Waaree Energies Ltd
WAAREEENERWaaree Energies Ltd
WAAREEENER


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Key Metrics
No LabelNo Label | PB RatioPB Ratio | Dividend YieldDiv. Yield |
---|---|---|
38.61 | 15.92 | — |
Sector PESector PE | Sector PBSector PB | Sector Div YldSctr Div Yld |
---|---|---|
43.01 | 6.20 | 0.63% |
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Company Profile
Waaree Energies Ltd is an India-based company specializing in the manufacturing and distribution of thermal solar systems and renewable energy equipment.
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Earnings Per Share Forecast
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Income
Balance Sheet
Cash Flow
Income Statement
Financial Year | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | TTM | |||||||
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Total Revenue | 1,649.79 | 2,021.31 | 1,997.43 | 2,950.86 | 6,860.36 | 11,974.11 | 14,004.82 | |||||||
Raw Materials | 1,217.37 | 1,649.24 | 1,684.54 | 2,258.10 | 6,157.99 | 9,321.79 | 11,159.01 | |||||||
Power & Fuel Cost | 10.08 | 12.65 | 10.11 | 19.71 | 50.51 | 88.39 | ||||||||
Employee Cost | 41.65 | 50.32 | 43.94 | 51.46 | 118.22 | 153.76 | ||||||||
Selling & Administrative Expenses | 73.10 | 54.15 | 50.22 | 61.68 | 126.75 | 219.49 | ||||||||
Operating & Other expenses | 105.17 | 137.19 | 79.15 | 357.39 | -516.66 | 39.75 | ||||||||
EBITDA | 202.42 | 117.76 | 129.47 | 202.52 | 923.55 | 2,150.93 | 2,845.81 | |||||||
Depreciation/Amortization | 40.72 | 27.13 | 28.66 | 43.27 | 164.13 | 276.81 | 324.24 | |||||||
PBIT | 161.70 | 90.63 | 100.81 | 159.25 | 759.42 | 1,874.12 | 2,521.57 | |||||||
Interest & Other Items | 59.09 | 33.71 | 30.92 | 40.88 | 82.27 | 139.91 | 143.79 | |||||||
PBT | 102.61 | 56.92 | 69.89 | 118.37 | 677.15 | 1,734.21 | 2,377.78 | |||||||
Taxes & Other Items | 20.26 | 15.23 | 20.70 | 42.73 | 194.40 | 497.02 | 667.80 | |||||||
Net Income | 82.35 | 41.69 | 49.19 | 75.64 | 482.75 | 1,237.19 | 1,709.98 | |||||||
EPS | 4.18 | 2.11 | 2.50 | 3.84 | 21.92 | 48.87 | 65.03 | |||||||
DPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
Payout ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Company Updates
Investor Presentation
Peers & Comparison
IndustrialsRenewable Energy Equipment & Services
Valuation
Technical
Forecast
Stock | PE RatioPE Ratio | PB RatioPB Ratio | Div. YieldDividend Yield |
---|---|---|---|
Waaree Energies Ltd | 53.37 | 15.92 | — |
Suzlon Energy Ltd | 110.80 | 18.66 | — |
Azad Engineering Ltd | 157.17 | 14.27 | — |
Sterling and Wilson Renewable Energy Ltd | -35.01 | 7.77 | — |
Price Comparison
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Promoter Holdings Trend
Low Pledged Promoter Holding
Pledged promoter holdings is insignificant
Institutional Holdings Trend
Total Retail Holding
In last 3 months, retail holding in the company has almost stayed constant
Foreign Institutional Holding
In last 3 months, foreign institutional holding of the company has almost stayed constant
Shareholding Pattern
Sep 2021
Sep 2024
Oct 2024
Dec 2024
Shareholding History
Mutual Funds Holding Trend
Mutual Fund Holding
In last 3 months, mutual fund holding of the company has almost stayed constant
Top 5 Mutual Funds holding Waaree Energies Ltd
Funds (Top 5) | The rupee value of the stock held by the fund divided by the stock’s market cap Market-cap held | Percentage of the fund’s portfolio invested in the stock Weight | Change in the portfolio weight of the stock over the last 3 months 3M holding change | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months Portfolio rank(3M change) |
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The rupee value of the stock held by the fund divided by the stock’s market cap 0.3248% | Percentage of the fund’s portfolio invested in the stock 2.38% | Change in the portfolio weight of the stock over the last 3 months 0.24% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 32/37 (-7) | |
The rupee value of the stock held by the fund divided by the stock’s market cap 0.1453% | Percentage of the fund’s portfolio invested in the stock 2.48% | Change in the portfolio weight of the stock over the last 3 months 0.35% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 26/38 (+4) | |
The rupee value of the stock held by the fund divided by the stock’s market cap 0.1179% | Percentage of the fund’s portfolio invested in the stock 0.44% | Change in the portfolio weight of the stock over the last 3 months 0.44% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 77/81 (-1) |
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Events
Dividend Trend
No Dividends
WAAREEENER has not given any dividends in last 5 years
Dividends
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Dividends
