One of the renewable energy stocks has engaged in the manufacture of solar PV modules with an aggregate installed capacity of 12 GW. The stock has received an order for the supply of solar PV modules up to 180 Mwp.
Stock movement
With a market capitalization of Rs. 99,231 crores, the shares of Waaree Energies Limited were trading at Rs. 3369.90 per equity share, down nearly around 7.26 percent from its previous day’s close price of Rs. 3,633.65 per equity share.
What Happened
Waaree Energies Limited has received an order for the supply of Solar PV modules up to 180 Mwp from a renowned customer engaged in the business of owning, developing, and operating renewable power projects in India.
The supply of solar PV modules is scheduled to commence at the end of November 2024. It will be completed in Q4 of the financial year 2025.
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Capacity Expansion
Waaree Energies Limited operates five state-of-the-art manufacturing facilities with a robust 12 GW installed capacity. Waaree continues expanding with a 6 GW facility in Odisha and plans a 3 GW manufacturing capacity in the US. The company has an extensive network of 388 franchises.
Financial analysis and ratios
Waaree Energies Limited’s revenue from operations has increased by 68.83 percent from Rs. 6,751 crore in FY23 to Rs. 11,398 crore in FY24. The company’s net profit has increased from Rs. 500 crore in FY23 to Rs. 1,274 crore in FY24, which has grown by 154.80 percent.
Waaree Energies Limited’s revenue and net profit have grown at a CAGR of 54.58 percent and 139.04%, respectively, over the last four years.
In terms of return ratios, the company’s ROCE and ROE should be 43.6% and 33.4%, respectively. Waaree Energies Limited’s debt-to-equity ratio is to be 0.11, which shows the company is almost debt-free. The company’s EPS is to be Rs. 62.8.
About the Company
Waaree Energies Limited was established in 1990 and leads India’s solar energy sector as the largest manufacturer of PV modules. Waaree delivers innovative solar solutions across India and 20 countries worldwide.
The company manufactures various solar products, including multicrystalline, monocrystalline, and TopCon modules, serving diverse market needs. Its comprehensive product portfolio includes inverters, energy storage systems, and turnkey EPC services for residential and commercial sectors.
Written By – Nikhil Naik
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