WAAREEENER
Mid CapWaaree Energies Limited
Industrials
Waaree Energies Limited is an integrated solar value-chain player, manufacturing PV modules, and expanding into battery energy storage systems (BESS), inverters, EPC services, and green hydrogen/ammonia. The company aims to be a full-spectrum energy transition provider, leveraging its manufacturing and distribution capabilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +112% YoY · PAT +75% YoY · +12% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,480 Cr | +111.8% | +12.1% |
| EBITDA | ₹1,577 Cr | +70.9% | -18.2% |
| Operating margin | 19.0% | -400 bps | -600 bps |
| PAT | ₹1,126 Cr | +74.8% | +1.7% |
| PAT margin | 13.3% | -280 bps | -135 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Waaree Energies' EPC business reported strong FY26 revenue of Rs. 3,331.4 Cr with a 19.24% EBITDA margin, achieving a 111.73% revenue CAGR from FY23-26 and executing 2727 MWp capacity. The company is rapidly expanding across the solar value chain and new energy segments.
The company demonstrates robust execution in its EPC segment with significant revenue growth and healthy margins. Strategic investments in BESS, electrolyzers, and inverters, alongside a vertically integrated model, position it to capitalize on India's energy transition and global solar demand. However, the scale of planned capex and new ventures requires close monitoring.
Integrated Solar Value Chain
Integrated Solar Value-Chain - PV Technologies, owning core manufacturing and leading the curve.
EPC Business Expansion
Achieve higher growth in the EPC segment by evaluating international and domestic opportunities and participating in bidding processes.
Green Hydrogen & Electrolyzers
Entering green hydrogen business with a 1 GW electrolyzer manufacturing plant in Valsad, Gujarat, targeting FY26-27 commercial startup.
Battery Energy Storage Systems (BESS)
India's first fully integrated cell-and-pack gigafactory for BESS, built to capture the opportunity at scale.
PV Module Manufacturing Capacity
Targeting ~28 GW module manufacturing capacity post completion of committed capex.
Solar Cell Manufacturing Capacity
Targeting ~15 GW cell facility post completion of committed capex.
Electrolyzer Manufacturing Plant
1 GW annual capacity electrolyzer plant in Valsad, Gujarat, with commercial startup in FY26-27.
BESS Gigafactory
20 GWh BESS plant (Battery Pack + Cells) with ~$1.1Bn capex.
Global Solar PV Capacity Growth
Global Solar PV Capacity projected to increase to 7.4 TW by 2030 from current 2.26 TW (3x current levels).
Indian Government Policy Support
PM Surya Ghar (₹75,021 Cr), PLI (₹24,000 Cr), and 500 GW non-fossil target by 2030 are key drivers.
Geopolitical Crises Accelerating RE Adoption
Russia-Ukraine War and ME instability have exposed fossil fuel vulnerability, accelerating solar and renewable energy adoption globally.
USA Solar Industry Focus on Local Manufacturing
US solar installations to increase steadily with a focus on local manufacturing and restrictions on Chinese components.
Complexity with Scale
Significant complexity with scale is managed through structural integration and absolute transparency.
Foreign Firmware Cyber Risk
Foreign firmware on grid hardware is identified as a cyber risk, with government potentially mandating Indian-made inverters.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The reported financial metrics for FY26, including revenue and EBITDA margin, are annual figures. The revenue CAGR is also presented over multiple years, making year-over-year comparison most appropriate to assess long-term trends and annual performance.
EPC Revenue from Operations (FY26)
Rs. 3,331.4 Cr
EPC EBITDA Margin (FY26)
19.24%
EPC Revenue CAGR (FY23-26)
111.73%
Executed Project Capacity (FY26)
2727 MWp
India's Solar Moment
Management believes 'India is at the 2012 China solar moment. The company that owns distribution wins the next decade.'
Full Spectrum Leadership
Aims to expand footprint across the energy value chain to capture a ~$4Tn opportunity by 2035, increasing addressable market 10x.
Speed to Execute
Emphasizes 'Speed to Execute | Disciplined capital & cost control | Lean external support' for projects like inverter manufacturing.
Integrated Ecosystem Advantage
Waaree Group’s Vertically Integrated Ecosystem offers unique advantages like zero supply chain risk and cost competitiveness for EPC.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Electrolyzer Plant Commercial Startup | FY26-27 | Timely commissioning and ramp-up of the 1 GW electrolyzer plant in Valsad, Gujarat. |
| BESS Gigafactory Progress | Under development | Updates on the phased manufacturing roadmap and scaling of India's first fully integrated cell-and-pack gigafactory. |
| EPC Order Inflow & Execution | FY26 Executed Project Capacity: 2727 MWp | Continued growth in order inflow and efficient execution of large-scale EPC projects, especially in new markets. |
| Capital Expenditure Deployment | ~$3.5Bn being invested over the next two years across various segments. | Efficient and value-accretive deployment of significant capex across solar value chain, BESS, electrolyzers, and other new ventures. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +6.8% / mo
Technical chart
WAAREEENERweekly · 1Y+7.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 50. Wait for confirmation.
- SMA20 rising (~6.4% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% off 52W high · 27% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 47.6%.
- Quality contributes 19/20 to the score.
Main drags
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 91st percentile of the scored universe and 92nd percentile within Industrials. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 64.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 92nd pctile, median 68 · Mid: 68th pctile, median 76
50 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 64.2%.
- ▸Promoter pledge is zero.
- ▸ROCE is 38.8%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 22.00
- P/B
- 5.98
- EV/EBITDA
- 12.99
- Market Cap
- 86396.00Cr
Profitability
- ROE
- 32.80%
- ROCE
- 38.80%
- ROA
- 12.90%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 69.00%
- EPS 5Y
- 143.00%
- Revenue 3Y
- 58.00%
- EPS 3Y
- 100.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 21.10×
- Altman Z
- 5.67
- Book Value
- 502.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 1627.00 Cr
- EPS TTM
- 129.02
Shareholding
- Promoter Hold
- 64.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.