Waaree Energies Ltd (WAAREEENER.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1495.3%

-₹32,259.73

vs ₹2,312.00 price

Levered DCF

₹8,652.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.34

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	24.09×	34.87×	54.32×	139.22×	609.09×	1,443.77×	1,034.91×	581.82×
P/B	6.19×	6.9×	16.44×	36.55×	157.12×	190.58×	154.28×	178.84×
P/S	3.37×	4.53×	5.91×	9.95×	23.63×	34.6×	23.1×	28.98×
EV / EBITDA	13.66×	21.62×	32.15×	74.44×	337.71×	522.05×	454.79×	326.3×
Gross margin	25.9%	27.2%	20.0%	16.4%	15.3%	13.9%	15.0%	19.3%
Operating margin	18.5%	16.4%	11.4%	9.8%	2.2%	4.4%	4.7%	8.7%
Net margin	14.0%	12.9%	10.9%	7.2%	2.7%	2.4%	2.2%	5.0%
Current ratio	1.38×	1.5×	1.48×	1.11×	0.9×	1.23×	1.29×	1.31×
Debt / equity	0.26×	0.13×	0.27×	0.49×	0.98×	1.16×	0.53×	0.42×
Interest coverage	17.54×	15.54×	11.91×	9.36×	1.6×	2.75×	7.28×	2.34×
Dividend yield	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	1.6%	0.0%	0.0%	0.1%	0.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	25.7%	19.7%	30.3%	26.3%	17.7%	13.2%	14.9%	30.7%
Return on invested capital	19.3%	14.9%	14.3%	15.2%	4.5%	7.0%	12.9%	28.1%
Return on assets	12.3%	9.5%	10.9%	6.5%	3.4%	3.6%	4.7%	10.1%
Free cash flow yield	-3.3%	-0.2%	1.4%	1.0%	0.3%	-0.2%	-0.0%	-0.1%
Earnings yield	4.2%	2.9%	1.8%	0.7%	0.1%	0.1%	0.1%	0.2%
Enterprise value	₹863.6B	₹588.4B	₹681.6B	₹679B	₹675.7B	₹675.9B	₹462.3B	₹461.9B
Net debt / EBITDA	-0.48×	-2.41×	0.46×	0.78×	1.87×	3.1×	1.21×	0.6×
Cash conversion cycle (days)	85	35	79	108	20	38	15	-10