Capital Goods · NSE/BSE: WAAREEENER
Waaree Energies Limited
Other Electrical Equipment
Market Cap ₹0.88L Cr
Verdict: High
Quality Scores
Multi-Bagger
89/100
Compounder Quality
86/100
Management Credibility
90/100
Governance
88/100
Cash Flow Quality
65/100
AI Summary
Waaree Energies Limited (WEL) is the largest non-Chinese solar PV module manufacturer globally, exhibiting explosive growth in the Indian and international renewable energy markets. Over the last 5 years, the company has transformed from a sub-2,000 Cr revenue player into a 26,000 Cr revenue powerhouse (FY26P). The operational scale has reached 12 GW, supported by high return on equity (32.8%) and industry-leading ROCE. While the business is highly capital intensive, the rapid demand for decarbonization provides a massive structural tailwind. The recent listing on the NSE/BSE has further…
Top Opportunities
- Market leader in non-Chinese PV manufacturing
- Exceptional 5-year Sales CAGR of 69%
- Exceptional 5-year PAT CAGR of 143%
Top Risks
- Heavy capital expenditure leading to negative Free Cash Flow
- Sudden jump in borrowings in FY26
- Dependence on global silicon price fluctuations
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