Vruddhi Enterprises

Indore, India Founded: 1998 • Age: 28 yrs Listed
Manufactures innovative solar-powered products, such as panels and integrated energy systems.
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About Vruddhi Enterprises

Vruddhi Enterprises is a publicly listed company based in Indore (India) founded in 1998. It manufactures innovative solar-powered products, such as panels and integrated energy systems. It operates on a B2B model. The company has 1,519 employees. Its Indian entity Waaree Energies Limited reported revenue of ₹27,245 Cr. Its focus areas include Energy, Renewable Energy, Solar Products and Energy Systems. Its competitors include Borosil Renewables, Servoteh and Nessa; 1 of its 3 listed competitors has raised funding.

Company details

Vruddhi Enterprises, established in 1998, excels in working in the energy sector, promoting renewable energy, solar products, and energy systems. Manufactures innovative solar-powered products, such as panels and integrated energy systems. Committed to advancing standards, it focuses on innovation, efficiency, and delivering value to clients worldwide.

Operational Areas
Energy & Utilities → Energy Efficiency Solutions
Key Metrics
  • Market Cap
    ₹69,266 Cr

    WAAREEENER · NSE

  • Share Price
    ₹2,449.30

    +1.72% today

  • Revenue
    ₹26,537 Cr

    FY 2025-26 · +83.7% YoY

  • EBITDA
    ₹5,614 Cr

    Margin 21.2%

  • Net Profit
    ₹3,899 Cr

    FY 2025-26 · +110.2% YoY

  • P/E (TTM)
    17.1x

    P/B 4.2x

  • ROE
    32.5%

    ROCE 35.3%

  • Debt / Equity
    0.18

    Interest cover 6.1x

  • Employee Count
    1,519

Board of directors of Waaree Energies Limited (Vruddhi Enterprises)

Waaree Energies Limited is the primary company behind Vruddhi Enterprises. The board of Waaree Energies Limited currently have 8 directors; the longest-serving is Hitesh Chimanlal Doshi, appointed in 2007. 17 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Hitesh Chimanlal Doshi
DIN 00293668
Managing Director16 Feb 200719 yrs 8 moWaaree Energies Limited
Viren Doshi Chimanlal
DIN 00207121
Whole-time director26 Nov 200718 yrs 11 moWaaree Energies Limited
Hitesh Pranjivan Mehta
DIN 00207506
Whole-time director01 Apr 201115 yrs 7 moWaaree Energies Limited
Rajender Mohan Malla
DIN 00136657
Director16 Jan 20197 yrs 9 moWaaree Energies Limited
Rajinder Singh Loona
DIN 02305074
Director26 Mar 20251 yr 7 moWaaree Energies Limited
Mahesh Ramchand Chhabria
DIN 00166049
Director01 Jul 20251 yr 4 moWaaree Energies Limited
Jignesh Devchandbhai Rathod
DIN 11121448
Whole-time director21 Mar 20267 moWaaree Energies Limited
Mona Mukund Bhide
DIN 05203026
Director30 Aug 20262 moWaaree Energies Limited

IPO & Listings of Vruddhi Enterprises

Vruddhi Enterprises is a publicly listed company on the NSE with ticker symbol WAAREEENER in India, operating in the Capital Goods - Electrical Equipment sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • Listed onNSE: WAAREEENER
  • Listed entityWaaree Energies Limited
  • Exchange sectorCapital Goods - Electrical Equipment

