India’s solar PV module sector has experienced rapid expansion, with manufacturing capacity nearly doubling to 74 GW by March 2025, up from 38 GW a year earlier. Solar power now accounts for 48% of India’s 220.1 GW installed renewable energy capacity, and the country surpassed 100 GW of installed solar capacity in early 2025, reflecting strong policy support and technological advancement.
With a market capitalization of Rs 85,529.95 crore, the shares of Waaree Energies Ltd closed at Rs 2,977.20 per share, decreased around 1.36 percent as compared to a previous closing price of Rs 3,018.30 apiece.
The company achieved a remarkable financial turnaround, with consolidated net profit soaring from Rs 39 crores in FY20 to Rs 1,928 crores in FY25. This reflects a five-year profit CAGR of 118 percent, underscoring strong execution of growth strategies. The rapid rise in profits highlights the company’s successful scaling and sustained profitability across its diverse business segments.
US tax bill
Recently, the US House narrowly passed Trump’s tax bill 215-214, aiming to reverse parts of Biden’s Inflation Reduction Act, including clean energy grants and solar tax credits. While it sparked concern among US clean energy investors, Waaree Energies sees opportunity, noting India isn’t listed among the Entities of Concern.
Financial Result
In Q4 FY25, the company posted revenue of Rs 4,140.92 crore, up 37 percent year-on-year from Rs 3,007.44 crore and 17 percent quarter-on-quarter from Rs 3,545.27 crore in Q3 FY25, reflecting consistent business growth and strong operational momentum across successive quarters.
Net profit rose 36 percent year-on-year to Rs 644.47 crore, up from Rs 475.16 crore in the same quarter last year. On a sequential basis, it increased 27 percent from Rs 506.88 crore in Q3 FY25, reflecting strong earnings momentum and consistent quarterly growth.
Order Book
Waaree Energies has a 25 GW order book and leads with a 14.1 percent share in India’s module shipments. Overseas share rose to 57 percent of the Rs 47,000 crore order book in FY26 Q1. Strong policy support, surging demand, and focus on domestic manufacturing underpin India’s solar capacity growth beyond 105 GW.
Future Guidance
Waaree Energies has a manufacturing capacity of 15 GW of solar modules, scaling its energy transition investments with a 5.4 GW cell line operational and a 6 GW ingot-wafer facility planned for 2027. Projects include green hydrogen, battery storage, and renewable power infrastructure. The ENEL acquisition is underway. FY26 EBITDA is guided between Rs 5,500 and Rs 6,000 crore.
Waaree Energies Limited’s product portfolio includes various types of PV modules, such as multicrystalline, monocrystalline, and TopCon modules, which include flexible, bifacial (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.
Written by Abhishek Singh
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