Waaree Energies Limited

BSE: 544277 NSE: WAAREEENER
Waaree Energies Limited - energy and power in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
CIN L29248MH1990PLC059463 Incorporated 18 December 1990 ROC Mumbai HQ Mumbai, Maharashtra, India
Active Listed - NSE: WAAREEENER · BSE: 544277 Public Limited Company energy and power Fortune India 500 · #194 Nifty 500
Data last updated
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

About Waaree Energies Limited

Data last updated:

Waaree Energies Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the power equipment manufacturers segment of the energy and power sector. It was incorporated on 18 December 1990 and has been in existence for over 36 years.

Waaree Energies is ranked #194 on the Fortune India 500 (2025). It is part of the Nifty 500 and BSE 500 indices. Its director Hitesh Chimanlal Doshi is #1,545 among India's richest people (2026). Its director Viren Chimanlal Doshi is #1,545 among India's richest people (2026).

The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L29248MH1990PLC059463. Its GSTIN is 27AAACA4043J1ZW (Maharashtra). The company holds 19 GST registrations, of which 9 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 544277 and NSE: WAAREEENER.

The company has an authorised share capital of ₹500 Cr and a paid-up capital of ₹287.65 Cr. It was formerly known as Waaree Energies Private Limited and Anmol Fluid Connectors Private Limited. It is led by directors including Hitesh Chimanlal Doshi (Managing Director) and Viren Doshi Chimanlal (Whole-Time Director).

Its last annual general meeting (AGM) was held on 24 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 602 6th Floor Western Edge – I Western Express Highway Borivali (East), Mumbai, Maharashtra, India – 400066.

As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹26,537 Cr, a growth of 83.7% compared to the previous year. For the same year it recorded a net profit of ₹3,899.15 Cr (net margin 14.7%) and EBITDA of ₹5,613.86 Cr (EBITDA margin 21.2%). The net worth stands at ₹14,437 Cr (up 52.3% YoY). Total assets are valued at ₹19,029 Cr (up 60.3% YoY).

The company has about 1,519 employees on its provident fund (EPFO) records. Its group structure includes 13 subsidiaries.

The company is associated with 4 brands: Santosh Energy Techno Solutions, Vruddhi Enterprises, Waaree Energies and Waaree RTL. As per MCA filings, the company has open charges of ₹17,592 Cr and satisfied charges of ₹4,282.05 Cr on record. Court records list 83 cases involving the company, including 42 filed by the company and 41 filed against it; 14 cases are pending. The company has 29 deals on record (13 secondary share transfers, 7 funding rounds, 5 market trades), with disclosed funding of ₹3,202.48 Cr; the latest was in February 2026. The company has 14 MSME Form 1 returns on record between 2019 and 2024, listing 624 overdue payments to 263 micro and small suppliers.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website waaree.com.

Company details

CIN L29248MH1990PLC059463
Registration Number 059463
Incorporation Date 18 December 1990
ROC Mumbai
Listing Status Listed - Listed on NSE (WAAREEENER); Listed on BSE (544277)
Company Status Active
Date of Last AGM 24 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant

Name history

Waaree Energies has undergone 4 name changes throughout its history. The current legal name is Waaree Energies Limited.

Company NameStatus
Waaree Energies LimitedCurrent
Waaree Energies Private LimitedPrevious
Anmol Fluid Connectors Private LimitedPrevious
Waaree Energies Priave LimitedPrevious
Waaree Solar Private LimitedPrevious

CIN history

Waaree Energies has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L29248MH1990PLC059463, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L29248MH1990PLC059463Current
U29248MH1990PLC059463Previous
U29248MH1990PTC059463Previous
Key People
Hitesh Chimanlal Doshi Managing Director Viren Doshi Chimanlal Whole-Time Director Hitesh Pranjivan Mehta Whole-Time Director

Recognitions & Rankings of Waaree Energies

Fortune India 500 2025 edition
Rank#194
Total income
₹14,193 Cr
Profit
₹1,867 Cr
Last year #195
India's Most Valuable Companies 2024 edition · Source: Hurun India
Rank#81
Valuation
₹85,370 Cr
Stock market indices
Nifty 500 BSE 500

Contact details

Waaree Energies Limited's registered office is in Mumbai, Maharashtra. Its website is waaree.com. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    waaree.com
  • Social Media
  • Registered Address
    602 6th Floor Western Edge – I Western Express Highway Borivali (East), Mumbai, Maharashtra, India – 400066
  • Industry
    Energy and Power, Power Equipment Manufacturers, Power EPC, BoP & BTG Services

To see the full contact details of Waaree Energies Limited, buy the company report.

