Is Waaree Energies a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Waaree Energies Ltd is a good quality company .

Is Waaree Energies undervalued or overvalued?

The key valuation ratios of Waaree Energies Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone .

What is Waaree Energies share price return in the past 10 years?

Data is not available for this company

Is Waaree Energies a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Waaree Energies Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

Waaree Energies Ltd - Stock Valuation and Financial Performance

Name: Waaree Energies
Brand: Waaree Energies

BSE: 544277 | NSE: WAAREEENER | Electric Equipment | Small Cap

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Waaree Energies Share Price

₹2,778.40 -121.05 -4.17%
as on 21-Nov'24 14:15

10 Year X-Ray of Waaree Energies:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Standalone Basis ^P Consolidated Basis ^P

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
ROCE % ⓘ	22.1%	22.2%	34.6%	18.8%	24.3%	24.3%	20.9%	20.4%	39.9%	47.6%	-
Value Creation Index ⓘ	1.0	1.0	2.1	0.7	1.2	1.2	0.9	0.5	1.9	2.4	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	783	998	1,065	1,277	1,605	2,027	1,993	2,771	6,533	10,718	10,718
Sales YoY Gr.	-	27.4%	6.7%	19.9%	25.6%	26.3%	-1.7%	39%	135.7%	64.1%	-
Adj EPS ⓘ	1.4	1.2	2.2	1.2	1.8	2.2	1.8	2.8	18	32.5	40
YoY Gr.	-	-16.6%	92.2%	-47.1%	52.5%	23.3%	-17.6%	52.5%	544.8%	80.6%	-
BVPS (₹) ⓘ	7.1	8.3	10	11.3	13.2	15.4	17.8	21.7	78.4	154.3	318.6
Adj Net Profit ⓘ	27.4	22.8	44.1	23.3	35.4	43.7	36.1	54.9	438	854	1,148
Cash Flow from Ops. ⓘ	0	68.8	38.6	74.3	11.6	8	80.5	572	1,492	2,116	-
Debt/CF from Ops. ⓘ	0	1	1.3	2.1	9.1	10.5	2.1	0.6	0.5	0.1	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	33.7%	46.2%	75.2%	64.1%
Adj EPS ⓘ	41.9%	78.4%	160.9%	80.6%
BVPSⓘ	40.7%	63.4%	105.4%	96.9%
Share Price	-	-	-	-

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Return on Equity % ⓘ	21.7	15	24.4	11.1	14.6	15.5	11	14.1	36.9	28.3	16.9
Op. Profit Mgn % ⓘ	5.2	5.8	6.7	4.5	5.6	4.6	4	3.2	11.6	12.8	14.7
Net Profit Mgn % ⓘ	3.5	2.3	4.1	1.8	2.2	2.2	1.8	2	6.7	8	10.7
Debt to Equity ⓘ	0.8	0.4	0.3	0.7	0.4	0.3	0.5	0.8	0.4	0.1	0
Working Cap Days ⓘ	111	84	90	87	87	95	128	111	136	144	111
Cash Conv. Cycle ⓘ	21	-8	-14	-12	-10	7	14	12	48	56	10

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 75.19%

Net Profit is growing at healthy rate in last 3 years 160.88%

Return on Equity has declined versus last 3 years average to 16.90%

Sales growth is not so good in last 4 quarters at -2.97%

Latest Financials - Waaree Energies Ltd.

	Standalone	Consolidated
TTM EPS (₹)	40	43.1
TTM Sales (₹ Cr.)	10,718	11,398
BVPS (₹.) ⓘ	318.6	318.9
Reserves (₹ Cr.) ⓘ	8,866	8,875
P/BV ⓘ	9.10	9.09
PE ⓘ	72.54	67.33

From the Market
52 Week Low / High (₹)	2294.55 / 3740.75
All Time Low / High (₹)	2294.55 / 3740.75
Market Cap (₹ Cr.)	83,296
Equity (₹ Cr.)	287.3
Face Value (₹)	10
Industry PE ⓘ	90.2

Management X-Ray of Waaree Energies:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Waaree Energies

