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India's largest solar photovoltaic module manufacturer, selling panels to utility-scale developers, EPCs and rooftop installers in India and abroad.
India's largest solar photovoltaic module manufacturer, selling panels to utility-scale developers, EPCs and rooftop installers in India and abroad.
Sells solar panels in bulk orders from developers and installers, with a notable share exported to the US, which it serves partly from a Texas module plant. Founder Hitesh Doshi's family controls it. Making its own cells matters because cells are most of a module's cost.
In one line: India's First Solar.
Moat: narrow (scale, installed base). Largest India module capacity gives cost/scale edge and US market access via local manufacturing.
Headquarters: Mumbai, India · Founded: 1990 · Employees: 10,633
Size WAAREE Energies (WAAREEENER.NS) is an India Information Technology company (Semiconductors) with a market value of $7.41B, the 155th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,438 on 6 Nov 2026.
Performance Over six months the shares fell 24.4%, against -26.9% for the median peer and 0.0% for the India market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 75.4% over the last twelve months (peer median +19.5%); the operating margin is 16.0% (peer median 9.8%).
Valuation It trades at 17.3× forward earnings against a peer median of 19.9× (7th cheapest of 18).
Capital Return on invested capital runs 14.2 points above its cost of capital (9.2% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹315B | ₹260B | ₹144B | ₹114B | ₹67.5B |
| Revenue growth | — | +80% | +27% | +69% | — |
| Gross profit | ₹70.2B | ₹61.6B | ₹30.7B | ₹18.7B | ₹11.1B |
| EBITDA | ₹62.9B | ₹54.3B | ₹27.7B | ₹15.8B | ₹8.27B |
| Net income | ₹36.9B | ₹37.1B | ₹18.7B | ₹12.4B | ₹4.83B |
| Free cash flow | n/a | -₹28.7B | ₹1.19B | ₹9.70B | ₹6.59B |
| Capital expenditure | n/a | ₹48.8B | ₹32.7B | ₹13.4B | ₹8.65B |
| Total debt | ₹52.9B | ₹32.1B | ₹12.0B | ₹5.53B | ₹3.20B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| WAAREE Energies WAAREEENER.NS | $7.41B | -24% | +75% | 16% | 17.3× | n/a |
| Vikram Solar VIKRAMSOLR.NS | $546M | -37% | +40% | 12% | 14.0× | n/a |
| First Solar FSLR | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% |
| JinkoSolar Holding Co., Ltd. Sponsored ADR JKS | $551M | -55% | -15% | -8% | n/a | n/a |
| LONGi Green Energy Technology 601012.SS | $14.1B | -25% | -16% | -12% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WAAREEENER.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.5% | -25.5% | 3rd highest of 21 |
| 6-month return | -24.4% | -26.9% | 11th highest of 21 |
| Distance from 52-week high | -31.5% | -51.6% | 3rd highest of 21 |
| Revenue growth (TTM) | +75.4% | +19.5% | 3rd highest of 21 |
| Operating margin | 16.0% | 9.8% | 9th highest of 21 |
| Forward P/E | 17.3× | 19.9× | 7th cheapest of 18 |
| ROIC minus cost of capital | +14.2 pp | -3.2 pp | 4th highest of 21 |
| EV / EBITDA | 10.9× | 17.9× | 3rd cheapest of 9 |
| Net debt / EBITDA | -0.4× | -1.5× | 4th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| WAAREE Energies WAAREEENER.NS | India | $7.41B | -24% | +75% | 16% | 17.3× | n/a | n/a |
| Silicon Laboratories SLAB | United States | $7.39B | +2% | +22% | -3% | 60.3× | n/a | n/a |
| Alchip Technologies Limitd 3661.TW | Taiwan | $7.35B | -32% | -51% | 23% | 14.4× | n/a | n/a |
| Powerchip Semiconductor Manufacturing 6770.TW | Taiwan | $7.54B | -5% | +22% | -5% | 7.6× | 11.3% | +0.5% |
| Ingenic Semiconductor 300223.SZ | China | $7.59B | -15% | +89% | 35% | 16.7× | 21.3% | +16.9% |
| Tianshui Huatian Technology 002185.SZ | China | $7.74B | +10% | +33% | 4% | 45.0× | n/a | n/a |
| Smartsens Technology (Shanghai) 688213.SS | China | $7.01B | +21% | +27% | 13% | 30.9× | 23.1% | +42.7% |
| Minebea Mitsumi 6479.T | Japan | $6.97B | -13% | +12% | 7% | 11.9× | 10.8% | +11.0% |
| RMBS RMBS | United States | $7.98B | -42% | +17% | 37% | 19.9× | 24.5% | +23.5% |
| Sanan Optoelectronics 600703.SS | China | $6.87B | -33% | -22% | -7% | n/a | n/a | n/a |
| Vanguard International Semiconductor 5347.TWO | Taiwan | $6.82B | -22% | +10% | 17% | 17.7× | n/a | n/a |
| Konfoong Materials International 300666.SZ | China | $8.09B | +9% | +35% | 10% | 53.5× | n/a | n/a |
| Shenzhen Techwinsemi Technology 001309.SZ | China | $8.12B | -64% | +317% | 35% | 6.7× | n/a | n/a |
| Rohm 6963.T | Japan | $6.76B | -19% | +12% | 4% | 24.3× | n/a | n/a |
| Amkor Technology AMKR | United States | $8.13B | -57% | +16% | 10% | 12.1× | n/a | n/a |
| Jinko Solar 688223.SS | China | $6.73B | -34% | -18% | -11% | n/a | n/a | n/a |
| Suzhou Maxwell Technologies 300751.SZ | China | $6.72B | -33% | -26% | 6% | 72.0× | 47.7% | +29.0% |
| VeriSilicon Microelectronics (Shanghai) 688521.SS | China | $8.31B | -63% | +39% | -23% | n/a | 40.5% | +15.9% |
| SG Micro 300661.SZ | China | $8.33B | -12% | +46% | 17% | 55.7× | 35.9% | +26.7% |
| Unigroup Guoxin Microelectronics 002049.SZ | China | $6.37B | -35% | -1% | 18% | 25.5× | 24.4% | +13.5% |
| FormFactor FORM | United States | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% | +2.5% |