Waaree Energies Limited

BSE: WAAREEENER544277ISIN INE377N01017

Industrials
Other Electrical Equipment
BSE 200

Share price

₹2,402.10+84.10 (+3.63%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹3,556.10
52W low: ₹2,162.00
Off 52W high: -32.45%
1M return: +2.57%
3M return: -10.30%
6M return: -25.50%
1Y return: -28.70%
20D avg volume: 54,210
50 DMA: ₹2,470.94
200 DMA: ₹2,828.18

Key ratios Consolidated

Market cap: ₹69,097 Cr
Current price: ₹2,402.10
52W high / low: ₹3,556.10 / ₹2,162.00
Face value: ₹10.00
P/E: 17.82
P/B: 4.31
EPS (TTM): ₹134.84
Book value / share: ₹556.92
ROE: —
ROCE: 30.60%
Operating margin: —
Net margin: —
Debt / equity: 0.17
Net debt: ₹1,717 Cr
Interest cover: 19.01
Dividend yield: 0.08%
Dividend / share (TTM): ₹2.00
Payout: 1.48%
Cash conversion cycle: 72.1 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q4 FY24
Income statement
	7,518	7,932	8,480	7,565	6,066	4,426	4,004	3,457	3,574	—
	147.07	170.81	179.73	196.18	160.90	171.35	136.99	87.98	89.09	—
	7,665	8,103	8,660	7,761	6,227	4,597	4,141	3,545	3,663	—
	6,635	6,892	7,252	5,997	4,995	3,654	3,291	2,855	3,165	—
	4,715	4,844	6,739	4,011	3,199	2,962	2,410	1,908	2,149	—
	510.82	525.46	-256.42	297.49	932.62	614.02	264.73	327.18	475.36	—
	184.08	169.86	143.71	167.75	152.51	135.28	102.92	85.17	66.75	—
	105.26	70.37	47.89	93.28	96.08	43.25	56.72	30.85	30.83	—
	347.26	329.98	300.64	267.26	239.76	182.06	153.37	89.05	84.27	—
	834.41	855.21	980.19	1,246	781.93	476.85	369.12	—	—	—
	1,030	1,210	1,408	1,764	1,231	943.36	849.48	689.81	498.84	—
	0.00	0.00	0.00	-294.78	0.00	0.00	-4.02	0.00	0.00	—
	1,030	1,210	1,408	1,469	1,231	943.36	845.46	689.81	498.84	—
	276.11	318.51	281.69	362.23	353.25	170.47	200.99	182.94	123.18	—
	753.64	891.87	1,126	1,107	878.21	772.89	644.47	506.88	375.66	—
	24.98	29.56	36.91	36.95	29.33	25.94	21.59	18.41	13.75	—
Key metrics
	1,482	1,611	1,756	1,830	1,567	1,169	1,056	809.71	613.94	—
	19.70%	20.30%	20.70%	24.20%	25.80%	26.40%	26.40%	23.40%	17.20%	—
	10.00%	11.20%	13.30%	14.60%	14.50%	17.50%	16.10%	14.70%	10.50%	—
	5.20%	—	8.40%	—	9.70%	—	8.20%	—	—	—
	23.90%	79.20%	111.80%	118.80%	69.70%	—	—	—	—	—
	-14.20%	15.40%	74.80%	118.40%	133.80%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	31,495	26,537	14,444	—
	693.79	708.15	401.56	—
	32,189	27,245	14,846	—
	26,777	21,898	12,277	—
	20,309	16,911	8,263	—
	1,077	1,588	1,274	—
	665.40	599.25	318.17	—
	316.80	280.50	152.09	—
	1,245	989.72	402.45	—
	3,916	3,485	1,215	—
	5,412	5,347	2,569	—
	-294.78	-294.78	-4.02	—
	5,117	5,052	2,565	—
	1,239	1,168	636.51	—
	3,879	3,884	1,928	—
	128.40	129.10	68.24	—
Key metrics
	6,679	6,322	3,119	—
	21.21%	23.80%	21.60%	—
	12.31%	14.60%	13.30%	—
	—	30.60%	24.80%	—
	75.43%	83.70%	—	—
	38.40%	101.40%	—	—
