The shares of the largest solar panel manufacturer gained up to 5 percent after the company secured NABL accreditation for its cutting-edge PV Module Test Lab (PMTL).
With a market capitalization of Rs 83,047.83 crore, the shares of Waaree Energies Ltd were trading at Rs 2,896.45 per share, increasing around 2.02 percent as compared to the previous closing price of Rs 2,839.15 apiece.
Reason for Rise:-
Today, the shares of the company have seen bullish movement after Waaree Energies Ltd received NABL certification for its cutting-edge PV Module Test Lab (PMTL), which is located at its state-of-the-art module manufacturing plant in Chikhli, Gujarat. This accreditation enhances the company’s commitment to quality, innovation, and sustainability.
Moreover, this is Waaree’s second NABL accreditation, after the first for its Tumb production facility. With this accreditation, Waaree is poised to strengthen its position as a global leader in solar technology. Improved testing capabilities and production standards strengthen the company’s ability to satisfy expanding worldwide demand, opening the road for further exports.
Financial Performance:-
Looking forward to the company’s financial performance, revenue increased by 1 percent from Rs 3,537 crore in Q2FY24 to Rs 3,574 crore in Q2Y25. During the same period, net profit zoomed by 17 percent, from Rs 320 crore to Rs 376 crore.
Revenue Segmentation:-
Waaree Energies derived 85.42% of its revenue from Solar PV Modules (OPM: 12.35%), with sales declining 10% YoY to ₹3,053.24 Cr in Q2FY25. EPC contributed 4.08% (OPM: 12.28%), with sales surging 257% to ₹516.67 Cr. Power generation added 0.17% (OPM: 0.11%).
Market dynamics:-
Solar energy, the lowest-cost global energy, outperforms coal, oil, gas, and nuclear. India’s 500 GW renewable target by 2030 drives demand, requiring 60-70 GW of solar power annually. Supply chain diversification, especially in the U.S. and India, reduces dependence on China.
Order Book:-
Waaree Energies’ current order book is 20 GW, with 27.5% domestic and 72.5% overseas, showcasing a strong international presence. The retail segment contributes 23% of the business, presenting significant growth potential, alongside a diversified customer base including exports and large customers.
New Developments:-
Waaree Energies plans to invest Rs 600 crores in renewable energy infrastructure and bidding, establish electrolyzer manufacturing plants for hydrogen production, and explore battery energy storage systems, anticipating a 70 GWh demand by 2030 in India.
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.
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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