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Waaree Energies Ltd.

Capital GoodsElectric Equipment

www.waaree.com BSE: 544277NSE: WAAREEENER

₹2,596.00BSE1.24%

07 Sep, 4:01 PM

₹2,596.00

₹74.67K Cr

19.57

4.90

32.67%

₹2,651.00

₹2,591.10

₹3,864.40

₹2,402.00

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Price Performance

Peer Comparison

Name
ABB LTD. ABB	7,397.10	52.46	1,56,750.74	0.53	362.30	3.00%	3,558.87	21.03%	30.18
CGPOWER CGPOWER	899.00	113.30	1,41,632.96	0.14	308.28	15.52%	3,280.81	13.99%	27.94
SIEMENS LTD. SIEMENS	3,930.10	42.73	1,39,958.92	0.46	2,143.10	406.16%	4,713.70	14.75%	21.42
GVT&D GVT&D	4,363.00	598.22	1,11,713.10	0.23					20.90
Waaree Energies Ltd. WAAREEENER	2,596.00	19.57	74,674.29	0.15	891.87	15.39%	7,931.79	79.22%	37.93
APAR INDUS. APARINDS	17,701.10	62.85	74,118.64	0.34	467.45	77.80%	6,591.06	29.13%	31.84
HAVELLSINDIA HAVELLS	1,150.00	44.19	72,169.59	0.87	289.71	-16.64%	6,518.19	19.48%	25.74
SUZLONENERGY SUZLON	45.52	19.90	62,570.14	0.00	305.22	-5.89%	3,829.09	22.27%	35.79

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	3,408.90	3,574.38	3,457.29	4,003.93	4,425.83	6,065.64	7,565.05	8,480.25	7,931.79
Expenses	2,856.42	3,049.53	2,735.56	3,081.35	3,428.51	4,659.24	5,636.89	6,903.50	6,491.87
	552.48	524.85	721.73	922.58	997.32	1,406.40	1,928.16	1,576.75	1,439.92
	16.21%	14.68%	20.88%	23.04%	22.53%	23.19%	25.49%	18.59%	18.15%
	87.51	89.09	87.98	132.97	171.35	160.90	-98.60	179.73	170.81
Interest	33.70	30.83	30.85	56.72	43.25	96.08	93.28	47.89	70.37
	75.76	84.27	89.05	153.37	182.06	239.76	267.26	300.64	329.98
	530.53	498.84	689.81	845.46	943.36	1,231.46	1,469.02	1,407.95	1,210.38
	24.39%	24.69%	26.52%	23.77%	18.07%	28.69%	24.66%	20.01%	26.31%
	394.15	361.65	492.69	618.91	745.20	842.55	1,062.46	1,061.10	850.22
	14.98	13.73	17.15	21.54	25.94	29.29	36.94	36.89	29.56

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
	2,854.27	6,750.87	11,397.61	14,444.50	26,536.77
	2,854.27	6,750.87	11,397.61	14,444.50	26,536.77
EXPENDITURE :
Increase/Decrease in Stock	63.60	-1,006.90	-561.99	650.83	-1,954.97
Raw Material Consumed	2,253.09	6,157.99	9,321.79	9,538.99	18,498.65
Power & Fuel Cost	19.71	50.51	88.39	115.61	371.14
Employee Cost	51.46	118.22	153.75	295.88	571.90
Other Manufacturing Expenses	72.50	161.56	253.71	345.59	1,376.25
General and Administration Expenses	30.06	58.82	94.03	139.96	298.90
Selling and Distribution Expenses	240.52	347.52	417.63	509.62	1,301.38
Miscellaneous Expenses	12.38	30.84	55.87	126.38	164.88
	2,743.32	5,918.56	9,823.18	11,722.86	20,628.13
Operating Profit (Excl OI)	110.95	832.31	1,574.43	2,721.64	5,908.64
	91.59	111.82	235.15	401.56	708.15
	202.53	944.13	1,809.58	3,123.20	6,616.79
Interest	40.89	82.27	139.91	152.09	280.50
PBDT	161.65	861.86	1,669.67	2,971.11	6,336.29
	43.27	164.13	276.81	402.45	989.72
Profit Before Taxation & Exceptional Items	118.37	697.73	1,392.86	2,568.66	5,346.57
Exceptional Income / Expenses		-20.58	341.34	-4.02	-294.78
	118.37	677.15	1,734.20	2,564.64	5,051.79
Provision for Tax	38.72	176.87	459.82	636.51	1,167.64
	79.65	500.28	1,274.38	1,928.13	3,884.15
Extra items				0.00	0.00
Minority Interest	-4.01	-17.52	-37.20	-60.74	-172.85
Consolidated Net Profit	75.64	482.76	1,237.18	1,867.39	3,711.30
Profit Balance B/F	136.39	225.21	572.23	1,808.36	3,676.80
Appropriations	212.03	707.97	1,809.41	3,675.75	7,388.10
Equity Dividend %					40.00%
	3.84	19.84	47.05	65.00	129.02
Adjusted EPS	3.84	19.84	47.05	65.00	129.02