Financials of Vruddhi Enterprises

Exchange-reported figures of Waaree Energies Limited, the listed company behind Vruddhi Enterprises (NSE: WAAREEENER).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹26,537 Cr
+83.7% YoY
EBITDA
₹5,614 Cr
+106.6% YoY
Profit After Tax
₹3,899 Cr
+110.2% YoY
Net Worth
₹14,437 Cr
+52.3% YoY
Total Assets
₹19,029 Cr
+60.3% YoY
Total Debt
₹3,213 Cr
+167.9% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue26,53714,44411,3986,7512,8541,9531,996
Revenue growth+83.7%+26.7%+68.8%+136.5%+46.2%-2.2%-
EBITDA5,6142,7181,57481410684.8392.23
EBITDA margin+21.2%+18.8%+13.8%+12.1%+3.7%+4.3%+4.6%
Profit before tax5,0522,5651,73467711869.9056.92
Net profit3,8991,85598049475.2746.2241.97
Net profit margin+14.7%+12.8%+8.6%+7.3%+2.6%+2.4%+2.1%
EPS (₹)129.0265.0047.0519.843.842.502.12
Balance sheet
Total assets19,02911,8706,0972,579845759524
Net worth14,4379,4794,0881,838428345298
Total debt3,2131,199553320363340157
Cash & bank6,7287,7483,7791,73636611078.70
Net working capital5,9605,0772,762659(155)220192
Cash flow
Cash from operations1,6273,1582,3051,56069867.2883.24
Cash from investing(3,936)(6,806)(3,346)(2,088)(673)(250)(21.83)
Cash from financing2,5734,036909642101161(49.78)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue7,5187,9328,4807,5656,0664,4264,0043,457
Revenue growth (YoY)+23.9%+79.2%+111.8%+118.8%+69.7%+29.8%--
Other income14717118019616117113787.98
EBITDA1,3351,4401,5771,6331,406997919722
EBITDA margin+17.8%+18.2%+18.6%+21.6%+23.2%+22.5%+22.9%+20.9%
Depreciation34733030126724018215389.05
Interest10570.3747.8993.2896.0843.2556.7230.85
Profit before tax1,0301,2101,4081,4691,231943845690
Tax276319282362353170201183
Net profit7548921,1261,107878773644507
EPS (₹)24.9429.5036.8436.8929.2725.8421.5118.33
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue20,99112,76510,7186,5332,7711,9932,027
Revenue growth+64.4%+19.1%+64.1%+135.7%+39.0%-1.7%-
EBITDA4,4862,3951,37474088.0079.5893.89
EBITDA margin+21.4%+18.8%+12.8%+11.3%+3.2%+4.0%+4.6%
Profit before tax4,9682,3961,55861895.8467.4160.81
Net profit3,4621,77189547269.4845.0845.38
Net profit margin+16.5%+13.9%+8.4%+7.2%+2.5%+2.3%+2.2%
EPS (₹)130.8062.0043.6718.913.532.552.30
Balance sheet
Total assets15,69211,4655,8042,579791594447
Net worth13,1309,4074,1031,943428351303
Total debt2,0151,002334240321165116
Cash & bank4,0777,0203,6161,71532410441.71
Net working capital3,6424,5302,668624(178)275159
Cash flow
Cash from operations7052,9402,1161,49257280.538.02
Cash from investing(1,350)(6,767)(3,252)(2,241)(523)(151)26.45
Cash from financing5104,07796087266.1875.67(50.43)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue4,5786,2226,7486,2914,5823,3703,3233,082
Revenue growth (YoY)-0.1%+84.6%+103.1%+104.1%+44.6%+5.6%--
Other income182195230225735197160102
Total expenses3,6445,1835,5394,9053,5402,5212,5612,442
EBITDA9341,0381,2091,3861,042849762640
EBITDA margin+20.4%+16.7%+17.9%+22.0%+22.7%+25.2%+22.9%+20.8%
Depreciation19119919919518313097.3277.41
Interest41.1141.0431.1576.0557.6433.7648.1126.67
Profit before tax8839931,2091,3401,536883776638
Tax212254276330376223196167

