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Waaree Energies

WAAREEENER.NS
65
Solar · Technology
Price
₹2678.20
+3.20 (+0.12%)
Market Cap
₹770.39B
Exchange
National Stock Exchange of India
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Exceptional
Cash Flow
Weak
Stability
Exceptional
Valuation
Good
Dividends
Weak
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Winston Score History

The full picture

Waaree Energies is an Indian company that makes solar panels, also called photovoltaic modules. It sells these panels to homes, businesses, and large power plants that want to generate electricity from sunlight. Waaree is one of the largest solar panel manufacturers in India, with a growing presence in export markets including the United States.

The company earns money primarily by selling solar modules, and it also offers services like setting up complete solar power systems for customers. Waaree operates mainly out of India, where it has several large manufacturing facilities, but it has been expanding its export business significantly. Its competitive edge comes from large-scale manufacturing capacity and an established brand in a fast-growing renewable energy market. The key growth driver is India's ambitious solar energy expansion goals, though the main risk is intense price competition from Chinese manufacturers, who dominate global solar panel production and can undercut on cost.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+111.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+71.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

83.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Waaree Energies grew revenue 112% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 287.3M (2022) → 288.1M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
19.5%
Thin — 19.5% gross margin
Profit after running costs
Operating Margin
14.0%
Healthy — 14.0% operating margin
Return on the money invested
ROCE
29.8%
Exceptional — 29.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+94.3%
Fast-growing sales (+94.3% YoY)
Profit growth
EPS YoY
+69.0%
Earnings growing fast (+69.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
15%
Weak — only 15% of profit becomes cash
Spare cash per sale
FCF Margin
-6.7%
Burning cash (-6.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.21
Conservative — low debt load (0.21)
Covers its interest
Interest Cover
16.95x
Comfortably covers interest (16.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.2x
Growth-priced — P/E 20.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+4.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.2 → 15.8)

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Dividends

Dividend
Dividend Yield
0.07%
Small dividend — 0.07% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
no trend
Data not available

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