India’s largest solar module manufacturer saw its shares surge 15 percent after the company reported a strong 37 percent year-on-year rise in revenue. The impressive growth, driven by robust demand and capacity expansion, has sparked investor optimism. The company also shared its forward-looking guidance, adding to the positive market sentiment.
Price Movement
During Wednesday’s trading session, Waaree Energies Ltd reached an intra-day high of Rs.2,998.60 per share, rising 15 percent from its previous close of Rs.2,615.90 each. The shares have retreated since then and currently at Rs.2,978.90 apiece. From the IPO price, the shares have delivered over 98 percent returns.
Financial Performance
Waaree Energies Ltd saw a notable upswing in its stock price, driven by strong growth in both revenue and net profit, as reflected in its latest financial performance.
In Q4 FY25, the company reported revenue of Rs.4,140.92 crore, marking a 37 percent increase from Rs.3,007.44 crore in Q4 FY24. On a quarterly basis, revenue surged 17 percent from Rs.3,545.27 crore in Q3 FY25, highlighting steady business expansion.
Net profit for the quarter witnessed a 36 percent year-on-year rise to Rs.644.47 crore, compared to Rs.475.16 crore in the similar quarter of previous year. Additionally, on a quarterly basis, net profit saw a 27percent jump from Rs.506.88 crore in Q3 FY25, demonstrating robust earnings growth.
At present, Waaree Energies Ltd is trading at a Price-to-Earnings ratio of 52.93, significantly below the industry average of 66.41, indicating a relatively lower valuation. In terms of return metrics, the company’s Return on Capital Employed (ROCE) stands at 25.13 percent, while its Return on Equity (ROE) is 21.2 percent, reflecting its financial efficiency.
Business Highlights
Waaree Energies currently has a solar module manufacturing capacity of approximately 15 GW and a cell manufacturing capacity of 5.4 GW. Its US manufacturing facility became operational in January 2025, marking a key milestone in its global expansion strategy. The company also completed its first year of operations under IndoSolar following its acquisition.
For the full year, the company reported a profit of Rs.55 crores. It holds a robust order book valued at Rs.47,000 crores and has Rs.15,550 crores in available funds, providing strong financial backing for future growth and capacity enhancements.
Expansion in Backward Integration
The company is deepening its backward integration with a 6 GW ingot and wafer facility set for FY27, alongside its existing 5.4 GW cell capacity. Its 15 GW solar module capacity will expand by 4.8 GW in FY26–27, supported by tech collaborations for Perovskite tandem cells. These steps aim to boost efficiency and control across the solar value chain.
It is also investing in energy storage, with a 3.5 GWh lithium-ion cell facility expected by FY27. In green hydrogen, the company has secured PLI approval for a 300 MW electrolyser plant, also set to be operational by FY27. These moves underline its focus on clean energy and self-reliance.
Forward Integration
The company is actively strengthening its power infrastructure segment with the ongoing acquisition of EGPIPL. It recently won RUMSL’s 170 MW project and has secured connectivity for nearly 1 GW. A 3 GW inverter manufacturing facility, capable of producing three lakh units annually, is under construction and expected to be operational by Q4 FY26. In the EPC space, the company has 3.2 GW under execution and manages a 695 MWp O&M portfolio of solar power plant assets.
EBITDA Guidance
The company is projecting strong year-on-year growth in EBITDA, driven by rising demand and continued operational excellence. For FY26, it has provided guidance indicating expected EBITDA in the range of Rs.5,500 to Rs.6,000 crores, reflecting confidence in its growth trajectory and efficient execution capabilities.
Expanding Export Prospects
Waaree Energies is a prominent player in India’s solar PV module manufacturing industry, with a current module capacity of 13.9 GW. The company is enhancing its capabilities, with 5.4 GW cell capacity under commissioning and 6 GW wafer-to-module capacity in development. Waaree is also India’s largest exporter, recently completing a 1.6 GW module plant in the United States.
The Indian solar market is expected to grow at 24 percent annually by FY28, driven by favorable government policies, including anti-dumping duties and Domestic Content Requirement. Additionally, the U.S. policy shift away from Chinese modules presents a strong export opportunity for Indian manufacturers.
Written by – Siddesh S Raskar
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