India’s largest solar module manufacturer saw its shares rise 3 percent after the board approved the acquisition of a transformer manufacturing company for Rs.293 crore. This strategic move aims to strengthen the company’s supply chain and improve operational capabilities, fueling investor confidence and positive market momentum.
During Tuesday’s trading session, the shares of Waaree Energies Ltd reached an intra-day high of Rs.3,036.80 per share, rising 3 percent from its previous close of Rs.2,948.40 each. The shares have retreated since then and trading at Rs.2,924.80 apiece.
Acquisition Details
The Board of Directors of Waaree Energies Ltd., at their meeting held on May 19, 2025, approved two key acquisitions. The company will acquire Kamath Transformers Private Limited, a well-established transformer manufacturing firm for approximately Rs.293 crore. Kamath Transformers’ turnover grew from Rs.25.73 crore in 2021-22 to Rs.122.68 crore in 2023-24.
Additionally, Waaree’s wholly owned subsidiary, Waaree Forever Energies Private Limited, will acquire Green New Delhi Forever Energy Private Limited, a newly incorporated non-operating entity focused on power projects, for Rs.1 lakh.
Kamath Transformers acquisition aligns with Waaree’s business expansion plans in the manufacturing sector, while the acquisition of Green New Delhi Forever Energy supports the company’s strategic interests in Independent Power Producer (IPP) projects, aiming to facilitate and hold specific power assets.
The company will acquire 100 percent ownership in both entities. Kamath Transformers has a strong market presence in India’s transformer manufacturing industry, whereas Green New Delhi Forever Energy is yet to commence operations and was incorporated solely to manage power projects.
Capacity Expansion Plans
Waaree Energies is aggressively expanding its renewable energy manufacturing capabilities across multiple segments. Its 6 GW ingot and wafer production facility is slated to be ready by FY27, while its existing solar cell capacity stands at 5.4 GW. In module manufacturing, the company currently operates at 15 GW, with an additional 4.8 GW expected to be added during FY26–27. Waaree is also advancing technology collaborations for next-generation Perovskite tandem cells and is on track to complete its 6 GW PLI-linked manufacturing facility by FY27.
In the energy storage space, Waaree is investing in lithium-ion storage cell production and Energy Storage Systems (ESS), with a 3.5 GWh facility expected to become operational in FY27. The company is also making strides in green hydrogen, having been awarded a PLI for a 300 MW electrolyzer manufacturing facility, which is also scheduled to commence operations by FY27.
Financial Performance
In the fourth quarter of FY25, the company posted revenue of Rs.4,004 crore, reflecting a strong 36 percent rise over Rs.2,936 crore reported in the same period last year. Sequentially, the revenue advanced by 16 percent from Rs.3,457 crore in Q3 FY25, signaling consistent growth momentum in operations.
The quarterly net profit stood at Rs.644.47 crore, up 36 percent year-on-year from Rs.475.16 crore in Q4 FY24. On a quarter-on-quarter basis, earnings improved by 27 percent compared to Rs.506.88 crore recorded in the previous quarter, underscoring healthy profitability and operational efficiency.
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.
Written by – Siddesh S Raskar
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