Regulatory
HIGHTrigger: US Commerce Department sided with domestic solar manufacturers (First Solar, Qcells) who filed an anti-dumping petition
Monitor: regulatory
Waaree Energies Ltd: Why Is It Outperforming Nifty 500?
ActiveAverage5w StreakRe-Entry
In , Waaree Energies Ltd (Capital Goods - Solar) is outperforming Nifty 500 with +6.0% relative strength. Fundamentals: Average. On a 5-week streak.
Waaree Energies Ltd Key Facts
- PE Ratio
- 23.7x
- Market Cap
- ₹92,914 Cr
- PAT Growth YoY
- +75%
- Revenue Growth YoY
- +112%
- OPM
- 19.0%
- RS vs Nifty 500
- +6.0%
Strong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
🌐FII stake decreased 0.7% this quarter
🏛️DII reducing — stake down 1.5%
💰Trading 121% below estimated fair value — significant discount
Key Risks
1. Regulatory
HIGH2. Commodity
MEDIUM3. Geopolitical
MEDIUMKey Numbers
PAT Growth YoY
+75%
Stable
Revenue YoY
+112%
Stable
Operating Margin
19.0%
-400 bps YoY
PE Ratio
23.7
Current Price
₹3,230
Dividend Yield
0.06%
Fundamental Score
52/100
Average
3Y PAT CAGR
+80%
Market Cap
92.9K Cr
Valuation
Significantly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
What Are the Key Risks for Waaree Energies Ltd?
Earnings deceleration risks from management commentary
Commodity
MEDIUMTrigger: Global silver prices have risen significantly, impacting photovoltaic cell silver paste input costs
Monitor: commodity
Geopolitical
MEDIUMTrigger: Trump administration's fossil fuel priorities create a structurally hostile regulatory environment for Asian solar exporters into the US
Monitor: geopolitical
Logistics
LOWTrigger: Not Given
Monitor: logistics
Fx
LOWTrigger: Large USD-denominated revenue base creates two-way FX exposure
Monitor: fx
What Is Waaree Energies Ltd's Management Saying?
Key quotes from recent conference calls
“the agency calculated preliminary duty rates, known as dumping margins, of 123.04% for imports from India. Final decision on or around July 13 [Risk (regulatory): HIGH]”
“silver and the other commodities... is it going to hurt your gross margin going forward? we do a back-to-back cell tying, which we have been doing for the last many years [Risk (commodity): MEDIUM]”
“US President Donald Trump continues a pro-fossil fuel agenda and has decried the energy transition as a 'green new scam' [Risk (geopolitical): MEDIUM]”
“Around 33 percent of the company's revenue for the October-December quarter came from the overseas markets [Risk (fx): LOW]”
How Fast Is Waaree Energies Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +112% | +58% | Stable |
| PAT (Net Profit) | +75% | +80% | Stable |
| OPM | 19.0% | -400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 30, 2026.
Other Top Capital Goods - Solar Stocks Beating Nifty 500
Frequently Asked Questions: Waaree Energies Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Waaree Energies Ltd's latest quarterly results?
Waaree Energies Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +74.8% (stable)
- Revenue Growth YoY: +111.8%
- Operating Margin: 19.0% (volatile)
Is Waaree Energies Ltd's profit growing or declining?
Waaree Energies Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +74.8% (latest quarter)
- PAT Growth QoQ: +1.7% (sequential)
- 3-Year PAT CAGR: +80.0%
- Trend: Stable — consistent growth pattern
What is Waaree Energies Ltd's revenue growth trend?
Waaree Energies Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +111.8%
- Revenue Growth QoQ: +12.1% (sequential)
- 3-Year Revenue CAGR: +57.8%
How is Waaree Energies Ltd's operating margin trending?
Waaree Energies Ltd's operating margin is volatile.
- Current OPM: 19.0%
- OPM Change YoY: -4.0% basis points
- OPM Change QoQ: -6.0% basis points
What is Waaree Energies Ltd's 3-year profit and revenue CAGR?
Waaree Energies Ltd's long-term compounding rates
- 3-Year Profit CAGR: +80.0%
- 3-Year Revenue CAGR: +57.8%
Is Waaree Energies Ltd's growth accelerating or decelerating?
Waaree Energies Ltd's earnings growth is stable with positive momentum on a sequential basis.
- YoY Acceleration: -25.2% bps
- Sequential Acceleration: -24.4% bps
- Margin Warning: Operating margins are under pressure
What is Waaree Energies Ltd's trailing twelve month (TTM) performance?
