Industrials stocks · Mid cap · NSE
Waaree Energies Limited is an integrated energy ecosystem player involved in manufacturing, EPC services, and an infrastructure platform. It is India's largest solar module manufacturer with ~26 GW capacity and India's largest cell capacity at 5.4 GW, expanding across the new energy value chain.
SMA20 -6.1% / mo · MACD +
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +79.2% · PAT +15.4% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
margin compression · Rev +79% YoY · PAT +15% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,932 Cr | +79.2% | -6.5% |
| EBITDA | ₹1,440 Cr | +44.4% | -8.7% |
| Operating margin | 18.0% | -500 bps | -100 bps |
| PAT | ₹892 Cr | +15.4% | -20.8% |
| PAT margin | 11.3% | -621 bps | -203 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term trend down. RSI 53. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q1FY27 consolidated revenue from operations grew 79.2% YoY to ₹7,932 Cr, with operating EBITDA up 44.4% YoY to ₹1,440 Cr (18.2% margin). PAT increased 15.4% YoY to ₹892 Cr (11.0% margin), demonstrating strong performance and consistent growth.
Waaree Energies delivered robust Q1FY27 results with significant YoY growth in revenue and profitability, supported by a strong order book of ~₹61,500 Cr. The company is aggressively expanding capacity across the integrated energy value chain, including solar, BESS, inverters, and electrolysers, positioning itself for sustained long-term growth.
Latest issuer-disclosed distribution across 4 reported categories.
Commissioned additional module capacity of 3 GW at Samakhiali, Gujarat in April 2026.
Waaree Energy Storage Solutions commenced 5.15 GWh automated BESS container capacity (vs. 3.5 GWh planned).
Retail Revenue grew +130% YoY in Q1FY27, heading towards ₹9,000-₹10,000 Cr in FY27.
Expanding offerings to deepen client wallet share and lead India’s green revolution across solar, BESS, inverters, transformers, and electrolysers.
Commissioned additional 3 GW at Samakhiali, Gujarat in April 2026, reaching 24.2 GW installed capacity.
Commenced 5.15 GWh automated BESS container capacity (vs. 3.5 GWh planned).
Commissioned Phase-I of 3 GW inverter plant; Phase-II of 1 GW by FY27.
Planned 10 GW N type Monocrystalline cell capacity in Gujarat – Unn by FY2027.
PLI incentive for high-efficiency solar PV modules, ALMM Lists, 20% BCD on imports, PM Surya Ghar, PM-KUSUM schemes.
US policy (IRA, UFLPA, Section 232 & FEOC) accelerating solar deployment and domestic manufacturing.
Stronger transmission and storage buildout globally and in India (Green Energy Corridor Phase-II, National Electricity Plan).
BESS VGF, ISTS waivers, mandatory 2-hour ESS norms, ACC battery PLI, FAME subsidies accelerating grid-scale energy storage.
Ambitious capex plan of ₹30,000+ Cr to transition from Waaree 1.0 to 2.0, requiring disciplined execution across multiple new segments.
Early adoption of upcoming technologies like G12/G12R and HJT, which carries inherent risks of market acceptance and operational efficiency.
Reliance on strategic investment in United Solar Holding for polysilicon and planned backward integration for ingots/wafers, critical for cost and quality control.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly highlights YoY growth for key financial metrics like Revenue, Operating EBITDA, and PAT, indicating a focus on annual performance trends. While QoQ data is present, YoY provides a clearer picture of underlying business expansion.
₹7,932 Cr in Q1FY27, +79.2% YoY.
₹1,440 Cr in Q1FY27, +44.4% YoY, with 18.2% margin.
₹892 Cr in Q1FY27, +15.4% YoY, with 11.0% margin.
~₹61,500 Cr as on 28th July 2026 for solar manufacturing + WRTL + Others (Transformer, Battery, Inverter & Electrolyser).
Reaffirming Operating EBITDA Guidance for FY27: ₹7,000 – 7,700 Cr.
Retail Revenue heading towards ₹9,000-₹10,000 Cr in FY27.
Integration growing to 66% (3x growth) to support margin expansion and new market avenues.
Phased capex deployment (FY27: 30% | FY28: 40% | FY29: 30%) to ensure limited risks and calibrate early results.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA (FY27) | ₹1,440 Cr (Q1FY27) | Progress towards the FY27 guidance of ₹7,000 – 7,700 Cr. |
| Retail Revenue | ₹2,289 Cr (Q1FY27) | Monitor growth towards the FY27 target of ₹9,000-₹10,000 Cr. |
| Cell to Module Integration Ratio | 22% (FY26) | Track the increase in integration ratio towards the stated goal of 66%. |
| Capacity Utilization (Module/Cell) | 65% (Module), 62% (Cell) in Q1FY27 | Observe ramp-up of utilization rates for newly commissioned capacities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 89th percentile within Industrials. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Industrials: 89th pctile, median 68 · Mid: 70th pctile, median 76
60 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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