Comprehensive company report
Waaree Energies Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Waaree Energies operates multiple associated brands including Santosh Energy Techno Solutions, Vruddhi Enterprises, and Waaree Energies. Each brand links to its own profile.

BrandDescriptionWebsite
Santosh Energy Techno Solutions
Santosh Energy Techno Solutions manufactures high-quality solar PV panels for sustainable energy.santoshenergy.com
Vruddhi Enterprises
Manufactures innovative solar-powered products, such as panels and integrated energy systems.vruddhienterprises.in
Waaree Energies
Manufacturer of solar PV moduleswaaree.com
Waaree RTL
Solar-powered products are manufactured in Mumbai, India.waareertl.com

Business activity

The main business activity of Waaree Energies is electricity, gas, steam and air conditioning supply. In detail, this covers electricity, gas, steam and air conditioning supply.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
DElectricity, gas, steam and air conditioning supply35Electricity, gas, steam and air conditioning supply

To see the full business activity and turnover split of Waaree Energies Limited, buy the company report.

Financials of Waaree Energies Limited

FY 2025-26 filings available

Waaree Energies Limited reported revenue of ₹26,537 Cr (up 83.7% YoY) for FY 2025-26.

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

To see the full year-wise statements and ratios of Waaree Energies Limited, buy the company report.

Board of directors of Waaree Energies Limited

Waaree Energies has 8 current directors and 16 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Viren Doshi Chimanlal
Also directs: Indosolar Limited, Dhaata Solar LLP, Sunbless Solar LLP and 5 more
Whole-Time Director26 Nov 200718 Years 11 MonthsCurrent
Hitesh Pranjivan Mehta
Also directs: Indosolar Limited, Waaree Renewable Technologies Limited, Waaree Green Aluminium Private Limited and 4 more
Whole-Time Director01 Apr 201115 Years 7 MonthsCurrent
Rajender Mohan Malla
Also directs: Aahaana Associates LLP, VGRM Associates LLP, Filatex India Limited and 5 more
Director16 Jan 20197 Years 9 MonthsCurrent
Hitesh Chimanlal Doshi
Also directs: Indosolar Limited, Dhaata Solar LLP, Sunbless Solar LLP and 5 more
Managing Director16 Feb 200719 Years 8 MonthsCurrent
Mahesh Ramchand Chhabria
Also directs: Big Impact Media LLP, Indosolar Limited, Deepak Nitrite Limited and 4 more
Director01 Jul 20251 Years 4 MonthsCurrent
Rajinder Singh Loona
Also directs: Cupid Limited, Kesar Terminals & Infrastructure Limited, Groww Trustee Limited
Director26 Mar 20251 Years 7 MonthsCurrent
Showing 6 of 8 current directors. View all directors

Auditor

Waaree Energies Limited is audited by S R B C & LLP Co. for the financial year 2025.

Auditor firmFinancial yearFirm registration number
S R B C & LLP Co.FY 2025324982E/E300003

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 64.10%, foreign institutional investors hold 8.60%, domestic institutional investors hold 4.00% and retail and other public shareholders hold 23.30%.

Promoters: 64.10%DII (Domestic Institutional): 4.00%FII (Foreign Institutional): 8.60%Retail & Others: 23.30%
Sep 2026
QUARTER
64.10% Promoters
4.00% DII (Domestic Institutional)
8.60% FII (Foreign Institutional)
23.30% Retail & Others
Promoter holding - history
Now 64.10% · Sep 2026High 64.20% · Dec 2025Low 64.10% · Sep 2026
63%63.8%64.5%65.3%66%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 64.20%Mar 2026: 64.20%Jun 2026: 64.20%Sep 2026: 64.10%64.20%64.10%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters64.10%64.20%64.20%64.20%
Public35.90%35.80%35.80%35.80%

Charges & borrowings

Open charges
₹17,592 Cr
Satisfied charges
₹4,282.05 Cr
Breakdown by lending institutions
Sbicap Trustee Company Limited₹12,038.00 Cr
State Bank of India₹4,250.00 Cr
Others₹900.00 Cr
Axis Bank Limited₹403.98 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
04 Jun 2026101314698State Bank of India₹2,650 CrOpen
05 Jan 2026101224522Axis Bank Limited₹403.98 CrOpen
11 Apr 2025101087402Others₹250 CrOpen
09 Jan 2025101037981Others₹650 CrOpen
23 Dec 2024101030058Sbicap Trustee Company Limited₹2,054 CrOpen

To see the full charge records of Waaree Energies Limited, buy the company report.

