Revenue and Profit Growth
Waaree Energies’ net sales have surged impressively from ₹2,854.27 crores in March 2022 to ₹14,444.50 crores by March 2025, representing a compounded growth that underscores the company’s expanding market presence. This growth is mirrored in the total operating income, which follows the same upward trend, indicating consistent business expansion without reliance on other operating income streams.
The company’s operating profit before depreciation, interest, and tax (PBDIT) excluding other income rose substantially from ₹110.95 crores in March 2022 to ₹2,721.64 crores in March 2025. Including other income, the operating profit reached ₹3,123.20 crores in the latest fiscal year, more than fifteen times the figure reported three years prior. This improvement is also reflected in the operating profit margin, which expanded from a modest 3.89% to a healthy 18.84% over the same period.
Profit after tax (PAT) has followed a similar trajectory, climbing from ₹79.65 crores in March 2022 to ₹1,928.13 crores in March 2025. The PAT margin improved markedly from 2.79% to 13.35%, signalling enhanced operational efficiency and cost management. Earnings per share (EPS) have also seen a significant rise, from ₹3.84 to ₹65.00, reflecting strong value creation for shareholders.
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Cost Structure and Expenditure
The company’s raw material costs have increased in line with sales, rising from ₹1,793.85 crores in March 2022 to ₹8,263.19 crores in March 2025. However, the raw material cost as a proportion of sales has moderated, contributing to improved gross profit margins which expanded from 5.66% to 20.54% over the period. Other expenditure heads such as employee costs, manufacturing expenses, and selling and distribution expenses have also increased but at a controlled pace, supporting margin expansion.
Interest expenses have risen moderately, reflecting increased borrowings to support growth, but remain manageable relative to earnings. Exceptional items have fluctuated, with a notable positive adjustment in March 2024, but no extraordinary items have impacted recent profitability.
Balance Sheet Strength and Asset Growth
Waaree Energies’ total assets have grown substantially from ₹2,153.55 crores in March 2022 to ₹19,701.35 crores in March 2025. This growth is driven by significant investments in gross block assets, which expanded from ₹699.95 crores to ₹4,462.84 crores, and capital work in progress, which increased markedly to ₹1,883.99 crores. The company’s net block of fixed assets has also risen, reflecting ongoing capacity expansion.
Shareholders’ funds have strengthened considerably, rising from ₹427.65 crores to ₹9,479.20 crores, supported by a substantial increase in reserves. The book value per share has improved from ₹21.69 to ₹329.96, indicating strong net asset value accretion. Total liabilities have increased in line with asset growth, with current liabilities and trade payables rising to support operational scale. Long-term borrowings have decreased, signalling a shift towards lower leverage.
Cash Flow and Liquidity
Operating cash flow has shown a healthy upward trend, increasing from ₹697 crores in March 2022 to ₹3,158 crores in March 2025, reflecting strong cash generation from core operations. Despite significant cash outflows in investing activities due to capital expenditure, the company has managed to maintain positive net cash inflows, supported by financing activities that have provided additional liquidity. Closing cash and bank balances have increased substantially, enhancing the company’s liquidity position.
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Summary of Historical Performance
Over the last three years, Waaree Energies has exhibited remarkable growth in revenue, profitability, and asset base, underpinned by effective cost control and strategic capital investments. The company’s operating and net profit margins have expanded significantly, reflecting improved operational efficiency and scale benefits. The balance sheet has strengthened with a substantial increase in shareholders’ equity and a controlled debt profile, while cash flow generation remains robust despite heavy capital expenditure.
This historical performance positions Waaree Energies as a dynamic player in the renewable energy sector, with a solid foundation for future growth and value creation for investors.
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