Shares of Waaree Energies rallied over 4% on Thursday after solar battery manufacturer bagged solar modules order. The renewable energy company has secured the order for supply of solar modules for 362.5 MWp by Khaba Renewable Energy Pvt Ltd, a subsidiary of Engie India. Megawatt peak (MWp) is a measure of the maximum potential output of power from a source such as solar or wind.

Boosted by the development, Waaree Energies share price climbed 4.4% to hit an intraday high of ₹2,319 on the BSE. Early today, the renewable energy stock opened higher for the second straight session at ₹2,237.95, after settling 2.58% higher at ₹2,220.50 in the previous session.

The newly listed solar stock has risen 7% in two days after losing over 12% in the past one month and nearly 20% year-to-date (YTD). Shares of Waaree Energies, which made its debut on October 28, 2024, are up 54% from its IPO price of ₹1,503 apiece, while they are down 40% from its record high level of ₹3,740.75 touched on November 6, 2024.

In an exchange filing last evening, Waaree Energies said that it bagged a “one-time” order for supply of solar PV modules. The supply of modules is scheduled to commence in FY 2025-26. The company, however, didn’t reveal the value of the deal.

Early this month, the company commenced operations at 1.40 GW solar cell manufacturing facility at its factory at Gujarat, effective from February 7, 2025. It has set up three solar cell manufacturing lines having an annual capacity of 476 MW each, totaling to 1.40 GW. As per the company, the lines are capable to produce 4,48,800 cells per day with maximum size of cell being 210 mm of length and breadth.  

Last month, Waaree Energies signed a deal to acquire energy company Enel Green Power India (EGP), the Indian subsdiary of the Italian renewable energy firm, Enel Green Power Development S.R.L., to solidify its position in India’s renewable energy sector.

As of December 31, 2024, Waaree’s order book, including its subsidiary WRTL, stood at 26.5 GW, and in rupee terms, this is around ₹50,000 crore. This order book is well diversified between India and international markets, with 54% overseas and 46% from India. The revenue mix for the Q3 FY25 was 79% from India and 21% from international markets.

The company concluded December quarter of FY25 with a revenue of ₹3,545 crore, which rose 115% year-on-year (YoY). EBITDA grew sharply by 257% to ₹810 crore, while profit stood at ₹507 crore, registering a 260% YoY growth.

Incorporated in December 1990, Waaree Energies is one of India's largest solar PV module manufacturers with an aggregate installed capacity of 12 giga watt (GW). It operates four manufacturing plants in Gujarat, India, situated in Surat, Tumb, Nandigram, and Chikhli, covering an aggregate area of 136.30 acres.

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