Revenue from operations jumped 116.6% year on year (YoY) to Rs 3,457.29 crore in the quarter ended 31 December 2024. Total income was at Rs 3,545.27 crore in the December 2024 quarter, registering a growth of 114.63% YoY. Profit before tax stood at Rs 689.81 crore in the third quarter of FY 2025, up 275.77% as against Rs 183.58 crore recorded in Q3 FY24. The company's EBITDA soared by 256.97% to Rs 809.71 crore in Q3 FY25 from Rs 226.82 crore recorded in same quarter last year. EBITDA margin improved to 22.84% in Q3 FY25 as against 13.73% recorded in the same quarter last year. Production was at 1.81 GW in Q3 FY25, reflecting a 68% growth YoY, reinstating the company's efficient execution strategy, it stated. As of 31 December 2024, the company's order book stands at 26.5 GW and order book value stands at around Rs 50,000 crore. Amit Paithankar, Whole Time Director & CEO, Waaree Energies said: 'As an energy transition company, we see immense opportunities and are well positioned to tap into new business areas. Our solar business continues to be strong and we are rapidly advancing in the adjacencies of energy storage systems, green hydrogen, inverters and renewable infrastructure. The momentum in this space is stronger than ever, and we are well-positioned to capitalize on it. We continue to build on our strengths, enhancing scalability and internal efficiencies, which has clearly reflected in our 9M FY25 performance. Strong execution and disciplined growth remain at the core of our strategy. The US contributed ~15-20% of our revenue mix. As we expand globally, we are strengthening our presence in high-potential regions, ensuring that we stay ahead of the curve in this fast-evolving industry. We are excited about the road ahead and remain committed to driving meaningful change in the energy landscape. Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 15 GW for solar PV modules and 5.4GW for solar cells. With presence across India and 25+ countries worldwide, we offer innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems. Powered by Capital Market - Live
Net profit of Waaree Energies rose 295.64% to Rs 492.69 crore in the quarter ended December 2024 as against Rs 124.53 crore during the previous quarter ended December 2023. Sales rose 116.60% to Rs 3457.29 crore in the quarter ended December 2024 as against Rs 1596.18 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales3457.291596.18 117 OPM %20.8810.73 - PBDT778.86208.37 274 PBT689.81134.47 413 NP492.69124.53 296 Powered by Capital Market - Live
Waaree Energies will hold a meeting of the Board of Directors of the Company on 30 January 2025.Powered by Capital Market - Live
The company said that it has won order from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India. The contract entails supply of 180 MWp solar PV modules, scheduled to commence in FY 2025-26. Waaree Energies is the largest manufacturer of solar PV modules in India, with the largest aggregate installed capacity of 12 GW. Presently, it is engaged in the manufacture of solar photovoltaic modules, the setting up of projects in solar space, and the sale of electricity. The company operated five manufacturing facilities in India spread over an area of 143.01 acres. It operates one factory each located at Surat, Tumb; Nandigram, Chikhli in Gujarat, India; and the IndoSolar Facility in Noida, Uttar Pradesh. The company reported 14.77% increase in consolidated net profit to Rs 361.65 crore on 1.04% rise revenue from operations to Rs 3,574.38 crore in Q2 FY25 over Q2 FY24. The scrip declined 0.36% to Rs 2,626.20 on the BSE. Powered by Capital Market - Live
Enel Green Power Development S.r.l. is one of Europe's largest renewable energy companies, owns Enel Green Power India (EGPIPL), which operates a portfolio of solar and wind energy projects across India. The portfolio includes approximately 640 MWAC / 760 MWDC of operational capacity, with additional projects under development. EGPIPL's operational projects also include those jointly owned with partners, where the majority equity stake lies with the company. The company said that this acquisition will help to diversify its revenue streams, enhance execution capabilities for wind projects and facilitate expedited growth of Waaree's IPP business. The transaction is subject to customary approvals, including from lenders and it is expected to be completed within three months, pending the fulfilment of conditions outlined in the definitive agreements. The total cost of the acquisition is Rs 792 crore, subject to closing adjustments. Waaree Energies is the largest manufacturer of solar PV modules in India, with the largest aggregate installed capacity of 12 GW. Presently, it is engaged in the manufacture of solar photovoltaic modules, the setting up of projects in solar space, and the sale of electricity. The company operated five manufacturing facilities in India spread over an area of 143.01 acres. It operates one factory each located at Surat, Tumb; Nandigram, Chikhli in Gujarat, India; and the IndoSolar Facility in Noida, Uttar Pradesh. The company reported 14.77% increase in consolidated net profit to Rs 361.65 crore in Q2 FY25 as against Rs 315.09 crore posted in Q2 FY24. Revenue from operations rose 1.04% year on year (YoY) to Rs 3,574.38 crore in the quarter ended 30 September 2024. Powered by Capital Market - Live
