During Monday’s trading session, the shares of the largest solar PV modules manufacturer in India and the largest Indian exporter of solar modules jumped nearly 5 percent to Rs. 2,798.3 on BSE, after securing an order for the supply of Solar PV Modules.
With a market cap of Rs. 78,666.8 crores, the shares of Waaree Energies Limited closed in the green at Rs. 2,738.3, up by nearly 2.7 percent, as against its previous closing price of Rs. 2,666.55.
What’s the news:
Waaree Energies received an order from renowned customers engaged in the business of owning, developing and operating renewable power projects in India.
According to the latest regulatory filings with the stock exchanges, the order is for the supply of Solar PV modules up to 160 MWp and 364 MWp. The order is scheduled to commence in FY25 and FY26.
Previous Orders:
On 26th November, Waaree Energies received an order for the supply of solar PV modules up to 600 MWp from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India. The supply of modules is scheduled to commence in FY26.
Order Book & Future Outlook:
Waaree Energies has a strong order book of ~20GW, as of 30th September 2024, while a 1.6 GW module project in the USA and a 5.4 GW cell project in Chikhli, Gujarat, are both currently under execution.
Further, the company’s Board have approved an investment of up to Rs. 600 crores for setting up and development of infrastructure (including land and connectivity) to develop Renewable Power projects and bidding pipelines.
As of Q2 FY24, Waaree Energies is the largest manufacturer of solar PV modules with the largest aggregate installed capacity of ~13.3 GW (including 1.3 GW of Indosolar) 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.
The current module capacity is 13.3 GW. By the end of FY25, Waaree
Energies aims to achieve a cell capacity of 5.4 GW, and by FY27, it plans to increase the total module capacity to 21 GW and cell capacity to 11 GW.
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Financials:
Waaree Energies reported a marginal growth in revenue from operations, experiencing a year-on-year rise of nearly 1.05 percent, from Rs. 3,537 crores in Q2 FY24 to Rs. 3,574 crores in Q2 FY25.
Similarly, its net profit increased during the same period from Rs. 320 crores to Rs. 375.6 crores, representing a rise of nearly 17.4 percent YoY.
EBITDA for Q2 FY25 reached Rs. 614 crores, representing an increase of around 14 percent YoY from Rs. 538.5 cores in Q2 FY24, with an EBITDA Margin of 16.76 percent, up from 15.13 percent, during the same period.
Shareholding Pattern:
As per the October 2024 shareholding pattern, the Promoters hold a 64.31 percent stake in the company, Foreign Institutional Investors (FII) hold a 2.23 percent stake, while Retail Investors and Domestic Institutional Investors (DII) hold a 30.46 percent and 3.02 percent stake in Waaree Energies, respectively.
BlackRock Institutional Trust Company managed by National Pension Service has made investments worth nearly Rs. 31.75 crores in Waaree Energies Limited during its IPO through the anchor book.
About the company:
Established in 1990, Waaree Energies Limited, India’s leading renewable energy company, is engaged in the business of offering innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
The company has a wide product portfolio of solar energy products that consists of Multicrystalline & Monocrystalline modules, and TopCon modules including flexible bifacial modules and building-integrated photovoltaic (BIPV) modules.
Written by Shivani Singh
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