After obtaining an order for 362.5 MWp solar modules, Waaree Energies’ stock increased by over 3% to ₹2,278. Due to a 122% rise in solar PV module revenue, the business recorded a 260% increase in net profit to ₹507 crore during the third quarter of FY 2024–2025.
Following an order for 362.5 MWp solar modules, shares of Waaree Energies, one of India’s top renewable energy businesses, increased by over 3% in early morning trading on February 20 to ₹2,278 a share.
On Wednesday, the business notified investors in an exchange statement that it had obtained an order from Khaba Renewable Energy Pvt Ltd, an Engie India affiliate, to deliver 362.5 MWp of solar modules. Module delivery is expected to start in FY 2025–2026.
Meanwhile, the business is investing heavily in green hydrogen space and is concentrating more on it. As part of its continuous efforts, the Solar Energy Corporation of India Limited (SECI) in late January granted its wholly owned subsidiary Waaree Clean Energy Solutions a Notification of Award (NOA) for the establishment of a 90,000 MT annual green hydrogen production facility under the Strategic Interventions for Green Hydrogen Transitions (SIGHT) Scheme (Model-1, Tranche-II).
The company’s consolidated profit for the quarter that ended in December increased by 260% to ₹507 crore from ₹141 crore in the same period last year. In Q3 FY 2024-25, its operating revenue increased 117% to ₹3,458 crore from ₹1,596 crore in the same period the previous year.
Solar photovoltaic (PV) 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.
According to the company’s growth ambitions, commercial production has started at its 1.6 GW module factory in Texas, USA, and trial production has begun at its 5.4 GW solar cell project in Chikhli, Gujarat.
According to its financial statement, the business is strategically investing ₹551 crores in green hydrogen and electrolyzer technologies, ₹2,073crorese in battery production, ₹650 crore in renewable power infrastructure, and ₹130 crore in inverters as part of its energy transformation plan.
In addition, the business has signed a share purchase agreement to pay ₹792 crore to provide Enel Green Power India. It has obtained a (LOA) for a 300 MW electrolyzer manufacturing unit under the production-linked incentive (PLI); however, a 90 kT green hydrogen production unit LOA is still pending.
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. The stock currently trades 52% higher than when it was first listed.
