Recently Listed Solar Stock Bags 150MWp Order, Boasts Massive 20GW Order Book!

Poised to Shine: Riding High on Growing Demand for Renewable Energy!

Waaree Energies Limited has received a significant order to supply solar modules for 150 MWp from a prominent domestic renewable energy company. The order is for a one-time supply, scheduled to begin in FY 2025-26, underlining Waaree’s growing presence in the renewable energy sector.

Company Overview and Capabilities
With over two decades of expertise, Waaree Energies transitioned into the solar industry in 2007. It boasts a six-gigawatt PLI capacity, operational by 2027, and 5.4 gigawatts of cell manufacturing nearing readiness. Its Gujarat facility is among India’s largest for solar PV modules. The company has also expanded its reach through 370+ franchise stores across the country, enhancing accessibility and distribution.

Rising Solar Energy Demand
The global shift toward renewable energy has made solar power the cheapest energy source, surpassing coal, oil, and gas. India’s ambitious target of achieving 500 gigawatts of renewable energy by 2030 further drives demand, with solar contributing 60-70 gigawatts annually. Waaree’s strong order book of 20 gigawatts, comprising 27.5 per cent domestic and 72.5 per cent export orders, highlights its competitiveness in this growing market.

Production and Financial Performance
In H1 FY25, Waaree achieved 3.3 gigawatts of production, nearly matching the previous year’s total. The new 5.4-gigawatt cell manufacturing facility is set to commence operations by December 2024. Financially, Q2 FY25 revenue grew 2.95 per cent YoY to Rs 36,634.63 million, while EBITDA rose by 14 per cent to Rs 6,139.37 million, reflecting robust growth.

Future Plans and Challenges
The company plans to invest Rs 600 crores in renewable energy projects and explore new opportunities in hydrogen production and battery storage systems. Challenges such as policy uncertainties in the U.S. market and the need for sustainable business models are acknowledged, but Waaree remains optimistic about long-term growth.

Strategic Focus
Waaree is well-positioned to capitalize on solar energy’s cost advantages. With plans for additional U.S. capacity under evaluation, the company is committed to supporting the global energy transition and sustaining its leadership in the renewable energy market.

Disclaimer: The article is for informational purposes only and not investment advice.