A energy solutions provider has secured a new contract for advanced solar power equipment, including a high-capacity hybrid inverter system and multiple battery sets. The order, placed by a trading company, highlights the growing demand for renewable energy solutions, with delivery expected within a 4-6 week timeframe.
Share Price Movement
The share price of Waaree Technologies Limited hit a 5 percent lower circuit to Rs. 382.15 per share on Friday, a decrease from its previous close of Rs. 402.25 per share. The market capitalisation now stands at approximately Rs. 411.50 crore as of January 10, 2025.
What happened ?
The company has received an order to supply 1 set of 10kW, 3-P Hybrid Solar Inverters and 10 sets of batteries from a customer engaged in trading activities, to be delivered in 4 to 6 weeks.
Financial Highlights
According to its recent filing, in the half year ending September 30, 2024, the revenue for H1FY24 was Rs. 13.50 crore, significantly higher than H1FY25’s Rs. 5.60 crore, showing a sharp decline of 58 percent . The same can be seen in H2FY25 revenue, which is Rs. 15.05 crore, a decline of 62.7 percent.
The company reported a loss of Rs. 1.99 crore in H1FY24, which widened to Rs. 2.62 crore in H1FY25, indicating a deteriorating profit position. However, this is a notable improvement of 54.4 percent compared to H2FY24’s higher loss of Rs. 5.51 crore, signalling a relative reduction in financial strain.
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Market Outlook
The energy storage industry is evolving rapidly, driven by advancements in battery technology, reduced costs, and increased efficiency. Residential energy storage and Vehicle-to-Grid (V2G) solutions are enabling energy independence and grid stability. Grid-scale systems, including lithium-ion batteries and innovative technologies, support renewable integration and reduce fossil fuel reliance.
In India, recent tenders for Battery Energy Storage Systems (BESS) are accelerating adoption, enhancing grid resilience, and optimising energy usage through mechanisms like time-shifting and energy price arbitrage, promoting a sustainable energy future.
Shareholding Pattern
As of the September 2024 shareholding pattern, Waaree Technologies Limited is primarily held by the promoters at 58.07 percent, foreign institutional investors at 14.58 percent, and the public at 15.92 percent.
About Company
Waaree Technologies, established in 2013, is a key player in India’s renewable energy sector, focusing on solar energy and lithium-ion battery manufacturing. It engages in trading electric vehicles, batteries, and AI-based products. The company excels in energy storage solutions for renewable energy applications, offering solar products like photovoltaic modules and inverters.
Waaree’s solar PV module manufacturing capacity is an impressive 13.3 GW. Despite challenges like a high price-to-book ratio, Waaree has improved working capital efficiency, reducing resource management cycles from 141 to 109 days. With a commitment to innovation and sustainability, Waaree Technologies continues to drive India’s renewable energy future.
Written By Fazal Ul Vahab C H
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