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 05 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue7,5187,9328,4807,5656,0664,4264,0043,457
Revenue growth (YoY)+23.9%+79.2%+111.8%+118.8%+69.7%+29.8%--
Other income14717118019616117113787.98
EBITDA1,3351,4401,5771,6331,406997919722
EBITDA margin+17.8%+18.2%+18.6%+21.6%+23.2%+22.5%+22.9%+20.9%
Depreciation34733030126724018215389.05
Interest10570.3747.8993.2896.0843.2556.7230.85
Profit before tax1,0301,2101,4081,4691,231943845690
Tax276319282362353170201183
Net profit7548921,1261,107878773644507
EPS (₹)24.9429.5036.8436.8929.2725.8421.5118.33
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue26,53714,44411,3986,7512,8541,9531,996
Revenue growth+83.7%+26.7%+68.8%+136.5%+46.2%-2.2%-
Other income70840257610996.5944.6525.53
Total expenses20,92311,7279,8235,9372,7481,8681,904
Employee cost57229615411851.4643.9450.32
EBITDA5,6142,7181,57481410684.8392.23
EBITDA margin+21.2%+18.8%+13.8%+12.1%+3.7%+4.3%+4.6%
Depreciation99040227716443.2728.6627.13
Interest28015214082.2740.8830.9233.71
Profit before tax5,0522,5651,73467711869.9056.92
Tax1,16863746017738.7221.7217.92
Net profit3,8991,85598049475.2746.2241.97
Net profit margin+14.7%+12.8%+8.6%+7.3%+2.6%+2.4%+2.1%
EPS (₹)129.0265.0047.0519.843.842.502.12
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital288287263243197197197
Reserves & surplus14,1509,1923,8251,595231148101
Shareholders' funds (net worth)14,4379,4794,0881,838428345298
Minority interest57411660.6823.4412.2040.2141.68
Secured loans2,48993930626830710217.82
Unsecured loans72326024752.6756.30238139
Total debt3,2131,199553320363340157
Total liabilities19,02911,8706,0972,579845759524
Assets
Gross block9,2814,9672,0101,398765386227
Net block7,3284,0261,4501,105625285152
Capital work in progress3,4771,8841,3415371242.8440.22
Investments95364.6871.1531.0614311585.46
Inventories5,8562,6922,5862,709538368243
Sundry debtors2,4921,05397131392.52117140
Cash & bank balances6,7287,7483,7791,73636611078.70
Loans & advances1,8401,158606694148142142
Total current assets16,91612,6517,9425,4521,145737604
Total current liabilities10,9567,5745,1804,7931,300517412
Net working capital5,9605,0772,762659(155)220192
Total assets19,02911,8706,0972,579845759524
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash51012125413912.8233.9522.31
Net cash from operating activities1,6273,1582,3051,56069867.2883.24
Net cash from investing activities(3,936)(6,806)(3,346)(2,088)(673)(250)(21.83)
Net cash from financing activities2,5734,036909642101161(49.78)
Net change in cash264388(132)114126(21.08)11.64
Closing cash6,7287,7483,7791,73636611078.70
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+83.7%+26.7%+68.8%+136.5%+46.2%-2.2%-
EBITDA growth+106.6%+72.6%+93.4%+668.5%+24.9%-8.0%-
PBT growth+97.0%+47.9%+156.1%+472.1%+69.3%+22.8%+9997.0%
Net income growth+110.2%+89.2%+98.5%+556.2%+62.9%+10.1%-
Revenue CAGR (3Y)+57.8%+71.7%+80.1%+50.1%---
EBITDA CAGR (3Y)+90.3%+194.9%+164.8%+106.7%---
Profitability & leverage
Net income margin+14.6%+13.4%+11.2%+7.4%+2.8%+2.5%+2.0%
Return on capital employed+35.3%+30.5%+35.0%+44.8%+20.6%+16.8%+20.2%
Return on net worth+32.5%+28.4%+34.4%+44.2%+20.6%+15.0%+14.1%
Debt / equity0.180.130.150.300.900.770.54
Long-term debt / equity0.070.040.080.180.620.400.28
Interest cover6.076.5710.7812.6665.2455.0551.78
Efficiency & per share
Fixed asset turnover3.724.146.696.245.016.379.98
Inventory turnover6.215.474.314.166.306.3911.64
Debtors turnover14.9714.2717.7533.3327.0915.2011.23
EPS (₹)129.0265.0047.0519.843.842.502.12
Dividend per share (₹)4.000.000.000.000.000.000.00
Book value per share (₹)501.91329.96155.4575.5421.6917.5015.12
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue4,5786,2226,7486,2914,5823,3703,3233,082
Revenue growth (YoY)-0.1%+84.6%+103.1%+104.1%+44.6%+5.6%--
Other income182195230225735197160102
Total expenses3,6445,1835,5394,9053,5402,5212,5612,442
EBITDA9341,0381,2091,3861,042849762640
EBITDA margin+20.4%+16.7%+17.9%+22.0%+22.7%+25.2%+22.9%+20.8%
Depreciation19119919919518313097.3277.41
Interest41.1141.0431.1576.0557.6433.7648.1126.67
Profit before tax8839931,2091,3401,536883776638
Tax212254276330376223196167
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue20,99112,76510,7186,5332,7711,9932,027
Revenue growth+64.4%+19.1%+64.1%+135.7%+39.0%-1.7%-
Other income1,38745458110981.4340.9123.66
Total expenses16,50410,3699,3435,7932,6831,9141,933
Employee cost30721313310945.8648.5149.48
EBITDA4,4862,3951,37474088.0079.5893.89
EBITDA margin+21.4%+18.8%+12.8%+11.3%+3.2%+4.0%+4.6%
Depreciation70732126415539.6026.9026.00
Interest19913213376.8433.9926.1830.74
Profit before tax4,9682,3961,55861895.8467.4160.81
Tax1,20661541015726.1818.0315.44
Net profit3,4621,77189547269.4845.0845.38
Net profit margin+16.5%+13.9%+8.4%+7.2%+2.5%+2.3%+2.2%
EPS (₹)130.8062.0043.6718.913.532.552.30
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital288287263243197197197
Reserves & surplus12,8429,1203,8401,700231154106
Shareholders' funds (net worth)13,1309,4074,1031,943428351303
Secured loans1,82091216719527116584.45
Unsecured loans19589.7916744.0550.330.0031.48
Total debt2,0151,002334240321165116
Total liabilities15,69211,4655,8042,579791594447
Assets
Gross block5,8253,6671,5351,199683213180
Net block4,2992,8451,012920548126118
Capital work in progress7011,7341,2074531231.170.00
Investments2,82623628525417647.22120
Inventories3,9342,3072,5582,679536368243
Sundry debtors1,93071779232175.94117159
Cash & bank balances4,0777,0203,6161,71532410441.71
Loans & advances1,052874572659134201124
Total current assets10,99210,9177,5385,3731,071790568
Total current liabilities7,3506,3874,8704,7491,248515409
Net working capital3,6424,5302,668624(178)275159
Total assets15,69211,4655,8042,579791594447
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash32373.1724912611.456.2422.20
Net cash from operating activities7052,9402,1161,49257280.538.02
Net cash from investing activities(1,350)(6,767)(3,252)(2,241)(523)(151)26.45
Net cash from financing activities5104,07796087266.1875.67(50.43)
Net change in cash(135)249(176)1231145.22(15.96)
Closing cash4,0777,0203,6161,71532410441.71
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+64.4%+19.1%+64.1%+135.7%+39.0%-1.7%-
EBITDA growth+87.3%+74.3%+85.7%+741.1%+10.6%-15.2%-
PBT growth+107.3%+53.8%+152.3%+544.4%+42.2%+10.9%+9997.0%
Net income growth+95.5%+98.0%+89.6%+578.9%+54.1%-0.7%-
Revenue CAGR (3Y)+47.6%+66.4%+75.2%+47.7%---
EBITDA CAGR (3Y)+82.3%+200.8%+158.5%+99.0%---
Profitability & leverage
Net income margin+17.9%+14.0%+10.7%+7.0%+2.5%+2.5%+2.2%
Return on capital employed+38.1%+29.3%+31.5%+41.2%+18.8%+18.2%+22.0%
Return on net worth+33.4%+26.4%+29.6%+38.8%+17.9%+15.4%+16.1%
Debt / equity0.130.100.090.240.620.430.39
Long-term debt / equity0.020.010.040.140.350.210.22
Interest cover5.256.3512.0013.1270.2349.7045.28
Efficiency & per share
Fixed asset turnover4.424.917.846.946.1810.1413.03
Inventory turnover6.735.254.094.066.136.5311.80
Debtors turnover15.8616.9219.2632.9528.6714.4510.85
EPS (₹)130.8062.0043.6718.913.532.552.30
Dividend per share (₹)4.000.000.000.000.000.000.00
Book value per share (₹)456.45327.46156.0379.8321.7317.8115.37

