Reported Earnings • Apr 30
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: ₹129 (up from ₹68.24 in FY 2025). Revenue: ₹272.4b (up 89% from FY 2025). Net income: ₹37.1b (up 99% from FY 2025). Profit margin: 14% (in line with FY 2025). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in India. Announcement • Apr 21
Waaree Energies Limited to Report Q4, 2026 Results on Apr 29, 2026 Waaree Energies Limited announced that they will report Q4, 2026 results on Apr 29, 2026 Announcement • Mar 26
Waaree Energies Limited (NSEI:WAAREEENER) agreed to acquire an additional 11.06% stake in Waaree Transpower Private Limited for INR 1.9 billion. Waaree Energies Limited (NSEI:WAAREEENER) agreed to acquire an additional 11.06% stake in Waaree Transpower Private Limited for INR 1.9 billion on March 24, 2026. A cash consideration valued at INR 75 per share will be paid by Waaree Energies Limited. As part of consideration, INR 1.9 billion will be paid towards common equity of Waaree Transpower Private Limited. Upon completion, Waaree Energies Limited will own 75.10% stake in Waaree Transpower Private Limited.
For the period ending March 31, 2025, Waaree Transpower Private Limited reported total revenue of INR 84.7 million.
The deal has been approved by Waaree Energies Limited board.
The expected completion of the transaction is in June 2026. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹3,185, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Semiconductor industry in India. Total returns to shareholders of 41% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₹1,744 per share. Announcement • Feb 17
Jindal Power, Vedanta and Havells Reportedly Among 22 Bidders for Gupta Power Jindal Power Limited, Vedanta Limited (NSEI:VEDL) and Havells India Limited (NSEI:HAVELLS) are among 22 prospective bidders that have submitted expressions of interest (EoIs) to acquire debt-laden Gupta Power Infrastructure Limited, which has admitted debtor claims of INR 42,400 million and is undergoing insolvency proceedings, people aware of the development told ET. The company, which is a manufacturer of cables, wire rods, and conductors, is being resolved under the corporate insolvency resolution process (CIRP). Other interested bidders include UltraTech Cement Limited (NSEI:ULTRACEMCO), Waaree Energies Limited (NSEI:WAAREEENER), Torrent Electricals (TCL Cables Private Limited) and Himadri Speciality Chemical Limited (BSE:500184), Orissa Metaliks Private Limited and Abci Infrastructures Private Limited. The deadline for submission of resolution plans is February 20. Some bidders have come as consortium partners. Engineering and manufacturing companies including Karamtara Engineering Limited, Cabcon India Limited, Transrail Lighting Limited (NSEI:TRANSRAILL), Titagarh Rail Systems Limited (NSEI:TITAGARH) and Jsk Industries Private Limited have submitted EoIs. Non-banking finance company Authum Investment & Infrastructure Limited (BSE:539177) is also among the applicants. Two investors have filed bids in their individual capacities, the people added. The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the insolvency petition filed by a consortium of banks led by Canara Bank on September 26, 2025, appointing Pradeep Kumar Kabra as the interim resolution professional (IRP). Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹3,102, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Semiconductor industry in India. Total returns to shareholders of 32% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₹1,672 per share. Major Estimate Revision • Jan 28
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₹236.8b to ₹258.4b. EPS estimate increased from ₹128 to ₹145 per share. Net income forecast to grow 37% next year vs 31% growth forecast for Semiconductor industry in India. Consensus price target broadly unchanged at ₹3,423. Share price rose 14% to ₹2,750 over the past week. Reported Earnings • Jan 22
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹36.95 (up from ₹18.41 in 3Q 2025). Revenue: ₹75.7b (up 119% from 3Q 2025). Net income: ₹10.6b (up 116% from 3Q 2025). Profit margin: 14% (in line with 3Q 2025). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in India. Announcement • Jan 18
Waaree Energies Limited to Report Q3, 2026 Results on Jan 21, 2026 Waaree Energies Limited announced that they will report Q3, 2026 results on Jan 21, 2026 Price Target Changed • Dec 06
