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.
About the Company
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.
Revenue Segmentation
Solar Photovoltaic Modules
Waree Energies Limited generated 85.42 percent of its total revenue from the sale of Solar Photovoltaic Modules and it made an operating profit margin of 12.35 percent.
Coming to the growth, the sales declined 10 percent from Rs. 3,392.4 Crores in Q2FY24 to Rs. 3,053.24 Crores in Q2FY25 and the operating profit declined by 11 percent from Rs. 421.5 Crores in Q2FY24 to Rs. 377.18 Crores
Engineering, Procurement and Construction (EPC)
Waree Energies Limited generated 4.08 percent of its total revenue from the sale of Solar Photovoltaic Modules followed by operating profit margins of 12.28 percent.
Coming to the growth, the sales grew by 257 percent from Rs. 144.58 Crores in Q2FY24 to Rs. 516.67 Crores in Q2FY25, and the operating profit grew by 179 percent from Rs. 22.7Crores in Q2FY24 to Rs. 63.4 Crores
Generation of Power
Waree Energies Limited generated 0.17 percent of its total revenue from the Generation of Power followed by operating profit margins of 0.11 percent.
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.
Written by: Bharath K.S
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