6,751 Cr

Sales (latest quarter)Rs 7,932 Cr

Operating profit excl. other income (latest year)Rs 836 Cr

Operating profit (latest quarter)Rs 1,440 Cr

Other income (TTM)Rs 413 Cr

EBITDA (TTM)Rs 6,764 Cr

PBDT (TTM)Rs 6,456 Cr

Profit before tax (TTM)Rs 5,319 Cr

Tax (latest year)Rs 177 Cr

Net profit (TTM)Rs 3,816 Cr

Net profit (latest year)Rs 483 Cr

Net profit (latest quarter)Rs 850 Cr

Depreciation (TTM)Rs 1,138 Cr

Depreciation (latest quarter)Rs 330 Cr

Interest (TTM)Rs 308 Cr

Cost of goods sold (latest year)Rs 5,614 Cr

Total expenditure (latest year)Rs 5,915 Cr

Total income (latest year)Rs 6,839 Cr

Share capitalRs 243 Cr

ReservesRs 1,595 Cr

Shareholders' fundsRs 1,838 Cr

Total assetsRs 7,406 Cr

Net blockRs 1,105 Cr

Capital work in progressRs 537 Cr

InvestmentsRs 31 Cr

ReceivablesRs 313 Cr

InventoryRs 2,709 Cr

Other liabilitiesRs 5,247 Cr

Shares outstanding (crore)24.34

Ownership

Promoter holding64.12% (-0.19 in a year)

Computed by MarketFriction from the consolidated statements. Returns use average balances.

Not enough history to build valuation bands (needs two years of profits and prices).

Period	WAAREEENER	Nifty 50	Difference
1 week	-5.7%	-2.8%	-2.9 pts
1 month	-9.6%	-6.8%	-2.8 pts
3 months	-18.2%	-7.6%	-10.5 pts
6 months	-24.8%	+0.4%	-25.2 pts
1 year	-32.1%	-9.9%	-22.2 pts

81 mutual fund schemes hold about ₹2,556 Cr. Over three months 32 bought more and 13 sold (share counts, price move removed).

Fund	Weight	Est. Cr	3m shares
Motilal Oswal Midcap Fund	1.48%	633	-6%
Motilal Oswal Large & Midcap Fund	2.77%	558	-1%
Motilal Oswal Large & Midcap Fund	2.77%	510	-1%
Motilal Oswal Flexi Cap Fund	3.13%	443	+1%
Motilal Oswal ELSS Tax Saver Fund	3.04%	156	+2%
Canara Rob Large and Mid Cap Fund	0.17%	44	+3%
Aditya Birla SL Midcap Fund	0.44%	31	+144%
Aditya Birla SL Midcap Fund	0.44%	30	+144%
Motilal Oswal Nifty Midcap 150 Index Fund	0.58%	24	+3%
HDFC Large & Mid Cap Fund	0.08%	24	+5%
Nippon India Nifty Midcap 150 Index Fund	0.59%	17	+2%
JM Mid Cap Fund	1.14%	15	+1%
Axis Nifty Midcap 50 Index Fund	1.05%	8	+2%
ICICI Pru Nifty Midcap 150 Index Fund	0.58%	8	+3%
SBI Nifty Midcap 150 Index Fund	0.58%	8	+3%
ITI Large & Mid Cap Fund	0.91%	7	+201%
Zerodha Nifty LargeMidcap 250 Index Fund	0.30%	5	+5%
HDFC NIFTY Midcap 150 Index Fund	0.58%	4	+3%
Motilal Oswal Nifty 500 Index Fund	0.12%	4	+6%
Kotak Energy Opportunities Fund	1.42%	4	+8%
Motilal Oswal BSE Clean Environment Index Fund	6.93%	3	+17%
Aditya Birla SL Nifty Midcap 150 Index Fund	0.58%	3	+3%
Navi Nifty Midcap 150 Index Fund	0.58%	2	+3%
Tata Nifty Midcap 150 Index Fund	0.59%	2	+3%
UTI Arbitrage Fund	0.02%	2	+30%

Red flags

F-score 7 of 8

look	Inventory outrunning sales Inventory grew 403% vs sales +137% in 2026
look	Regulator order or action Regulator order or action 2026-04-01: Waaree Energies Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requi

Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026

Sales ₹7,932 Cr +79.2% vs Jun 2025. Net profit ₹892 Cr +15.4%.

