Waaree Energies Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹2,494.8
- Market Cap
- ₹54,671.47 Cr
- ISIN
- INE377N01020
- Face Value
- ₹10
- P/E Ratio
- 44.19
- EPS
- 47.86
- P/B Ratio
- 27.65
- Book Value
- ₹76.5
- Debt / Equity Ratio
- 0.15
Key Financials
Profit & Loss
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 11397.6 | 6750.9 | 2854.3 | 1952.8 | 1995.8 | 1591.0 |
| Growth % | 69% | 137% | 46% | -2% | 25% | 0 |
| Operating Expenses | 9823.2 | 5916.2 | 2748.3 | 1867.9 | 1904.0 | 1453.0 |
| Growth % | 66% | 115% | 47% | -2% | 31% | 0 |
| Operating Profit | 1574.4 | 834.7 | 105.9 | 84.9 | 91.8 | 138.0 |
| Op. Profit Margin % | 14% | 12.4% | 3.7% | 4.3% | 4.6% | 8.7% |
| Other Income | 235.2 | 109.5 | 96.6 | 40.6 | 25.5 | 21.7 |
| Interest Expense | 139.9 | 82.3 | 40.9 | 29.8 | 32.6 | 56.1 |
| Depreciation | 276.8 | 164.1 | 43.3 | 28.5 | 26.8 | 36.3 |
| Exceptional Items | 341.3 | -20.6 | 0.0 | 4.1 | 0.0 | 37.0 |
| Profit Before Tax | 1734.2 | 677.2 | 118.4 | 71.3 | 57.9 | 104.3 |
| Tax | 459.8 | 176.9 | 38.7 | 23.8 | 16.1 | 22.7 |
| Tax % | 27% | 26% | 33% | 33% | 28% | 22% |
| Profit After Tax | 1274.4 | 500.3 | 79.6 | 47.5 | 41.8 | 81.6 |
| Growth % | 155% | 528.1% | 67.7% | 13.6% | -48.8% | 0 |
| PAT % | 11% | 7% | 3% | 2% | 2% | 5% |
| Diluted EPS | 47.9 | 21.6 | 3.8 | 2.5 | 2.3 | 4.2 |
Company Financials
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|
| Equity Capital | 262.9 | 243.4 | 197.1 | 197.1 | 197.1 | 197.1 |
| Reserves | 3885.5 | 1618.4 | 242.8 | 195.7 | 143.4 | 60.9 |
| Total Equity | 4148.4 | 1861.8 | 439.9 | 392.8 | 340.5 | 258 |
| Borrowings | 102.5 | 145.8 | 189.0 | 197.1 | 71.3 | 65.8 |
| Other Non-Current Liabilities | 1639.5 | 483.0 | 110.9 | 87.1 | 56.4 | 19.6 |
| Total NC Liabilities | 1742.1 | 628.8 | 299.9 | 284.2 | 127.7 | 85.4 |
| Borrowings | 214.7 | 127.7 | 124.1 | 92.4 | 20.4 | 1.5 |
| Other Current Liabilities | 5208.4 | 4832.5 | 1307.7 | 523.8 | 449.6 | 441.8 |
| Total Current Liabilities | 5423.1 | 4960.2 | 1431.8 | 616.2 | 470.0 | 443.3 |
| Equity + Liabilities | 11313.7 | 7450.8 | 2171.6 | 1293.2 | 938.2 | 786.7 |
| Fixed Assets (incl. WIP) | 2490.6 | 1642.1 | 823.9 | 430.5 | 322.5 | 203.4 |
| Other Non Current Assets | 810.0 | 325.7 | 69.4 | 92.9 | 8.5 | 1.4 |
| Total NC Assets | 3300.6 | 1967.8 | 893.3 | 523.4 | 331 | 204.8 |
| Trade Receivables | 971.4 | 312.6 | 92.5 | 118.2 | 140.2 | 215.2 |
| Cash & Cash Equivalents | 121.4 | 253.7 | 139.2 | 12.8 | 33.9 | 22.4 |
| Other Current Assets | 6920.3 | 4916.7 | 1046.6 | 638.8 | 433.1 | 344.3 |
| Total Current Assets | 8013.1 | 5483.0 | 1278.3 | 769.8 | 607.2 | 581.9 |
| Total Assets | 11313.7 | 7450.8 | 2171.6 | 1293.2 | 938.2 | 786.7 |
Shareholding Pattern
- Waaree Sustainable Finance Pvt Ltd
- 23.68%%
- Hitesh Chimanlal Doshi Chairman and Managing Director
- 5.80%%
- Viren Chimanlal Doshi
- 4.50%%
- Hitesh Pranjivan Mehta
- 0.27%%
- Jayesh Dhirajlal Shah
- 0.01%%
- Pankaj Chimanlal Doshi
- 10.11%%
- Bindiya Kirit Doshi
- 8.14%%
- Nipa Viren Doshi
- 6.66%%
- Binita Hitesh Doshi
- 6.57%%
- Kirit Chimanlal Doshi
- 4.19%%
- Others
- 30.08%%
Strengths & Weaknesses
Strengths
- Promoter experience: The promoters have industry experience of over three decades and have been in the solar PV module manufacturing business since 2007.
- Strong Export: 80-85% of the orders (confirmed + pipeline) are from export markets including the US, Canada and Europe amongst others.
- Massive Increase in Profitability: In FY23, Profit after tax increased by ~520% compared to the previous year.
- Low Operating Risk: The complexity of solar project operations is inherently low.
About Waaree Energies Ltd
Founded in 1989 and incorporated in 2007, WEL is the leading company of the Waaree group, specializing in the manufacturing of solar PV modules.
Board of Directors
- Hitesh Chimanlal Doshi - Chairman and Managing Director Chairman & Mangaging Director
- Viren Chimanlal Doshi - Whole-time Director
- Hitesh Pranjivan Mehta - Whole-time Director & CFO
- Richa Manoj Goyal - Independent Director
- Rajender Mohan Malla - Independent Director
- Jayesh Dhirajlal Shah - Independent Director
- Sujit Kumar Varma - Independent Director
Senior Management
- Mr. Hitesh Mehta - Chief Financial Officer
- Mr. Vivek Srivastava - Chief Executive Officer
- Mr. Rajesh Gaur - Company Secretary & Compliance Officer