	—	-3,255	-115.89	—
	—	0.42	1.64	—
	—	0.17	0.10	—
	—	1,717	429.63	—
	—	72.1	40.9	—
Balance sheet
	—	30,115	19,747	—
	—	17,685	13,139	—
	—	774.16	509.83	—
	—	2,492	1,185	—
	—	5,856	2,692	—
	—	—	1,303	—
	—	6,047	3,585	—
	—	3,108	2,255	—
	—	12,708	8,786	—
	—	2,492	939.46	—
	—	1,676	915.28	—
	—	815.14	24.18	—
	—	15,011	9,595	—
Cash flow
	—	1,627	3,158	—
	—	-3,953	-6,808	—
	—	2,573	4,036	—
	—	4,882	3,274	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q4 FY24
Income statement
	4,578	6,222	6,748	6,291	4,582	3,370	3,323	3,082	3,169	—
	181.59	194.92	230.45	224.90	734.54	197.18	159.53	101.73	104.32	—
	4,759	6,417	6,978	6,516	5,316	3,567	3,482	3,184	3,273	—
	3,876	5,424	5,769	4,881	3,780	2,684	2,706	2,546	2,796	—
	3,174	3,888	4,818	3,323	2,928	2,689	2,028	1,838	2,215	—
	71.82	650.70	303.05	84.97	79.72	125.77	113.44	146.29	32.85	—
	83.41	91.73	76.22	93.31	84.67	80.54	68.37	62.65	51.90	—
	41.11	41.04	31.15	76.05	57.64	33.76	48.11	26.67	26.73	—
	191.12	199.23	198.78	195.21	183.06	129.67	97.31	77.41	73.74	—
	411.74	684.27	686.61	778.11	655.21	397.98	326.70	—	—	—
	883.08	992.93	1,209	1,635	1,536	882.96	776.48	638.00	477.43	—
	0.00	0.00	0.00	-294.78	0.00	0.00	0.00	—	—	—
	883.08	992.93	1,209	1,340	1,536	882.96	776.48	638.00	477.43	—
	212.20	253.83	275.77	330.39	376.41	223.07	195.96	166.61	119.96	—
	670.88	739.10	933.56	1,009	1,160	659.89	580.52	471.39	357.47	—
	23.33	25.69	32.45	35.10	40.36	22.97	20.23	17.61	13.59	—
Key metrics
	1,115	1,233	1,439	1,611	1,777	1,046	921.90	742.08	577.90	—
	24.40%	19.80%	21.30%	25.60%	38.80%	31.10%	27.70%	24.10%	18.20%	—
	14.70%	11.90%	13.80%	16.00%	25.30%	19.60%	17.50%	15.30%	11.30%	—
	5.70%	—	8.70%	—	12.80%	—	7.80%	—	—	—
	-0.10%	84.60%	103.10%	104.10%	44.60%	—	—	—	—	—
	-42.10%	12.00%	60.80%	114.10%	224.40%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	23,838	20,991	12,765	—
	831.86	1,387	453.91	—
	24,670	22,378	13,218	—
	19,950	17,115	10,822	—
	15,203	13,758	7,889	—
	1,111	593.51	322.40	—
	344.67	334.74	235.09	—
	189.35	198.60	131.72	—
	784.34	706.72	320.90	—
	2,561	2,518	1,172	—
	4,720	5,263	2,396	—
	-294.78	-294.78	0.00	—
	4,425	4,968	2,396	—
	1,072	1,206	615.19	—
	3,353	3,762	1,781	—
	116.57	130.88	65.09	—
Key metrics
	5,399	5,873	2,849	—
	22.65%	28.00%	22.30%	—
	14.07%	17.90%	14.00%	—
	—	36.40%	24.00%	—
	66.04%	64.40%	—	—
	16.78%	111.20%	—	—
	—	-192.89	544.32	—
	—	0.19	1.65	—
	—	0.14	0.10	—
	—	1,632	589.45	—
	—	61.7	38.2	—
Balance sheet
	—	23,129	17,852	—
	—	11,005	10,930	—
	—	187.82	322.51	—
	—	1,930	716.78	—
	—	3,934	2,307	—
	—	—	764.11	—
	—	4,119	2,665	—
	—	2,316	1,689	—
	—	8,945	7,314	—
	—	1,820	911.96	—
	—	1,576	911.96	—
	—	244.63	0.00	—
	—	13,130	9,407	—
Cash flow
	—	704.89	2,940	—
	—	-1,360	-6,764	—
	—	510.09	4,077	—
	—	897.78	2,396	—