Waaree Energies Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹4,000 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹27,000 Cr
- TTM Revenue Growth: +83.7% YoY
- TTM Operating Margin: 22.3%
Is Waaree Energies Ltd overvalued or undervalued?
Waaree Energies Ltd appears significantly undervalued based on our fair value analysis.
- Valuation Signal: Significantly Undervalued
- Current PE: 23.7x
- Price-to-Book: 6.4x
What is Waaree Energies Ltd's current PE ratio?
Waaree Energies Ltd's current PE ratio is 23.7x.
- Current PE: 23.7x
- Market Cap: 92.9K Cr
- Dividend Yield: 0.06%
How does Waaree Energies Ltd's valuation compare to its history?
Waaree Energies Ltd's current PE is 23.7x.
- Current PE: 23.7x
- Valuation Assessment: Significantly Undervalued
What is Waaree Energies Ltd's price-to-book ratio?
Waaree Energies Ltd's price-to-book ratio is 6.4x.
- Price-to-Book (P/B): 6.4x
- Book Value per Share: ₹502
- Current Price: ₹3230
Is Waaree Energies Ltd a fundamentally strong company?
Waaree Energies Ltd is rated Average with a fundamental score of 51.95/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +111.8% (10% weight)
- PAT Growth YoY: +74.8% (10% weight)
- PAT Growth QoQ: +1.7% (10% weight)
- Margins stable (10% weight)
Is Waaree Energies Ltd debt free?
Waaree Energies Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹3,000 Cr
What is Waaree Energies Ltd's return on equity (ROE) and ROCE?
Waaree Energies Ltd's return ratios over recent years
- FY2024: ROCE 44.0%
- FY2025: ROCE 35.0%
- FY2026: ROCE 39.0%
Is Waaree Energies Ltd's cash flow positive?
Waaree Energies Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹2,000 Cr
- Free Cash Flow (FCF): ₹-2,000 Cr
- CFO/PAT Ratio: 42% (weak cash conversion)
What is Waaree Energies Ltd's dividend yield?
Waaree Energies Ltd's current dividend yield is 0.06%.
- Dividend Yield: 0.06%
- Current Price: ₹3230
Who holds Waaree Energies Ltd shares — promoters, FII, DII?
Waaree Energies Ltd's shareholding pattern (Mar 2026)
- Promoters: 64.2%
- FII (Foreign): 7.1%
- DII (Domestic): 4.3%
- Public: 24.4%
Is promoter holding increasing or decreasing in Waaree Energies Ltd?
Waaree Energies Ltd's promoter holding has decreased recently.
- Current Promoter Holding: 64.2% (Mar 2026)
- Previous Quarter: 64.2% (Dec 2025)
- Change: -0.03% (decreasing — worth monitoring)
How long has Waaree Energies Ltd been outperforming Nifty 500?
Waaree Energies Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is Waaree Energies Ltd a new momentum entry or an established outperformer?
Waaree Energies Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the key risks in Waaree Energies Ltd?
Waaree Energies Ltd has 5 key risks worth monitoring
- [HIGH] Regulatory — US Commerce Department sided with domestic solar manufacturers (First Solar, Qcells) who filed an anti-dumping petition
- [MEDIUM] Commodity — Global silver prices have risen significantly, impacting photovoltaic cell silver paste input costs
- [MEDIUM] Geopolitical — Trump administration's fossil fuel priorities create a structurally hostile regulatory environment for Asian solar exporters into the US
- [LOW] Logistics — Not Given
What did Waaree Energies Ltd's management say in the latest earnings call?
In Q4 FY26, Waaree Energies Ltd's management highlighted
- "the agency calculated preliminary duty rates, known as dumping margins, of 123.04% for imports from India. Final decision on or around July 13 [Risk ..."
- "silver and the other commodities... is it going to hurt your gross margin going forward? we do a back-to-back cell tying, which we have been doing for..."
- "US President Donald Trump continues a pro-fossil fuel agenda and has decried the energy transition as a 'green new scam' [Risk (geopolitical): MEDIUM..."
Is Waaree Energies Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Waaree Energies Ltd may be worth studying
- Earnings growing at +74.8% YoY
- Valuation: appears significantly undervalued
- Cash flow is positive — CFO ₹2,000 Cr
What is the investment thesis for Waaree Energies Ltd?
Waaree Energies Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +111.8% YoY
- Appears significantly undervalued
Risk Factors (Bear Case)
- Margins under pressure
- Key risk: Regulatory
What is the future outlook for Waaree Energies Ltd?
Waaree Energies Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Undervalued
- Key Risk: Regulatory
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.