In a significant move within the renewable energy sector, a major European green power giant has agreed to divest its Indian subsidiary for Rs. 792 crore. The deal encompasses approximately 640 MWAC / 760 MWDC of operational solar and wind projects, along with a pipeline of developments, marking a notable shift in the company’s strategic focus in the Asian market.
Share Price Movement
The share price of Waaree Energies Limited went up 3.23 percent to Rs. 2,648 per share on Monday, a decrease from its previous close of Rs. 2,565 per share. The market capitalisation now stands at approximately Rs. 73,370 crore as of January 13, 2025.
What’s Driving the Price?
Enel Green Power Development S.r.l. has agreed to sell 100% of its Indian business, Enel Green Power India Private Limited (EGPIPL), for Rs. 792 crores. EGPIPL operates 640 MWAC / 760 MWDC of solar and wind projects and is developing more. The Seller is one of Europe’s largest renewable energy companies.
Financial Highlights
According to its recent filing, in the quarter ending September 2024, Waaree Energies’s consolidated revenue from operations has increased by 1.04 percent YOY from Rs. 3,537 crore in Q2 FY24 to Rs. 3,574 crore in Q2 FY25 and increased by 4.84 percent QoQ from Rs. 3,409 crore in Q1 FY25.
The company’s consolidated net profit has increased by 17.5 percent YoY, from Rs. 320 crore in Q2 FY24 to Rs. 376 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has decreased by 6.23 percent QoQ from Rs. 401 crore.
The average price-to-earnings (P/E) ratio in the electric equipment industry is 61, which is less than Waaree Energies’s current P/E ratio of 74.25.
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Market Outlook
India’s renewable energy sector is experiencing rapid growth, with solar energy at its forefront. By 2030, India aims for 500 GW of renewable capacity, driven by policies like JNNSM and investments in wind, hydro, and green hydrogen. Solar energy, currently at 90 GW, plays a pivotal role, boosted by decreasing PV costs and large-scale projects like Rajasthan’s Bhadla Solar Park. This transition supports India’s energy security, climate goals, and leadership in sustainable development.
Shareholding Pattern
As of the October 2024 shareholding pattern, Waaree Energies Limited is primarily held by the promoters at 64.31 percent, foreign institutional investors hold 2.23 percent, and the public with 30.46 percent.
About Company
Waaree Energies Limited (WEL), founded in 1990 and headquartered in Mumbai, is India’s largest manufacturer of solar photovoltaic (PV) modules, with an installed capacity of 12 GW by mid-2024. Operating through five advanced manufacturing facilities, Waaree produces solar PV modules for domestic and international markets, completing over 10,000 solar projects and achieving an operational capacity exceeding 600 MW.
The company also engages in project financing, construction, and independent power production (IPP). Guided by values of customer focus, integrity, safety, and ambition, Waaree aims to make energy accessible and affordable, expanding its market presence with strategic initiatives like acquiring EGPIPL.
Written By Fazal Ul Vahab C H
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