Waaree Energies Limited
NSE: WAAREEENERIndia solar capacity 500 GW target met early, WAAREE captures 22% market share, exports to EU scale.
Steady capacity expansion, 18% market share, domestic + moderate export growth continues.
Policy reversal, Chinese competition intensifies, margin compression, credit tightening.
Business Overview
Waaree Energies Limited is India's largest solar PV module manufacturer by installed capacity, producing high-efficiency monocrystalline and bifacial modules across its 12 GW annual manufacturing footprint in Surat and Chikhli. The company serves utility-scale developers, C&I customers, and residential installers across 68 countries. Its vertically integrated model — from cell production to EPC project execution — provides a structural cost advantage over pure-play assemblers.
Headquarters
Surat, Gujarat, India
Website
waaree.com
Employees
4,200+
Manufacturing Capacity
12 GW / year
Growth Catalysts
India's PM Surya Ghar scheme targeting 10 million rooftop solar installations by 2027
WAAREE's 12 GW annual manufacturing capacity — largest in India, 4th globally
Export order book of ₹18,400 Cr to USA, Europe, and Middle East through FY2027
Backward integration into polysilicon and wafer manufacturing reduces input costs 22%
ALMM (Approved List of Models & Manufacturers) inclusion gives government tender advantage
Battery storage JV announced with Tata Power — diversifies revenue beyond panels
Risk Flags
Revenue concentration: top 3 customers account for 41% of FY26 revenue
Chinese module price war risk if global oversupply worsens through 2026
Working capital cycle stretched to 94 days vs 67 days two years ago
Key Metrics
ROCE
48.3%
5-year avg: 38.1%
ROE
41.2%
Industry avg: 22.4%
Debt/Equity
0.18x
Near debt-free
Op. Margin
14.8%
+3.2pp YoY
Free Cash Flow
₹842 Cr
FY2025-26
Promoter Holding
71.4%
No pledge
FII Holding
18.2%
+3.4pp last quarter
PEG Ratio
0.74
Undervalued vs growth
Shareholding Pattern
↑ FII increased by 3.4pp last quarter
Promoter holding stable, zero pledge