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 saw a 14% increase in its shares to ₹2,505.
Today's stock market: Following the revelation of the company's December quarter performance, which surpassed 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 company said that its consolidated net profit had increased by 260% to ₹507 crore from ₹141 crore in the same quarter last year. Its operating revenue increased by 117% to ₹3,458 crore for the fiscal year 2024–2025's October–December quarter.
Solar photovoltaic modules, the company's main source of income, increased 122% to ₹3,108 crore during the October–December quarter from ₹1,402 crore during the same period last year.
At the moment, Waaree Energies can produce 5.4 GW of solar cells and 15 GW of 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, while by the same year, India's RE capacity is expected to reach 500 GW.
76% of the increases to worldwide RE capacity in 2023 came from solar. By 2030, it is anticipated that the world's solar capacity will reach 5.8 TW, while India has set a target of 280 GW of solar capacity by 2030.
At the moment, Waaree Energies can produce 5.4 GW of solar cells and 15 GW of 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, while by the same year, India's RE capacity is expected to reach 500 GW.
76% of the increases to worldwide RE capacity in 2023 came from solar. By 2030, it is anticipated that the world's solar capacity will reach 5.8 TW, while India has set a target of 280 GW of solar capacity by 2030.
According to JMK Research, India added over 24.5 GW of solar capacity and 3.4 GW of wind capacity in 2024, which is more than twice as many solar installations and 21% more wind installations than in 2023.
Remarkably, 2024 saw the most addition of solar capacity in a single year to date. 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.
Additionally, the business gave an update on its intentions for growth, announcing that commercial production had begun at its 5.4 GW solar cell plant in Chikhli, Gujarat, and trial production had begun at its 1.6 GW module plant in Texas, USA.
According to the company's earnings filing, on the energy transition front, it is investing strategically in green hydrogen and electrolyser technologies (₹551 crore), battery manufacturing (₹2,073 crore), renewable power infrastructure (₹650 crore), and inverters (₹130 crore).
In addition, the business has signed a share purchase agreement to pay ₹792 crore to acquire Enel Green Power India. The company has got a Letter of Award (LOA) for a 300 MW electrolyser manufacturing unit under the production-linked incentive (PLI) program, however it has not yet secured a LOA for a 90kT green hydrogen production unit.
59% increase in stock from IPO price
After investors contributed ₹4,321.44 crore, the company's shares made their debut on Dalal Street in October 2024. The IPO price of ₹1,503 was higher than the quoted price of ₹2,338 per share. Investors responded so well to the issuance that it was oversubscribed by 76 times.
Remarkably, 2024 saw the most addition of solar capacity in a single year to date. 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.
Additionally, the business gave an update on its intentions for growth, announcing that commercial production had begun at its 5.4 GW solar cell plant in Chikhli, Gujarat, and trial production had begun at its 1.6 GW module plant in Texas, USA.
According to the company's earnings filing, on the energy transition front, it is investing strategically in green hydrogen and electrolyser technologies (₹551 crore), battery manufacturing (₹2,073 crore), renewable power infrastructure (₹650 crore), and inverters (₹130 crore).
In addition, the business has signed a share purchase agreement to pay ₹792 crore to acquire Enel Green Power India. The company has got a Letter of Award (LOA) for a 300 MW electrolyser manufacturing unit under the production-linked incentive (PLI) program, however it has not yet secured a LOA for a 90kT green hydrogen production unit.
59% increase in stock from IPO price
After investors contributed ₹4,321.44 crore, the company's shares made their debut on Dalal Street in October 2024. The IPO price of ₹1,503 was higher than the quoted price of ₹2,338 per share. Investors responded so well to the issuance that it was oversubscribed by 76 times.
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