The shares of the largest solar panel manufacturer gained up to 1.3 percent after the company secured a significant work order for the supply of solar modules for 410 MWp.
Price movement
With a market capitalization of Rs 64,051.23 crore, the shares of Waaree Energies Ltd were trading at Rs 2,230.25 per share, decreasing around 1.73 percent as compared to the previous closing price of Rs 2269.40apiece.
Reason for Rise
Today, the shares of the company have seen bullish movement after Waaree Energies Ltd secured a significant work order for the supply of solar modules for 410 MWp from ABREL EPC Limited, a wholly owned subsidiary of Aditya Birla Renewables Limited.
Financial Performance
Looking forward to the company’s financial performance, revenue increased by 116 percent from Rs 1,596 crore in Q2FY24 to Rs 3,457 crore in Q2Y25. During the same period, net profit magnified by 259 percent, from Rs 141 crore to Rs 507 crore.
Revenue Segmentation
In Q3FY25, the company’s total segment revenue reached Rs.31,082 crore in Q3FY25, a 121 percent magnified from Rs 14,018 crore in Q3FY24. The majority of revenue, 89 percent, came from the Solar Photovoltaic Modules, followed by Generation of power at 0.21 percent, and Engineering, procurement, and construction (EPC) contracts contributing the remaining 10 percent.
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Market dynamics
Global solar capacity is set to nearly triple to 5.8 TW by 2030, with India rising from 98 GW in 2024 to 280 GW. Falling solar and battery costs are driving sustained growth beyond 2030, making solar a key player in the global energy transition.
Order Book
The company’s order book stands at 26.5 GW (~Rs 50,000 crores), with 54 percent from overseas and 46 percent from India. Last quarter’s revenue mix was 79 percent from India and 21 percent international, reflecting differing project timelines between domestic and global markets.
Expansion Plan
Waaree Energies’ U.S. factory began commercial operations on January 22, 2025, while its cell factory is in pilot production. Its 1.4 GW Mono PERC lines are in trial production, 4 GW TOPCon lines will be operational by April-May, and a 6 GW PLI project remains on track.
Strategic Outlook
Waaree Energies sees solar energy’s cost advantages as driving growth in the U.S. market. It is evaluating plans for expanding capacity (3.4 GW module, 5 GW cell) based on policy changes. Management remains optimistic about solar’s long-term, multi-decadal growth potential.
Margin Guidance
Waaree Energies expects margin expansion driven by a strong order book, lower input costs, and a focus on profitable orders. Continuous supply chain optimization enhances cost efficiencies, further strengthening profitability and sustaining growth in a competitive market.
Future Outlook
The management is optimistic about growth, citing a strong order pipeline and buoyant markets domestically and internationally. They emphasize operational efficiency and maximizing factory utilization through the order book to drive profitability, ensuring sustained growth in the evolving market landscape.
Prominent Investor
BlackRock Institutional Trust Company managed by National Pension Service has made investments worth Rs. 31.75 Crores in Waaree Energies Limited during its IPO through the anchor book.
Company profile
Waaree Energies product portfolio includes various types of PV modules, such as multicrystalline, monocrystalline, and TopCon modules, which include flexible, bifacial (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.
Written by:- Abhishek Singh
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