Waaree Energies Ltd., one of India’s leading renewable energy companies, saw its share price surge 14% to ₹2,505 following an impressive 260% jump in net profit for Q3 FY2024-25. The company’s revenue also witnessed a 117% growth, driven primarily by its solar photovoltaic (PV) module business. With strong fundamentals and expansion plans, Waaree Energies continues to solidify its position in India’s rapidly growing renewable energy sector.
Financial Performance
Waaree Energies reported a consolidated net profit of ₹507 crore, up from ₹141 crore in the same quarter last year. The revenue from operations jumped from ₹1,596 crore to ₹3,458 crore, marking a substantial increase. The company’s primary revenue driver, its solar PV module segment, recorded a 122% growth, reaching ₹3,108 crore in Q3.
Key Growth Drivers
- Strong Solar Demand – The demand for solar energy continues to rise as India aims for 500 GW of renewable energy capacity by 2030.
- Manufacturing Expansion – Waaree Energies has a 15 GW capacity for solar modules and 5.4 GW for solar cells, supporting large-scale production.
- Global Renewable Energy Boom – With solar energy accounting for 76% of global renewable energy additions in 2023, Waaree Energies is well-positioned for international growth.
Expansion Plans & Strategic Investments
- New Manufacturing Units – Trial production has begun at its 5.4 GW solar cell plant in Chikhli, Gujarat, while 1.6 GW module production has commenced in Texas, USA.
- Green Hydrogen & Electrolyser Investments – Waaree Energies is investing ₹551 crore in green hydrogen and electrolysers, boosting its foothold in India’s energy transition.
- Battery & Inverter Manufacturing – The company has committed ₹2,073 crore for battery manufacturing and ₹130 crore for inverters.
- Renewable Power Infrastructure – A total investment of ₹650 crore is planned for infrastructure development.
Market Performance & IPO Success
Waaree Energies debuted on Dalal Street in October 2024, raising ₹4,321.44 crore through its IPO. The stock was listed at ₹2,338 per share, significantly higher than its ₹1,503 IPO price. The IPO was oversubscribed 76 times, reflecting strong investor interest. At the current market price of ₹2,505, the stock is up 59% from its IPO price.
Future Outlook
With India’s focus on renewable energy growth, Waaree Energies is set to benefit from policy support, increasing solar installations, and global demand for sustainable energy solutions. The company’s strategic investments in green hydrogen, battery storage, and solar manufacturing position it as a key player in the sector.
Conclusion
Waaree Energies’ robust Q3 performance and ambitious expansion plans reinforce its strong market presence. Investors keen on renewable energy stocks should keep an eye on Waaree Energies as it continues its growth trajectory. With India targeting 280 GW of solar capacity by 2030, Waaree Energies is well-placed to capitalize on this massive opportunity.
Disclaimer: This article is for informational purposes only. Investors should conduct their research or consult financial experts before making any investment decisions.