India’s Solar Leader Wins Big! Rs 50,000 Crore Orders & Global Expansion Underway - Is This the Hottest Solar Stock?
Massive Solar Module Order Secured for 362.5 MWp
Waaree Energies has received an order to supply solar modules for 362.5 MWp from Khaba Renewable Energy Pvt Ltd, a subsidiary of Engie India. This supply contract is scheduled to commence in FY 2025-26 and is a one-time order from a domestic entity.
Strong Financial Performance in Q3 & 9M FY25
The company reported a revenue of Rs 3,545 crore in Q3 FY25, marking a 115 per cent growth year-on-year. EBITDA surged to Rs 810 crore, reflecting a 257 per cent rise, while profit after tax (PAT) reached Rs 507 crore, a 260 per cent increase compared to last year.
Growing Solar Industry and Market Trends
Global solar capacity is projected to nearly triple by 2030, reaching 5.8 terawatts. India is expected to expand its solar capacity from 98 gigawatts in 2024 to 280 gigawatts by 2030. The decreasing costs of solar power and batteries continue to drive long-term growth in the industry.
Robust Order Book and Revenue Mix
Waaree Energies has an order book of 26.5 gigawatts, valued at approximately Rs 50,000 crore. Around 54 per cent of its orders come from overseas markets, while 46 per cent are from India. The revenue mix for the last quarter was 79 per cent from India and 21 per cent from international markets.
Expansion and Manufacturing Growth
The company has started commercial operations at its U.S. factory. It is ramping up its 1.4 gigawatt Mono PERC lines and expects 4 gigawatt TOPCon lines to be operational by April-May. The 6 gigawatt PLI project for ingots, cells, and wafers is on track.
Stock Valuation and Market Position
Waaree Energies has a market capitalization of Rs 65,894 crore. The stock’s price-to-earnings ratio stands at 66.7, compared to the industry average of 45.8. The return on capital employed (ROCE) is 43.6 per cent, and the return on equity (ROE) is 33.4 per cent. As of February 20, 2025, the stock is trading at Rs 2,294, up 3.30 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.