Price target increased by 7.3% to ₹3,387 Up from ₹3,156, the current price target is an average from 9 analysts. New target price is 18% above last closing price of ₹2,871. Stock is down 1.1% over the past year. The company is forecast to post earnings per share of ₹132 for next year compared to ₹68.24 last year. Reported Earnings • Oct 17
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: ₹29.33 (up from ₹13.75 in 2Q 2025). Revenue: ₹62.3b (up 74% from 2Q 2025). Net income: ₹8.43b (up 133% from 2Q 2025). Profit margin: 14% (up from 10% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 3.7%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Asia. Announcement • Oct 14
Waaree Energies Limited announced that it expects to receive funding from Waaree Energy Storage Solutions Private Limited and other investors Waaree Energies Limited announced that it has entered into a Share Subscription cum Shareholder’s Agreement (“SSSHA”) with its wholly owned subsidiary, Waaree Energy Storage Solutions Private Limited (“WESSPL”), and certain investors whereby certain investors have agreed to subscribe to the shares on October 13, 2025. The transaction has been approved by shareholders. Post completion of the said private placement the investor will continue to be a subsidiary of the Company. Announcement • Oct 13
Waaree Energies Limited to Report Q2, 2026 Results on Oct 16, 2025 Waaree Energies Limited announced that they will report Q2, 2026 results on Oct 16, 2025 Announcement • Sep 29
Waaree Energies Limited (NSEI:WAAREEENER) agreed to acquire 76% stake in Racemosa Energy (India) Private Limited for INR 530 million. Waaree Energies Limited (NSEI:WAAREEENER) agreed to acquire 76% stake in Racemosa Energy (India) Private Limited for INR 530 million on September 27, 2025.
The transaction is subject to completion of conditions precedents to closing.
The expected completion of the transaction is September 27, 2025 to March 31, 2026. Announcement • Sep 26
Waaree Energies Limited Appoints Mr. Mahesh Ramchand Chhabria as an Independent Director Waaree Energies Limited announced that at its AGM held on September 24, 2025, Mr. Mahesh Ramchand Chhabria as an independent director of the company. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹3,740, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 26x in the Semiconductor industry in Asia. Announcement • Sep 04
Waaree Energies Limited (NSEI:WAAREEENER) enter into Shareholders Agreement to acquire an unknown minority stake in Kotson's Private Limited. Waaree Energies Limited (NSEI:WAAREEENER) enter into Shareholders Agreement to acquire an unknown minority stake in Kotson's Private Limited on September 2, 2025. In related deal Waaree Energies entered into a Share Subscription agreement. Post closing Waaree Energies acquires 64% of the share capital of Kotson’s for INR 1.92 billion. The transaction is subject to customary closing conditions. Indicative time period for completion of the acquisition is September 30, 2025 or such other extended date as may be agreed between parties. Announcement • Sep 01
Waaree Energies Limited, Annual General Meeting, Sep 24, 2025 Waaree Energies Limited, Annual General Meeting, Sep 24, 2025, at 11:00 Indian Standard Time. Reported Earnings • Jul 29
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ₹25.94 (up from ₹14.98 in 1Q 2025). Revenue: ₹44.3b (up 30% from 1Q 2025). Net income: ₹7.45b (up 89% from 1Q 2025). Profit margin: 17% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Asia. Announcement • Jul 23
Waaree Energies Limited to Report Q1, 2026 Results on Jul 28, 2025 Waaree Energies Limited announced that they will report Q1, 2026 results on Jul 28, 2025 Board Change • Jul 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Rajinder Loona was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 02
Waaree Energies Limited Announces Resignation of Mr. Sujit Kumar Varma as Independent Director, Effective July 01, 2025 Waaree Energies Limited announced that at its board meeting held on July 01, 2025, Mr. Sujit Kumar Varma, has tendered his resignation as the Independent Director of the Company, with effect from the close of business hours on July 01, 2025, for reasons as mentioned in the resignation letter attached herewith. Consequently, he shall also cease to be Chairman & Member of Stakeholders Relationship Committee and Member of the Risk Management Committee of the Company. Date of cessation- From the close of business hours of July 01, 2025. Directorship in Listed Entity: 1. Uflex Limited. 2. Tata Communications Limited. 3. Prime Securities Limited. Committees Position: 1. Uflex Limited Member of: Audit Committee Risk Management Committee, Nomination & Remuneration Committee. 2. Prime Securities Limited Chairman of: Risk Management Committee, Stakeholders' Relationship Committee. Member of: Nomination & Remuneration Committee, Corporate Social Responsibility Committee. New Risk • Jun 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (119% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Announcement • May 20
