Established in 1989 and based in Mumbai, India, Waaree Energies Limited is a leading manufacturer and global exporter of solar photovoltaic (PV) modules. The company supplies these advanced solar components for a diverse range of applications, spanning residential, commercial, industrial, and institutional sectors. Its operations are structured across three key divisions: solar PV module manufacturing, comprehensive EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) solutions, and an independent power producer (IPP) segment. Waaree's extensive product portfolio includes a wide array of module technologies, such as HJT, TOPCon, mono PERC, and polycrystalline variants, alongside flexible and specialized modules. Furthermore, it provides both off-grid and on-grid inverters, as well as essential solar-powered products like streetlights, water heaters, and water pumps. Beyond manufacturing, the company delivers end-to-end EPC services, ensuring the seamless development and implementation of solar projects, complemented by its robust O&M services for ongoing performance. In its capacity as an independent power producer, Waaree Energies actively generates renewable electricity.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+111.8% YoY
YoY Growth Rate
Revenue accelerating
+71.0% YoY
YoY Growth Rate
Strong earnings growth
$0/ year
↓ Declining (-100% vs prior year)
0.0% of revenue
Below sector average (15%)
R&D spend declining — could signal cost-cutting or efficiency
Cash flow positive
$81.9B cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Company generates more cash than it spends — no dilution risk from fundraising
Waaree Energies grew revenue 112% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
The share count has stayed roughly flat over this period — little dilution or buyback activity.
Diluted shares outstanding: 287.3M (2022) → 288.1M (2026)
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings growing 25%+ a year. The compounder zone.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage above 8. Profits cover interest many times over.
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P/E above the market average. People are paying up for expected growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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