Waaree Energies: India's Largest Solar Cell Manufacturer, 50% Orders from Overseas
On May 14, Waaree Energies reached a major milestone in its solar module business. The company announced it received an order to supply 180 megawatt peak (MWp) solar modules from a leading renewable energy firm. The supply will begin in the financial year 2025-26. Waaree stated this order will further strengthen its position in India’s renewable energy sector.
This marks a crucial moment for Waaree Energies, re-establishing its credibility in the market. Following the announcement, the company's share price jumped to ₹1,118 per share. Although Waaree shares had declined by 36% in the past three months, its long-term strategies and technical expertise make it a compelling option for investors.
Expertise in Renewable Energy Projects
Waaree Energies is well-known for its expertise in the renewable energy domain. The company manufactures solar panels, inverters, and energy storage systems for residential, commercial, and industrial users. Recently, it received a Letter of Intent (LOI) for a 105 MW (DC) ground-mounted solar project. This project, based on a turnkey EPC (Engineering, Procurement, and Construction) model, is scheduled for completion in FY 2025-26.
The company has consistently performed well in the EPC segment. In Q3FY25, Waaree generated ₹1,093.99 crore in customer revenue, based on a sales volume of 1,024.92 MWp. However, the EBITDA dropped 18% to ₹71 crore in the same quarter.
Financial Performance and Dividend
On the financial front, Waaree Energies reported underwhelming results in the latest quarter. Consolidated profit after tax (PAT) declined 16% to ₹53 crore, even though consolidated revenue from operations increased by 11%. Still, the company declared an interim dividend of ₹1 per share on equity shares with a face value of ₹2 each. The record date for this dividend was set for January 24, reflecting the company’s commitment to shareholders.
Why It Matters for Investors
Waaree Energies has secured a strong foothold in the renewable energy sector over recent years. Its solid performance in solar module and EPC segments positions it as a stable and long-term investment. Despite recent financial concerns, new projects and significant orders indicate that Waaree has the potential to bounce back strongly. In the last fiscal year, the company’s profit more than doubled to ₹1.932 crore.