Compounded growth

Standalone

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +66.04%
Profit YoY (TTM): +16.78%

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +75.43%
Profit YoY (TTM): +38.40%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 64.11%

Holder	Type	Holding	Previous	Change
C.T. Doshi Family Trust	Promoter	44.14%	—	—
Waaree Sustainable Finance Private Limited (Formerly Mahavir Thermoequip Private Limited)	Promoter	18.34%	—	—
MOTILAL OSWAL MIDCAP FUND	Public	2.44%	—	—
Kalpraj Damji Dharamshi	Public	2.09%	—	—
V.T. ENERGY SRL	Public	1.91%	—	—
Chimanlal Tribhuvandas Doshi	Promoter	1.63%	—	—
Chimanlal Tribhuvandas Doshi Family Charitable Trust	Promoter Group	0.00%	—	—
Maitri Viren Doshi	Promoter Group	0.00%	—	—
Waaree Semicon Private Limited	Promoter Group	0.00%	—	—
Pankaj C Doshi Family Trust	Promoter Group	0.00%	—	—
Arham Divya Energy Private Limited	Promoter Group	0.00%	—	—
Kirit C Doshi Family Trust	Promoter Group	0.00%	—	—
Omntec Waaree ATG Private Limited	Promoter Group	0.00%	—	—
Rasila Chimanlal Doshi	Promoter Group	0.00%	—	—
Dhari Solar Park Private Limited	Promoter Group	0.00%	—	—

