Share price of Waaree Energies rises 3% on securing 362.5 MWp solar module order

In a significant development, Waaree Energies has witnessed a notable uptick in its share price following the announcement of a substantial solar module order. This surge underscores the company's robust position in the renewable energy sector and commitment to expanding its market footprint.

Market Performance

On February 20, 2025, Waaree Energies' share price increased nearly 3%, reaching ₹2,278 per share. This positive movement in the stock market reflects investor confidence spurred by recent company announcements.

Securing a 362.5 MWp Solar Module Order

The catalyst for this market enthusiasm is Waaree Energies' recent contract to supply 362.5 megawatt-peak (MWp) of solar modules to Khaba Renewable Energy Pvt Ltd, a subsidiary of Engie India. The delivery of these modules is slated to commence in the fiscal year 2025-26, marking a significant milestone in the company's project portfolio.

Financial Performance in Q3 FY 2024-25

The company's financial metrics for the third quarter of the fiscal year 2024-25 have been impressive:

• Revenue from Operations: An increase of 117%, amounting to ₹3,458 crore, compared to ₹1,596 crore in the same period last year.
• Solar Photovoltaic (PV) Module Revenue: A growth of 122%, reaching ₹3,108 crore, up from ₹1,402 crore in the previous year's corresponding quarter.
• Net Profit: A remarkable surge of 260% year-on-year, totalling ₹507 crores, up from ₹141 crores in the corresponding quarter of the previous year.

Expansion Initiatives

Demonstrating its commitment to scaling operations, Waaree Energies has embarked on several expansion projects:

• Solar Cell Plant in Gujarat: Company has started the trial phase of production with 5.4 GW facility in Chikhli
• Module Plant in Texas, USA: Commercial production is now underway at the 1.6 GW plant, enhancing the company's presence in the North American market.

Strategic Investments in Green Technologies

Aligning with global energy transition trends, Waaree Energies is channelling investments into several green technologies:

• Green Hydrogen and Electrolyzer Technologies: The company's investment of ₹551 crore reflects its dedication to pioneering sustainable energy solutions.
• Battery Manufacturing: A substantial allocation of ₹2,073 crore aims to support the energy storage market.
• Renewable Power Infrastructure: With ₹650 crore earmarked, the company is enhancing its infrastructure to support renewable energy projects.
• Inverters: An investment of ₹130 crore is directed towards producing efficient inverters, essential components in solar energy systems.

Acquisition and Production-Linked Incentives

Furthering its growth trajectory, Waaree Energies has undertaken key initiatives:

• Acquisition of Enel Green Power India: The company has signed a Share Purchase Agreement to acquire the entity for ₹792 crore, further expanding its renewable energy portfolio.
• Production-Linked Incentive (PLI) Schemes: The company has received a Letter of Award (LOA) for a 300 MW electrolyzer manufacturing unit and anticipates an additional LOA for a 90,000-tonne green hydrogen production unit.

Summary

Waaree Energies' recent achievements, including securing a significant solar module order, robust financial performance, strategic expansions, and investments in green technologies, collectively reinforce its stature as a formidable player in the renewable energy sector. These developments reflect the company's growth trajectory and its unwavering commitment to advancing sustainable energy solutions.