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
	197.14	243.37	262.96	287.28	287.65
Share Warrants & Outstandings		36.68	46.51	61.15	75.84
Total Reserves	230.51	1,558.36	3,778.34	9,130.77	14,073.85
Reserve excluding Revaluation Reserve	230.51	1,558.36	3,778.34	9,130.77	14,073.85
Revaluation reserve	0.00	0.00	0.00	0.00
	427.65	1,838.41	4,087.81	9,479.20	14,437.34
Minority Interest	12.21	23.44	60.68	116.08	573.55
Secured Loans	188.88	145.83	102.60	24.18	815.14
Unsecured Loans	0.09
Deferred Tax Assets / Liabilities	8.38	33.67	-46.11	-4.69	-25.51
Other Long Term Liabilities	43.11	365.80	1,494.29	1,145.33	1,196.96
Long Term Provisions	41.43	69.26	108.10	155.11	254.36
Total Non-Current Liabilities	281.89	614.55	1,658.88	1,319.93	2,240.95
Trade Payables	534.76	1,431.62	1,475.23	2,069.68	3,107.81
Other Current Liabilities	841.85	2,749.17	2,717.15	4,977.33	6,940.62
Short Term Borrowings	99.65	635.14	716.45	1,205.47	2,005.23
Short Term Provisions	21.37	113.30	514.33	271.63	654.04
Total Current Liabilities	1,497.63	4,929.24	5,423.16	8,524.11	12,707.70
Total Liabilities	2,219.37	7,405.64	11,230.53	19,439.32	29,959.54
Gross Block	764.23	1,398.04	2,009.93	4,951.90	9,265.36
Less: Accumulated Depreciation	139.96	293.12	560.43	941.36	1,952.45
Net Block	624.27	1,104.92	1,449.50	4,010.54	7,312.91
Capital Work in Progress	122.66	537.04	1,341.29	1,883.99	3,476.15
Non Current Investments	10.00				292.31
Long Term Investment	10.00	0.00	0.00	0.00	292.31
Long Term Loans & Advances	78.49	121.16	330.50	431.34	796.63
Other Non Current Assets	38.34	159.08	95.65	364.59	488.88
Total Non-Current Assets	875.21	1,922.70	3,217.44	6,706.05	12,382.54
Currents Investments	133.16	31.06	71.15	64.68	660.53
Inventories	538.17	2,708.87	2,585.53	2,692.11	5,855.64
Sundry Debtors	92.52	312.61	971.39	1,053.15	2,492.32
Cash and Bank	366.37	1,736.42	3,779.17	7,747.82	6,728.37
Other Current Assets	28.64	47.33	104.74	198.87	701.72
Short Term Loans and Advances	185.32	639.85	500.64	959.02	1,138.42
Total Current Assets	1,344.17	5,476.14	8,012.62	12,715.65	17,577.00
Net Current Assets (Including Current Investments)	-153.47	546.91	2,589.46	4,191.54	4,869.30
Total Assets	2,219.37	7,405.64	11,230.53	19,439.32	29,959.54
Contingent Liabilities	60.91	112.84	151.73	871.37	619.37
Total Debt	370.80	859.26	855.92	1,232.84	2,970.80
	21.69	74.03	153.69	327.84	499.27
Adjusted Book Value	21.69	74.03	153.69	327.84	499.27