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Waaree Energies Limited	69,097	2,402.10	17.82	30.60%	+75.43% TTM	+38.40% TTM	-28.70%
Apar Industries Ltd	66,997	16,000.25	48.65	29.20%	+23.42% TTM	+46.58% TTM	+91.81%
Premier Energies Limited	41,021	903.65	24.51	27.80%	+26.70% TTM	+59.90% TTM	-13.70%
Diamond Power Infrastructure Limited	23,020	384.90	83.20	10.60%	+109.34% TTM	+347.90% TTM	+147.13%
MTAR Technologies Limited	18,572	6,037.65	139.17	15.30%	+53.39% TTM	+125.19% TTM	+138.94%
Emmvee Photovoltaic Power Limited	17,052	246.30	12.02	34.80%	—	—	—
Avalon Technologies Limited	13,630	2,037.85	102.02	21.90%	+44.38% TTM	+67.08% TTM	+77.35%
Fujiyama Power Systems Limited	12,055	392.80	—	—	—	—	—
Genus Power Infrastructures Ltd	8,724	286.75	13.39	27.40%	+74.17% TTM	+62.75% TTM	-18.78%
WAAREE RENEWABLE TECHNOLOGIES LIMITED	7,643	732.20	16.04	62.50%	+77.69% TTM	+36.11% TTM	-39.28%
Ram Ratna Wires Ltd.	4,979	533.35	35.13	26.60%	+71.52% TTM	+89.64% TTM	+70.55%
Vikram Solar Limited	4,892	135.00	13.71	21.50%	—	—	-58.10%
Saatvik Green Energy Limited	4,666	367.10	18.83	30.80%	—	—	-30.50%
Yash Highvoltage Limited	3,709	1,240.95	—	27.50%	—	—	+151.48%
Websol Energy System Limited S	2,977	68.57	9.50	48.30%	+76.28% TTM	+57.56% TTM	-43.34%
RAVINDRA ENERGY LIMITED	2,817	141.85	48.42	11.30%	+30.04% TTM	+52.97% TTM	—
Rishabh Instruments Limited	2,488	640.80	30.24	13.50%	+5.63% TTM	+117.94% TTM	+64.31%
Modern Insulators Ltd. S	2,195	465.70	22.93	17.30%	+41.45% TTM	+101.32% TTM	+211.92%
ADVAIT ENERGY TRANSITIONS LIMITED	2,058	1,879.35	29.21	28.00%	+47.68% TTM	+64.93% TTM	+6.94%
Schneider Electric President Systems Ltd S	1,847	2,482.25	—	—	—	—	—
HINDUSTHAN INSULATORS and INDUSTRIES LIMITED	1,726	797.30	—	-3.90%	-10.45% TTM	-31.32% TTM	+446.08%
RIR POWER ELECTRONICS LIMITED S	1,163	146.20	123.90	5.90%	+13.31% TTM	+6.92% TTM	-44.25%
MODISON LIMITED	1,160	357.50	10.25	37.30%	+84.80% TTM	+255.83% TTM	+147.06%
Salzer Electronics Ltd.	867	490.45	19.32	18.20%	+20.81% TTM	-36.73% TTM	-36.19%
INDO SMC Limited S	819	358.55	19.93	29.00%	—	—	—

