Waaree Energies Limited (WAAREEENER) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Waaree Energies Limited stock ₹2,709, price ₹2,449, upside +10.6%, quality 53 out of 100. Rating: fairly valued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
24‑month range ₹2,089 – ₹3,735 · fair‑value band ₹2,032 – ₹3,387 · the ₹2,449 price screens below the ₹2,709 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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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.
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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.
Stock analysis
Waaree Energies Limited (WAAREEENER) currently trades at ₹2,449, while our model-based Fair Value estimate is ₹2,709, so the stock looks roughly fairly valued today (gap 9.6%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹5,907 per share, and 7 of the 16 models we run sit above the ₹2,449 price.
Bear case: the Economic Profit group reads lowest at ₹1,014, and 9 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹2,032 (bear) to ₹3,387 (bull), the price of ₹2,449 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap ₹706B (≈ $7.5B) Mid · P/E ratio 18.9 · P/S ratio 2.35 · EPS (TTM) ₹129.34 · Dividend yield 0.1% · Net margin 12.7% · Return on equity 31.6% · Return on assets (EBIT) 10.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 11%, WAAREEENER screens cheaper than that median.
Fair Value models
Bear₹2,032Fair Value ₹2,709Bull₹3,387
Price ₹2,449 · Upside +10.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹76.75 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+83.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+57.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+68.7%
Start year 2021 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+43.7%
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What shareholders gained per year (last 3 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+93.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+93.3%
Dividend (yield on the price)0.1%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 19%
2026 sits 199% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
AI conclusion: Record revenue and profit growth in solar modules plus expansion into storage, inverters and cells form the main strength, while negative free cash flow remains the key weakness.
Main risk: US Section 232 measures, countervailing duties and evasion findings could force Waaree to remove export orders from its book and shift more production to its US plants, hitting India-based module shipments and margins.
Bull case: Waaree could leverage its expanding US manufacturing footprint and data-centre demand to offset export restrictions while using vertical integration into cells, wafers and storage to defend margins against domestic rivals.
Bear case: Persistent US trade barriers combined with aggressive capacity additions by Adani and Reliance could erode Waaree’s order book visibility, compress realisations in both export and domestic markets and limit returns on its large expansion projects.
Waaree is adding battery storage assembly, inverter lines and plans for cell manufacturing plus a large glass facility while its core solar module business posts record revenue and profit growth. Our models see the shares as undervalued on that expansion path. Will the new storage and inverter activities lift margins and diversification more than any lingering trade compliance questions hold them back?
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Peer Groupⓘ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.Solar · 96 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Top 25%
Fair Value upside+10.6% · Above median
Profitability
Return on equity (12 months)31.6% · Top 25%
Return on assets12.3% · Top 25%
Net margin (12 months)12.7% · Top 25%
Operating margin (12 months)14.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)79.2% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.06× · Lowest 25%
Valuation Multiplesvs Solar median · lower = cheaper
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Is Waaree Energies Limited (WAAREEENER) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ₹2,709 versus a price of ₹2,449, about +11% upside (fairly valued).
What is the fair value of WAAREEENER?
Our model-based fair value for Waaree Energies Limited is ₹2,709 (as of Nov 6, 2026), built from audited fundamentals. The current price: ₹2,449.
What is the quality score of WAAREEENER?
Waaree Energies Limited has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Waaree Energies Limited (WAAREEENER)?
Our model-based price target is the fair value of ₹2,709 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario ₹2,032, optimistic scenario ₹3,387. It is a calculation from audited fundamentals, not an analyst target.
What is the Waaree Energies Limited stock forecast for 2026?
Our models put fair value at ₹2,709, about +11% upside versus a price of ₹2,449 (fairly valued). Cautious scenario ₹2,032, optimistic scenario ₹3,387. The calculation is refreshed regularly with new filings.
What is the revenue of Waaree Energies Limited (WAAREEENER)?
Waaree Energies Limited reported trailing-twelve-month revenue of about ₹300B (latest available figure, as of Nov 6, 2026).