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
	118.37	677.15	1,734.20	2,564.64	5,051.79
Adjustment	73.99	263.81	314.35	179.02	864.00
Changes In working Capital	534.41	719.63	591.57	1,157.35	-3,139.80
Cash Flow after changes in Working Capital	726.77	1,660.58	2,640.12	3,901.01	2,775.99
Cash Flow from Operating Activities	700.86	1,560.23	2,305.04	3,158.21	1,626.95
Cash Flow from Investing Activities	-674.86	-2,093.82	-3,340.27	-6,808.37	-3,953.18
Cash Flow from Financing Activitie	98.52	642.48	909.19	4,035.74	2,573.11
Net Cash Inflow / Outflow	124.52	108.88	-126.04	385.58	246.88
Opening Cash & Cash Equivalents	12.82	139.19	253.65	121.39	509.83
Cash & Cash Equivalent of Subsidiaries under liquidations	-0.11	-0.02
Effect of Foreign Exchange Fluctuations	1.96	5.61	-6.22	2.86	17.45
Closing Cash & Cash Equivalent	139.19	253.65	121.39	509.83	774.16

Ratios

Valuation

19.57

4.90

10.05

2.49

132.67

530.27

Profitability

32.67

37.93

15.73

22.27

14.64

Leverage & Liquidity

0.21

1.38

19.01

Returns

0.15

1.07

Shareholding Pattern

Numbers in percentages

Particulars	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
	64.30	64.30	64.30	64.30	64.22	64.22	64.19	64.12
	5.03	4.09	3.16	5.54	9.17	9.77	11.37	12.65
	30.67	31.60	32.54	30.16	26.60	26.01	24.44	23.23
	35.70	35.70	35.70	35.70	35.78	35.78	35.81	35.88
No. of Shareholders	11,47,866	7,67,963	8,51,028	7,67,267	6,90,025	6,95,699	6,83,301	7,31,601

Corporate Actions

Showing: All

Date	Type	Details
2026-09-01	AGM
2026-07-23	Board Meeting	Quarterly Results
2026-04-29	Substantial Acquisition of Shares	Inter alia, approved:- a. Recommended Final Dividend of Rs. 2 per equity share of Rs. 10 each at the rate of 20% for the year ended March 31, 2026, subject to approval of the Members at the ensuing Annual General Meeting ( AGM ) of the Company. b. Raising of funds by way of issuance of Equity Shares, non-convertible debentures along with warrants, any other eligible securities convertible into Equity Shares of the Company, or any combination (collectively Securities ) through permissible modes, for an aggregate amount not exceeding Rs.10,000 Crores [Rupees Ten Thousand Crores Only] or an equivalent amount thereof by way of one or more Qualified Institutional Placement ( QIP ) or through any other permissible mode and/or combination thereof as may be considered appropriate under applicable law, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company; c. Approved conducting of the postal ballot process for obtaining the consent of the Members of the Company in respect of the resolutions set out in the Postal Ballot Notice, and further approved the Postal Ballot Notice along with all matters incidental and ancillary thereto d. Acqusition of 100% shareholding of Waaree Semicon Private Limited by Waaree Power Private Limited (Wholly owned Subsidiary) from Waaree Sustainable Finance Private Limited (Promoter Company), thereby making it a step down subsidiary of the Company; e. On the recommendation of the Audit Committee, re-appointment of: - f. M/s. V J Talati & Co., Cost Accountants (Firm Registration No. R00213) as the Cost Auditor of the company for the Financial Year 2026-27; ii. M/s Mahajan and Aibara, Chartered Accountant LLP as the Internal Auditor of the Company for the Financial Year 2026-27;

Insider Trading

Date	Person	Category	Transaction Type	Shares	Value (₹)

No insider trading data available.

Sector Overview

Capital GoodsElectric Equipment

Waaree Energies Ltd. operates in the Capital Goods sector under the Electric Equipment industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.

Company Profile

Corporate information and contact details

Key Management

11 members across the board and senior leadership

Rajesh Gaur

Company Secretary & Compliance Officer

—

Hitesh Chimanlal Doshi

Chairman & Managing Director

₹9.88 Cr

Mar '26

Viren Chimanlal Doshi

Whole Time Director

₹6.83 Cr

Mar '26

Hitesh Pranjivan Mehta

Whole Time Director

₹5.89 Cr

Mar '26

Jignesh Devchandbhai Rathod

Whole Time Director & Chief Executive Officer

₹11.00 L

Mar '26

Rajender Mohan Malla