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Price to Earnings

Enterprise Value to EBIT

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Price to Sales

Dividend History

Analyst's Notes

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Key Ratios of Waaree Energies

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Sales	783	998	1,065	1,277	1,605	2,027	1,993	2,771	6,533	10,718
Operating Expenses ⓘ	743	940	994	1,220	1,514	1,933	1,913	2,683	5,774	9,343
Manufacturing Costs	14	25	39	69	80	90	73	92	212	337
Material Costs	661	819	886	1,055	1,271	1,657	1,652	2,265	5,023	8,322
Employee Cost	16	21	22	32	42	49	43	46	109	133
Other Costs ⓘ	52	76	48	64	121	137	144	280	430	552
Operating Profit ⓘ	40	58	71	57	90	94	80	88	758	1,374
Operating Profit Margin (%)	5.2%	5.8%	6.7%	4.5%	5.6%	4.6%	4.0%	3.2%	11.6%	12.8%
Other Income ⓘ	17	3	20	9	18	24	37	81	111	240
Interest ⓘ	11	16	12	17	31	31	26	34	77	133
Depreciation ⓘ	4	7	8	8	19	26	27	40	155	264
Exceptional Items ⓘ	0	0	0	0	1	0	4	0	-21	341
Profit Before Tax ⓘ	43	38	71	42	60	61	68	96	618	1,558
Tax ⓘ	15	15	25	17	22	15	18	26	157	410
Profit After Tax	27	23	46	25	38	45	50	70	460	1,148
PAT Margin (%)	3.5%	2.3%	4.3%	2.0%	2.4%	2.2%	2.5%	2.5%	7.0%	10.7%
Adjusted EPS (₹)	1.4	1.2	2.3	1.3	1.9	2.3	2.6	3.5	18.9	43.7
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Balance Sheet

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Equity and Liabilities
Shareholders Fund	141	163	197	223	261	303	351	428	1,907	4,058
Share Capital ⓘ	76	76	76	197	197	197	197	197	243	263
Reserves ⓘ	65	88	122	26	64	106	154	231	1,664	3,795
Minority Interest	0	0	0	0	0	0	0	0	0	0
Debt	105	65	45	131	66	51	128	250	737	242
Long Term Debt	9	3	0	96	66	33	76	156	108	75
Short Term Debt	96	62	45	36	0	17	53	94	629	167
Trade Payables	130	144	224	234	308	300	429	441	1,517	1,898
Others Liabilities ⓘ	163	108	127	83	153	196	196	915	3,172	4,395
Total Liabilities ⓘ	538	481	594	672	788	849	1,104	2,034	7,333	10,593
Fixed Assets
Gross Block	55	64	45	53	130	178	213	683	1,199	1,535
Accumulated Depreciation	12	19	16	24	37	62	87	135	279	524
Net Fixed Assetsⓘ	43	45	29	30	94	116	126	548	920	1,011
CWIP ⓘ	0	0	0	27	0	0	1	123	453	1,207
Investmentsⓘ	163	208	228	311	96	119	47	176	254	285
Inventories	78	67	59	96	100	243	368	536	2,679	2,558
Trade Receivables	77	44	151	89	215	154	117	76	321	792
Cash Equivalents	79	20	18	15	119	42	104	324	1,715	3,616
Others Assetsⓘ	98	96	109	103	164	175	341	250	992	1,124
Total Assets ⓘ	538	481	594	672	788	849	1,104	2,034	7,333	10,593

