Business description: Waaree Energies Limited

Waaree Energies Ltd is an India-based company, which is engaged in the business of manufacture of solar photo-voltaic (PV) modules, setting up of projects in solar space and sale of electricity. The Company’s segments include Solar Power Product, Generation of Power, and Engineering, Procurement and Construction (EPC). The Company has an operational capacity of 12 gigawatt (GW) for solar PV modules, such as Mono PERC, Bifacial, BIPV, Flexible and Polycrystalline modules. It also offers off-grid inverters and on-grid invertors. It provides various solar solutions, including solar panel, solar inverter, lithium-ion battery, solar streetlight, solar mobile charger, and solar bag. The Company provides various services, including EPC Ground Mount, EPC Floating Solar, operation and maintenance (o&M), EPC Rooftop, and Waaree Prime. It offers O&M services which cover testing, cleaning, preventive maintenance, and corrective repairs to deliver optimal plant performance.

Number of employees: 1,804

Sales by Activity: Waaree Energies Limited

Fiscal Period: March 2021 (INR) 2022 (INR) 2023 (INR) 2024 (INR) 2025 (INR)

Solar Photovoltaic Modules

- 27.71B 65.52B 107B 130B

Solar Photovoltaic Modules and EPC of Solar Power Plants

19.47B - - - -

Engineering, Procurement and Construction Contract

- 1.47B 3.33B 8.48B 15.59B

Generation of Power

61.83M 145M 127M 286M 335M

Inter Segment Eliminations

- -786M -1.47B -1.33B -1.05B

Geographical breakdown of sales: Waaree Energies Limited

Fiscal Period: March 2021 (INR) 2022 (INR) 2023 (INR) 2024 (INR) 2025 (INR)

India

- 21.96B 21.34B 48.29B 120B

Outside India

- 6.58B 46.17B 65.69B 24.03B

Executive Committee: Waaree Energies Limited

Manager TitleAgeSince
Chief Executive Officer - 2026-03-20
Director of Finance/CFO 37 2026-03-20
Chief Executive Officer 59 2007-02-15
Compliance Officer - 2023-05-18
Corporate Officer/Principal - 2026-03-31

Composition of the Board of Directors: Waaree Energies Limited

Director TitleAgeSince
Chairman 59 2007-02-15
Director/Board Member 60 2011-03-31
Director/Board Member 73 2019-01-15
Director/Board Member 51 2021-08-29
Director/Board Member - 2026-03-20
Director/Board Member 74 2025-03-25
Director/Board Member 62 2025-06-30

Shareholders: Waaree Energies Limited

NameEquities%Valuation
45.88 %
131,963,212 45.88 % 4 334 M ₹
Waaree Sustainable Finance Pvt Ltd.
18.34 %
52,767,331 18.34 % 1 733 M ₹
2.25 %
6,473,420 2.25 % 213 M ₹
Motilal Oswal Asset Management Co. Ltd.
2.015 %
5,797,017 2.015 % 190 M ₹
Vt Energy SRL
1.91 %
5,493,253 1.91 % 180 M ₹

Holdings: Waaree Energies Limited

NameEquities%Valuation
77,550,245 74.32% 833 M $
31,173,505 74.93% 143 M $
160,000 1.17% 2 $

Company details: Waaree Energies Limited

WAAREE Energies Ltd.

Western Express Highway

400066, Mumbai

+91 22 6644 4444

http://www.waaree.com
address Waaree Energies Limited(WAAREEENER)

Group companies: Waaree Energies Limited

NameCategory and Sector
Electronic Equipment/Instruments
Electronic Equipment/Instruments
Alternative Power Generation
Alternative Power Generation

Photovoltaic Solar Systems & Equipment

Change 5d. change 1-year change 3-years change Capi.($)
-2.61%-0.35%+20.48% - 9.69B
-2.23%+3.96%+46.00%-1.57% 25.07B
-1.70%+5.44%+148.43%+133.48% 21.62B
-0.70%+1.65%+147.62%+218.28% 18.75B
+0.54%+1.46%+11.93%-50.52% 18.47B
+0.54%+11.58%+32.97%-36.47% 11.15B
-1.34%-2.19%+2.97%-55.98% 11.15B
+2.59%+7.21%+71.70% - 7.99B
-2.75%+0.22%+19.06%-42.48% 7.2B
+5.83%+11.09%+20.70%-68.68% 5.4B
Average +0.96%+3.14%+52.19%+12.01% 13.65B
Weighted average by Cap. +0.85%+2.58%+64.26%+36.17%
Trader
Investor
Global
Quality
ESG MSCI
B
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
3,125.20INR
Average target price
3,537.13INR
Spread / Average Target
+13.18%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. WAAREEENER Stock
  4. Company Waaree Energies Limited