73,000 per cent multibagger returns: This multibagger small-cap renewable energy company bags order worth Rs 65,22,00,000 for solar power project!
The stock has delivered a remarkable return of over 3528 per cent in the past 2 years.
In a significant development in India's renewable energy landscape, this Small-Cap company has received a Letter of Award (LOA) for the execution of EPC works for a solar power project with a 26.4 MW DC capacity on a turnkey basis. This award comes from a leading steel manufacturing company. According to the significant terms and conditions, Waaree Renewable Technologies Limited will develop the projects for the respective customers as per the order's specifications. The order is valued at approximately Rs 65.22 crore, excluding taxes. The project is slated for completion in FY25. The total capacity of the project is 26.4 MW DC.
Waaree Renewables Technologies is engaged in the generation of power through renewable energy sources and also provides consultancy services in this regard. Waaree Energy is one of the largest vertically integrated new energy companies in India. It boasts the country's largest solar panel manufacturing capacity, with a total of 12 GW produced at its plants located in Chikhli, Surat, and Umbergaon in Gujarat.
Share Performance:
On Friday, the company's stock closed at around Rs 2393 per share, with a market capitalisation of Rs 24,992 crore. Additionally, the stock has delivered a multibagger return of around 1312 per cent in the past year only.
In terms of shareholding pattern, as of March 2024, the company’s promoters maintain a steady 74.46 per cent stake in the company, reflecting their continued commitment to its growth trajectory. The public ownership stands at 25.33 per cent as per the recent update.
Financial performance:
According to the Quarterly Results, in Q4 FY24, the company reported a revenue of Rs 273 crore and a net profit of Rs 54 crore. In FY24, the company reported a revenue of Rs 876 crore and a net profit of Rs 148 crore, compared to a net profit of Rs 55 crore in the previous year.
Investors must keep this small-cap stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.