Waaree Energies share price
NSE: WAAREEENERBSE: 544277Electrical EquipmentMid Cap
Waaree Energies Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Oct 2024 · Issue price ₹1,503
Last close ₹2,238.00down ₹37.00 (1.63%)BSE ₹2,240.00
Share price at the NSE close on 28 Oct 2026. Previous close ₹2,275.00.
28 Oct: open ₹2,225.00, high ₹2,306.90, low ₹2,161.50
52-week range of traded prices to 28 Oct 2026
₹2,161.50Low, 28 Oct 2026₹3,590.00High, 28 Oct 2025
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹64,376 Cr124th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Earlier quarters restated in the year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 4.02
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.09%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 23.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.26
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 29,80,14425.2% delivered
About Waaree Energies
Waaree Energies Limited makes solar photovoltaic modules, the panels that turn sunlight into electricity, and the solar cells inside them; it also builds solar power projects and sells electricity.1 It makes modules in India and the United States.2 Its customers include power producers, project contractors and households.3 It is also building businesses in battery storage, inverters, transformers, power transmission, smart meters and green hydrogen electrolysers.4
Its subsidiaries include Waaree Renewable Technologies Limited (74.5% owned), which builds and maintains solar projects; Waaree Solar Americas Inc. (100%), which makes modules in the United States; and Waaree Energy Storage Solutions (90%), its battery business.5
It was founded in 1990 and entered the solar business in 2007 with a 30 MW module line.67 It acquired Indosolar Limited through an insolvency resolution process in 2022 and listed its shares on NSE and BSE in 2024.7 In October 2025 it bought 64% of Kotsons Private Limited, a transformer maker, for ₹192 crore, and in November 2025 a subsidiary bought 76% of Racemosa Energy (India), a smart meter maker, for ₹53.20 crore.8 In the quarter to Jun 2026 its subsidiary Waaree Renewable Technologies bought about 55% of Associated Power Structures, a transmission and distribution business, for about ₹1,225 crore.910
Its founder, Hitesh Chimanlal Doshi, is its promoter and its chairman and managing director; promoters held 64.12% of the shares on 30 Jun 2026, before the Indosolar merger scheme.1112
Waaree Energies key points
Results
- In the quarter to Jun 2026, consolidated revenue from operations was ₹7,932 crore, up 79.2% on a year earlier, and operating EBITDA (earnings before interest, tax, depreciation and amortisation) was ₹1,440 crore, up 44.4%.13
- Consolidated profit after tax for the quarter to Jun 2026 was ₹892 crore, up 15.4% on a year earlier.14
- In the year to Mar 2026, consolidated revenue from operations was ₹26,536.77 crore, up 83.72%; operating EBITDA was ₹5,908.64 crore, up 117.10%; and profit after tax was ₹3,884.15 crore, up 101.45%.15
- Module volumes sold in the quarter to Jun 2026 grew 89%, from 1.9 GW to 3.6 GW.16
Revenue mix
- Share of revenue by channel1718Retail revenue grew 130% to ₹2,289 crore in the quarter to Jun 2026, from ₹995 crore a year earlier.