Enel Green Power Development S.r.l. is one of Europe's largest renewable energy companies, owns EGPIPL, which operates a portfolio of solar and wind energy projects across India. The portfolio includes approximately 640 MWAC / 760 MWDC of operational capacity, with additional projects under development. EGPIPL's operational projects also include those jointly owned with partners, where the majority equity stake lies with the company. The company said that this acquisition will help to diversify its revenue streams, enhance execution capabilities for wind projects and facilitate expedited growth of Waaree's IPP business. The transaction is subject to customary approvals, including from lenders and it is expected to be completed within three months, pending the fulfilment of conditions outlined in the definitive agreements. The total cost of the acquisition is Rs 792 crore, subject to closing adjustments. Waaree Energies is the largest manufacturer of solar PV modules in India, with the largest aggregate installed capacity of 12 GW. Presently, it is engaged in the manufacture of solar photovoltaic modules, the setting up of projects in solar space, and the sale of electricity. The company operated five manufacturing facilities in India spread over an area of 143.01 acres. It operates one factory each located at Surat, Tumb; Nandigram, Chikhli in Gujarat, India; and the IndoSolar Facility in Noida, Uttar Pradesh. The company reported 14.77% increase in consolidated net profit to Rs 361.65 crore in Q2 FY25 as against Rs 315.09 crore posted in Q2 FY24. Revenue from operations rose 1.04% year on year (YoY) to Rs 3,574.38 crore in the quarter ended 30 September 2024. The counter slipped 1.26% to settle at Rs 2,566.40 on 10 January 2024. Powered by Capital Market - Live
Waaree Energies has initiated commencement of trial production at its state-of-the-art 5.4 GW solar cell manufacturing facility in Chikhli, Gujarat. Powered by Capital Market - Live
Waaree Energies has received an order for supply of solar PV modules for 150 MWp from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India. Powered by Capital Market - Live
The project entails the supply of 150 MWp of solar PV modules, with the commencement of module supply scheduled for FY 2025-26. Waaree Energies is the largest manufacturer of solar PV modules in India, with the largest aggregate installed capacity of 12 GW. Presently, it is engaged in the manufacture of solar photovoltaic modules, the setting up of projects in solar space, and the sale of electricity. The company operated five manufacturing facilities in India spread over an area of 143.01 acres. It operates one factory each located at Surat, Tumb; Nandigram, Chikhli in Gujarat, India; and the IndoSolar Facility in Noida, Uttar Pradesh. The company reported 14.77% increase in consolidated net profit to Rs 361.65 crore in Q2 FY25 as against Rs 315.09 crore posted in Q2 FY24. Revenue from operations rose 1.04% year on year (YoY) to Rs 3,574.38 crore in the quarter ended 30 September 2024. Shares of Waaree Energies rose 0.11% to Rs 2,863.90 on the BSE. Powered by Capital Market - Live
The domestic equity benchmarks traded with moderate losses in mid-morning trade. The Nifty slipped below the 23,950 mark after hitting the day's high of 24,065.80 in morning trade. Oil & gas shares advanced after declining in past four consecutive trading sessions. At 11:29 IST, the barometer index, the S&P BSE Sensex, declined 167.57 points or 0.22% to 79,047.33. The Nifty 50 index lost 30.55 points or 0.13% to 23,921.15. In the broader market, the S&P BSE Mid-Cap index declined 0.25% and the S&P BSE Small-Cap index fell 0.03%. The market breadth was negative. On the BSE, 1,847 shares rose and 1,907 shares fell. A total of 155 shares were unchanged. IPO Update: The initial public offer (IPO) of Ventive Hospitality received bids for 6,23,277 shares as against 1,44,34,453 shares on offer, according to stock exchange data at 11:10 IST on 20 December 2024. The issue was subscribed to 0.04 times. The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 610 and Rs 643 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof. The initial public offer (IPO) of Senores Pharmaceuticals received bids for 34,18,062 shares as against 85,34,681 shares on offer, according to stock exchange data at 11:10 IST on 20 December 2024. The issue was subscribed to 0.40 times. The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 372 and Rs 391 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof. The