Waaree Energies Limited (WAAREEENER) Fair Value & Analysis
Technology · IN · Market cap ₹842B (≈ $8.9B) · ISIN INE377N01017
What is Waaree Energies Limited really worth?
A solid business, currently priced close to our fair value of ₹2,709.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 16 valuation models · updated 8 days ago
Share price −2.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (₹2,032 to ₹5,870). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Price vs Fair Value (22 months)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
22‑month range ₹2,091 – ₹3,738 · fair‑value band ₹2,032 – ₹5,870 · the ₹2,635 price screens below the ₹2,709 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Waaree Energies Limited (WAAREEENER) currently trades at ₹2,635, while our model-based Fair Value estimate is ₹2,709, implying the stock looks roughly 2.8% fairly valued today. The Quality Score stands at 52/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of ₹5,907 per share, and 8 of the 16 models we run sit above the ₹2,635 price. Bear case: the Asset-Based group reads lowest at ₹336.28, and 8 of the 16 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Waaree Energies Limited generated revenue of ₹265B at a net margin of 14.0%. Revenue grew 111.8% year over year. It earns a return on equity of 31.6%. The balance sheet holds a net cash position of ₹30.4B. Fundamentals as of Aug 27, 2026
Our scenario range runs from ₹2,032 (bear case) to ₹5,870 (bull case); at ₹2,635, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −33% fair-value upside, at 3%, WAAREEENER screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹54.44 per share, which is 2.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 16 models by family
Widest divergence: Growth Earnings (₹5,907) versus Dividend Discount (₹34.40). Highest evidence: EPV (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 53 · Market factors (momentum, volatility) 32
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Waaree Energies Limited manufactures and exports solar photovoltaic modules for residential, commercial, industrial, and institutional projects. It operates through three segments: Solar Photovoltaic Module Manufacturing, EPC and O&M Solutions, and the Independent Power Producer.
Full company description
Waaree Energies Limited manufactures and exports solar photovoltaic modules for residential, commercial, industrial, and institutional projects. It operates through three segments: Solar Photovoltaic Module Manufacturing, EPC and O&M Solutions, and the Independent Power Producer. The company offers HJT, TOPCon, mono PERC, polycrystalline, flexible, and special modules; off-grid and on-grid inverters; and solar products, such as solar streetlights, water heaters, and water pumps. It also provides engineering, procurement, and construction solutions; and operation and maintenance services; and operates as an independent power producer, which generates renewable energy. The company was founded in 1989 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Waaree Energies Limited reported revenue of ₹265B in FY2026 versus ₹28.4B in FY2022, a compound +74.8%/yr. Reported net income was ₹37.1B in FY2026, compounding +164.7%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
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Peer Group
Solar · 109 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Solar median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Solar stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| First Solar, Inc FSLR | $210.10 | $392.12 | +87% |
| Nextpower Inc NXT | $103.67 | $69.61 | −33% |
| Tongwei Co 600438 | ¥12.89 | ¥12.13 | −6% |
| Jinko Solar Co 688223 | ¥4.16 | ¥6.47 | +56% |
| Enphase Energy, Inc ENPH | $39.25 | $24.15 | −38% |
| CSI Solar Co 688472 | ¥10.28 | ¥6.76 | −34% |
| Hengdian Group 002056 | ¥21.53 | ¥31.86 | +48% |
| Premier Energies Limited PREMIERENE | ₹1,017 | ₹648.94 | −36% |
| Trina Solar Co 688599 | ¥12.77 | ¥7.97 | −38% |
| JA Solar Technology Co 002459 | ¥6.81 | ¥3.32 | −51% |
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