Waaree Energies Limited (NSEI:WAAREEENER) agreed to acquire Kamath Transformers Private Limited for INR 2.9 billion. Waaree Energies Limited (NSEI:WAAREEENER) agreed to acquire Kamath Transformers Private Limited for INR 2.9 billion on May 19, 2025. A cash consideration of INR 2.93 billion will be paid by Waaree Energies Limited.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is May 20, 2025 to March 31, 2026. Reported Earnings • Apr 23
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹68.24 (up from ₹48.05 in FY 2024). Revenue: ₹144.4b (up 27% from FY 2024). Net income: ₹18.7b (up 51% from FY 2024). Profit margin: 13% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 4.2%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Asia. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹2,616, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 19x in the Semiconductor industry in Asia. Simply Wall St's valuation model estimates the intrinsic value at ₹1,177 per share. Announcement • Apr 16
Waaree Energies Limited to Report Q4, 2025 Results on Apr 22, 2025 Waaree Energies Limited announced that they will report Q4, 2025 results at 12:08 PM, Indian Standard Time on Apr 22, 2025 Announcement • Apr 11
Tata Power, Adani Green Reportedly Among 15 Cos Vying for Statkraft’s India Unit The Tata Power Company Limited (BSE:500400), Adani Green Energy Limited (NSEI:ADANIGREEN), KKR-backed Serentica Renewables India Private Limited and Greenko Energy Holdings are among 15 suitors for Statkraft’s India unit (Statkraft India Private Limited) that has been put on the block by the Norway government-owned renewable power company as it has decided to exit its two decade-old investment here, said people familiar with the matter. The suitors signed non-disclosure agreements (NDA) to participate in a bidding process for the company on April 9, 2025. Statkraft has a diversified renewable energy generation portfolio in India composed of wind, solar, hydro and hybrid power plants. Others in the fray include ReNew Po- wer, Avaada Energy, Waaree Energies Limited (NSEI:WAAREEENER), Edelweiss Alternate Assets, Energielis which is promoted by Statkraft’s former India head Rahul Varshney, Gentari, two public sector undertakings and three investment firms, the sources cited earlier said. Statkraft is seeking between $1.5 billion - $2 billion for the India unit which has a renewable energy generation portfolio of 2 gigawatts comprising operational and under construction projects. Tata Power declined to comment. Serentica Renewables said it regularly evaluates potential business opportunities as part of its business strategy. “Signing a non-disclosure agreement is a routine step in assessing such prospects”, said a spokesperson for Se- rentica Renewables. Adani Green, Greenko, ReNew Power, Avaada Energy, Waaree Energies, Energielis and Gentari did not respond to requests for comment. To provide options to potential suitors, the India unit is being sold in four packages, according to sources. The first package is composed of wind and solar power projects in Rajasthan with capacity of 1.5 gigawatt. The second package is composed of two operational hydro power plants located at Malana and Allain Duhangan in Himachal Pradesh which are 49:51 joint ventures with the local LNJ Bhilwara group. The third and fourth packages are single hydropower assets located at Tidong in Himachal Pradhesh and Kedarnath in Uttarakhand respectively. Announcement • Mar 25
Waaree Energies Limited Announces Executive Changes The board of directors of Waaree Energies Limited at its meeting held on March 25, 2025, transacted the following businesses: Completion of second term of Mr. Jayesh Shah (DIN: 00182196), as an Independent Director of the Company on March 25, 2025 and consequently Mr. Jayesh Shah ceased to be the Independent Director of the Company with effect from the close of business hours on March 25, 2025.; Based on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. Ankit Doshi, as President -Strategy of the Company and has been designated as Senior Management Personnel of the Company with effect from March 26, 2025. Mr. Ankit Doshi is a B.tech in Mechanical engineer and MBA(Tech) in Finance from Narsee Monjee Institute of Management Studies. He has been pivotal in contributing the growth of Waaree Group into a leader in renewable energy. He has been associated with the Waaree Group over a period of more than 9 years. His strategic vision has helped Waaree revolutionized solar solutions access through innovative retail strategies. Ankit also spearheads Waaree's Inverter business enhancing India's energy transition capabilities. He is also a Director in XSFinance and Investment and Private Limited (Solfin). Announcement • Mar 21