Filings & corporate actions

Recent announcements

Transcript of Conference call for the Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Half year ended September 30, 2026 held on Wednesday, October 28, 2026.4 Nov 2026 · Company Update / Earnings Call Transcript
ESG Rating.3 Nov 2026 · Company Update / Credit Rating
Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Updates.2 Nov 2026 · Company Update / General
Acquisition31 Oct 2026 · Company Update / Acquisition
Outcome of Board meeting held on October 31, 2026.31 Oct 2026 · Others / Outcome without intimation
Intimation of Grant of ESOP.31 Oct 2026 · Company Update / General
Completion of Acquisition30 Oct 2026 · Company Update / Acquisition
Commencement of Commercial Production by Waaree Solar Americas Inc., wholly owned subsidiary at Brookshire, Texas, USA.30 Oct 2026 · Company Update / General
Announcement under Regulation 30 - General Updates30 Oct 2026 · Company Update / General
Audio Recording of Analysts/Institutional Investors Meeting/Call to discuss the Unaudited Financial Results (Standalone and Consolidated) for the Quarter and half year ended September 30, 2026.28 Oct 2026 · Company Update / Analyst / Investor Meet
Investor Presentation for Investor/Earning''s call for the Financial Results for the Quarter and half Year ended September 30, 2026.28 Oct 2026 · Company Update / Investor Presentation
Reporting of Violation under SEBI (PIT) Regulations, 2015.27 Oct 2026 · Company Update / General
Press release for the Unaudited Financial Results (Standalone and Consolidated) For the quarter and half year ended September 30, 2026.27 Oct 2026 · Company Update / Press Release / Media Release
Intimation of Grant of ESOP.27 Oct 2026 · Company Update / General
Acquisition27 Oct 2026 · Company Update / Acquisition
Outcome of the Board Meeting held on October 27, 2026 for the Unaudited Financial Results along with the Limited Review report for the Quarter and half year ended September 30, 202627 Oct 2026 · Result / Financial Results
Outcome Of the Board Meeting held on October 27, 2026.27 Oct 2026 · Board Meeting / Outcome of Board Meeting
Schedule of Analyst/Institutional Investor Meeting/Call scheduled to be held on Wednesday, October 28, 2026 at 02:00 P.M. (IST).23 Oct 2026 · Company Update / Analyst / Investor Meet
Waaree Energies Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27/10/2026 ,inter alia, to consider and approve The Un-Audited Financial Results ....22 Oct 2026 · Board Meeting / Board Meeting
Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the Quarter ended September 30, 2026.6 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Commencement of Commercial Production by Waaree Power Private Limited, a wholly owned subsidiary of the Company at Sarodhi, Valsad, Gujarat.30 Sep 2026 · Company Update / General
Closure of Trading Window.28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Voting Results along with the Scrutiniser''s Report for the 36th Annual General Meeting.25 Sep 2026 · AGM/EGM / AGM
Enclosed is the Outcome of the 36th Annual General Meeting.24 Sep 2026 · AGM/EGM / AGM
Intimation regarding Press Release dated September 24, 2026, titled " Waaree Clean Energy Solutions enters India''s specialty gases market to power semiconductor and Solar manufacturing. "24 Sep 2026 · Company Update / Press Release / Media Release
Outcome of Board Meeting held on Wednesday, September 23, 2026 regarding Scheme of Amalgamation of Indosolar Limited with Waaree Energies Limited and their respective shareholders pursuant ....24 Sep 2026 · Company Update / Revision of outcome
Scheme of Amalgamation of Indosolar Limited with Waaree Energies Limited and their respective shareholders pursuant to Section 230 and 232 of the Companies Act, 2013.23 Sep 2026 · Company Update / Scheme of Arrangement
Outcome of Board Meeting held today i.e., September 23, 2026 regarding Scheme of Amalgamation of Indosolar Limited with Waaree Energies Limited and their respective shareholders pursuant ....23 Sep 2026 · Others / Outcome without intimation
Intimation regarding schedule of Analyst/ Institutional Investors meet scheduled to be held on Monday, September 28, 2026.22 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation of Letter of Award.21 Sep 2026 · Company Update / Award of Order / Receipt of Order
Intimation regarding schedule of Analyst/ Institutional Investors meet scheduled to be held on Monday, September 21, 2026.16 Sep 2026 · Company Update / Analyst / Investor Meet
Newspaper Advertisement regarding notice of the 36th Annual General Meeting and E-voting Information.3 Sep 2026 · Company Update / Newspaper Publication
The Exchange has received the disclosure under Regulation 10(7) in respect of acquisition under Regulation 10(1)(a)(ii)of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, ....3 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 10(7) of SEBI (SAST) Regulations, 2011
Enclosed is the letter sent to the shareholders.2 Sep 2026 · Company Update / General
Business Responsibility and Sustainability Reporting (BRSR).2 Sep 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Attached herewith Annual Report for FY 2025-26.2 Sep 2026 · Others / Reg. 34 (1) Annual Report
Enclosed is the Notice of the 36th Annual General Meeting of the Company to be held on September 24, 2026 at 11:00 A.M. (IST).2 Sep 2026 · AGM/EGM / AGM
Enclosed is the Newspaper Publication regarding the Notice of the 36th Annual General Meeting.31 Aug 2026 · Company Update / Newspaper Publication
Consolidation of the Company''s Manufacturing facilities from Tumb & Nandigram to the company''s existing manufacturing facility at Chikli, Gujarat.29 Aug 2026 · Company Update / General
Record Date as Friday, September 11, 2026 for the purpose of Final Dividend.29 Aug 2026 · Corp. Action / Record Date

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 2.0000	11 Sep 2026	11 Sep 2026	—
Interim Dividend - Rs. - 2.0000	24 Oct 2025	24 Oct 2025	—

Board meetings

27 Oct 2026 Board Meeting - Financial Results
29 Jul 2026 Board Meeting - Financial Results