Does Waaree Energies Limited pay a dividend?
Waaree Energies Limited currently shows a dividend yield of 0.08% relative to its recent price (as of Nov 6, 2026).
What is the intrinsic value of Waaree Energies Limited (WAAREEENER)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Waaree Energies Limited it is ₹2,709 per share (as of Nov 6, 2026), against a price of ₹2,449. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Waaree Energies Limited stock overvalued or undervalued in 2026?
As of Nov 6, 2026, WAAREEENER trades below its calculated fair value: price ₹2,449, fair value ₹2,709, a gap of about +11% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WAAREEENER?
No. The price is what the market pays today (₹2,449); the fair value is what the company's own numbers justify (₹2,709). For Waaree Energies Limited the two are ₹260.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Waaree Energies Limited worth?
The market values Waaree Energies Limited at about ₹706B (market capitalisation, as of Nov 6, 2026). Per share that is ₹2,449; our models calculate a fair value of ₹2,709 per share.
What do the bullish and bearish scenarios say about WAAREEENER?
Our models span a range for Waaree Energies Limited: cautious scenario ₹2,032, base ₹2,709, optimistic ₹3,387 per share (as of Nov 6, 2026, price ₹2,449). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WAAREEENER?
Waaree Energies Limited trades at a price-to-earnings ratio of 18.9 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹2,709 is built from several models across several years. Other multiples: P/B 4.9, P/S 2.3, EV/EBITDA 10.2.
How solid is the balance sheet of Waaree Energies Limited (WAAREEENER)?
Balance-sheet figures for Waaree Energies Limited (as of Nov 6, 2026): return on equity 31.6%, debt of 0.06 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is WAAREEENER from its 52-week high?
Waaree Energies Limited trades at ₹2,449, about 30% below its 52-week high of ₹3,500 and 9% above the low of ₹2,238 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,709 is for.
Which stocks are comparable to Waaree Energies Limited?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Jinko Solar Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Waaree Energies Limited stock attractive at the current price?
The data as of Nov 6, 2026: price ₹2,449, calculated fair value ₹2,709 (+11%), Quality Score 53/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WAAREEENER calculated?
We run Waaree Energies Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹2,709, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Waaree Energies Limited currently trades 10% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Waaree Energies Limited (WAAREEENER)?
The closing price on Nov 5, 2026 was ₹2,449. Our model-based fair value is ₹2,709, about +11% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Waaree Energies Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Waaree Energies Limited
How large is the market capitalisation of Waaree Energies Limited (WAAREEENER)?
The market capitalisation of Waaree Energies Limited is ₹706B (≈ $7.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Waaree Energies Limited (WAAREEENER)?
The price-to-sales ratio of Waaree Energies Limited is 2.35 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Waaree Energies Limited (WAAREEENER)?
Earnings per share at Waaree Energies Limited are ₹129.34 (price ÷ EPS = P/E 18.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Waaree Energies Limited (WAAREEENER)?
The dividend yield of Waaree Energies Limited is 0.1% (payout 1.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Waaree Energies Limited (WAAREEENER)?
The net margin of Waaree Energies Limited is 12.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Waaree Energies Limited (WAAREEENER)?
The return on equity (ROE) of Waaree Energies Limited is 31.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Waaree Energies Limited (WAAREEENER)?
On an EBIT basis the return on assets of Waaree Energies Limited is 10.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Waaree Energies Limited (WAAREEENER)?
The operating margin of Waaree Energies Limited is 14.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Waaree Energies Limited (WAAREEENER)?
Revenue at Waaree Energies Limited is growing +79.2% versus a year earlier (3y avg +57.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Waaree Energies Limited (WAAREEENER)?
Earnings per share at Waaree Energies Limited are growing +14.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Waaree Energies Limited (WAAREEENER) generate?
The free cash flow of Waaree Energies Limited is −₹29.1B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Waaree Energies Limited (WAAREEENER) hold?
Waaree Energies Limited holds more cash than debt, ₹30.4B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Nov 6, 2026