Market leader Solar Stock saw a 9 percent jump after winning a contract for a 170 MW solar power plant project. The deal strengthens the company’s position in the renewable energy sector, reflecting growing investor confidence in its expansion and sustainability initiatives.
Price Movement
During Thursday’s trading session, Waaree Energies Ltd’s reached an intra-day high of Rs.3,445.45 per share, rising 8.5 percent from its previous close of Rs.3,174.70 each. The shares have retreated since then and currently trading at Rs.3,405.10 apiece. From the IPO price the shares have delivered over 125 percent returns.
What happened
Waaree Energies shares climbed on December 12 after securing a project to develop a 170 MW solar power plant in Madhya Pradesh, awarded by Rewa Ultra Mega Solar Limited. This follows a recent order to supply up to 1 GW of solar modules.
The plant will generate and transmit clean energy via the Inter-State Transmission System (ISTS), supplying renewable power to Madhya Pradesh Power Management Company Ltd and Indian Railways, aligning with India’s renewable energy goals.
Deliveries for the 1 GW order, placed by a major Indian renewable energy firm, are scheduled for FY25 and FY26. The monetary value was not disclosed.
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Capacity Enhancement
As of September 30, 2024, the company’s unexecuted order book stands at 1,702 MW (1.7 GW), indicating strong demand for solar energy solutions. These projects are expected to be completed within 9 to 12 months. Waaree also has an active bidding pipeline of 17.8 GW, highlighting its potential for securing additional contracts.
Waaree is India’s largest manufacturer of solar PV modules with an installed capacity of 13.3 GW. To meet increasing demand, the company is expanding its production capacity, including a new U.S. facility that will begin at 3 GW and ramp up to 6 GW by 2027, aligning with India’s renewable energy goals and the ALMM initiative.
Financials
In its latest financial update, the company reported a revenue of Rs.3,574 crore in Q2 FY25, rising 1 percent from Rs.3,537 crore in Q2 FY24. Similarly, the company reported a net profit of Rs.376 crore in Q2 FY25, rising 18 percent from Rs.320 crore during the same period.
About the Company
Waaree Energies Limited, founded in 1990 and headquartered in Mumbai, is India’s largest manufacturer of solar photovoltaic (PV) modules, boasting an operational capacity of 12 GW. The company focuses on providing sustainable energy solutions and has a significant international presence, exporting approximately 70 percent of its products to markets like the US and Canada.
Written by – Siddesh S Raskar
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