One of the small-cap green energy stocks engaged in the business of generation of power through renewable energy sources and also provides consultancy services. The stock has hit 5 percent upper circuit after receiving a project for solar PV Module Worth Rs. 1,233.48 crore
Stock Price Movement:
In Thursday’s trading session,, Waaree Renewables Technologies Limited’s stock surged by 5 percent, reaching an upper circuit of Rs. 1,494.45 per share on Monday, up from its previous closing price of Rs. 1,423.30 per share.
Over the past year, the stock has provided impressive returns of more than 446.54 percent. As of November 28, 2024, the company’s market capitalization is approximately Rs. 15,579.13 crore.
What Happened:
Waaree Renewable Technologies Limited has secured a term sheet for the execution of a ground-mounted solar PV project with a capacity of 2012.47 MWp DC. The contract marks a major step in the company’s growth in the renewable energy sector.
The order is valued at approximately INR 1,233.48 crore and is awarded by a domestic entity. The project’s timeline will be mutually decided by the company for the solar PV projects.
Order Book:
The company’s current unexecuted order book stands at a 1.7 gigawatt peak, valued at ₹2,500-₹2,700 crores, with a strong pipeline of 17.8 gigawatts driven by government initiatives and the energy transition. Management is optimistic about executing 1.2 to 1.3 gigawatts of this order book in H2 FY ’25.
Customer base
Waaree Renewable Technologies Limited’s prominent clients and partners showcased in the image include Reliance Industries, Adani Group, NTPC, L&T, and Jindal Steel & Power, indicating Waaree’s strong industry presence and ability to cater to the requirements of large-scale energy projects.
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New Developments:
Waaree Renewable Technologies Limited management is exploring opportunities in green hydrogen, despite the fact that significant demand has yet to materialize. While the company remains focused on domestic projects, it also has aspirations to expand into international markets, particularly in the Middle East and Africa, as part of its long-term growth strategy.
Recent quarter results and ratios:
Waaree Renewable Technologies Limited’s revenue has increased from Rs. 150 crore in Q2 FY24 to Rs. 524 crore in Q2 FY25, which has grown by 249.33 percent. The net profit of Waaree Renewable Technologies Limited has also grown by 157.14 percent, from Rs. 21 crore in Q2 FY24 to Rs. 54 crore in Q2 FY25.
Waaree Renewable Technologies Limited’s revenue and net profit have grown at a CAGR of 376.77 percent and 320.78 percent, respectively, over the last three years.
In terms of return ratios, the company’s ROCE and ROE should be 107 percent and 80.2 percent, respectively. The debt-to-equity ratio of the company is to be 0.10x, which shows the company is almost debt-free. Waaree Renewable Technologies Limited’s EPS is to be Rs. 19.1.
Company Overview:
Waaree Renewable Technologies Limited is an India-based EPC company focused on the renewable energy sector. It specializes in solar power generation, offering solutions like rooftop, floating, and ground-mounted solar projects.
The company also provides financing, construction, operation, and maintenance services under the RESCO model, delivering clean energy to clients. Waaree Renewable Technologies Limited has India’s largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat.
Written By – Nikhil Naik
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