Strengths & Weaknesses

Strengths

Promoter experience: The promoters have industry experience of over three decades and have been in the solar PV module manufacturing business since 2007.

Strong Export: 80-85% of the orders (confirmed + pipeline) are from export markets including the US, Canada and Europe amongst others.

Massive Increase in Profitability: In FY23, Profit after tax increased by ~520% compared to the previous year.

Low Operating Risk: The complexity of solar project operations is inherently low.

Weaknesses

No weaknesses data available.

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

Shareholding Pattern

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%

Fundamentals

Quick Insights

Promoter experience: The promoters have industry experience of over three decades and have been in the solar PV module manufacturing business since 2007. Strong Export: 80-85% of the orders (confirmed + pipeline) are from export markets including the US, Canada and Europe amongst others. Massive Increase in Profitability: In FY23, Profit after tax increased by ~520% compared to the previous year. Low Operating Risk: The complexity of solar project operations is inherently low.

Market Cap₹59,895.88 Cr

PE Ratio48.41

EPS₹47.86

Dividend Yield-

Book Value₹76.5 Cr

Debt/Equity0.15

Price/Book30.29

Price/Sales-

Industry PE-

Sales₹6,750.9 Cr

Profit After Tax₹500.3 Cr

Share Capital₹1,861.8 Cr

Shares Outstanding-

ISININE377N01017

SectorEnergy

Symbol-

About Company

Founded in 1989 and incorporated in 2007, WEL is the leading company of the Waaree group, specializing in the manufacturing of solar PV modules.

Latest News

No news available.

Annual Reports

FY 2019 FY 2020 FY 2021 FY 2023 FY 2024

Board of Directors

Hitesh Chimanlal Doshi Chairman and Managing Director Chairman & Mangaging Director

Viren Chimanlal Doshi Whole-time Director

Hitesh Pranjivan Mehta Whole-time Director & CFO

Richa Manoj Goyal Independent Director

Rajender Mohan Malla Independent Director

Jayesh Dhirajlal Shah Independent Director

Sujit Kumar Varma Independent Director

Senior Management

Mr. Hitesh Mehta Chief Financial Officer

Mr. Vivek Srivastava Chief Executive Officer

Mr. Rajesh Gaur Company Secretary & Compliance Officer

Quick Insights

Promoter experience: The promoters have industry experience of over three decades and have been in the solar PV module manufacturing business since 2007. Strong Export: 80-85% of the orders (confirmed + pipeline) are from export markets including the US, Canada and Europe amongst others. Massive Increase in Profitability: In FY23, Profit after tax increased by ~520% compared to the previous year. Low Operating Risk: The complexity of solar project operations is inherently low.

Balance Sheet

FY24

FY23

FY22

FY21

FY20

FY19

Equity Capital

262.9

243.4

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%

Operating Expenses

9823.2

5916.2

2748.3

1867.9

1904.0

1453.0

Growth %

66%

115%

47%

-2%

31%

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%

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%

PAT %

11%

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%

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Waaree Energies Ltd

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses

FAQs – Buying Unlisted Shares