India’s solar industry is poised for continued growth, driven by its vast potential for solar energy production, policy support, and increasing demand for clean energy solutions.
India to cater to the ongoing demand, has rapidly grown into one of the largest solar players in the world, with over ~72 GW of installed capacity for solar module manufacturing and ~8.1 GW for solar cell manufacturing as of 2024.
Listed below is India’s largest solar module manufacturer with a market share of 17 percent in which BlackRock has invested.
Waaree Energies
Waaree Energies Limited is the largest solar PV modules manufacturer in India. It has a wide product portfolio of solar energy products that consists of Multicrystalline modules Monocrystalline modules and TopCon modules include flexible bifacial modules as well as building-integrated photovoltaic (BIPV) modules.
It is also the largest Indian exporter of solar modules with 10+GW of solar modules supplied to more than 20 countries
Price Action
In Friday’s trade, with a market capitalization of Rs. 83,797 Crores, the shares of Waaree Energies Limited closed at Rs. 2,916.90 per equity share, up 1.35 percent from its previous day’s close price of Rs. 2,878.
Valuation
Waaree Energies Limited demands a P/E ratio of 85.44 compared to the industry P/E of 65.03 due to the future potential of solar companies with the ongoing demand for renewable energy.
Portfolio
Waaree Energies Limited has a strong product portfolio consisting of Solar Modules, Flexible Modules, Lithium Ion Batteries, Battery Energy Storage Systems, On/Off Grid Inverters, water pumps, and Green Hydrogen solutions.
Installed Capacity & Market Share
As of June 30, 2024, Waaree Energies Limited is the largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12.50 GW and a market share of 17 percent share in India in terms of annual installed capacity. It has four solar module manufacturing facilities in India, with an international presence
Capex Plans
Waaree Energies Limited is establishing a 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India, with an estimated cost of Rs. 9049.95 Crores, to backward integrate its operations and reduce its reliance on imports of raw materials.
BlackRock Investment
BlackRock Institutional Trust Company managed National Pension Service has made investments worth ~Rs. 31.75 Crores in Waaree Energies Limited during its IPO through the anchor book.
Written by: Bharath K.S
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