Founded in 1989 and incorporated in 2007, WEL is the leading company of the Waaree group, specializing in the manufacturing of solar PV modules.
As of June 30, 2023, Waaree holds India's largest aggregate installed capacity of 12 GW across its plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat. The company also handles solar engineering, procurement, and construction (EPC) projects both in India and internationally, and trades in various solar products.
| Balance Sheet | 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 |
| Profit & Loss | 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 |
| Color | Shareholder | Holding |
|---|---|---|
| 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% |
