Waaree Energies Ltd.
WAAREEENERIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
8 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 8 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| ANALYST_MEET | 20241126 | 2024-09-30 | yes | |
| ANALYST_MEET | 20250206 | 2024-12-31 | yes | |
| ANALYST_MEET | 20250506 | 2025-03-31 | yes | |
| ANALYST_MEET | 20250806 | 2025-06-30 | yes | |
| ANALYST_MEET | 20251028 | 2025-09-30 | yes | |
| ANALYST_MEET | 20260129 | 2025-12-31 | yes | |
| ANALYST_MEET | 20260508 | 2026-03-31 | yes | |
| ANALYST_MEET | 20260806 | 2026-06-30 | yes |
WAAREEENER
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 2,482.00 |
| 52-week range | 2419.0 – 3627.4 |
| Return 1M | -6.52% |
| Return 3M | -17.53% |
| Return 1Y | -28.88% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 7,932.00 |
| Other income | 171.00 |
| Total income | 8,103.00 |
| Cost of materials consumed | 4,844.00 |
| Purchases of stock-in-trade | 525.00 |
| Changes in inventories | 97.00 |
| Employee benefit expense | 170.00 |
| Finance costs | 70.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.64 | -0.00 |
| institutions foreign | 0.09 | 0.02 |
| institutions domestic | 0.04 | -0.00 |
| mutual funds | 0.03 | -0.00 |
| public | 0.36 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| ANALYST_MEET | 2026-06-30 | 8 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2024-09-30 | 2024-12-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,574.00 | 3,457.00 | 4,426.00 | 6,066.00 | 7,565.00 | 8,480.00 | 7,932.00 |
| Other income | 89.00 | 88.00 | 171.00 | 161.00 | 196.00 | 180.00 | 171.00 |
| Total income | 3,663.00 | 3,545.00 | 4,597.00 | 6,227.00 | 7,761.00 | 8,660.00 | 8,103.00 |
| Cost of materials consumed | 2,149.00 | 1,908.00 | 2,962.00 | 3,199.00 | 4,011.00 | 6,739.00 | 4,844.00 |
| Purchases of stock-in-trade | 475.00 | 327.00 | 614.00 | 933.00 | 297.00 | -256.00 | 525.00 |
| Changes in inventories | 80.00 | 128.00 | -760.00 | -407.00 | -86.00 | -703.00 | 97.00 |
| Employee benefit expense | 67.00 | 85.00 | 135.00 | 153.00 | 168.00 | 144.00 | 170.00 |
| Finance costs | 31.00 | 31.00 | 43.00 | 96.00 | 93.00 | 48.00 | 70.00 |
| Depreciation and amortisation | 84.00 | 89.00 | 182.00 | 240.00 | 267.00 | 301.00 | 330.00 |
| Other expenses | 279.00 | 287.00 | 477.00 | 782.00 | 1,246.00 | 980.00 | 855.00 |
| Total expenses | 3,165.00 | 2,855.00 | 3,654.00 | 4,995.00 | 5,997.00 | 7,252.00 | 6,892.00 |
| Profit before exceptional items and tax | 499.00 | 690.00 | 943.00 | 1,231.00 | 1,764.00 | 1,408.00 | 1,210.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | -295.00 | 0.00 | 0.00 |
| Profit before tax | 499.00 | 690.00 | 943.00 | 1,231.00 | 1,469.00 | 1,408.00 | 1,210.00 |
| Current tax | 140.00 | 152.00 | 216.00 | 298.00 | 384.00 | 295.00 | 298.00 |
| Deferred tax | -17.00 | 31.00 | -46.00 | 55.00 | -22.00 | -14.00 | 21.00 |
| Tax expense | 123.00 | 183.00 | 170.00 | 353.00 | 362.00 | 282.00 | 319.00 |
| Profit for the period | 376.00 | 507.00 | 773.00 | 878.00 | 1,107.00 | 1,126.00 | 892.00 |
| Profit attributable to owners | 362.00 | 493.00 | 745.00 | 843.00 | 10.00 | 1,061.00 | 850.00 |
| Profit attributable to non-controlling interests | 14.00 | 14.00 | 28.00 | 36.00 | -0.00 | 65.00 | 42.00 |
| Other comprehensive income | -1.00 | 3.00 | -12.00 | -4.00 | 9.00 | 5.00 | 0.00 |
| Total comprehensive income | 375.00 | 510.00 | 761.00 | 874.00 | 1,116.00 | 1,131.00 | 892.00 |
| Earnings per share, basic | 13.75 | 18.41 | 25.94 | 29.33 | 36.95 | 36.91 | 29.56 |
| Earnings per share, diluted | 13.71 | 18.33 | 25.84 | 29.27 | 36.89 | 36.84 | 29.50 |
Annual results, as filed
| Line | 2026-03-31 |
|---|---|
| Revenue from operations | 26,537.00 |
| Other income | 708.00 |
| Total income | 27,245.00 |
| Cost of materials consumed | 16,911.00 |
| Purchases of stock-in-trade | 1,588.00 |
| Changes in inventories | -1,955.00 |
| Employee benefit expense | 599.00 |
| Finance costs | 280.00 |
| Depreciation and amortisation | 990.00 |
| Other expenses | 3,485.00 |
| Total expenses | 21,898.00 |
| Profit before exceptional items and tax | 5,347.00 |
| Exceptional items | -295.00 |
| Profit before tax | 5,052.00 |
| Current tax | 1,194.00 |
| Deferred tax | -26.00 |
| Tax expense | 1,168.00 |
| Profit for the period | 3,884.00 |
| Profit attributable to owners | 3,711.00 |
| Profit attributable to non-controlling interests | 173.00 |
