Waaree Energies Ltd (WAAREEENER) — share price & stock analysis

Market cap

₹82,777 Cr

P/E

21.1×

ROE

32.8%

vs own history (since 2024)

lowest ever

Book value / share

₹502

EPS (TTM)

₹136

10-yr median P/E

37.6×

Revenue (FY26)

₹26,537 Cr

Profit after tax (FY26)

₹3,884 Cr

Weinstein stage

Stage 2 (12 weeks)

Data as of

1 July 2026

4 of the 6 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 39% — a high-quality engine; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

The profits have outrun the price

Since Nov 2024, earnings per share grew 172% while the stock is down 1%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/E of 21.1× is about the cheapest this stock has ever traded against its own history since 2024.pe_ratio

And the sharper caveat: today’s margins are the best this company has ever printed. The cheap multiple is only real if they hold — earnings at record profitability flatter every valuation ratio.operating_profit

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (37.6×).

The price is in a confirmed uptrend — 12 weeks and counting

Stock prices move through four repeating stages: basing (1), advancing (2), topping (3) and declining (4). This one is in Stage 2: advancing, 12 weeks in.stage

The price sits above its rising 200-day average (₹3,033 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Trailing NIFTY 500 for 3 weeks — relative strength is the market’s live opinion, and right now it is against it.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

6 of 6 years up since listing — good compounding, but a short book

Over 6 years, sales went from ₹1,996 Cr to ₹26,537 Cr (about 54% a year), and profit from ₹39.0 Cr to ₹3,884 Cr.revenuenet_profit

Margins widened 17.6 points along the way — growth with improving economics.operating_profit

Sales exploded 112% last quarter — growth every single quarter for over 2 years

Mar 26 sales were ₹8,480 Cr, up 112% on the same quarter last year.revenue

That makes 8 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are compressing — 23% → 19% in a year

Of every ₹100 of sales, the company keeps ₹18.6 as operating profit (a year ago it kept ₹23.0).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 3.7% in FY22 and has been rebuilt to 22.3% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (32% → 26%), so this is about input costs and pricing power — the raw-material equation worsened.gpm_pctopm_pct

Profit exploded 75% — mostly from selling more

Mar 26 profit after tax was ₹1,126 Cr, up 75% year on year.net_profit

Cash has tracked profit for years — but slipped last year

Over the last 5 profitable years, the business reported ₹7,666 Cr of profit and collected ₹9,348 Cr of operating cash — about 122% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY26 collected ₹1,627 Cr against ₹3,884 Cr of reported profit — about 42%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The gap sits in receivables: customers now take 34 days to pay, up from 30. Profit booked, cash pending.debtor_days

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 90 days to go out the door as materials and come back as collected cash — up from 35 days the year before.cash_conversion_cycle

The biggest mover: suppliers being paid sooner (91 → 63 days).payable_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹152 Cr (FY20) to ₹7,329 Cr, with another ₹3,476 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 47% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is bigger than the cash engine: investing outflows (₹14,105 Cr) exceeded operating cash (₹7,090 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Debt is small — but no longer zero, and growing

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹22 — total borrowings have grown from ₹157 Cr to ₹3,213 Cr over the window.borrowings

The equity base grew even faster, so the ratio stays comfortable — but a 20× rise in absolute borrowings deserves a name (acquisitions, capex), not a shrug. Watch whether it keeps compounding.borrowings

Every ₹100 kept in the business now earns ₹39 — and the number is rising

Return on capital employed is 39.0% (a year ago: 35.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Big money is quietly accumulating

Promoters hold 64.2%, essentially unchanged. Foreign funds own 7.1%, domestic funds 4.3%.promoters_pctfiis_pctdiis_pct

Institutions buying while the story develops is the market’s quiet vote of confidence — they meet management, you don’t.

Worth studying deeper — with eyes open

The numbers lean positive, and the price hasn’t fully caught up with the improvement.

Best thing in the data: sales rising (₹4,004 Cr → ₹8,480 Cr).revenue

Biggest worry: debt moving the wrong way (0.13× → 0.22×).borrowings

One dissent worth hearing: our technicals lens reads negative — “Technicals bearish with 37% confidence”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data