Total charge records: 33 View all charges

Deals & funding

Waaree Energies Limited has 29 deals on record (13 secondary share transfers, 7 funding rounds, 5 market trades), with disclosed funding of ₹3,202.48 Cr; the latest was in February 2026.

Total deals
29
Secondary share transfers
13
Funding rounds
7
Market trades
5
Debt financings
2
Disclosed funding
₹3,202.48 Cr

Deals on record (5 of 29)

WhenDealAmountParties
Feb 2026Market trade₹437.09 CrBuyer: Graviton Research Capital LLP
Seller: Graviton Research Capital LLP
Apr 2025Market trade₹462.68 CrBuyer: Graviton Research Capital LLP
Seller: Graviton Research Capital LLP
Oct 2024IPO₹4,321.44 CrInvestors: IPO Shareholders - Waaree Energies Limited, Necta Bloom Vcc - Regal Fund, ValueQuest Investment Advisors
Seller: Waaree Sustainable Finance Private Limited , Chandurkar Investments Pvt Ltd
Jun 2023Funding round₹1,000 CrInvestors: Quest Portfolio Services Private Limited , Niveshaay, ValueQuest Investment Advisors
Sep 2022Funding round₹1,040.12 CrInvestors: Quest Portfolio Services Private Limited , Singularity AMC, Cybage Software Private Limited , an individual

To see the full deal history of Waaree Energies Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

Credit ratings & regulatory alerts

Waaree Energies Limited was last rated by Care on 23 Jun 2022.

Rating agencyRated onRating
Care23 Jun 2022

To see the full credit ratings and regulatory alerts of Waaree Energies Limited, buy the company report.

MSME payment delays

Waaree Energies Limited has 14 MSME Form 1 returns on record between 2019 and 2024, listing 624 overdue payments to 263 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.

Suppliers with reported dues (5 of 263)

SupplierAmount dueDue sinceReported on
an individual supplier
an individual supplier
Onix Renewable Limited
Infinity Solar
Steampulse Global LLP

To see the full MSME payment records of Waaree Energies Limited, buy the company report.

Individuals and sole proprietors among the suppliers are not named.

Group structure & subsidiaries

Waaree Energies has 13 subsidiary companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.

13
Subsidiary companies
Key subsidiaries
Company NameCINShares held
Indosolar LimitedL18101DL2005PLC134879
Waaree Renewable Technologies LimitedL93000MH1999PLC120470
Waaree Green Energy Solutions Private LimitedU28195MH2020PTC337134
Sangam Solar Four Private LimitedU40100MH2020PTC337133
Waaree Green Aluminium Private LimitedU40106MH2010PTC208561
Waasang Solar Private LimitedU40106MH2018PTC312031

To see the full group structure of Waaree Energies Limited, buy the company report.

Employees & EPFO

Waaree Energies Limited has a workforce of 1,519 employees on its EPFO records as of Sep 16, 2025, across 2 active EPFO establishments.

Employee count
1,519
Active EPFO establishments
2
Employee growth
35.02%

GST

Waaree Energies has 19 GST registrations: 9 active and 10 cancelled or inactive. The first 4 active GSTINs are listed below.

Total GSTINs
19
Active
9
Cancelled / inactive
10
GSTINStateStatusRegistered on
27AAACA4043J1ZWMaharashtraActive01 Jul 2017
27AAACA4043J2ZVMaharashtraActive21 Feb 2025
24AAACA4043J1Z2GujaratActive01 Jul 2017
36AAACA4043J2ZWTelanganaActive01 Jul 2017

To see the full GST registrations and return filing status of Waaree Energies Limited, buy the company report.

Recent activity

Waaree Energies Limited has 30 board changes on record since 2000: 19 appointments and 11 cessations. The latest: Mona Mukund Bhide was appointed as Director on 30 Aug 2026.