Item quarter to Jun 2026 year to Mar 2026 Utilities, power producers and businesses 39.7% 34.67% Retail 30.2% 20.78% Overseas 21.2% 33.00% Solar projects built and maintained (EPC and O&M) 8.9% 11.55% - Overseas revenue was ₹1,609 crore in the quarter to Jun 2026: ₹1,322 crore in the US and ₹287 crore from Indian exports.19
- The 5 largest customers made up about 27.1% of revenue in the quarter to Jun 2026, against 33% in the year to Mar 2026; the 10 largest made up about 37.1%, against 47%.20
Plants and capacity
- It has 13 operating plants in 3 countries and says its module capacity of about 26 GW makes it the largest module maker outside China.2122
- Capacity and utilisation (output as a share of capacity, annualised)23
Item quarter to Jun 2026 Modules, India 24.2 GW, about 50% Solar cells, India 5.4 GW, 62% Modules, United States 1.6 GW, about 59% - Its battery unit has 5.15 GWh of storage container capacity at Rola, Gujarat, against 3.5 GWh planned.2425
Expansion and capital spending
- In its presentation of 30 Jul 2026, the company said its announced capital spending totals ₹31,497 crore, of which ₹9,450 crore (assets in use plus those under construction) had been deployed by 30 Jun 2026.29
- On its earnings call of 30 Jul 2026, the company said its 10 GW solar cell plant at Unn, Gujarat, had all its equipment on site and is expected to operate within the year to Mar 2027.30
- The company stated in its annual report for the year to Mar 2026 that it has begun building a 10 GW ingot and wafer plant (the silicon slices cells are made from) at Nagpur for ₹6,200 crore, targeting the year to Mar 2028.31
- In its presentation of 30 Jul 2026, the company said its 20 GWh battery cell and pack programme has capital spending of about ₹10,000 crore, covering capacity partly already operating.32
What the company expects
- In its presentation of 30 Jul 2026, the company said it expects operating EBITDA of ₹7,000 crore to ₹7,700 crore in the year to Mar 2027.33
- In its presentation of 30 Jul 2026, the company said it expects retail revenue of ₹9,000 crore to ₹10,000 crore in the year to Mar 2027.34
- On its earnings call of 30 Jul 2026, the company said its cell-to-module integration ratio (Indian cell capacity as a share of Indian module capacity) is expected to rise from about 20% to about 65% in 2 to 3 quarters.35
- The company stated in its annual report for the year to Mar 2026 that it targets revenue of ₹1,00,000 crore in less than 5 years.36
Recent events
- On 23 Sep 2026 the board approved a draft scheme to merge Indosolar Limited into the company at 1 company share for every 11 Indosolar shares, subject to approvals including the National Company Law Tribunal.3738
- On 21 Sep 2026 the company received an order for 2 GW of solar modules.39
- On 27 Aug 2026 a subsidiary received a letter of award from Solar Energy Corporation of India for a 700 MW solar and 700 MW/2800 MWh storage project in Solapur, with a 25-year power purchase agreement (its contract to sell the power).4041
Litigation and regulatory matters
- As of its annual report of 2 Sep 2026, US Customs and Border Protection was investigating the company and Waaree Solar Americas over the origin of components in modules it made in India and exported to the US since January 2021.4243
- On external legal advice and its assessment, the company recognised a ₹294.78 crore provision for the US customs investigation and filed a prior disclosure with that agency, making no further adjustment pending the outcome.44
Last updated
All 44 sources, each with its page
- 1. Exchange filing, 24 Sep 2026, page 2
- 2. Annual report, 2 Sep 2026, page 34
- 3. Annual report, 2 Sep 2026, page 100
- 4. Annual report, 2 Sep 2026, page 8
- 5. Investor presentation, 30 Jul 2026, page 43
- 6. Annual report, 2 Sep 2026, page 65
- 7. Annual report, 2 Sep 2026, page 10
- 8. Annual report, 2 Sep 2026, page 93
- 9. Investor presentation, 30 Jul 2026, page 11
- 10. Annual report, 2 Sep 2026, page 13
- 11. Annual report, 2 Sep 2026, page 54
- 12. Exchange filing, 24 Sep 2026, page 4
- 13. Earnings call, 30 Jul 2026, page 6
- 14. Earnings call, 30 Jul 2026, page 6
- 15. Annual report, 2 Sep 2026, page 67