Competitors of Vruddhi Enterprises

Vruddhi Enterprises has 3 listed competitors in our database, 1 of them funded. They include Borosil Renewables, Servoteh and Nessa.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
Borosil Renewables
borosilrenewables.com1962Mumbai, India762
Solar glass is manufactured by Borosil Renewables for photovoltaic applications.
Servoteh
servotech.in2004Delhi, India178
Manufacturer of EV chargers, solar inverters, solar panels, batteries, servo stabilizers, UPS, and LEDs
Nessa
nessa.in2008Ahmedabad, India$95,27784
Offers solar consumer goods
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Related news about Vruddhi Enterprises

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Frequently Asked Questions about Vruddhi Enterprises

Vruddhi Enterprises was founded in 1998.

Vruddhi Enterprises is headquartered in Indore, India. It is registered at Indore, Madhya Pradesh, India.

Vruddhi Enterprises has 1,519 employees.

The primary company behind Vruddhi Enterprises, Waaree Energies Limited, reported revenue of ₹27,245 Cr for FY 0000, up 84% year on year.

Vruddhi Enterprises, established in 1998, excels in working in the energy sector, promoting renewable energy, solar products, and energy systems. Manufactures innovative solar-powered products, such as panels and integrated energy systems. Committed to advancing standards, it focuses on innovation, efficiency, and delivering value to clients worldwide.

Vruddhi Enterprises's top competitors include Servoteh, Borosil Renewables and Nessa.

Yes, Vruddhi Enterprises is publicly traded on NSE under the ticker symbol WAAREEENER.

Vruddhi Enterprises operates through Waaree Energies Limited.

The legal entities of Vruddhi Enterprises currently have 10 directors, including Viren Doshi Chimanlal, Hitesh Pranjivan Mehta, Rajender Mohan Malla and others.

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