| Other comprehensive income | -2.00 |
| Total comprehensive income | 3,882.00 |
| Earnings per share, basic | 129.10 |
| Earnings per share, diluted | 128.84 |
Balance sheet, as filed
| Line | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Total assets | 14,035.00 | 24,625.00 | 30,115.00 |
| Non-current assets | 5,265.00 | 9,244.00 | 12,431.00 |
| Current assets | 8,770.00 | 15,381.00 | 17,685.00 |
| Property, plant and equipment | 1,188.00 | 5,170.00 | 6,047.00 |
| Capital work-in-progress | 2,510.00 | 1,894.00 | 3,476.00 |
| Goodwill | 6.00 | 6.00 | 26.00 |
| Other intangible assets | 443.00 | 4.00 | 22.00 |
| Inventories | 2,485.00 | 4,709.00 | 5,856.00 |
| Trade receivables | 1,649.00 | 1,310.00 | 2,492.00 |
| Cash and cash equivalents | 490.00 | 557.00 | 774.00 |
| Total equity and liabilities | 14,035.00 | 24,625.00 | 30,115.00 |
| Equity | 4,928.00 | 11,703.00 | 15,011.00 |
| Equity share capital | 263.00 | 288.00 | 288.00 |
| Other equity | 4,583.00 | 11,198.00 | 14,150.00 |
| Total liabilities | 9,107.00 | 12,922.00 | 15,104.00 |
| Non-current liabilities | 1,233.00 | 2,003.00 | 2,397.00 |
| Current liabilities | 7,874.00 | 10,919.00 | 12,708.00 |
| Borrowings, non-current | 65.00 | 23.00 | 815.00 |
| Borrowings, current | 673.00 | 2,368.00 | 1,676.00 |
| Trade payables | 2,267.00 | 2,902.00 | 3,108.00 |
Cash flow, as filed
| Line | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Net cash from operating activities | 1,493.00 | 1,005.00 | 1,627.00 |
| Net cash from investing activities | -1,486.00 | -2,808.00 | -3,953.00 |
| Net cash from financing activities | 357.00 | 1,857.00 | 2,573.00 |
| Purchase of property, plant and equipment | 1,612.00 | 2,576.00 | 4,882.00 |
| Net increase in cash | 369.00 | 47.00 | 264.00 |
| con:CFO.BEFORE_TAX | 1,493.00 | 1,005.00 | 2,776.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 0.00 | 0.00 | 1,149.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 2,035.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 1,859.00 | 0.00 |
| con:PPE_DISPOSALS | 0.00 | 43.00 | 46.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2024-10-28 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 64.30 | 64.30 | 64.30 | 64.30 | 0.64 | 0.64 | 0.64 | 0.64 |
| Domestic institutions | 3.02 | 2.70 | 2.46 | 2.86 | 0.03 | 0.03 | 0.04 | 0.04 |
| Mutual funds | — | — | — | 1.42 | 0.01 | 0.01 | 0.03 | 0.03 |
| Insurance companies | 0.25 | 0.19 | 0.09 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 |
| Foreign institutions | 2.23 | 1.40 | 0.70 | 2.68 | 0.06 | 0.07 | 0.07 | 0.09 |
| Government | — | — | — | — | — | — | 0.00 | 0.00 |
| Public | 35.70 | 35.70 | 35.70 | 35.70 | 0.36 | 0.36 | 0.36 | 0.36 |
| Non-institutional | 30.45 | 31.60 | 32.54 | 30.16 | 0.27 | 0.26 | 0.24 | 0.23 |
| Shares outstanding | 287283199 | 287283199 | 287283199 | 287283199 | 287640905 | 287640905 | 287651335 | 287651335 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Waaree Solar Americas Inc | Subsidiary | Any other transaction, Inter-corporate deposit, Sale | 5,279,590,000.00 | 3 |
| Sangam Solar One Private Limited | Subsidiary | Any other transaction, Inter-corporate deposit | 1,791,290,000.00 | 2 |
| Waaree Forever Energies Private Limited (formerly Sangam Sol | Subsidiary | Inter-corporate deposit, Interest received | 1,222,410,000.00 | 2 |
| IndoSolar Limited | Subsidiary | Any other transaction, Inter-corporate deposit, Purc | 1,068,020,000.00 | 5 |
| Waaree Renewable Technologies Ltd | Subsidiary | Any other transaction, Dividend received, Inter-corp | 868,720,000.00 | 6 |
| SGP Industrial Infrastructure Private Limited (formerly Waar | Enterprises owned or significantly | Advance, Purchase of fixed assets | 818,740,000.00 | 2 |
| Chimanlal T. Doshi | Relative of Director | Advance, Any other transaction | 318,580,000.00 | 2 |
| Rasila Doshi | Relative of Director | Advance, Any other transaction | 144,390,000.00 | 3 |
| Waaree PV Power LLP | Enterprises owned or significantly | Any other transaction, Inter-corporate deposit | 100,900,000.00 | 2 |
| Dhari Solar Park Private Limited | Associate Company | Sale of goods or services | 60,820,000.00 | 1 |
| Mr. Hitesh Doshi | Director | Remuneration | 49,410,000.00 | 1 |
| Waaree Energy Storage Solutions Private Limited (formerly Sa | Subsidiary | Inter-corporate deposit, Interest received | 38,280,000.00 | 2 |
