This small-cap stock engaged in providing renewable energy solutions, including solar power projects, module and cell production, jumped 6 percent after securing an order worth Rs. 232.30 crore from Waaree Energies Limited for a 170 MW AC/255 MW DC ground-mounted solar power project.
Stock Price Movement:
With a market capitalization of Rs. 9,805.43 crores, the share of Waaree Renewables Technologies Limited has reached an intraday high of Rs. 973.10 per equity share, rising nearly 5.53 percent from its previous day’s close price of Rs. 922.10. Since then, the stock has retreated and is currently trading at Rs. 940.60 per equity share.
What Happened:
Waaree Renewable Technologies Limited (a subsidiary of Waaree Energies Limited) has received a Letter of Award (LOA) for executing an Engineering, Procurement, and Construction (EPC) project for a 170 MW AC/255 MW DC ground-mounted solar power project.
The order is valued at approximately Rs. 232.30 crore and includes the operation and maintenance (O&M) of the project on a turnkey basis. This domestic order is scheduled for completion in the financial year 2025-26. The award comes from Waaree Energies Limited, which is part of the promoter group, and the deal is made on fair terms.
Order book in Q3 FY25:
As of December 31, 2024, Waaree Renewable Technologies Limited has an unexecuted order book of 3.4 GWp, expected to be completed in 9 to 15 months. The company’s strong bidding pipeline includes 23.37 GWp in potential projects, signaling ongoing growth in the renewable energy sector.
Business Operation:
Waaree Renewable Technologies Limited has successfully commissioned 1.82 GW of projects and produced 11.6 GW of solar modules. The company targets a production capacity of 13.3 GW in modules and 5.4 GW in cells for FY25. Operating globally, Waaree serves 26 countries and has a workforce of 9,300, along with 372 franchises in India.
Client Base:
The company works with a wide variety of well-known clients, such as ArcelorMittal, L&T, Reliance Industries, Aditya Birla Group, NTPC, Adani, PTC Group, Mondelez, Bharat Petroleum, Acciona, and others across different industries.
Key Developments in Q3 FY25:
The company plans to enter the EPC sector for the data center industry in India and abroad. Recently, it secured major orders, including a 2,012.47 MWp ground-mounted solar PV project and the development of a 41.6 MWp Independent Power Producer (IPP) plant.
Recent quarter results:
Waaree Renewables Technologies Limited’s revenue has increased from Rs. 20.16 crore in Q3 FY24 to Rs. 324 crore in Q3 FY25, which has grown by 11.11 percent. The net profit has decreased by 15.63 percent from Rs. 64 crore in Q3 FY24 to Rs. 54 crore in Q3 FY25.
Written By – Nikhil Naik
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