Waaree Energies Ltd (WAAREEENER)

Capital Goods · Capital Goods - Electrical Equipment · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹2,627.5 ↓ 27.71% (1Y)

🎯 Key Takeaways

Waaree Energies is actively restructuring its manufacturing footprint and strengthening U.S.
Revenue declined 6.5% QoQ to ₹7,932 in Q1FY27.
⚠️ Execution risk in U.S. expansion: The $37 million Arizona capacity increase must be completed on schedule and within budget to realize anticipated sca

Market Cap

₹75,580

P/E Ratio

19.8

P/B Ratio

7.97

ROE

42.2%

ROCE

54.0%

Debt/Equity

0.10

Div Yield

0.08%

Promoter

64.1%

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📖 The Story

Waaree Energies is actively restructuring its manufacturing footprint and strengthening U.S. capacity to drive future growth, transitioning from a domestically focused solar module producer to a globally scaled player with strategic investments in Arizona and leadership continuity through board appointments. The company maintains strong profitability metrics but faces near-term headwinds reflected in a 18.78% one-year return, suggesting market skepticism despite robust fundamentals.

📰 What's Happening

In its August 29, 2026 board meeting, Waaree Energies approved the consolidation of manufacturing from Tumb and Nandigram to Chikhli, Gujarat, and allocated $37 million for expanding its Arizona facility to 1.6 GW capacity, increasing total U.S. capacity to 4.8 GW. The board also appointed Ms. Mona Bhide as an independent director for five years, replacing Ms. Richa Goyal, who completed her term. The company scheduled its AGM for September 24, 2026, with a record date of September 11, 2026 for final dividend approval on FY2025-26. These moves underscore a strategic shift toward operational consolidation and geographic expansion, particularly in high-growth U.S. markets.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	6,066	7,565	8,480	7,932
Operating Profit	1,167	1,661	1,276	1,110
OPM %	19.2%	21.9%	15.1%	14.0%
Net Profit	878	1,107	1,126	892
EPS	₹29.33	₹36.95	₹36.91	₹29.56

Quarterly revenue shows volatility, with a peak of ₹8,480 crore in March 2026 followed by a decline to ₹7,932 crore in June 2026, while operating margins have moderated from a high of 21.9% in December 2025 to 14.0% in June 2026. Despite this, net profit remained stable at ₹892 crore in June 2026, indicating disciplined cost management. The financial trend suggests that recent operational shifts, including capacity expansion and consolidation, are beginning to impact top-line performance, though profitability remains resilient. Management has not yet linked these financial shifts directly to specific operational outcomes in public commentary, but the timing aligns with announced capital expenditures and site relocations.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin expectations in the latest filings, but has emphasized the strategic rationale behind the Arizona expansion and manufacturing consolidation, stating that these initiatives will increase U.S. capacity to 4.8 GW and strengthen market leadership. The company continues to prioritize shareholder returns, as evidenced by the scheduled record date for the final dividend on FY2025-26 and the planned AGM on September 24, 2026. The tone in filings remains focused on execution of announced plans rather than future performance projections.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	263	287	288	288
Reserves	4,583	9,192	11,198	14,150
Borrowings	985	939	2,941	3,213
Total Liabilities	14,035	19,747	24,625	30,115
Fixed Assets	1,624	4,036	6,171	7,279
Investments	114	80	254	953
Total Assets	14,035	19,747	24,625	30,115

The balance sheet shows a steady increase in total assets from ₹19,747 crore in March 2025 to ₹30,115 crore in March 2026, driven by capital investments likely tied to the $37 million Arizona expansion and site consolidation. Borrowings rose from ₹939 crore to ₹3,213 crore over the same period, indicating active financing of growth initiatives. Equity and reserves have remained relatively stable, suggesting that capital allocation is being directed toward asset creation rather than equity dilution or large-scale deleveraging. The capital expenditure plans are being funded through a combination of internal cash flows and debt, reflecting a growth-oriented capital structure.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+3,158
Investing	-6,808
Financing	+4,036
Net Cash Flow	+386

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	64.2%	64.2%	64.2%	64.1%
FII	6.3%	6.9%	7.0%	8.6%
DII	2.8%	2.9%	4.3%	4.1%
Public	19.3%	19.0%	17.4%	16.1%
# Shareholders	6,90,025	6,95,699	6,83,301	7,31,601

Institutional investor (FII) holding has declined from 7.05% in Q4FY26 to 6.35% in Q2FY26, while domestic institutional (DII) holding has slightly increased from 2.82% to 2.85% over the same period. Promoter holding remains stable around 64.2%, indicating no significant stake sale by promoters. The number of shareholders has increased slightly, from 6,83,301 to 6,95,699, suggesting growing retail participation. The modest outflow from FIIs may reflect broader market trends or sector rotation, but there is no clear evidence of large-scale institutional exit. The stable promoter stake supports continuity in strategic direction.

⚖️ Peer Comparison — Capital Goods - Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ABB	1.54 L Cr	51.5	26.5%	38.1%	0.00
BHEL	1.50 L Cr	61.6	11.6%	9.3%	0.30
CGPOWER	1.43 L Cr	114.6	21.3%	15.6%	0.00
SIEMENS	1.41 L Cr	43.0	14.2%	23.7%	0.00
POWERINDIA	1.40 L Cr	121.7	29.9%	22.2%	0.00
GVT&D	1.16 L Cr	89.2	99.4%	73.6%	0.00
WAAREEENER	75,580	19.8	54.0%	42.2%	0.10
APARINDS	70,289	59.5	33.0%	21.9%	0.16
SUZLON	60,688	19.4	44.5%	51.5%	0.05
THERMAX	43,853	69.9	12.5%	10.6%	0.41

🔗 Peer Stock Analyses

ABB BHEL CGPOWER SIEMENS POWERINDIA

⚠️ Risk Factors

1. Execution risk in U.S. expansion: The $37 million Arizona capacity increase must be completed on schedule and within budget to realize anticipated scale and margin benefits; delays or cost overruns could pressure near-term cash flows. 2. Margin compression: Operating margins have declined from 21.9% to 14.0% over the last four quarters, and while management attributes this to operational factors, sustained pressure without corresponding revenue growth could undermine profitability expectations. 3. Market concentration: The company's performance remains closely tied to solar module demand and pricing trends in the U.S. and Indian markets, both of which are subject to policy volatility and global oversupply risks.

📋 Recent Filings

🧠 Analyst's Read

Waaree Energies is executing a clear strategic shift toward U.S. manufacturing scale-up and operational consolidation, supported by board-level changes and capital allocation. While financial trends show margin softness and revenue volatility, the underlying investments aim to position the company for long-term structural growth. Investors should monitor execution of the Arizona expansion, margin recovery, and institutional investor sentiment in the coming quarters as key indicators of progress.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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