Following a solid financial report that showed a net profit gain of 260% to ₹507 crore and a revenue growth of 117% to ₹3,458 crore, mostly from solar activities, Waaree Energies experienced a 14% increase in its shares to ₹2,505.
Following the revelation of the company’s December quarter performance, which was above street predictions, shares of Waaree Energies, one of India’s top renewable energy businesses, increased by 14% in early morning trading on January 31 to ₹2,505.
After market hours on Thursday, the business said that its consolidated profit had increased by 260% to ₹507 crore from ₹141 crore in the same quarter last year. In the October to December quarter of the fiscal year 2024–25, its operating revenue increased 117% to ₹3,458 crore from ₹1,596 crore in the same period the previous year.
Solar photovoltaic modules, the company’s primary source of income, increased 122% to ₹3,108 crore during the October–December quarter from ₹1,402 crore during the same time last year.
Waaree Energies can produce 5.4 GW solar cells and 15 GW solar modules. With the energy sector predicted to treble by the end of this decade, solar is leading the way in this enormous energy transition opportunity. By 2030, the world’s renewable energy (RE) capacity is expected to reach 9.8 TW; by the same year, India’s RE capacity will reach 500 GW.
76% of the increases to worldwide RE capacity in 2023 came from solar. India has set a target of 280 solar capacity by 2030, while the worldwide solar capacity is expected to reach 5.8 TW by the same year.
According to JMK Research, India installed over 24.5 GW of solar and 3.4 GW of wind capacity in 2024, more than twice as many solar installations and 21% more wind installations than in 2023.
Remarkably, 2024 saw the most solar capacity addition in a single year. According to the Ministry of Power, these new developments have increased India’s installed renewable energy (RE) capacity to 209.44 GW as of December 2024, accounting for approximately 45% of the country’s 462 GW total power capacity.
The business also updated its development ambitions, announcing that commercial production had begun at its 1.6 GW module factory in Texas, USA. That trial production had begun at its 5.4 GW solar cell project in Chikhli, Gujarat.
According to the company’s earnings filing, on the energy transition front, it is investing strategically in green hydrogen and electrolyzer technologies (₹551 crores), battery manufacturing (₹2,073crorese), renewable power infrastructure (₹65croresre), and inverters (₹130 crores).
In addition, the business has signed a share purchase agreement to pay ₹792 crore to acquire Enel Green Power India. Regarding the production-linked incentive (PLI), the company has noted that it is still awaiting a Letter of Award (LOA) for a 90kT green hydrogen production unit. Still, one has already been obtained for a 300 MW electrolyzer manufacturing unit.
After investors contributed ₹4,321.44 crore, the company’s shares debuted on Dalal Street in October 2024. The IPO price of ₹1,503 was more than the quoted price of ₹2,338 per share. Investors responded so well to the issuance that it was oversubscribed by 76 times.
