Waaree Energies Limited
Waaree Energies Limited operates in Other Electrical Equipment, part of the Capital Goods sector. It booked ₹7,518 cr of revenue in its latest quarter (Q2 FY27) and kept 9.6% of sales as profit. It is the largest of 9 Other Electrical Equipment companies we track, by market value.
From the company's consolidated segment filings (Ind AS 108). Margin is segment operating profit (before interest & tax) over segment revenue; reconciliation rows like inter-segment eliminations are excluded from the mix.
“Clean Energy Enabling Pioneer We are India’s largest solar module manufacturer and a trusted partner in the world’s renewable energy journey.”
“is to provide high-quality By virtue of our commitment to decarbonised, and democratised.”
Healthier than 55% of companies in Capital Goods, on the 5 of 6 measures we could read for it. Each measure is ranked against the 105–127 companies that reported it.
Measures financial condition, not whether to buy. Learn what this score means · How this is calculated
- RSI (14)
- 42
At close. Not part of the score.
How much profit it earns on the money it employs
How much it owes, and whether earnings cover the interest
Whether reported profit actually arrives as cash
What today's price implies, against our models or its peers
How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure
Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.
What if I invest in WAAREEENER?
Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.
The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.
P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.
An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.
| Revenue from Operations | ₹7,518 cr |
| Other Income | ₹147 cr |
| Total Income | ₹7,665 cr |
| Cost of Materials | ₹4,715 cr |
| Purchases of Stock-in-Trade | ₹511 cr |
| Inventory Change (±) | ₹-62 cr |
| Employee Benefit Expense | ₹184 cr |
| Finance Costs | ₹105 cr |
| Depreciation & Amortisation | ₹347 cr |
| Other Expenses | ₹834 cr |
| Total Expenses | ₹6,635 cr |
| Profit before Tax | ₹1,030 cr |
| Tax Expense | ₹276 cr |
| Net Profit | ₹754 cr |
| Net margin on total income | 9.8% |
| Metric | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Revenue | 8,480 cr | 7,932 cr | 7,518 cr |
| Total income | 8,660 cr | 8,103 cr | 7,665 cr |
| Expenses | 7,252 cr | 6,892 cr | 6,635 cr |
| Profit before tax | 1,408 cr | 1,210 cr | 1,030 cr |
| Tax | 282 cr | 319 cr | 276 cr |
| Net profit (owners' share) | 1,061 cr | 850 cr | 719 cr |
| Net margin (owners' share, on revenue) | 12.5% | 10.7% | 9.6% |
| EPS (₹) | 36.91 | 29.56 | 24.98 |
| Company | Price | Market cap | P/E | ROE | Net margin | 1-yr return |
|---|---|---|---|---|---|---|
| Waaree Energies Limitedthis company | ₹2,318 | ₹66,677 cr | 23.2 | 17.9% | 9.6% | — |
| Apar Industries Limited | ₹15,523 | ₹64,995 cr | 35.2 | 21.0% | 6.5% | — |
| Premier Energies Limited | ₹890 | ₹40,402 cr | 21.3 | 43.0% | 18.8% | — |
| Diamond Power Infrastructure Limited | ₹368 | ₹21,979 cr | 49.1 | 56.5% | 10.5% | — |
| Mtar Technologies Limited | ₹6,313 | ₹19,417 cr | 96.6 | 24.4% | 13.9% | — |
| Emmvee Photovoltaic Power Limited | ₹231 | ₹16,011 cr | 10.5 | 34.8% | 24.2% | — |
| Avalon Technologies Limited | ₹1,991 | ₹13,303 cr | 95.4 | 19.3% | 7.2% | — |
| Fujiyama Power Systems Limited | ₹366 | ₹11,231 cr | 48.7 | — | 4.3% | — |
| Genus Power Infrastructures Limited | ₹271 | ₹7,496 cr | 9.5 | 35.5% | 14.4% | — |
| Action | Detail | Ex-date |
|---|---|---|
| Dividend | ₹2 / share | 11 Sep 2026 |
| Dividend | ₹2 / share | 24 Oct 2025 |
A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.
Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.
Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.
Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.
When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.
As of Sep 2026, the company says it has spent 4% of what it set aside. CARE EDGE RATINGS watches the spending on the exchange’s behalf.
“As per implementation schedule mentioned in offer document, the company had a timeline of March 31, 2025, for deploying funds up to Rs. 275.00 crore for part financing the cost of establishing the 6 GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India by way of an investment in company’s wholly owned subsidiary, Sangam Solar One Private Limited. However, with shareholders’ approval dated August 02, 2025, the location of the given plants has changed from Odisha to Gujarat (for solar cell and module manufacturing capacity) and Maharashtra (for ingot wafer manufacturing capacity) and the project completion dates were also revised as per table low. Part of the project Original Timeline Revised Timeline 6 GW Solar Module July 2025 December 2025 6 GW Solar Cell April 2026 September 2027 6 GW Ingot Wafer October 2026 March 2027 As the project timelines have been revised, the fund implementation scheduled shall also be revised accordingly, however, there are no such revised timelines for fund implementation and in its absence exact number of days of delay is not ascertainable.”the company’s own explanation, as filed · shareholders approved the change
The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.
Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing