The solar energy industry is experiencing significant growth, driven by a strong order book that highlights its expanding potential. With increasing demand for renewable energy solutions, companies are seeing impressive order volumes, which reflect their strong market positions and prospects. Many firms are reporting order books worth thousands of crores, signaling solid growth opportunities ahead.
Here are the leading Solar stocks with a robust order book in FY25
Waaree Energies Ltd
Waaree Energies Ltd., with a market capitalization of Rs.77,769 crore, closed at Rs.2707.05 per share, down by 0.5 percent from the previous close.
As of September 30, 2024, the company’s unexecuted order book stands at 1,702 MW (1.7 GW), indicating strong demand for solar energy solutions. These projects are expected to be completed within 9 to 12 months. Waaree also has an active bidding pipeline of 17.8 GW, highlighting its potential for securing additional contracts.
Waaree is India’s largest manufacturer of solar PV modules with an installed capacity of 13.3 GW. To meet increasing demand, the company is expanding its production capacity, including a new U.S. facility that will begin at 3 GW and ramp up to 6 GW by 2027, aligning with India’s renewable energy goals and the ALMM initiative.
In its recent financial performance, Waaree reported a 2.5 percent YoY increase in revenue to Rs.3,409 crore for Q1FY25 and an 18 percent rise in net profit, reaching Rs.401 crore.
Premier Energies Ltd
With a market capitalization of Rs.47,843 crore, Premier Energies Ltd’s share price closed at Rs.1061.35 per share on Friday, falling around 2.2 percent from its previous close.
As of October 2024, Premier Energies Limited boasts a robust order book worth Rs.6906.6 crore, with approximately 22 percent derived from public sector undertakings and government entities, while the remaining portion comes from private sector clients.
The company holds the position of the second-largest solar cell manufacturer in India, with an annual production capacity of 2 GW, capturing 25 percent of the market. It is also the fourth-largest producer of solar modules, with a capacity of 4.13 GW, accounting for 6 percent of India’s total 72 GW capacity.
Premier Energies is executing significant expansion plans, aiming to ramp up its solar cell manufacturing capacity to 7 GW and solar module capacity to 8 GW by 2026. This growth is in line with India’s renewable energy ambitions and aligns with government initiatives like the ALMM, which aims to boost domestic manufacturing and decrease dependence on imports.
In its latest financial results, Premier Energies reported a remarkable 120 percent increase in revenue to Rs.1,527 crore for Q2 FY25, alongside a staggering 288 percent surge in net profit to Rs.206 crore.
Websol Energy System Ltd
With a market capitalization of Rs.5,560 crore, Websol Energy System Ltd’s closed at Rs.1,317.35 per share on Friday, falling 4.4 percent from its previous close.
As of November 2024, Websol Energy has secured an order book of around 1,660 MW, which includes a notable contract for supplying up to 180 MWp of solar photovoltaic (PV) modules to a major customer in India. This order is expected to start in late November 2024 and be completed by the end of Q4 FY25.
The company operates an advanced manufacturing facility in the Falta Special Economic Zone (SEZ) in West Bengal, with current production capacities of 600 MW for solar cells and 550 MW for solar modules. Websol plans to expand its production capabilities significantly, with a target of up to 1.8 GW for solar cells and modules, to be achieved in phases.
In its latest financial results, Websol Energy System Ltd reported a remarkable increase in revenue to Rs.144 crore for Q2 FY25, alongside a turnaround in net profit to Rs.42 crore from a net loss of Rs.4 crore.
Written by – Siddesh S Raskar
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