WatchTalking point
Profit and cash flow diverged
Reported profit rose 101.4% but operating cash flow fell 48.5% — worth investigating whether the profit is being collected.
Importance 80 / 95 · cash quality
Waaree Energies Limited · Research view
Waaree Energies Limited
NSE: WAAREEENERBSE: 544277ISIN INE377N01017Face value ₹10standalone
₹2,343
−1.14% · 2026-10-01 · 52-wk ₹2,343–₹3,627
Financials to FY2026 · 2 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Profit outpacing revenue
Profit grew 101.4% while revenue grew 83.7%, so the company kept more of each rupee of revenue as profit.
Importance 64 / 95 · growth
WatchTalking point
Growing, but light on cash
Revenue grew 83.7% but only 0.42× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Electrical Equipment › Other Electrical Equipment.
- Market cap
- ₹67,394 cr
- FY2026 revenue
- ₹20,991 cr
- FY2026 net profit
- ₹3,762 cr
- Net worth
- ₹13,130 cr
- Total debt
- ₹1,820 cr
- EPS (basic)
- ₹130.88
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 other electrical equipment.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 101.4% while revenue grew 83.7%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +64.4%over 1 years
- Revenue growth
- +64.4%vs last year
- Net profit growth
- +111.2%vs last year
- Change in net profit since FY25
- +111%
Net profit grew 101.4% year on year (FY2025 → FY2026).
Revenue grew 83.7% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹7,932 cr, up 79.2% from ₹4,426 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Watch
Q1 FY27 net profit grew 15.4% while revenue grew 79.2% vs the same quarter last year — a gap of 63.8 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Concern
Q1 FY27 EBITDA margin was 20.3%, down 6.10 percentage points from 26.4% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 3,574 | — | 376 | — | 10.5% |
| Q3 FY25 | 3,457 | — | 507 | — | 14.7% |
| Q4 FY25 | 4,004 | — | 644 | — | 16.1% |
| Q1 FY26 | 4,426 | — | 773 | — | 17.5% |
| Q2 FY26 | 6,066 | +69.7% | 878 | +133.8% | 14.5% |
| Q3 FY26 | 7,565 | +118.8% | 1,107 | +118.4% | 14.6% |
| Q4 FY26 | 8,480 | +111.8% | 1,126 | +74.8% | 13.3% |
| Q1 FY27 | 7,932 | +79.2% | 892 | +15.4% | 11.2% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹30,043 crTTM
- EBITDA
- ₹7,059 crTTM
- EBIT
- ₹5,921 crTTM
- PBT
- ₹5,319 crTTM
- Net profit
- ₹4,003 crTTM
C. Corporate actions
11 Sept 2026DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
24 Oct 2025DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE improved from 20.1% to 31.6% year on year.
Rule ROE_IMPROVED_YOY
- EBITDA margin now
- 29.4%
- 2-year range
- 22.3–29.4%
- ROE FY2026
- 33.4%
- ROCE FY2026
- 43.2%
EBITDA margin improved from 21.6% to 24.9% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Reported profit rose 101.4% but operating cash flow fell 48.5% — worth investigating whether the profit is being collected.
Rule PROFIT_UP_CASH_DOWN
Operating cash flowNet profit
- Total debt
- ₹1,820 cr
- Operating cash flow ÷ net profit
- 0.19×FY2026
- Free cash flow
- ₹−188 cr
- Current ratio
- 1.23×
Revenue grew 83.7% but only 0.42× of reported profit came through as operating cash.
Operating cash flow was only 0.42× reported profit (FY2026).
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 other electrical equipment (FY2026, consolidated).
Revenue growth
WAAREEENER · 1st of 3 · set median 23.3%
EBITDA margin
WAAREEENER · 2nd of 3 · set median 24.9%
Return on equity
WAAREEENER · 2nd of 3 · set median 31.6%
P/E ratio
WAAREEENER · 1st of 3 · set median 23.7×
Context
Trades at 4.49× book — 51% below the other electrical equipment median of 9.21×.
Rule PB_BELOW_PEERS
- P / E
- 16.8×TTM to Jun 26
- P / B
- 4.5×latest book
- P / S
- 2.2×TTM sales
- Earnings yield
- 5.9%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 17.4× · P/S 2.5× · ROE 31.6%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −29.7%
- 3-year return
- —
- 5-year return
- —
- From 52-wk high
- −35.4%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,609
- vs 200-day avg
- Below₹2,885
- RSI (14)
- 26.3oversold
- MACD histogram
- -12.9
- From 52-wk high
- −35.4%
- From 52-wk low
- 0.0%
- 30-day volatility
- 20.2%ann.
- 6-month return
- −24.7%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit and cash flow divergedReported profit rose 101.4% but operating cash flow fell 48.5% — worth investigating whether the profit is being collected.PROFIT_UP_CASH_DOWN · conviction 80
- WatchGrowing, but light on cashRevenue grew 83.7% but only 0.42× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- ConcernWeak cash conversionOperating cash flow was only 0.42× reported profit (FY2026).WEAK_CASH_CONVERSION · conviction 54
- Only 2 annual year(s) of financials loaded — multi-year trend analysis is limited.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY25 | FY26 |
|---|---|---|
| Revenue | 12,765 | 20,991 |
| Total income | 13,218 | 22,378 |
| EBITDA | 2,849 | 6,168 |
| Profit before tax | 2,396 | 4,968 |
| Net profit | 1,781 | 3,762 |
| EPS (₹) | 65.1 | 130.9 |
| Net worth | 9,407 | 13,130 |
| Total debt | 912 | 1,820 |
| Operating cash flow | 2,940 | 705 |
| Free cash flow | 548 | −188 |
| Ratio | FY25 | FY26 |
|---|---|---|
| Growth | ||
| Revenue growth YoY | — | 64.4 |
| Profit growth YoY | — | 111.2 |
| Profitability | ||
| EBITDA margin % | 22.3 | 29.4 |
| Net margin % | 13.5 | 16.8 |
| Return on equity % | 18.9 | 33.4 |
| Return on capital % | 24.5 | 43.2 |
| Leverage & cash | ||
| Debt to equity | 0.10 | 0.14 |
| Cash flow ÷ profit | 1.65 | 0.19 |
| Current ratio | 1.49 | 1.23 |