Waaree Energies Limited

Waaree Energies Limited: Indian Solar Energy Company

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Waaree Energies Limited is a leading Indian solar energy company. The company, founded in 1990, is known for its significant solar PV module manufacturing capacity, which has grown to 12 GW as of June 2024. 

The company boasts a substantial order backlog, including 16.66 GW of solar PV module orders from both domestic and international markets. 

Waaree Energies has a solid client base, with key customers such as ReNew Power, Mahindra Susten, and Hero Solar, as well as a growing presence in international markets like the US, Canada, and Italy.

Financially, Waaree has seen significant growth. Its revenue surged from INR 2,854 crore in FY22 to INR 11,398 crore in FY24, with net profits rising to INR 1,274 crore in FY24. 

Waaree Energies Limited: Overview

Waaree Energies Limited is a key player in India’s renewable energy sector, specifically focusing on solar energy. 

The company is well-positioned for growth, focusing on expanding its solar energy offerings amidst increasing global demand for renewable energy.Here are additional details about the company:

 

1. Core Business and Product Line

  • Solar PV Module Manufacturing: Waaree Energies is one of the largest manufacturers of solar PV modules in India, with a total installed capacity of 12 GW as of 2024. Their product line includes
    • Multicrystalline modules
    • Monocrystalline modules
    • TopCon modules, which include advanced technology like bifacial modules (both framed and unframed).
  • Other Offerings: Apart from PV modules, Waaree also provides EPC (Engineering, Procurement, and Construction) services, energy storage solutions, and rooftop solar projects. They are involved in solar water pumps and solar rooftop solutions, catering to both commercial and residential needs.

2. Market Presence

  • Domestic and International Reach: Waaree Energies has a significant presence in both Indian and global markets. They have supplied solar products to over 68 countries across the globe, including key markets like the US, Canada, Italy, and the UK. Domestically, they have strong ties with notable companies such as ReNew Power, Mahindra Susten, and Hero Solar.
  • Expanding Capacity: Waaree has aggressively expanded its manufacturing capacity to meet the growing demand for renewable energy, particularly solar, in both Indian and international markets.

3. Order Book and Growth Prospects

  • Robust Order Backlog: Waaree’s strong growth is evident in its substantial order backlog, which stood at 16.66 GW as of mid-2024. This backlog reflects high demand for its solar PV modules in both domestic and international markets.
  • Position in Energy Transition: As India continues its push towards achieving its renewable energy targets, Waaree Energies is well-positioned to capitalize on the country’s transition from traditional to renewable energy sources.

4. Financial Performance

  • Revenue and Profit Growth: Waaree Energies has experienced impressive financial growth over recent years. In FY22, the company reported revenues of INR 2,854 crore, which skyrocketed to INR 11,398 crore by FY24. Similarly, its net profits rose from INR 111 crore in FY22 to INR 1,274 crore in FY24, showcasing a significant leap in profitability

5. Sustainability and Innovation

  • Waaree Energies is deeply committed to innovation in solar energy technology and sustainability. The company has continuously improved its product offerings to cater to the growing demand for efficient and cost-effective renewable energy solutions.

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Conclusion

Waaree Energies’ strong financial performance, robust market presence, and strategic positioning in the renewable energy space make it a company worth watching, especially in the context of India’s increasing shift towards sustainable energy.

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