Cash Flow

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Cash Flow From Operating Activity ⓘ	69	39	74	12	8	81	572	1,492	2,116
PBT ⓘ	38	71	42	58	61	64	96	618	1,558
Adjustment ⓘ	19	11	19	40	51	38	72	249	287
Changes in Working Capital ⓘ	24	-28	53	-72	-93	-5	427	720	580
Tax Paid ⓘ	-12	-15	-39	-17	-11	-22	-23	-95	-309
Cash Flow From Investing Activity ⓘ	-76	-6	-155	87	26	-151	-525	-2,246	-3,246
Capex	-12	-7	-8	-55	-10	-21	-406	-791	-1,229
Net Investments	-45	-11	-3	124	34	-54	-236	-1,277	-2,010
Others ⓘ	-19	11	-143	19	2	-76	117	-178	-8
Cash Flow From Financing Activityⓘ	-51	-29	78	-79	-50	76	66	872	960
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	1,040	1,004
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	0	0	82
Interest Paid ⓘ	-12	-9	-12	-28	-22	-21	-29	-61	-115
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	0
Others ⓘ	-40	-20	90	-51	-28	96	95	-108	-10
Net Cash Flow ⓘ	-59	3	-2	20	-16	5	112	117	-169

Finance Ratio

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Ratios
ROE (%)	21.65	15	25.56	12.04	15.69	16.09	15.37	17.88	39.41	38.5
ROCE (%)	22.07	22.22	34.56	18.84	24.32	24.29	20.91	20.4	39.9	47.62
Asset Turnover Ratio	1.85	1.96	1.98	2.02	2.2	2.48	2.04	1.77	1.39	1.2
PAT to CFO Conversion(x)	0	3	0.85	2.96	0.32	0.18	1.62	8.17	3.24	1.84
Working Capital Days
Receivable Days	38	22	33	34	35	33	25	13	11	19
Inventory Days	24	27	22	22	22	31	56	60	90	89
Payable Days	44	61	76	79	78	67	80	70	71	63

Waaree Energies Ltd Stock News

Waaree Energies Ltd FAQs

What is the share price of Waaree Energies?

Company share prices are keep on changing according to the market conditions. The closing price of Waaree Energies on 21-Nov-2024 14:15 is ₹2,778.4.

What is the market cap of Waaree Energies?

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Nov-2024 14:15 the market cap of Waaree Energies stood at ₹83,296.3.

What is the P/E ratio of Waaree Energies?

The latest P/E ratio of Waaree Energies as of 21-Nov-2024 14:15 is 72.54.

What is the P/B ratio of Waaree Energies?

The latest P/B ratio of Waaree Energies as of 21-Nov-2024 14:15 is 9.10.

What is the 52-week high and low of Waaree Energies?

The 52-week high of Waaree Energies is ₹3,740.8 and the 52-week low is ₹2,294.6.

What is the TTM revenue of Waaree Energies?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Waaree Energies is ₹10,718 ( Cr.) .

About Waaree Energies Ltd

Waaree Energies Limited was originally incorporated as ‘Anmol Fluid Connectors Private Limited’ at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated December 18, 1990, issued by the RoC. The name of the company was changed to ‘Waaree Solar Private Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on April 25, 2007. The name of the company was further changed to ‘Waaree Energies Priave Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on October 15, 2007. The name of the company was further changed to ‘Waaree Energies Private Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on December 12, 2007. Thereafter, the company was converted into a public limited company pursuant to a special resolution passed in the extraordinary general meeting of the Shareholders held on March 8, 2013, and consequently the name of the company was changed to its present name i.e., ‘Waaree Energies Limited’, pursuant to a fresh certificate of incorporation issued by the RoC on May 2, 2013.

Waaree Energies is the largest manufacturer of solar Photo-voltaic (PV) modules in India. The company commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life. The company’s solar PV modules are manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon) which helps reduce energy loss and enhances overall efficiency. Its portfolio of solar energy products consists of the following PV modules: (i) multicrystalline modules; (ii) monocrystalline modules; and (iii) TopCon modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.

The company’s solar PV modules warranties are insured by external parties, which require it to maintain high standards for insurance approval. It has received a tier-1 PV module maker rating from the Bloomberg New Energy Finance between Fiscal 2018 and Fiscal 2024. Certain of its laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) which tests its solar PV modules for quality check. Further, it ensures that its manufacturing facilities are regularly audited by quality audit firms. It is also included under the ALMM list identified by the Government of India, which enables it to participate in various government schemes aimed at developing the solar industry in India. It also manufactures semi-flexible solar panels for sale to global customers through its in-house research and development in product application.

