Waaree Energies, a prominent Indian solar energy company, specialises in the manufacturing and distribution of cutting-edge solar products. Renowned for its diverse range of solar solutions, the company has established itself as a leader in the Indian solar energy market. Its offerings include high-performance solar panels, inverters, batteries, and energy storage systems, among others.
On January 20, 2025, Waaree Energies proudly announced that it had secured a prestigious Letter of Award for the supply of 180 MWp of solar modules. This significant order comes from a distinguished customer deeply engaged in the ownership, development, and operation of renewable power projects across India. The delivery of these modules is set to commence in FY 2025-26.
Headquartered in Mumbai, Waaree Energies operates state-of-the-art manufacturing facilities with an impressive installed capacity of 13.3 GW for solar PV modules, including 1.3 GW from Indosolar. The company also boasts a robust 5.4 GW PV cell capacity in Gujarat and is in the process of constructing a cutting-edge 6 GW wafer-to-module manufacturing hub in Odisha.
Expanding its global footprint, Waaree Energies is set to establish a formidable solar PV module manufacturing presence outside India, with plans to develop a 1.6 GW facility in Houston, Texas. This facility is poised for expansion to 3 GW by fiscal year 2026 and further to 5 GW by fiscal year 2027.
Waaree Energies reported a 17% year-on-year growth in net profit for Q2 FY25, reaching ₹375.6 crore, up from ₹320.1 crore in Q2 FY24. Revenue remained stable at ₹3,574.4 crore, slightly higher than the previous year’s ₹3,537.8 crore.
Total income rose to ₹3,663.5 crore from ₹3,558.5 crore, while total expenses increased to ₹3,164.6 crore due to higher material and finance costs. The company’s board has approved an investment of up to ₹600 crore in its subsidiaries to strengthen infrastructure for renewable power projects and expand its bidding pipeline.
At 10:24 AM today, Waaree Energies Ltd. shares traded at ₹2,641.75 per share on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jan 21, 2025, 2:16 PM IST
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