Waaree Energies Limited
WAAREEENER • Annual Report Analysis
Full Analysis Report
AI-Generated Report: This analysis was generated by StockRead AI and may contain inaccuracies or omissions. It is intended for informational purposes only and does not constitute financial advice. Please conduct your own independent research and consult a qualified financial advisor before making any investment decisions.
Annual Report Disclosure Summary: Waaree Energies Limited (WAAREEENER)
Date: April 21, 2026
Sector: Electrical Equipment / Solar Manufacturing
Executive Summary
Waaree Energies Limited (NSE: WAAREEENER) reported revenue of ₹14,444.5 crore and a net profit of ₹1,929.7 crore (calculated from 51.3% growth) for FY2025. The company operates as an integrated solar energy solutions provider, specializing in the manufacturing of solar photovoltaic (PV) modules, Engineering, Procurement, and Construction (EPC) services, and is expanding into Lithium-Ion battery storage (BESS) and green hydrogen components. Key metrics disclosed in the FY2025 Annual Report include a net profit expansion of 51.3% and a debt-to-equity ratio of 0.11x. This document presents data disclosed in the company's FY2025 Annual Report. All benchmarks referenced are publicly available industry standards. This is not investment advice.
Business Profile
Business Model & Revenue Engine
The annual report discloses that Waaree Energies manufactures solar PV modules for utility-scale developers, commercial enterprises, and residential users. The company also provides Engineering, Procurement, and Construction (EPC) services. Public filings indicate an unexecuted order book of 2.8 GW and a pipeline exceeding 36 GW. The company is diversifying into Battery Energy Storage Systems (BESS) and green hydrogen components.
Market Position and Regulatory Framework
The company reports a solar cell capacity of 5.4 GW expected to be operational by mid-2025.
- Regulatory Context: The company operates under the "Make in India" and Production Linked Incentive (PLI) schemes, which involve specific import duties on foreign solar components.
- Service Integration: The company provides long-term Operation & Maintenance (O&M) contracts alongside integrated EPC services.
- Market Context: Listed peers in the solar and power equipment value chain include Tata Power, Adani Energy Solutions, and Premier Energies. The company reported operating margins of 18.99% for the period.
Strategy Disclosures
The annual report outlines a strategy of vertical integration, including the establishment of a ₹3,900 crore plant for solar cell and glass manufacturing. This integration is designed to cover the lifecycle of solar energy production and storage.
Key Financial Metrics — Above Reference Benchmarks
The FY2025 annual report discloses revenue of ₹14,444.5 crore, representing a 26.7% increase over the previous year. Net profit grew by 51.3% during the same period.
The shareholding pattern discloses that the Doshi family (promoters) holds a 50.1% stake. The annual report further discloses zero related-party transactions for the 2025 period.
Financial Disclosures:
- Cash Flow Realization: Operating cash flow is reported at 1.64x net profit.
- Solvency: Debt-to-Equity ratio is 0.11x with an interest coverage ratio of 38.7x.
- Promoter Encumbrance: 0% of promoter-held shares are reported as pledged.
- Working Capital: Trade receivables decreased by 26% year-on-year against a revenue increase of 26.7%.
Key Financial Metrics — Below Reference Benchmarks
The annual report discloses an ongoing international arbitration filed by Enel SpA at the ICC in London, following the company’s withdrawal from an agreement to acquire Enel’s Indian renewable arm. The financial liability for this matter is currently unquantified in the notes to accounts. The report also notes an Income Tax investigation and a regulatory filing regarding an insider trading lapse by a "Designated Person."
The company reported capital expenditure (CapEx) of ₹2,389 crore. The Free Cash Flow (FCF) survival metric, which measures the duration a company can sustain its cash burn from existing FCF, is calculated at 0.73 months.