| Waaree Clean Energy Solutions Private Limited (formerly Sang | Subsidiary | Any other transaction, Inter-corporate deposit | 38,230,000.00 | 2 |
| Mr. Viren Doshi | Director | Remuneration | 34,140,000.00 | 1 |
| Mr. Hitesh Mehta | Director | Remuneration | 29,470,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-06 | Q1FY27 | LIMITED | Read the call |
| 2026-05-08 | Q4FY26 | LIMITED | Read the call |
| 2026-01-29 | Q3FY26 | LIMITED | Read the call |
| 2025-10-28 | Q2FY26 | PRIVATE LIMITED | Read the call |
| 2025-08-06 | Q1FY26 | LIMITED | Read the call |
| 2025-05-06 | Q4FY25 | LIMITED | Read the call |
| 2025-02-06 | Q3FY25 | CEO– WAAREE ENERGIES LIMITED, WAAREE ENERGIES LIMITED | Read the call |
| 2024-11-26 | Q2FY25 | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY26 | Q1FY27 | Q2FY25 | Q2FY26 | Q3FY25 | Q3FY26 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | What kind of capex do we see if we have to shift from Mono PERC to TOPCon, if you could throw some light on that? | And I know all of us are bound to have questions around this quarter and all that, but I think we shouldn’t miss forest for the trees and this is very… | Also, what would be the typical capex needed for this in the coming years? | We will talk more about our capex program as we move forward in the presentation. | — | — | You know, on the facility side, there are risks associated with making sure that the facilities come on time at the right capex price point that you w… | So, the margins earlier were much lower, but now the margins are very high and ROCs are very healthy, which essentially has encouraged us to take that… |
| Capital allocation | And we are adding our IPP capacity through the acquisition also. | So this is the core module and cell business and then you have the other equipment, power electronics business, plus EPC will also have a big step jum… | — | Moving to Slide number 7, I am pleased to mention that the Board has approved an interim dividend of INR 2 per share, reaffirming our commitment towar… | The acquisition is, of course, subject to statutory approvals. | But generally, as the IPP, the bigger ones would get evacuation by themselves and do land acquisition. | And sir, our IPP business in 2026, the ENEL acquisition? | The vertical integration into Glass and the T&D acquisition are the right strategic moves, according to us. |
| Costs | From the perspective of input costs from China, over a period of time, we have actually seen continuous movement. | — | — | — | The input costs for most of our materials have actually come down quite substantially in this last quarter and that has also given a flip overall to t… | Of course, input cost is what you talked about. | So, the moment we have an order, we try to see what kind of raw materials can be secured against that order. | However, because of geopolitical reasons, the tendency to be higher upfront advances for long term contracts in the same set of customers has moved to… |
| Debt and cash | So, like we are generating good cash flow in Waaree Renewable Technologies also. | And next would be like while we understand that Q1 was the first quarter where we have seen a meaningful ramp-up in the modules manufactured in the U.… | — | Is this because of shipments postponed to October or any clarification on the cash flows? | — | — | — | So, if you look at our cash flow statement also, you are pointing out very right that the cash flow operations percentage has significantly come down. |
| Demand | In fact, we are using the DCR Waaree Energies Limited July 30, 2025 cells produced in this facility for various projects, which include retail for PM … | Just wanted to understand post the tariff implementation by U.S., our commentary was around that the business, the export business would remain unaffe… | And let's say more on a medium-term basis, what is the targeted capacity that you want to hit for RE infra or, let's say, bidding pipeline? | Our order book continues to be strong at INR ~47,000 crores as of September 30, 2025. | It is also important to consider that in our sales profile, exports in the last nine months, the first nine months of the fiscal, are in the range of … | When I have an order book, which I book ahead, we do a back-to-back cell tying, which we have been doing for the last many years. | So my first question is on the DCR, Have you started building the DCR order book given that our cells capacity is up and running? | Continue scaling capacity in line with the demand, deepen integration to improve the cost competitiveness, expand across markets, and keep investing i… |
