Waaree Energies Ltd.
NSE: WAAREEENERWaaree Energies Ltd.: A 30-second snapshot
Waaree Energies is an Indian solar energy manufacturer trading at ₹3,096, reflecting a 10.75% gain over 12 months against a 52-week high drawdown of 19.85%. The business has grown 5-year revenue at a compound rate of ~112% with ROE of 31.6% (top-ranked among 6 Infrastructure peers), but carries a debt-to-equity ratio of 21.4 with a rising debt trend and FCF positive in only 3 of the years available. A $700 million institutional share sale was in process as of late May 2026.
P/E
27.3
Forward P/E
17.8
ROE
+31.6%
Debt / Equity
21.40
Profit Margin
+14.0%
Div. Yield
+0.1%
5Y ROE > 15%
4/5
5Y FCF > 0
3/5
Quality
63/100
News
6 headlines · 4 positive · 0 negative
Waaree Energies gears up to raise $700 million via institutional share sale; hires bankers - TradingView
TradingView
Waaree Energies shares: 'Buy' - Brokerage upbeat after mega capex, revenue target boost | Target price - Business Today
Business Today
Buy Waaree Energies; target of Rs 3850: Motilal Oswal - TradingView
TradingView
Stocks to benefit from AI-infra push: Adani Energy, Tata Power, Waaree Energies, others | Target prices - Business Today
Business Today
Waaree Energies to Host Investor Day in Mumbai on May 7, 2026 - TipRanks
TipRanks
Recent context
- ·Waaree Energies announced plans to raise $700 million via an institutional share sale (QIP) in late May 2026, hiring bankers to manage the process; such issuances are typically dilutive to existing shareholders proportional to the size and pricing of the placement.
- ·Motilal Oswal published a note in early May 2026 citing the stock in connection with AI-infrastructure power demand, alongside Adani Energy and Tata Power; the company also hosted an Investor Day in Mumbai on May 7, 2026.
- ·A brokerage note from Business Today (May 12, 2026) characterised large capex and a revenue target boost as the basis for a constructive view — the scale of the capex program is consistent with the rising debt trend flagged in the balance sheet data.
Strengths
- +5-year revenue CAGR of approximately 112% and earnings CAGR of 71.2% reflect rapid top-line and bottom-line expansion in a high-growth sector.
- +ROE of 31.6% ranks 1st among the 6 Infrastructure peers in the dataset (versus BEL at 27.6%, Cummins at 29.5%, L&T at 17.0%), indicating comparatively high return on shareholder capital.
- +Trailing PE of 27.3 is the lowest among the 6 Infrastructure peers (BEL 49.1, L&T 34.3, ABB 95.9, CG Power 116.0, Cummins 66.6), and the forward PE of 17.8 implies consensus expects meaningful earnings expansion in the near term.
- +Profit margin of 14.0% and a quality score of 56 (2nd of 6 peers) suggest above-median operational efficiency relative to the Infrastructure peer group.
Weaknesses
- −Debt-to-equity ratio of 21.4 is extreme for an industrial manufacturer, and the rising debt trend with FCF positive in only 3 of available years means growth has been financed substantially through borrowing, increasing sensitivity to interest-rate movements and credit availability.
- −The stock has traded below both its 50-DMA (₹3,189) and 200-DMA (₹3,120) for a sustained period and is 19.85% below its 52-week high, reflecting a price structure that has not kept pace with the broader narrative of operational strength.
- −Consistency score of 78 and ROE above 15% in only 4 of available years indicate that the high current ROE has not been uniformly maintained across the full historical window.
- −Analyst rating data is unavailable (null) for 15 covering analysts, and the news sample of 6 items is sparse — both limit the depth of third-party signal interpretation available in this analysis.
Open questions
- ?Does the company's 5-year ROE of 31.6% reflect a structural competitive advantage in solar manufacturing, or is it primarily a function of the high leverage embedded in the D/E of 21.4 — and how would ROE look on a debt-adjusted basis?
- ?The planned $700 million QIP would significantly increase the share count; at what dilution level does the per-share earnings trajectory change materially, and has the company disclosed use-of-proceeds guidance?
- ?FCF has been positive in only 3 of available years against a backdrop of 112% revenue CAGR — at what point in the growth cycle does the business model become self-funding, and what are the triggers that could accelerate or delay that inflection?
- ?The stock trades nearly 20% below its 52-week high while news sentiment is predominantly positive; what specific developments (capex execution, policy changes, order-book trends) would a long-term observer monitor to assess whether the price divergence from the positive news tone resolves or deepens?
Peer comparison: Infrastructure
Ranks 2 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| WAAREEENER | Waaree Energies Ltd.You're viewing | 27.3 | +31.6% | 56 |
| Industry avg | across 5 peers | 72.4 | +23.4% | 47 |
| CUMMINSIND | Cummins India Ltd. | 66.6 | +29.5% | 69 |
| BEL | Bharat Electronics Ltd. | 49.1 | +27.6% | 49 |
| ABB | ABB India Ltd. | 95.9 | — | 47 |
| CGPOWER | CG Power and Industrial Solutions Ltd. | 116.0 | +19.6% | 45 |
| LT | Larsen & Toubro Ltd. | 34.3 | +16.9% | 24 |
Technical state
Current price
₹3,096.10
SMA 50
₹3,189.30
SMA 200
₹3,120.26
RSI (14)
47.7 (neutral)
From 52w high
-19.9%
1Y return
+10.8%
3M return
+13.9%
50-DMA
Below
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highDebt-to-equity ratio of 21.4 is markedly elevated for an industrial manufacturer; the persistence block confirms a rising debt trend with FCF positive in only 3 of the years available, indicating that growth has been financed heavily via leverage and that the balance sheet carries material refinancing and interest-coverage risk.
- mediumCurrent price of ₹3,096 sits below both the 50-DMA (₹3,189) and 200-DMA (₹3,120), and the stock is 19.85% below its 52-week high; RSI of 47.66 is neutral, providing no directional confirmation either way.
- lowNews corpus contains only 6 items; with a sample this small, the positive sentiment label (4 positive, 0 negative) should be interpreted cautiously as a single adverse headline could substantially shift the aggregate signal.
- low1-year price-change data is null for all 5 Infrastructure peer companies in the dataset, making relative price-performance comparison unavailable; ROE is also null for three of the five peers, limiting the breadth of peer-level analysis.
Cross-section contradictions
- 5-year revenue growth of 111.8% and ROE of 31.6% (ranked 1st among 6 Infrastructure peers) coexist with a D/E of 21.4 on a rising trajectory — strong operating returns and extreme financial leverage describe materially different risk dimensions of the same business.
- News sentiment skews positive (4 of 6 items, 0 negative) yet the stock trades below both the 50-DMA and 200-DMA and is nearly 20% off its 52-week high, a divergence between the qualitative news tone and price structure that has persisted without resolution.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 1 Jun 2026 · rotates through NIFTY 500 every ~5 days