BlackRock Held Waaree Energies Share in Focus After Aditya Birla Renewables Deal

Waaree Energies Limited, India’s largest solar PV module manufacturer, boasts an impressive aggregate installed capacity of 13.3 GW. The company has gained significant attention following a major order from ABREL EPC Limited, a wholly owned subsidiary of Aditya Birla Renewables Limited. 

ABREL EPC operates in India’s renewable energy sector, focusing on the ownership, development, and operation of clean energy projects.

New Order Strengthens Waaree Energies’ Market Position

Waaree Energies has secured a substantial order to supply solar modules with a total capacity of 410 MWp to ABREL EPC. This order further reinforces Waaree’s position as a key player in India’s renewable energy industry, which continues to expand due to increasing demand for sustainable power solutions.

Financial Performance in Q3FY25

The company has demonstrated remarkable financial growth in the December quarter of FY25. Waaree Energies reported a multifold increase in its net profit, which surged to ₹493 crore from ₹124.5 crore in the same quarter of the previous fiscal year. Additionally, revenue more than doubled, growing by 116% to ₹3,457 crore compared to ₹1,596 crore in Q3FY24.

Robust Order Book Reflects Growth Prospects

Waaree Energies currently holds a strong order book of 26.5 GW, valued at ₹50,000 crore. This indicates a healthy pipeline of projects that could drive future revenue growth and solidify the company’s leadership in the industry.

Regulatory Scrutiny: Recent Tax Inspection

In a recent development, on February 25, 2025, the Assistant Commissioner of State Tax, Mumbai, initiated a search and inspection at the registered office of Waaree Energies and its subsidiary, Waaree Renewable Technologies Limited. The inspection, conducted under Section 67(2) of the CGST/MGST Act, began at 3:45 PM and concluded at 8:00 PM, with further proceedings scheduled for the following day. The company and its subsidiary are in the process of submitting the required operational details to the authorities.

BlackRock’s Investment in Waaree Energies

Waaree Energies has also attracted significant institutional investment. BlackRock Institutional Trust Company, managed by the National Pension Service, invested ₹31.75 crore in the company during its IPO through the anchor book.

Conclusion

Waaree Energies continues to strengthen its market presence with major contract wins, impressive financial performance, and a strong order book. While regulatory scrutiny has added a layer of uncertainty, the company’s institutional backing and growth trajectory position it as a key player in India’s renewable energy landscape. 

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