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. It has rapidly grown into one of the largest 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 a detailed comparison of 2 well-known players in India’s solar industry which hold the potential to grow and transform India with the ongoing developments in the renewable energy sector.
Company Overview
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.
Premier Energies Limited is an integrated player in the solar ecosystem engaged in manufacturing and supplying integrated solar cells and solar panels. Its product portfolio includes Cell, Solar Module, Monofacial and Bifacial modules, EPC Solutions, and O&M Solutions.
Valuation
Coming to the valuations Waaree Energies Limited demands a P/E ratio of 106 and Premier Energies Limited demands a P/E of 231, which is basically on the higher side compared to the industry P/E of 56.2 due to the future potential of solar companies with the ongoing demand for renewable energy.
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.
Premier Energies Limited is the second largest solar cell manufacturer in India with an annual installed capacity of 2 GW and a 25 percent market share and it is the 4th largest manufacturer of solar models with an annual installed capacity of 4.13 GW
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.
Premier Energies Limited is setting up a 1GW solar cell plant along with goals of expanding it to 7 GW and a 4 GW Solar Module manufacturing facility with goals to expand it to 8 GW with a capex plan of more than Rs. 3,400 Crores.
Written by: Bharath K.S
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