Business area of the company

The company is primarily engaged in the business of manufacture of Solar Photo-voltaic Modules, setting up of Projects in solar space and sale of electricity.

Products of the company

PV modules
Multicrystalline modules
Monocrystalline modules
TOPCon modules

Awards, accreditations or recognitions

2017: Solar PV EPC Company of the year at the India Solar Week Excellence 2017 awarded by Solar Quarter.
2017: Leadership in the category of Solar PV EPC Company of the Year Utility Scale (50 MW -100 MW) at the India Solar Week Excellence Awards 2017 awarded by Solar Quarter.
2017: Leadership in the category of Solar Module Company of the Year Utility Scale (Domestic Manufacturer) at the India Solar Week Excellence Awards 2017 awarded by Solar Quarter.
2017: Consumer choice award by Solar Quarter in the category of rooftop application, flexible modules (Waaree Merlin Modules).
2017: Dun and Bradstreet Everest Industries Limited award for Metro RESCO Solar PV Project.
2018: Solar Module Company of the year in solar sector at the CSR Leadership Awards by ET Now.
2018: Solar Module Company of the Year (Monocrystalline Technology) Domestic at the Indian Solar PV Module TECH India Awards 2018 awarded by Solar Quarter.
2018: Top-30 Evergreen in India for solar rooftop power plant ((i) Indian oil fuel retail outlet, Madhya Pradesh; (ii) Reliance Mumbai Metro; and (iii) Swaminarayan Temple, Gujarat) Awards by SKOCH.
2021: Best brand 2021 by the Economic Times.
2022: One of the top performers of 2022 in the PV Module Reliability Scorecard
2022: Indian module company of year for the state of Maharashtra at the Suryacon Pune Conference.
2022: Leading renewable energy manufacturer –solar modules at the Renewable Energy India Awards 2022.
2023: Most preferred workplace - manufacturing 2022-23 by Marksmen Network.
2023: Best performing domestic modules of the year for the state of Tamil Nadu at the Suryacon Coimbatore Conference 2023.
2023: Most preferred solar panel for rooftops in Maharashtra at the Suryacon Pune Conference.
2023: Winner of the renewable energy –manufacturer-solarcategory by the Indian Chamber of Commerce 2023.
2023: RE brand of the year at the RenewX Awards 2023.
2023: Energy Company of the year (Renewables) by the Economic Times at the Energy Leadership Awards 2023.
2023: EPC company of the year for largescale projects –platinum category at the Suryacon Coimbatore Conference 2023 to Waaree Renewable Technologies Limited.
2024: Long Association Award at Enerparc's vendor association meeting, Bangalore.
2024: Recognised in the Renewable Energy Test Center (RETC) 2024 PV Module Index Report.
2024: Largest solar PV module manufacturer for achieving 200GW non-fossil power capacity by Ministry of New and Renewable Energy, Government of India.
2024: Recognised as tier 1 solar module manufacturer by Bloomberg New Energy Finance.

History and milestones

2007: Entered the solar energy sector with a 30 MW module manufacturing line.
2014: Started a joint venture with North Eastern Electric Power Corporation Limited (NEEPCO) for implementation of solar power project in Sehore, Madhya Pradesh.
2017: Acquired 40% shares in Waaneep Solar Private Limited from NEEPCO pursuant to which Waaneep Solar Private Limited became its wholly owned subsidiary
2018: Commissioned solar photovoltaic modules plant having capacity of 1,000 MW.
2018: Divested Waaneep Solar Private Limited to Hero Solar Energy Private Limited in tranches.
2019: Commissioned international EPC project of 49.5 MWp ground mounted Song Giang solar power project in Vietnam
2021: Acquired 500 MW Solar Module manufacturing facility to take total installed capacity to 2GW Initiated construction activities for a solar cell manufacturing unit.
2023: Increased capacity to 12GW.
2023: Selected as a manufacturer under the PLI Scheme for setting up a manufacturing facility of 6GW as a greenfield project.
2024: Increased capacity to 13.3GW with commissioning of 1.3 GW of module manufacturing facility at Indosolar Limited’s Noida facility.