initial public offer (IPO) of Carraro India received bids for 3,81,318 shares as against 1,30,98,803 shares on offer, according to stock exchange data at 11:10 IST on 20 December 2024. The issue was subscribed to 0.03 times. The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 668 and Rs 704 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof. The initial public offer (IPO) of Sanathan Textiles received bids for 89,07,624 shares as against 1,26,22,950 shares on offer, according to stock exchange data at 11:10 IST on 20 December 2024. The issue was subscribed to 0.71times. The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 305 and Rs 321 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof. The initial public offer (IPO) of DAM Capital Advisors received bids for 8,03,03,321 shares as against 2,08,04,632 shares on offer, according to stock exchange data at 11:10 IST on 20 December 2024. The issue was subscribed to 3.86 times. The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 269 and Rs 283 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof. The initial public offer (IPO) of Transrail Lighting received bids for 4,10,79,616 shares as against 1,39,16,742 shares on offer, according to stock exchange data at 11:10 IST on 20 December 2024. The issue was subscribed to 2.95 times. The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 410 and Rs 432 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof. The initial public offer (IPO) of Concord Enviro Systems received bids for 41,34,039 shares as against 50,15,356 shares on offer, according to stock exchange data at 11:10 IST on 20 December 2024. The issue was subscribed to 0.82 times. The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 665 and Rs 701 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof. The initial public offer (IPO) of Mamata Machinery received bids for 11,62,58,131 shares as against 51,78,227 shares on offer, according to stock exchange data at 11:10 IST on 20 December 2024. The issue was subscribed to 22.45 times. The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 230 and Rs 243 per share. An investor can bid for a minimum of 61 equity shares and in multiples thereof. Buzzing Index: The Nifty Oil & Gas index gained 0.86% to 10,878.25. The index fell 3.33% in past four consecutive trading sessions. Aegis Logistics (up 7.80%), GAIL (India) (up 2.56%), Petronet LNG (up 2.27%), Indian Oil Corporation (up 1.21%), Bharat Petroleum Corporation (up 1.21%), Oil & Natural Gas Corpn (up 0.64%), Hindustan Petroleum Corporation (up 0.54%), Gujarat State Petronet (up 0.46%), Gujarat Gas (up 0.44%) and Reliance Industries (up 0.27%) advanced. Stocks in Spotlight: Waaree Energies declined 2.09%. The company announced that it's wholly owned subsidiary, Waaree Solar Americas has started its trial production of 1.6 GW Solar Module line at its Unit situated at Brookshire, in the state of Texas, USA. Knowledge Marine & Engineering Works rallied 4.63% after the company's board will meet on Tuesday, 24 December 2024 to consider fund raising and stock split proposal. Global Markets: The Dow Jones index futures were down 90 points, signaling a negative opening for U.S. stocks today. Asian stocks traded mixed on Friday as The People's Bank of China held its loan prime rates steady on Friday, leaving the one-year rate unchanged at 3.1% and the five-year rate at 3.6%. Investors awaited the release of the U.S. Personal Consumption Expenditure (PCE) price index, a key inflation gauge, for further insights into the Federal Reserve's monetary policy stance. Meanwhile, Japan's consumer price index (CPI) rose slightly more than expected in November. Core CPI, which excludes volatile fresh food items, increased to 2.7% year-on-year, exceeding the previous month's 2.3%. The Bank of Japan (BOJ) held interest rates steady on Thursday, its final meeting of the year, and provided limited clues on future rate hikes. However, the central bank projected a gradual increase in inflation over the next year. In Europe, the Bank of England also kept its policy rate unchanged at 4.75% on Thursday. U.S. stock indices closed mixed on Thursday after a sharp decline the previous day. Investors remained cautious about the Fed's hawkish stance and the potential impact on the economy. The S&P 500 and the Nasdaq Composite fell 0.1%, and the Dow Jones Industrial Average closed 0.04% higher. The U.S. House of Representatives rejected a Republican-backed funding bill on Thursday, increasing the risk of a government shutdown as the current funding deadline approaches midnight on Friday. Powered by Capital Market - Live
Higher than Industry Revenue Growth
Over the last 5 years, revenue has grown at a yearly rate of 48.65%, vs industry avg of 7.16%
Increasing Market Share
Over the last 5 years, market share increased from 10.57% to 51.54%