- 16. Earnings call, 30 Jul 2026, page 6
- 17. Earnings call, 30 Jul 2026, page 6
- 18. Annual report, 2 Sep 2026, page 67
- 19. Earnings call, 30 Jul 2026, page 6
- 20. Earnings call, 30 Jul 2026, page 7
- 21. Annual report, 2 Sep 2026, page 11
- 22. Earnings call, 30 Jul 2026, page 6
- 23. Earnings call, 30 Jul 2026, page 7
- 24. Annual report, 2 Sep 2026, page 10
- 25. Investor presentation, 30 Jul 2026, page 11
- 26. Earnings call, 30 Jul 2026, page 7
- 27. Investor presentation, 30 Jul 2026, page 9
- 28. Earnings call, 30 Jul 2026, page 7
- 29. Investor presentation, 30 Jul 2026, page 16
- 30. Earnings call, 30 Jul 2026, page 5
- 31. Annual report, 2 Sep 2026, page 33
- 32. Investor presentation, 30 Jul 2026, page 15
- 33. Investor presentation, 30 Jul 2026, page 11
- 34. Investor presentation, 30 Jul 2026, page 7
- 35. Earnings call, 30 Jul 2026, page 9
- 36. Annual report, 2 Sep 2026, page 24
- 37. Exchange filing, 24 Sep 2026, page 1
- 38. Exchange filing, 24 Sep 2026, page 4
- 39. Exchange filing, 21 Sep 2026, page 1
- 40. Exchange filing, 28 Aug 2026, page 1
- 41. Exchange filing, 28 Aug 2026, page 2
- 42. Annual report, 2 Sep 2026, page 69
- 43. Annual report, 2 Sep 2026, page 70
- 44. Annual report, 2 Sep 2026, page 70
Results
Consolidated; ₹ crore.Waaree Energies quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +75.4%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- –
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹7,518 Crdown 5.22%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹754 Crdown 15.50%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 10.0%
Revenue by quarter
Peak revenue ₹8,480 Cr, quarter to Mar 2026; lowest ₹3,457 Cr, quarter to Dec 2024
Net profit by quarter, a loss in red
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,457 | 4,004 | 4,426 | 6,066 | 7,565 | 8,480 | 7,932 | 7,518 |
| Net profit | 507 | 644 | 773 | 878 | 1,107 | 1,126 | 892 | 754 |
| Net margin | 14.7% | 16.1% | 17.5% | 14.5% | 14.6% | 13.3% | 11.2% | 10.0% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹26,537 Crup 83.72%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹3,884 Crup 101.45%
- Net margin
- 14.6%
Revenue by year
Peak revenue ₹26,537 Cr, year to Mar 2026; lowest ₹14,445 Cr, year to Mar 2025
Net profit by year, a loss in red
| ₹ crore | Mar 2025 | Mar 2026 |
|---|---|---|
| Revenue | 14,445 | 26,537 |
| Net profit | 1,928 | 3,884 |
| Net margin | 13.3% | 14.6% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Solar Photovoltaic ModulesSolar Photovoltaic Modules, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹24,133 Crup 86.26%87.9%
- Engineering, procurement and construction (EPC) contractsEngineering, procurement and construction (EPC) contracts, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹3,282 Crup 110.46%12.0%
- Generation of powerGeneration of power, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹34 Cr0.1%
The pill is the change in revenue on the year before; the share is of all the businesses together.
Valuation
Today, against the company's own history. Not shown, P/E: a results filing in the last twelve months restated the quarters before it inside its year to date, so the four quarters as the company reported them do not add to a twelve-month profit; the ratio returns once the trailing year no longer holds a quarter from before the restatement.Waaree Energies PE ratio and valuation
Price to book
At or below today's level on 0.4% of 247 trading days over the last year.
LowestHighest
Its median6.39Industry median3.12
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 89% of 247 trading days over the last year.
LowestHighest
Its median0.07%Industry median0.25%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +29.5% | +98.5% | −34.8% | 0.1% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1 year is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.
Mutual fund holdings
84 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 67 of the 69 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 84 funds holding Waaree Energies
- AddedAdded. Funds that held more shares than at the end of the month before.
- 38
- CutCut. Funds that held fewer shares than at the end of the month before.