Governance Checklist
| Category | Annual Report Disclosure | Benchmark Reference |
|---|---|---|
| Promoter Integrity & Ethics | Income Tax investigation and Enel SpA arbitration disclosed. | Zero regulatory infractions or material litigations. |
| Promoter Shareholding & Pledging | 50.1% holding; 0% pledged. | Pledging < 30% of promoter holding. |
| Board Independence | Composition as per Board of Directors report. | Minimum 50% independent directors. |
| Financial Transparency | Zero related-party transactions (RPTs) reported in FY2025. | Minimal RPTs relative to Net Worth. |
Valuation Multiples — Reference Data
Market Data (as of April 21, 2026)
- Current Price: ₹3,533
- Market Cap: ₹1,01,614 Crore
- 52-Week Range: ₹2,323 – ₹3,865
Valuation Multiples
| Metric | Reported Value | Industry/Peer Reference (Source: Public Exchange Data) |
|---|---|---|
| PE Ratio (TTM) | 30.5x | Sector Average: 55.6x |
| Forward PE | 22.4x | Peer Median: 31.7x |
| P/B Ratio | 8.7x | Sector Average: 18.8x |
| EV/EBITDA | 18.5x | Sector Average: 21.4x |
| Dividend Yield | 0.06% | N/A |
| PEG Ratio | 0.18 | Standard Benchmark: < 1.0 |
[EDUCATIONAL NOTE: The Price-to-Earnings (PE) ratio measures the current share price relative to its per-share earnings. The PEG ratio adjusts the PE ratio by the annual earnings growth rate; a PEG below 1.0 is often used in financial literature to identify growth that is not fully reflected in the current PE multiple.]
Key Metrics at a Glance
| Metric | Reported Value | Reference Benchmark |
|---|---|---|
| Revenue Growth (YoY) | 26.73% | > 10% |
| Net Profit Margin | 13.35% | > 10% |
| CFO / Net Profit Ratio | 1.64 | 0.70 – 1.0 |
| Debt to Equity | 0.11x | < 1.0x |
| Interest Coverage | 38.73x | > 5.0x |
| Promoter Pledging | 0% | < 30% |
| Related Party Trans. | ₹0 | Minimal |
| PE Ratio (TTM) | 30.5x | 55.6x (Sector Average) |
| PEG Ratio | 0.18 | < 1.0 |
| Current Ratio | 1.49x | 1.50x |
| FCF Survival Months | 0.73 | > 6.0 Months |
| Receivables Growth | -26.2% | < Sales Growth |
Material Disclosures & Contingencies
- [Legal Disclosure]: International arbitration proceedings with Enel SpA at the ICC, London. Source: Notes to Accounts, Contingent Liabilities.
- [Liquidity Disclosure]: Free Cash Flow survival buffer of 0.73 months based on current CapEx of ₹2,389 crore. Source: Cash Flow Statement.
- [Regulatory Disclosure]: Operations are subject to Basic Customs Duty (BCD) on solar cells/modules and PLI scheme eligibility. Source: Management Discussion & Analysis.
- [Debt Structure Disclosure]: 97% of total debt is classified as short-term borrowings. Source: Balance Sheet, Notes on Borrowings.
- [Taxation Disclosure]: Disclosure of ongoing Income Tax investigations. Source: Notes to Accounts, Regulatory Disclosures.
Key Disclosures to Review in Next Filing
- Commissioning Status: Operational status of the 5.4 GW Gujarat solar cell facility.
- Legal Proceedings: Updates on the Enel SpA ICC arbitration and any quantified financial claims.
- Cash Flow Statement: Changes in the CFO/CapEx ratio and FCF survival duration.
- Regulatory Filings: Any further disclosures regarding Income Tax investigations or internal compliance audits.
Annual Report Data Summary
The FY2025 annual report for Waaree Energies Limited discloses revenue of ₹14,444.5 crore and a net profit growth of 51.3%. The company’s cash conversion (CFO/PAT) stands at 1.64x, and the debt-to-equity ratio is 0.11x. Governance disclosures include 0% promoter pledging and zero related-party transactions for the fiscal year, alongside disclosures of an international arbitration with Enel SpA and an Income Tax investigation. Valuation multiples as of April 21, 2026, include a TTM PE of 30.5x and a PEG ratio of 0.18. Reference industry benchmarks and peer data are provided in the respective sections above for comparison.
IMPORTANT NOTICE: This document is a structured presentation of data disclosed in Waaree Energies Limited's FY2025 Annual Report and publicly available exchange filings. It is produced by stockread.in for informational and educational purposes only. All benchmarks referenced are standard industry metrics sourced from publicly available financial literature. This document does not constitute a research report, investment advice, a buy/sell/hold recommendation, or any form of securities analysis as defined under the SEBI (Research Analysts) Regulations, 2014. stockread.in is not a SEBI-registered Research Analyst. Users are strongly advised to consult a SEBI-registered Investment Advisor or Research Analyst before making any investment decision. Past financial performance is not indicative of future results.