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Waaree Energies (WAAREEENER)₹2,444+0.21%Other Electrical Equipment
In the Sep 2026 quarter (consolidated), Waaree Energies reported sales of ₹7,512 Cr, up 23.9% from Sep 2025, and net profit of ₹757 Cr, down 14.1% year on year. For the year to Mar 2026, sales were ₹26,511 Cr and net profit ₹3,902 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,595 | 2,935 | 3,408 | 3,570 | 3,452 | 3,998 | 4,423 | 6,062 | 7,558 | 8,472 | 7,929 | 7,512 |
| Expenses | 1,420 | 2,509 | 2,848 | 3,039 | 2,727 | 3,072 | 3,417 | 4,647 | 5,614 | 6,884 | 6,471 | 6,163 |
| Operating Profit | 171 | 419 | 553 | 526 | 723 | 925 | 998 | 1,408 | 1,931 | 1,580 | 1,443 | 1,337 |
| OPM % | 11.1% | 14.0% | 16.0% | 15.0% | 21.0% | 23.0% | 23.0% | 23.1% | 25.0% | 19.0% | 18.0% | 18.0% |
| Other Income | 105 | 364 | 87.97 | 88.99 | 87.93 | 133 | 171 | 161 | −98.97 | 180 | 171 | 147 |
| Interest | 18.05 | 48.14 | 34.13 | 31.09 | 31.07 | 57.16 | 43.12 | 96.35 | 93.35 | 48.11 | 70.23 | 105 |
| Depreciation | 73.88 | 74.85 | 75.84 | 83.81 | 88.89 | 153 | 182 | 240 | 267 | 301 | 330 | 347 |
| Profit before tax | 184 | 660 | 532 | 500 | 692 | 847 | 945 | 1,232 | 1,473 | 1,410 | 1,212 | 1,031 |
| Tax % | 23.0% | 27.9% | 23.9% | 24.9% | 26.9% | 23.9% | 17.9% | 28.9% | 24.9% | 19.9% | 25.9% | 27.0% |
| Exceptional items | 23.07 | 197 | 0.00 | 0.00 | 0.00 | −3.01 | 0.00 | 0.00 | −219 | 0.00 | 0.00 | 0.00 |
| Net Profit | 142 | 477 | 403 | 377 | 509 | 647 | 777 | 882 | 1,111 | 1,131 | 896 | 757 |
| EPS (Rs) | 6.30 | 23.38 | 19.94 | 13.72 | 17.13 | 21.50 | 25.89 | 29.23 | 36.89 | 36.85 | 29.52 | 24.92 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,995 | 1,950 | 2,851 | 6,747 | 11,395 | 14,421 | 26,511 | 31,470 |
| Expenses | 1,895 | 1,862 | 2,739 | 5,892 | 9,787 | 11,690 | 20,569 | 25,132 |
| Operating Profit | 93.18 | 85.12 | 106 | 837 | 1,578 | 2,729 | 5,921 | 6,292 |
| OPM % | 4.7% | 4.3% | 3.7% | 12.0% | 14.0% | 19.0% | 22.0% | 20.0% |
| Other Income | 24.98 | 44.94 | 97.02 | 87.93 | 575 | 398 | 413 | 399 |
| Interest | 34.12 | 31.11 | 41.14 | 82.22 | 140 | 152 | 281 | 317 |
| Depreciation | 26.93 | 28.92 | 42.90 | 164 | 276 | 401 | 988 | 1,243 |
| Profit before tax | 57.09 | 70.07 | 118 | 678 | 1,737 | 2,570 | 5,059 | 5,126 |
| Tax % | 30.9% | 30.9% | 32.9% | 25.9% | 26.9% | 24.9% | 22.9% | — |
| Exceptional items | 0.00 | 3.01 | 0.00 | −11.02 | 258 | 12.04 | −189 | −219 |
| Net Profit | 39.17 | 48.22 | 80.24 | 502 | 1,279 | 1,936 | 3,902 | 3,895 |
| EPS (Rs) | 2.11 | 2.49 | 3.83 | 24.46 | 62.68 | 64.87 | 128.86 | 128.18 |
| Dividend payout % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.0% | — |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 196 | 197 | 197 | 242 | 262 | 286 | 287 |
| Reserves | 101 | 148 | 232 | 1,600 | 3,836 | 9,212 | 14,194 |
| Borrowings | 157 | 339 | 362 | 319 | 552 | 1,197 | 3,208 |
| Other Liabilities | 484 | 597 | 1,362 | 5,245 | 6,623 | 8,746 | 12,288 |
| Total Liabilities | 938 | 1,281 | 2,154 | 7,408 | 11,275 | 19,441 | 29,976 |
| Fixed Assets | 152 | 285 | 625 | 1,105 | 1,450 | 4,026 | 7,324 |
| CWIP | 39.93 | 2.99 | 124 | 535 | 1,337 | 1,878 | 3,467 |
| Investments | 85.08 | 115 | 143 | 30.99 | 70.99 | 64.99 | 954 |
| Other Assets | 661 | 878 | 1,262 | 5,735 | 8,416 | 13,472 | 18,230 |
| Inventories | 243 | 369 | 539 | 2,716 | 2,592 | 2,698 | 5,872 |
| Trade receivables | 140 | 117 | 93.22 | 314 | 973 | 1,055 | 2,495 |
| Cash & equivalents | 78.94 | 110 | 366 | 1,735 | 3,774 | 7,742 | 6,723 |
| Total Assets | 938 | 1,281 | 2,154 | 7,408 | 11,275 | 19,441 | 29,976 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from operating activity | 82.94 | 66.95 | 698 | 1,559 | 2,306 | 3,156 | 1,626 |
| Cash from investing activity | −22.06 | −251 | −674 | −2,095 | −3,354 | −6,818 | −3,947 |
| Cash from financing activity | −49.96 | 161 | 101 | 641 | 909 | 4,034 | 2,570 |
| Net cash flow | 11.96 | −20.95 | 126 | 114 | −132 | 386 | 263 |
| Capex | 16.02 | 70.07 | 497 | 866 | 1,342 | 3,275 | 4,886 |
| Free cash flow | 32.01 | −35.04 | 202 | 699 | 968 | −114 | −3,210 |
| CFO / OP % | 102.0% | 105.0% | 683.0% | 199.0% | 168.0% | 143.0% | 47.0% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 27 | 23 | 13 | 18 | 32 | 28 | 35 |
| Inventory days | 54 | 83 | 85 | 192 | 108 | 96 | 129 |
| Days payable | 68 | 100 | 84 | 144 | 85 | 86 | 80 |
| Cash conversion cycle | 13 | 6 | 14 | 66 | 55 | 38 | 84 |
| Working capital days | 9 | 1 | −85 | −67 | −41 | −93 | −36 |
| ROCE % | — | 16.1% | 21.0% | 52.1% | 44.0% | 35.1% | 38.1% |
For the Sep 2026 quarter, Waaree Energies reported sales of ₹7,512 Cr, up 23.9% year on year and net profit of ₹757 Cr, down 14.1% year on year. The operating margin was 18.0%.
Waaree Energies' sales for the year to Mar 2026 were ₹26,511 Cr; over the last twelve months they were ₹31,470 Cr.
Net profit for the year to Mar 2026 was ₹3,902 Cr, and ₹3,895 Cr over the last twelve months. Earnings per share over the same trailing period were ₹128.18.
Waaree Energies reported borrowings of ₹3,208 Cr at Mar 2026, against cash and equivalents of ₹6,723 Cr.
Cash from operations was ₹1,626 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹3,210 Cr.