Market closed · data as of 27 Aug 2026 · source NSE via Alphave. Open the live chart →
India's largest solar PV module manufacturer, producing modules across mono PERC, TOPCon and other technologies at multi-gigawatt facilities in Gujarat, with backward integration into solar cells and announced expansion into ingots/wafers and green hydrogen electrolysers; also has US module manufacturing (Texas). Sells to utility-scale developers, C&I customers, exports (significant US exposure) and retail rooftop via a franchisee network; EPC and O&M come through subsidiary Waaree Renewable Technologies. Listed via a large October 2024 IPO.
The largest solar module maker in India by installed capacity and a leading module exporter to the US.
Waaree Energies Ltd. is a constituent of NIFTY 200, NIFTY 500, NIFTY MIDCAP 100, NIFTY MIDCAP 150, NIFTY MIDCAP 50. See where it sits on the market heatmap →
Consolidated annual figures taken from Waaree Energies Ltd.'s own filed statements — not estimates, and not restated by us. The most recent period shown is FY26 (year ended 31 Mar 2026).
| Metric | FY26 | FY25 |
|---|---|---|
| EPS (basic, ₹) | 129.10 | — |
| Book value / share (₹) | 521.85 | — |
| Return on equity | 24.7% | 98.8% |
| Return on capital employed | 28.3% | — |
| Operating margin | 18.5% | 16.1% |
| Net margin | 14.6% | 13.3% |
| EBITDA | ₹5,909 Cr | ₹2,722 Cr |
| Free cash flow | ₹-3,255 Cr | ₹3,158 Cr |
| Total debt | ₹2,492 Cr | — |
| Debt to equity | 0.17 | — |
| Interest coverage | 17.5 | 15.3 |
| Current ratio | 1.39 | — |
| Shares outstanding | 28,76,50,000 | — |
Open the full income statement, balance sheet and cash flow for WAAREEENER →
As disclosed for the quarter ended 30 Jun 2026.
Institutional ownership changes quarter to quarter. See daily FII and DII flows across the market →
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