Waaree Energies Valuation Multiples

Waaree Energies Overview

About Waaree Energies

Waaree Energies Ltd is a manufacturer of solar PV modules in India. Its solar PV modules are currently manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon). Its portfolio of solar energy products consists of the following PV modules: multicrystalline modules, monocrystalline modules, and TopCon modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules. The Company operates only in one Business Segment i.e. Manufacturing & Trading of Solar Photovoltaic Modules.

Founded

1990

HQ

Employees

1.8K

Website

waaree.com

Sectors

Renewable EnergyEnergy Equipment

Financials (LTM)

Revenue: $3B

EBITDA: $626M

EV

$8B

Valuation Multiples

Multiples.vc

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Waaree Energies Financials

Waaree Energies reported last 12-month revenue of $3B and EBITDA of $626M.

In the same LTM period, Waaree Energies generated $853M in gross profit, $626M in EBITDA, and $421M in net income.

Waaree Energies P&L

In the most recent fiscal year, Waaree Energies reported revenue of $2B and EBITDA of $324M.

Waaree Energies expects next 12-month revenue of XXX and NTM EBITDA of XXX

Waaree Energies Stock Performance

Waaree Energies has current market cap of $8B, and enterprise value of $8B.

Waaree Energies' stock price is $28.82.

Waaree Energies Valuation Multiples

Waaree Energies trades at 2.9x EV/Revenue multiple, and 12.5x EV/EBITDA.

Waaree Energies Financial Valuation Multiples

As of March 28, 2026, Waaree Energies has market cap of $8B and EV of $8B.

Equity research analysts estimate Waaree Energies' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Waaree Energies has a P/E ratio of 19.7x.

Waaree Energies Margins & Growth Rates

Waaree Energies' revenue in the last 12 month grew by 28%.

Waaree Energies' revenue per employee in the last FY averaged $1.5M.

Waaree Energies' rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Waaree Energies' rule of X is 93% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Waaree Energies Public Comps

See public comps and valuation multiples for other Renewable Energy and Energy Equipment comps.

Waaree Energies M&A Activity

Waaree Energies acquired XXX companies to date.

Last acquisition by Waaree Energies was on XXXXXXXX, XXXXX. Waaree Energies acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Waaree Energies Investment Activity

Waaree Energies invested in XXX companies to date.

Waaree Energies made its latest investment on XXXXXXXX, XXXXX. Waaree Energies invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).