- 31
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 14
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 3
| Fund | |||
|---|---|---|---|
 Motilal Oswal Midcap FundMotilal Oswal Mutual Fund | 24,28,227 | 1.43% | ₹576.6 Cr |
| Motilal Oswal Large and Midcap FundMotilal Oswal Mutual Fund | 21,40,411 | 2.56% | ₹508.2 Cr |
| Motilal Oswal Flexi cap FundMotilal Oswal Mutual Fund | 17,00,905 | 3.00% | ₹403.9 Cr |
| Motilal Oswal ELSS Tax Saver FundMotilal Oswal Mutual Fund | 6,00,000 | 2.91% | ₹142.5 Cr |
 Aditya Birla Sun Life Midcap FundAditya Birla Sun Life Mutual Fund | 1,18,582 | 0.43% | ₹28.2 Cr |
| Motilal Oswal Nifty Midcap 150 Index FundMotilal Oswal Mutual Fund | 94,491 | 0.56% | ₹22.4 Cr |
 HDFC Large & Mid Cap FundHDFC Mutual Fund | 91,374 | 0.08% | ₹21.7 Cr |
 Nippon India ETF Nifty Midcap 150Nippon India Mutual Fund | 90,738 | 0.56% | ₹21.5 Cr |
| Nippon India Nifty Midcap 150 Index FundNippon India Mutual Fund | 63,557 | 0.56% | ₹15.1 Cr |
 JM Mid Cap FundJM Financial Mutual Fund | 59,285 | 1.08% | ₹14.1 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Waaree Energies insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Promoters and promoter group: no market trade
- Others: no market trade · 34 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Waaree Energies competitors and peers
Other Electrical Equipment, 83 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Waaree Energies in market cap. 1 company in its own group left out: one owns more than half of the other, directly or through a company it controls, or one owner more than half of both.Capital goods stocks
Waaree Energies is not on the chart: it has no P/E or return on equity today
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Apar IndustriesAPARINDS | 64,563 | 54.64 | 11.97 | +24.0% | +34.0% | 23.9% | 31.9% | 0.39% |
 Premier EnergiesPREMIERENE | 38,368 | 23.04 | 8.91 | +26.7% | – | 46.7% | 27.2% | 0.09% |
 Mtar TechnologiesMTARTECH | 21,459 | 160.81 | 26.09 | +53.4% | +125.1% | 17.2% | 16.1% | 0.00% |
 Diamond Power InfrastructureDIACABS | 19,461 | 99.03 | – | +92.6% | +416.5% | – | 12.2% | 0.00% |
 Emmvee Photovoltaic PowerEMMVEE | 16,876 | 11.90 | 3.84 | – | – | 53.1% | 33.4% | 0.41% |
 Avalon TechnologiesAVALON | 13,687 | 102.45 | 18.97 | +44.4% | +67.1% | 20.0% | 18.5% | 0.00% |
 Fujiyama Power SystemsUTLSOLAR | 11,383 | 38.67 | 8.94 | – | – | 23.1% | 33.3% | 0.00% |
 Genus Power InfrastructuresGENUSPOWER | 8,251 | 12.66 | 3.72 | +74.2% | +62.8% | 31.9% | 20.1% | 0.18% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Waaree Energies dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹4.00 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 11 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹2.00 |
| 24 Oct 2025 | Interim | ₹2.00 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Waaree Energies announcements
Oct 2026
27 Oct · Updates
27 Oct · Disclosure
27 Oct · Results
22 Oct · Board meeting
Waaree Energies share price by year
Each calendar year to 2025.Waaree Energies share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 2,968.10 | +4.0% | 3,739.80 | 2,091.95 |
| 2024 | 2,854.60 | – | 3,636.60 | 2,338.90 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2024 is from its first session, 28 Oct 2024.
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 2,330.60 | 2,353.40 | 2,259.00 | 2,275.00 | 2,295.76 | 9,08,525 | 41.0% |
| 26 Oct 2026 | 2,347.40 | 2,372.00 | 2,305.00 | 2,319.00 | 2,327.94 | 5,73,773 | 21.9% |
| 23 Oct 2026 | 2,367.00 | 2,367.00 | 2,295.00 | 2,354.90 | 2,329.11 | 7,57,519 | 42.1% |
| 22 Oct 2026 | 2,425.30 | 2,432.80 | 2,356.00 | 2,370.00 | 2,378.01 | 7,16,100 | 39.2% |
| 21 Oct 2026 | 2,498.00 | 2,498.00 | 2,406.20 | 2,455.00 | 2,443.37 | 7,10,644 | 38.8% |
| 19 Oct 2026 | 2,515.00 | 2,576.30 | 2,498.00 | 2,515.00 | 2,526.19 | 8,78,281 | 45.2% |
| 16 Oct 2026 | 2,494.00 | 2,565.40 | 2,462.00 | 2,565.40 | 2,537.16 | 11,94,976 | 68.7% |
| 15 Oct 2026 | 2,519.90 | 2,539.00 | 2,476.40 | 2,494.00 | 2,499.53 | 8,18,242 | 47.2% |
| 14 Oct 2026 | 2,451.00 | 2,539.00 | 2,429.00 | 2,516.00 | 2,508.17 | 11,21,513 | 35.9% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- WAAREEENER
- BSE code
- 544277
- ISIN
- INE377N01017
- Industry
- Electrical Equipment
- Website
- www.waaree.com
- CIN
- L29248MH1990PLC059463
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1990
- Registered office
- 602, 6th Floor, Western Edge I, Off. Western Express Highway, Borivali East, Mumbai 400066, Maharashtra
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
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