Waaree Energies
ListedRenewable Energy2024India's largest solar PV module manufacturer by capacity. One of 2024's most-subscribed IPOs, listing at a ~66% premium on the back of a booming solar order book.
Company Overview
Waaree Energies is the largest manufacturer of solar PV modules in India by installed capacity, with a growing presence across the solar value chain including cells and ingots.
Manufactures and sells solar modules to domestic utilities, EPC players and exporters (notably the US). Forward integration into cells and a large order book underpin revenue visibility.
Global decarbonisation and India's domestic content rules (ALMM) favour large, integrated domestic module makers with US export exposure.
IPO Details
Market Performance
Financials
Revenue CAGR +96.7%| Fiscal Year | Revenue | Profit | EBITDA | Net Worth | Debt |
|---|---|---|---|---|---|
| FY22 | ₹2,945 Cr | ₹80 Cr | ₹230 Cr | ₹700 Cr | ₹360 Cr |
| FY23 | ₹6,751 Cr | ₹500 Cr | ₹760 Cr | ₹1,900 Cr | ₹520 Cr |
| FY24 | ₹11,398 Cr | ₹1,274 Cr | ₹1,700 Cr | ₹4,300 Cr | ₹480 Cr |
All figures in ₹ crore.
Price History
IPO Price vs Current
Returns
Key Numbers
News & Updates
- 02 Jun 2025
Waaree commissions new cell manufacturing line
Economic Times
- 28 Apr 2025
US subsidiary bags large module supply order
Business Standard
- 10 Feb 2025
Q3 profit jumps on strong export realisations
Moneycontrol
SWOT Analysis
- • Largest module capacity in India
- • Strong US export franchise
- • Robust multi-year order book
- • Earnings sensitive to module price cycles
- • High working-capital intensity
- • Backward integration into cells/wafers
- • India 500 GW renewable target
- • US trade-policy / tariff shifts
- • Chinese oversupply pressuring prices
Figures are illustrative sample data for demonstration — not investment advice.