One of the renewable energy stocks specializes in the manufacturing of solar PV modules, with an aggregate installed capacity of 12 GW. The stock is in focus after starting trial production of its 1.6 GW solar module line at its Brookshire facility in Texas, USA.
Stock Price Movement:
In Friday’s trading session, Waaree Energies Limited’s share jumped to an intraday high of 1.92 percent from the previous close of Rs. 3,038.50. The stock opened at Rs. 3,096.80 and is currently trading at Rs. 2,994.20, with a high of Rs. 3,096.80 and a low of Rs. 2,991.50. The market capitalization now stands at approximately Rs. 86,018.34 crore
What happened:
Waaree Solar Americas Inc., a wholly owned subsidiary of Waaree Energies Limited, has started trial production of its 1.6 GW solar module line at its Brookshire facility in Texas, USA. This development will strengthen the company’s position in the U.S. solar market.
Strategic Outlook and New Developments:
Waaree Energies Limited is investing INR 600 crores in renewable energy infrastructure and bidding, with plans for electrolyser manufacturing to support hydrogen production. The company is exploring battery energy storage systems, anticipating a 70 gigawatt-hour demand in India by 2030.
The company focused on solar energy’s cost advantages, and it is evaluating plans for additional U.S. capacity (3.4 GW of modules, 5 GW of cells) based on policy developments, with a long-term optimistic growth outlook for solar energy.
Capacity Expansion:
Waaree Energies Limited operates five advanced manufacturing facilities with a total installed capacity of 12 GW. The company is further scaling its operations by establishing a 6 GW facility in Odisha and planning an additional 3 GW manufacturing capacity in the United States.
Additionally, Waaree leverages an extensive distribution network supported by 388 franchises.
Manufacturing Facilities:
Waaree Energies Limited is expanding its global presence with a U.S. factory nearing completion, set to begin commercial production soon.
In India, the company boasts one of the largest solar PV module manufacturing facilities in Chikhli, Gujarat, and has established over 370 stores through franchisees and channel partners across the country.
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Order Book:
Waaree Energies Limited’s current order book stands at 20 gigawatts, with a diversified customer base spanning exports, large clients, and retail.
The order book is split between 27.5% domestic and 72.5% overseas, highlighting its strong international presence. The retail segment accounts for 23% of the business, with significant growth potential.
Financial Highlights and Ratios
Waaree Energies Limited’s revenue from operations grew significantly by 68.83 percent, rising from Rs. 6,751 crore in FY23 to Rs. 11,398 crore in FY24. The company’s net profit saw an impressive increase of 154.80 percent, from Rs. 500 crore in FY23 to Rs. 1,274 crore in FY24.
Over the last four years, Waaree Energies has demonstrated strong growth with a compounded annual growth rate (CAGR) of 54.58 percent in revenue and 139.04 percent in net profit.
In terms of profitability, the company has strong return ratios, with Return on Capital Employed (ROCE) at 43.6 percent and Return on Equity (ROE) at 33.4 percent. Waaree Energies maintains a healthy financial structure, with a debt-to-equity ratio of just 0.11, indicating that the company is nearly debt-free. The earnings per share (EPS) stands at Rs. 62.8.
About the Company
Waaree Energies Limited was established in 1990 and is India’s leading solar energy company and the largest photovoltaic (PV) module manufacturer. The company delivers innovative solar solutions across India and in over 20 countries globally.
Waaree manufactures various solar products, including multicrystalline, monocrystalline, and TopCon modules, catering to diverse market demands. Its comprehensive portfolio also includes inverters, energy storage systems, and turnkey engineering, procurement, and construction (EPC) services for residential and commercial sectors.
Written By – Nikhil Naik
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