Arthneeti

Waaree Energies Q2 FY27 Share Price & Earnings Call Analysis

Part of: Nifty Midcap 150 · Nifty Midcap 50 · NIFTY Midcap 100 · Nifty 200 · NIFTY LargeMidcap 250 · Nifty MidSmallcap 400 · +2 more

₹2,449.30+1.72% today
Market cap
₹70,462 Cr
P/E
17.50
ROE
32.54%
PEG
0.20
Price to sales
2.36
Debt to equity
0.22
52W high / low
₹3,503 / ₹2,238
Sales growth (5Y)
68.52%
EBITDA margin
21.14%
Net profit margin
15.34%
Promoter holding
64.12%
Sales (last year)
₹30,043 Cr

Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.[1]WEL has five solar module manufacturing facilities in India, with international presence.

Guidance scorecard · Q2 FY27 call

What Waaree Energies Ltd's management guided
and where it ranks in Electrical Equipment

#1of 56 in
Electrical Equipment
Revenue40%+MarginsUp 2%+CapexPlannedFundraisingPlannedOrder bookRising

RevenueQ1 FY27 call

40%+
  • Revenue mix diversification with retail segment growing 130% YoY, expected to become a INR10,000 crore business this year.
  • Order book increased to approx INR61,500 crores (~25 GW modules), with balanced geographic mix: 40% India, 36% U.S., 24% exports.
  • New U.S. manufacturing capacity of 1.6 GW ramping utilization and driving revenue growth.
  • Significant EBITDA growth expected, targeting close to INR7,000 crores in FY28 with scale-up in cell and module production.
Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 2%+

See what Waaree Energies Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • INR 22,000 crores capex planned over next 3 years, with ~40% in FY28 and ~30% in FY29.
  • INR 3,900 crores investment approved for 2,500 TPD solar glass capacity, focusing on captive use and supply chain security; exploring both greenfield and acquisition options.
  • Completion of 10 GW solar cell capacity imminent, with equipment already in factory and commercial production near.
  • BESS (Battery Energy Storage System) capex includes a 3.5 GWh cell manufacturing line nearly ready and a 5.15 GW pack/container line started.
  • Expansion includes ~28 GW solar module and 15.4 GW solar cell capacity by end of FY27.
  • New 1.6 GW U.S. manufacturing capacity to come live from Q2 FY27, ramping up IRA incentives and cutting costs.
  • Additional capex in inverter (4 GW), transformers (20,000 MVA), and electrolyzers (1 GW) underway.

2 more points from Waaree Energies Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Waaree Energies Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Waaree Energies' total order book stands at INR 61,500 crores as of July 28, 2026.
  • Module order book amounts to 25.2 gigawatts.
  • Geographical mix of order book: approximately 40% domestic India, 36% domestic U.S., and 24% exports from India.
  • During the quarter, net new orders added were INR 16,000 crores.
  • Executed orders during the quarter amounted to around INR 7,300 crores.
  • Export orders have recently increased with contracts being finalized for European markets, Australia, and New Zealand.

2 more points from Waaree Energies Ltd's call on the order book

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Full Q1 FY27 analysis
Full Electrical Equipment ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Electrical Equipment
on management's own guidance

  1. Strong growth
    2
  2. This stockWaaree Energies LtdStrong growth
    1
  3. Strong growth
    3
See all potential multibaggersAll Electrical Equipment rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Electrical Equipment companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Waaree Energies LtdThis stock40%+Up 2%+₹66,283 Cr16.5
240%+Up 2%+₹464 Cr11.6
340%+Up 0–2%₹12,066 Cr47.0
440%+Up 0–2%₹500 Cr6.7
540%+Flat₹20,621 Cr111.2
640%+Flat₹15,855 Cr11.2

Sign up free to see every company in the sector ranking and track Waaree Energies Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment ranking

Waaree Energies Ltd announcements

All announcements →

Financials of Waaree Energies Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Waaree Energies Ltd

Shareholding breakup across reporting periods.

Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +64.31%64.31%64.31%64.22%64.22%64.19%64.12%64.12%
FIIs +1.40%0.70%2.68%6.35%6.91%7.06%8.57%8.57%
DIIs +2.70%2.46%2.86%2.82%2.86%4.32%4.08%4.09%
Public +31.58%32.53%30.15%26.60%26.01%24.44%23.23%23.22%
No. of Shareholders7,67,9638,51,0287,67,2676,90,0256,95,6996,83,3017,31,6017,78,086

Financials of Waaree Energies Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +3,5371,5962,9363,4093,5743,4574,0044,4266,0667,5658,4807,9327,518
YoY Sales growth+2%+1%+117%+36%+30%+70%+119%+112%+79%+24%
Expenses +3,0201,4252,5182,8563,0502,7363,0813,4294,6595,6376,9046,4926,183
Operating Profit5171714185525257229239971,4061,9281,5771,4401,335
OPM %15%11%14%16%15%21%23%23%23%25%19%18%18%
Other Income +21105364888988133171161-99180171147
Interest331848343131574396934870105
Depreciation717475768489153182240267301330347
Profit before tax4351846595314996908459431,2311,4691,4081,2101,030
Tax %26%23%28%24%25%27%24%18%29%25%20%26%27%
Net Profit +3201414754013765076447738781,1071,126892754
EPS in Rs15.986.3223.4119.9913.7317.1521.5425.9429.2936.9436.8929.5624.98

Financials of Waaree Energies Ltd

Profit & Loss

Annual income statement trend

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,9961,9532,8546,75111,39814,44426,53731,495
Sales growth-2%+46%+137%+69%+27%+84%+75%
Expenses +1,9031,8682,7485,9159,82311,72320,62825,215
Operating Profit93851068361,5742,7225,9096,280
OPM %4.7%4.3%3.7%12%14%19%22%20%
Other Income +25459788576398413399
Interest34314182140152280317
Depreciation2729431642774029901,245
Profit before tax57701186771,7342,5655,0525,117
Tax %31%31%33%26%27%25%23%
Net Profit +3948805001,2741,9283,8843,879
EPS in Rs2.122.503.8424.4962.7665.00129.02128.37
Dividend Payout %0%0%0%0%0%0%3%

Financials of Waaree Energies Ltd

Balance Sheet

Capital structure and asset base

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital197197197243263287288288
Reserves1011482311,5953,8259,19214,15015,732
Borrowings +1573403633205531,1993,2135,293
Other Liabilities +4835961,3625,2476,6358,76612,33516,518
Total Liabilities9381,2812,1547,40611,27719,44429,98537,830
Fixed Assets +1522856251,1051,4504,0267,3289,474
CWIP4031245371,3411,8843,4777,578
Investments851151433171659532,177
Other Assets +6618781,2625,7328,41413,46918,22718,601
Total Assets9381,2812,1547,40611,27719,44429,98537,830

Financials of Waaree Energies Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +83676981,5602,3053,1581,627
Cash from Investing Activity +-22-250-673-2,088-3,346-6,806-3,936
Cash from Financing Activity +-501611016429094,0362,573
Net Cash Flow12-21126114-132388264
Free Cash Flow32-35202698968-114-3,209
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit102%105%683%199%168%143%47%

Financials of Waaree Energies Ltd

Ratios

Working capital efficiency and return ratios

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days26221217312734
Inventory Days54838519210896129
Days Payable679983143848579
Cash Conversion Cycle1361466553884
Working Capital Days102-84-66-40-92-35
ROCE %16%21%52%44%35%38%

Guidance history

How Waaree Energies Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →40%+Up 2%+PlannedPlannedRising
Q3 FY26 call →20–40%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

11out of 100

Momentum score · price trend

11 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,918 stocks
Last 12 months−28.5%22%
Last 6 months−25.3%12%
Last 3 months−10.7%39%

The price is 35.6% below its all-time high of ₹3,739.8 (11 Sept 2025). Stocks more than 20% below their peak have their score halved, so 21 became 11.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,918 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Waaree Energies Ltd: 0.4 × 22 + 0.4 × 12 + 0.2 × 39 = 21, halved to 11 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 4 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Waaree Energies Ltd's management said in earlier quarters

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