Founded in 1989 and incorporated in 2007, WEL is the leading company of the Waaree group, specializing in the manufacturing of solar PV modules.
| Balance Sheet | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|
| Equity Capital | 262.9 | 243.4 | 197.1 | 197.1 | 197.1 | 197.1 |
| Reserves | 3885.5 | 1618.4 | 242.8 | 195.7 | 143.4 | 60.9 |
| Total Equity | 4148.4 | 1861.8 | 439.9 | 392.8 | 340.5 | 258 |
| Borrowings | 102.5 | 145.8 | 189.0 | 197.1 | 71.3 | 65.8 |
| Other Non-Current Liabilities | 1639.5 | 483.0 | 110.9 | 87.1 | 56.4 | 19.6 |
| Total NC Liabilities | 1742.1 | 628.8 | 299.9 | 284.2 | 127.7 | 85.4 |
| Borrowings | 214.7 | 127.7 | 124.1 | 92.4 | 20.4 | 1.5 |
| Other Current Liabilities | 5208.4 | 4832.5 | 1307.7 | 523.8 | 449.6 | 441.8 |
| Total Current Liabilities | 5423.1 | 4960.2 | 1431.8 | 616.2 | 470.0 | 443.3 |
| Equity + Liabilities | 11313.7 | 7450.8 | 2171.6 | 1293.2 | 938.2 | 786.7 |
| Fixed Assets (incl. WIP) | 2490.6 | 1642.1 | 823.9 | 430.5 | 322.5 | 203.4 |
| Other Non Current Assets | 810.0 | 325.7 | 69.4 | 92.9 | 8.5 | 1.4 |
| Total NC Assets | 3300.6 | 1967.8 | 893.3 | 523.4 | 331 | 204.8 |
| Trade Receivables | 971.4 | 312.6 | 92.5 | 118.2 | 140.2 | 215.2 |
| Cash & Cash Equivalents | 121.4 | 253.7 | 139.2 | 12.8 | 33.9 | 22.4 |
| Other Current Assets | 6920.3 | 4916.7 | 1046.6 | 638.8 | 433.1 | 344.3 |
| Total Current Assets | 8013.1 | 5483.0 | 1278.3 | 769.8 | 607.2 | 581.9 |
| Total Assets | 11313.7 | 7450.8 | 2171.6 | 1293.2 | 938.2 | 786.7 |
| Profit & Loss | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 11397.6 | 6750.9 | 2854.3 | 1952.8 | 1995.8 | 1591.0 |
| Growth % | 69% | 137% | 46% | -2% | 25% | 0 |
| Operating Expenses | 9823.2 | 5916.2 | 2748.3 | 1867.9 | 1904.0 | 1453.0 |
| Growth % | 66% | 115% | 47% | -2% | 31% | 0 |
| Operating Profit | 1574.4 | 834.7 | 105.9 | 84.9 | 91.8 | 138.0 |
| Op. Profit Margin % | 14% | 12.4% | 3.7% | 4.3% | 4.6% | 8.7% |
| Other Income | 235.2 | 109.5 | 96.6 | 40.6 | 25.5 | 21.7 |
| Interest Expense | 139.9 | 82.3 | 40.9 | 29.8 | 32.6 | 56.1 |
| Depreciation | 276.8 | 164.1 | 43.3 | 28.5 | 26.8 | 36.3 |
| Exceptional Items | 341.3 | -20.6 | 0.0 | 4.1 | 0.0 | 37.0 |
| Profit Before Tax | 1734.2 | 677.2 | 118.4 | 71.3 | 57.9 | 104.3 |
| Tax | 459.8 | 176.9 | 38.7 | 23.8 | 16.1 | 22.7 |
| Tax % | 27% | 26% | 33% | 33% | 28% | 22% |
| Profit After Tax | 1274.4 | 500.3 | 79.6 | 47.5 | 41.8 | 81.6 |
| Growth % | 155% | 528.1% | 67.7% | 13.6% | -48.8% | 0 |
| PAT % | 11% | 7% | 3% | 2% | 2% | 5% |
| Diluted EPS | 47.9 | 21.6 | 3.8 | 2.5 | 2.3 | 4.2 |
| Color | Shareholder | Holding |
|---|---|---|
| Waaree Sustainable Finance Pvt Ltd | 23.68% | |
| Hitesh Chimanlal Doshi Chairman and Managing Director | 5.80% | |
| Viren Chimanlal Doshi | 4.50% | |
| Hitesh Pranjivan Mehta | 0.27% | |
| Jayesh Dhirajlal Shah | 0.01% | |
| Pankaj Chimanlal Doshi | 10.11% | |
| Bindiya Kirit Doshi | 8.14% | |
| Nipa Viren Doshi | 6.66% | |
| Binita Hitesh Doshi | 6.57% | |
| Kirit Chimanlal Doshi | 4.19% | |
| Others | 30.08% |