| Guidance | So, I'm looking for what is the path ahead for the subsidiary in terms of guidance or capacity expansion? | So if you can give some guidance in terms of how to think about when this commissioning will happen, how production ramp-up will happen in FY'28, '29 … | But at this point in time, on a blended basis, we expect about a 200 to 300 basis points improvement in the overall profitability because of cells. | The production is ramping up, and we expect it to further improve in the second half of the year. | So, just like, what is the outlook for FY'26 in terms of offline? | And we have actually planned for some major upgrades to move to G12R cells, which will happen in the next 3 months here, after which we expect the cap… | But for the present year, for ‘2026 we are fairly confident of achieving our EBITDA guidance number that we have given, which is INR5,500 crores to IN… | We continue to remain upbeat on our growth prospects and guiding for operating EBITDA of INR7,000 crores to INR7,700 crores for financial year 27. |
| Margin | We came in at about INR196 crores of revenue and EBITDA was about roughly INR65 crores. | If you can give some idea of what happened in this particular margin as our gross margins has gone down at the module business level. | My second question is on your EBITDA growth ex other income, which is like sort of bit slower side in this quarter and revenues also. | EBITDA grew 155%, and PAT for the quarter grew 134%, setting a strong tone for the fiscal year ahead. | EBITDA for nine months FY '25 was INR2,063, which is an increase of 56% over the previous year and a margin of 19.28%. | And people are thinking this way, there is going to be a collapse in the gross margin for companies who are making cells and modules. | And we are in the process of delivering that order book, which is why our certainty for the EBITDA numbers are. | I just wanted to know why there was a very steep decline in the operating EBITDA margins in this quarter versus the previous quarter? |
| People | And so, what could be the current capacity utilization that we must have ramped up as of now? | So, we had an effective installed module capacity of 16.7 gigawatt in FY26, but the capacity utilization was 71%. | And so one could expect for the first year of operation anywhere between 60% of capacity utilization factor. | It's utilization of your cell plant is less than 10%, 15%. | And this is the same for the cell facility as well, the utilization. | The first question is, on your cell utilization, you are still at about 56%. | And what kind of capacity utilizations are we looking at now and going forward? | The other is utilization, not the theoretical utilization could be for everybody different, but the industry operates from the smaller players are muc… |
| Pricing | And so, there is really no question of any predatory pricing policies that Waaree undertakes. | My only question is related to the cell pricing. | And of course, pricing has also changed. | So, pricing in India, I would say the number of module manufacturers are increasing, but at the same time, number of cell manufacturers also increasin… | January 31, 2025 to be executed today with current raw material prices and tapering DCR content for pricing, what would the margins look like? | And this is, again, very much managed with the pricing we do in the market. | If you look at the pricing on solar over the years, the trend is coming down and rightly so because of technology changes and therefore the input pric… | Over the last quarter, the biggest impact which has taken up was the impact of silver pricing and copper pricing. |
| Revenue growth | — | — | Because if you look at your listed peers, they are reporting much higher revenue growth who are purely operating in Indian market, while you're also t… | Our revenue for the quarter has recorded a growth of 70% year- on-year. | We have recorded a revenue of INR3,545 crores, with a growth of 115% year-on-year. | So, basically, if you look at the top line, of course, it may not be additive. | Because if I look at the top line, we have the numbers in terms of the capacity and also the realization if I keep it steady? | — |