AI Summary
✦ ClarthaWaaree Energies is a solar equipment company manufacturing and exporting photovoltaic modules for residential, commercial, industrial, and institutional projects. Module manufacturing drives the core business, while EPC and O&M Solutions add project and service revenue; its Independent Power Producer segment generates renewable energy. Revenue rose 83.7% year-on-year and profit increased 98.7%, with improving margins supporting operating leverage. Its HJT, TOPCon, mono PERC, and other module offerings address varied solar applications. ROE is unavailable, limiting assessment of shareholder returns, while debt-to-equity of 21.4x implies substantial leverage and potential pressure on ROE. The company’s new clean mobility subsidiary could broaden its platform, but execution and capital allocation remain open questions. At 20.5x earnings, the stock appears fairly valued rather than discounted, despite high growth. Investors should monitor IPO-proceeds deployment, leverage, and whether margin improvement persists amid solar equipment competition.
Valuation Metrics
Trading 7.4% below historical median. Valuation is stable — currently in the strongly undervalued zone (z-score: -0.52). Confidence: 88%.
Live forward EPS implies next-12-month EPS of ₹165.46. Applying the stock's normalized valuation corridor produces a fair range of ₹3,358.84 to ₹3,929.68, with base value near ₹3,666.59 (+35.5% vs current price).
Live forward estimate anchored to the company's historical valuation corridor.
Forward EPS
₹165.46
Forward P/E
16.4x
Base Fair Value
₹3,666.59
Fair Range
₹3,358.84 - ₹3,929.68
Upside To Base
+35.5%
Estimate Source
Live forward EPS
Growth Estimate
+14.2%
5Y Average
21.96
Current
20.53
Overvalued
23.75
Undervalued
20.30
5Y Average
2.77
Current
2.59
Overvalued
3.19
Undervalued
2.36
5Y Average
12.46
Current
11.65
Overvalued
13.48
Undervalued
11.56
Peers & Comparison
Sector: Industrials · Theme: Renewable Energy Equipment & Services
| Company | Rev. Growth | Margin | P/E | vs Avg | 52W Perf. |
|---|---|---|---|---|---|
SUZLON ENERGY LIMITED SUZLONRenewable Energy Equipment & Services | +22.5% | 18.1% | 21.0x Undervalued | -60% vs avg | -24.8% |
EMMVEE PHOTOVOLTAIC PWR L EMMVEERenewable Energy Equipment & Services | +51.3% | 22.8% | 17.6x Undervalued | -67% vs avg | +45.4% |
AZAD ENGINEERING LIMITED AZADRenewable Energy Equipment & Services | +28.5% | 21.9% | 119.3x Premium | +127% vs avg | +73.5% |
WAAREE ENERGIES LIMITED trades at a discount (20.5x vs peer avg 52.6x), suggesting potential undervaluation relative to the Renewable Energy Equipment & Services cohort. Peers include SUZLON ENERGY LIMITED, EMMVEE PHOTOVOLTAIC PWR L, AZAD ENGINEERING LIMITED — selected based on business model, industry classification, market cap similarity, and business theme alignment.
Financials
Real statement data for revenue, earnings quality, conversion, and balance-sheet coverage. Monetary values are shown in Rs crore.
Latest revenue
₹6.75K CrMar 2026Latest net profit
₹934 CrMar 2026Latest EPS
₹32.45Mar 2026Net margin
15.0%Mar 2026Performance
Bars show revenue and net profit. The line shows net margin.
- Revenue
- Net income
- Net margin %
Earnings
Revenue is shown in crores. EPS is rupees per share.
- Revenue
- EPS
Revenue to profit conversion
Bridge from operating numbers to profit for the latest reported period.
Latest reported period: Mar 2026
Debt level and coverage
Debt, cash and free cash flow compared on the same crore scale.
- Debt
- Free cash flow
- Cash & equivalents
Results
| Metric | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,245 | 3,369 | 1,421 | 2,683 | 3,190 | 3,169 | 3,082 | 3,323 | 3,370 | 4,582 | 6,291 | 6,748 |
| Expenses | 2,791 | 2,885 | 1,336 | 2,331 | 2,671 | 2,696 | 2,442 | 2,561 | 2,521 | 3,540 | 4,603 | 5,539 |
| Operating Profit | 399 | 416 | 14.66 | 280 | 446 | 400 | 563 | 665 | 720 | 859 | 1,493 | 1,010 |
| OPM % | 12.31% | 12.35% | 1.03% | 10.42% | 13.99% | 12.62% | 18.26% | 20.01% | 21.35% | 18.75% | 23.73% | 14.97% |
| Other Income | 86.7 | 21.85 | 58.06 | 73.42 | 88.32 | 104 | 102 | 160 | 197 | 735 | 225 | 230 |
| Interest | 39.31 | 30.52 | 18.49 | 44.91 | 30.22 | 26.72 | 26.67 | 48.11 | 33.76 | 57.64 | 76.05 | 31.15 |
| Depreciation | 54.3 | 67.84 | 70.48 | 71.84 | 72.44 | 73.74 | 77.41 | 97.32 | 130 | 183 | 195 | 199 |
| Profit before tax | 447 | 407 | 54.23 | 308 | 504 | 477 | 638 | 776 | 883 | 1,536 | 1,642 | 1,209 |
| Tax % | 25.87% | 25.94% | 37.19% | 54.56% | 26.3% | 25.13% | 26.11% | 25.66% | 25.26% | 24.51% | 20.12% | 22.8% |
| Net Profit | 331 | 302 | 34.06 | 140 | 372 | 357 | 471 | 577 | 660 | 1,160 | 1,311 | 934 |
| EPS in Rs | — | 12.16 | 3.29 | 16.79 | 14.13 | 13.59 | 17.61 | 20.23 | 22.97 | 40.36 | 35.10 | 32.45 |
All values in Rs. Crore unless otherwise stated. Source: CMIE Prowess, Quarterly Interim Standalone.