Activity

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No bulk or block deals on record.

Ex-date	Action	Factor
2026-09-11	Dividend - Rs 2 Per Share
2025-10-24	Interim Dividend - Rs 2 Per Share

Date	Type	What it says
2026-09-30	Updates	Commencement of Commercial Production by Waaree Power Private Limited, a wholly owned subsidiary of the Company at Sarodhi, Valsad, Gujarat..
2026-09-25	Shareholder meeting	Voting results.
2026-09-24	Shareholder meeting	Proceedings of Annual General Meeting held on September 24, 2026 at 11:00 A.M. (IST)
2026-09-24	Press Release	A press release dated September 24, 2026, titled Waaree Clean Energy Solutions enters India s specialty gases market to power semiconductor and Solar...
2026-09-24	Board meeting outcome	Scheme of Amalgamation of Indosolar Limited with Waaree Energies Limited and their respective shareholders pursuant to Sections 230 to 232 of the Comp...
2026-09-23	Amalgamation/Merger	Scheme of Amalgamation of Indosolar Limited with Waaree Energies Limited and their respective shareholders pursuant to Sections 230 to 232 of the Comp...
2026-09-23	Board meeting outcome	Outcome of Board Meeting held on Wednesday, September 23, 2026.
2026-09-22	Concall / analyst meet	Analyst/Investor Meet scheduled to be held on Monday, September 28, 2026.
2026-09-21	Order win	Intimation of Letter of Award.
2026-09-16	Concall / analyst meet	Schedule of meet
2026-09-02	Updates	Letter sent to Shareholders.
2026-09-02	Updates	Business Responsibility and Sustainability Report ("BRSR") forming part of the Annual Report for FY 2025 - 26.
2026-09-02	Shareholder meeting	Notice of the 36th Annual General Meeting to be held on September 24, 2026 at 11:00 A.M. (IST).
2026-08-29	Updates	Consolidation of the Companys Manufacturing Facilities from Tumb & Nandigram to the Companys existing manufacturing facility at Chikhli, Gujarat.
2026-08-29	Record Date	Record date for the purpose of Final Dividend for the Financial Year 2025 - 26 is Friday, September 11, 2026.
2026-08-29	Retirement	Retirement due to completion of first term of five years of Ms. Richa Goyal, Non - Executive Independent Director.
2026-08-29	Appointment	Appointment of Ms Mona Bhide (DIN: 05203026) as an Additional Non- Executive Independent Director of the company w.e.f. August 30, 2026.
2026-08-29	Board meeting outcome	Outcome of Board Meeting held on Saturday, August 29, 2026.
2026-08-28	Order win	Intimation of Receipt of Letter of Award.
2026-08-28	General Updates	Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015.
2026-08-24	Concall / analyst meet	Analyst/Institutional Investor Meet scheduled to be held on Thursday, August 27, 2026.
2026-08-20	Concall / analyst meet	Plant Visit scheduled to be held on Tuesday, August 25, 2026.
2026-08-13	Arrangements for strategic,	Intimation under Regulation 30 - Execution of Joint Venture Agreement by the subsidiaries of the Company.
2026-08-12	General Updates	Intimation regarding execution of the Share Subscription and Shareholders Agreement (SSHA) and Energy Supply Agreement (ESA) by the Wholly Owned Subsi...
2026-08-07	Disclosure under SEBI Takeov	C T Doshi Family Trust has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisiti...

Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.

Put / call open interest0.67

Max pain (expiry 2026-10-27)2,450

Largest call open interest at2,500

Largest put open interest at2,500

Implied volatility, at the money31.5%

Underlying at snapshot2,340.00

Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.

Trade date	Shares sold short
2026-09-30	783
2026-09-29	150

Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.

Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Waaree Energies Ltd?

Waaree Energies Ltd (WAAREEENER) has a market capitalisation of Rs 68,461 Cr. at the 2026-10-01 close.

What is the P/E ratio of Waaree Energies Ltd?

Waaree Energies Ltd trades at a P/E of 17.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Waaree Energies Ltd's latest quarterly results?

In the Jun 2026 quarter, Waaree Energies Ltd sales was Rs 7,932 Cr (+79.2% vs Jun 2025) and net profit was Rs 892 Cr.

What is the 52-week high and low of Waaree Energies Ltd?

The 52-week high is Rs 3,718.80 and the 52-week low is Rs 2,364.90.