Waaree Energies Limited Appoints Amit Ashok Paithankar as Director Waaree Energies Limited at its AGM held on March 18, 2025, approved the following resolutions: Appointment of Mr. Amit Ashok Paithankar (DIN: 02435057) as a
Director of the Company. Appointment of Mr. Amit Ashok Paithankar (DIN: 02435057) as a WholeTime Director of the Company and the Remuneration Payable to Him. Reported Earnings • Jan 31
Third quarter 2025 earnings released Third quarter 2025 results: EPS: ₹18.41. Net income: ₹4.93b (up ₹4.93b from 3Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Asia. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹2,196, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 21x in the Semiconductor industry in Asia. Announcement • Jan 24
Waaree Energies Limited to Report Q3, 2025 Results on Jan 30, 2025 Waaree Energies Limited announced that they will report Q3, 2025 results on Jan 30, 2025 Announcement • Jan 11
Waaree Energies Limited (NSEI:WAAREEENER) agreed to acquire Enel Green Power India Private Limited from Enel Green Power Development S.R.L. for INR 7.9 billion. Waaree Energies Limited (NSEI:WAAREEENER) agreed to acquire Enel Green Power India Private Limited from Enel Green Power Development S.R.L. for INR 7.9 billion on January 10, 2025. A cash consideration of INR 7.92 billion will be paid by Waaree Energies Limited. As part of consideration, INR 7.92 billion is paid towards common equity of Enel Green Power India Private Limited.
For the period ending March 31, 2024, Enel Green Power India Private Limited reported total revenue of INR 1.12 billion.
The expected completion of the transaction is January 10, 2025 to March 10, 2025. Announcement • Dec 18
Enel India Deal Reportedly on the Final Stretch Strategic and financial investors JSW Group, Stonepeak Partners LP (Stonepeak Infrastructure Partners) and Waaree Energies Limited (NSEI:WAAREEENER) have submitted binding bids for Enel Group 's renewable energy business in India. The deal is likely to value the Italy-based group's portfolio of wind and solar power assets at equity of $350 million - $400 million, said three people with knowledge of the development, who asked to remain anonymous. With the total debt, the enterprise value of the assets is likely to be more than $500 million - $550 million, the people said. "Binding bids have come in. The sellers will now get into exclusivity with one of the prospective buyers and proceed ahead," said the first person cited above. According to him, the deal is likely to be stitched by financial year end in March 2025. The portfolio of Enel Green Power India comprises 760 megawatts (MW) of operational wind and solar power assets and a development pipeline of 2 gigawatts (GW). It also has power purchase agreements totaling 190MW. Of the operational capacity, solar power projects comprise 420MW, with the balance 340MW coming from wind power projects. Mint was first to report the group's plans to sell its India business in December 2023. Global investment bank HSBC has been helping the group look for buyers. Emailed queries to JSW Group, Stonepeak, Waaree and Enel went unanswered. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹3,135, the stock trades at a trailing P/E ratio of 67.1x. Average trailing P/E is 68x in the Semiconductor industry in India. Buy Or Sell Opportunity • Nov 26
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at ₹2,526. The fair value is estimated to be ₹3,230, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last year. Earnings per share has grown by 45%. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹2,597, the stock trades at a trailing P/E ratio of 55.6x. Average trailing P/E is 67x in the Semiconductor industry in India. Reported Earnings • Nov 19
Second quarter 2025 earnings released Second quarter 2025 results: EPS: ₹13.75. Net income: ₹3.62b (up ₹3.62b from 2Q 2024). Board Change • Oct 28
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Non-Executive Director Arvind Ananthanarayanan was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