Charges
A charge registered on 22 Mar 2024 via Charge ID 100899449 with The Hongkong And Shanghai Banking Corporation Limited was fully satisfied on 15 Oct 2026.
Charges
A charge registered on 04 Jul 2022 via Charge ID 100588326 with The Hongkong And Shanghai Banking Corporation Limited was fully satisfied on 15 Oct 2026.
Charges
A charge registered on 01 Apr 2022 via Charge ID 100554065 with The Hongkong And Shanghai Banking Corporation Limited was fully satisfied on 15 Oct 2026.
Charges
A charge registered on 20 Jan 2022 via Charge ID 100535961 with The Hongkong And Shanghai Banking Corporation Limited was fully satisfied on 15 Oct 2026.
Charges
A charge with Sbicap Trustee Company Limited of Rs. 7,500.00 Cr registered on 23 Nov 2011 with Charge ID 10322772 was modified on 07 Sep 2026.
Charges
A charge registered on 17 Oct 2022 via Charge ID 100626251 with Others was fully satisfied on 04 Sep 2026.
Charges
A charge registered on 20 Sep 2020 via Charge ID 100377776 with Others was fully satisfied on 04 Sep 2026.
Appointed
Mona Mukund Bhide was appointed as Director.
Charges
A charge registered on 13 Oct 2020 via Charge ID 100378251 with Others was fully satisfied on 29 Jun 2026.
Charges
A charge with State Bank Of India amounted to Rs. 2,650.00 Cr with Charge ID 101314698 was registered on 04 Jun 2026.
Appointed
Jignesh Devchandbhai Rathod was appointed as Whole-Time Director.
Charges
A charge with Axis Bank Limited amounted to Rs. 403.98 Cr with Charge ID 101224522 was registered on 05 Jan 2026.

87 earlier events are in the company report.

News

Waaree Energies: Gujarat’s GPCB Temporarily Lifts Closure Order on Solar Cell Plant
30 Oct 2026 · Exchange Update
WAAREEENER: Q2 REVENUE 75.2B RUPEES VS 60.65B (YOY)
27 Oct 2026 · Exchange Update
WAAREEENER: Q2 CONS NET PROFIT 7.2B RUPEES VS 8.43B (YOY); EST 8.8B
27 Oct 2026 · Exchange Update
WAAREEENER: Q2 EBITDA 13.34B RUPEES VS 14B (YOY); Q2 EBITDA MARGIN 17.74% VS 23.19% (YOY)
27 Oct 2026 · Exchange Update

Frequently asked questions

Waaree Energies is an active public limited company based in Mumbai, Maharashtra, India. The company works in power equipment manufacturers, within the energy and power industry. It was incorporated on 18 December 1990 (36+ years old) and is registered under CIN L29248MH1990PLC059463. Listed on BSE: 544277 and NSE: WAAREEENER.

Waaree Energies reported revenue of ₹26,537 Cr for FY 2025-26 (up 83.7% YoY) based on consolidated financials.

Waaree Energies has 8 current directors:

The latest financial statements of Waaree Energies on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 24 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of Waaree Energies is 27AAACA4043J1ZW, registered in Maharashtra. The company has 19 GST registrations in all, of which 9 are active and 10 are cancelled or inactive. Other active GSTINs include 27AAACA4043J2ZV (Maharashtra), 24AAACA4043J1Z2 (Gujarat), 36AAACA4043J2ZW (Telangana).

The CIN (Corporate Identification Number) of Waaree Energies is L29248MH1990PLC059463. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Waaree Energies is a listed company as per MCA records. Its shares are listed on both BSE (code: 544277) and NSE (symbol: WAAREEENER).

Waaree Energies has 83 court cases on record: 42 filed by the company and 41 filed against it. 14 are pending. Most are in the high courts.

Waaree Energies was incorporated on 18 December 1990, making it 36+ years old. It is registered with the Registrar of Companies, Mumbai.

Waaree Energies has 29 deals on record (13 secondary share transfers, 7 funding rounds, 5 market trades), with disclosed funding of ₹3,202.48 Cr; the latest was in February 2026.

Mona Mukund Bhide was appointed as Director on 30 Aug 2026. Jignesh Devchandbhai Rathod was appointed as Whole-Time Director on 21 Mar 2026. Sujit Kumar Varma ceased to be Director on 02 Jul 2025. Waaree Energies has 30 board changes on record in total.