Waaree Energies WAAREEENER
Solar Module Manufacturing (ALMM): India's largest solar module manufacturer, expanding into cells and polysilicon
Mapped in 2 themes: Solar Module Manufacturing (ALMM) and Energy Generation.
Where Waaree Energies sits in the supply chain
Waaree Energies appears in 3 supply-chain layers across 2 themes: Solar Module Manufacturing (ALMM) and Energy Generation.
Solar Module Manufacturing (ALMM) › Solar Cell Manufacturing
Direct supplierIndia's largest solar module manufacturer, expanding into cells and polysilicon
Other companies in this layer
Solar Module Manufacturing (ALMM) › Solar Module Assembly
Direct supplierIndia's largest solar module manufacturer, expanding into cells and polysilicon
Other companies in this layer
Energy Generation › Solar Equipment & EPC
Direct supplierIndia's largest solar module manufacturer
Other companies in this layer
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 11,398 | 14,444 | 26,537 |
| Net profit | 1,274 | 1,928 | 3,884 |
Latest-year revenue ₹26,537 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Solar Module Manufacturing (ALMM)
- India's largest solar module manufacturer by capacity, with a growing order book and an expanding export business to the US
Risks · in Solar Module Manufacturing (ALMM)
- Listed Oct 2024, so its multi-year financial track record as a listed company is short
- Industry-wide module capacity additions are running ahead of demand, risking margin pressure even for the market leader
Common questions
What does Waaree Energies do?
In Solar Module Manufacturing (ALMM): India's largest solar module manufacturer, expanding into cells and polysilicon. NextResearch maps it in 2 supply chains: Solar Module Manufacturing (ALMM) and Energy Generation.
Where does Waaree Energies sit in the supply chain?
Waaree Energies (NSE: WAAREEENER) is mapped in 3 supply-chain layers: Solar Cell Manufacturing (Solar Module Manufacturing (ALMM)), Solar Module Assembly (Solar Module Manufacturing (ALMM)) and Solar Equipment & EPC (Energy Generation).
Who are Waaree Energies' peers?
In the Solar Module Assembly layer of Solar Module Manufacturing (ALMM): Premier Energies, Adani Enterprises, Vikram Solar and Insolation Energy.
What is Waaree Energies' market cap and valuation?
As of 30 Oct 2026: market cap ₹66,161 Cr, P/E 17.0x, ROCE 38.4%, ROE 32.5%, dividend yield 0.17%.