WAAREEENER

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Waaree Energies Limited

Capital GoodsHeavy Electrical EquipmentMid capModerate edge

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The storyBackward integration

The 10 GW cell ramp is the story; it recently tripled integration, and with margins set to expand in H2, the market hasn't priced in the full payoff.

Overall read

7.6/10

Aligned & cheap

The three reads · this quarter

The standing reads · change less often

Moat

Moderate edge

Scale and integrated supply chain provide cost and trust advantages, but policy dependence and competition keep moat narrow.

Key variables

5 tracked

lead: Order book quality

Order book growth is accelerating, consistently outpacing execution, indicating strengthening demand visibility and quality of backlog.

Walk the talk

Not enough data

as of Q1 FY27

WAAREEENER

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Waaree Energies Limited

Capital GoodsHeavy Electrical EquipmentMid cap

Track this name

The storyBackward integration

The 10 GW cell ramp is the story; it recently tripled integration, and with margins set to expand in H2, the market hasn't priced in the full payoff.

Overall read

7.6/10

Aligned & cheap

The three reads · this quarter

WAAREEENER

Track this name

Waaree Energies Limited

Capital GoodsHeavy Electrical EquipmentMid capModerate edge

Track this name

The storyBackward integration

The 10 GW cell ramp is the story; it recently tripled integration, and with margins set to expand in H2, the market hasn't priced in the full payoff.

Overall read

7.6/10

Aligned & cheap

Where it sits

#4/146TOP 3%

Where it sits

The three reads · this quarter

Moat

Moderate edge

Scale and integrated supply chain provide cost and trust advantages, but policy dependence and competition keep moat narrow.

Key variables

5 tracked

lead: Order book quality

Order book growth is accelerating, consistently outpacing execution, indicating strengthening demand visibility and quality of backlog.

Walk the talk

Not enough data

as of Q1 FY27

Growth readStrongbase 25-30% · Rank 20/100

Record order book of INR61,500 Cr provides strong revenue visibility.

bear <20%base 25-30%bull >30%

7.9CHEAP

Valuation readUndervaluedpriced 2 days ago

In line with its own history, and the price assumes less growth than even our downside case.

P/E vs own history · in-lineEV/EBITDA vs own history · in-line