Shares of Waaree Energies Limited, India’s largest solar PV module manufacturer, skyrocketed up to 15% during intraday trade after the company reported a staggering 260% year-on-year (YoY) surge in net profit for Q3FY25. The stock, backed by BlackRock, saw heavy buying interest following the earnings announcement.
Stock Performance: A Strong Market Response
Investors rushed to accumulate Waaree Energies’ shares after the company posted strong quarterly numbers. The stock was trading at ₹2,446 per share, up 12% from its previous close of ₹2,190.65. At its peak, it touched a 15% gain before slightly retracing.
With a market capitalization of ₹70,294 crore, Waaree Energies has been one of the best-performing solar energy stocks in recent times, reflecting increasing investor confidence in India’s renewable energy sector.
Q3FY25 Earnings: A Remarkable Growth Story
Waaree Energies’ financial results for the third quarter of FY25 demonstrated remarkable growth across key metrics.
- Revenue from operations surged 117% YoY, rising from ₹1,596.18 crore in Q3FY24 to ₹3,457.28 crore in Q3FY25. However, it saw a minor 3% sequential dip from ₹3,574.37 crore in Q2FY25.
- Net profit skyrocketed 260% YoY from ₹140.8 crore in Q3FY24 to ₹506.8 crore in Q3FY25. Quarter-on-quarter (QoQ), it increased by 35% from ₹375.65 crore in Q2FY25.
- Net profit margin expanded significantly, climbing from 8.52% in Q3FY24 to 14.29% in Q3FY25.
- Earnings per share (EPS) jumped nearly fourfold from ₹4.93 to ₹18.41 per share.
One of the key drivers of this strong performance was the surge in demand for solar modules, which contributed nearly 90% of the company’s total revenue.
Revenue Breakdown: Modules Drive Growth
Waaree Energies’ revenue remains heavily skewed toward its core solar module business.
- Solar PV Modules: Contributed 89.9% of total revenue, with YoY growth of 122%.
- EPC Contracts: Accounted for 10.15% of revenue.
- Power Generation: A minor contributor at 0.21%.
Geographically, the company generated 79% of its revenue from India and 21% from overseas markets, reinforcing its strong domestic presence while expanding internationally.
Expansion Plans and Strategic Investments
The company has been aggressively expanding its manufacturing capabilities while making strategic investments in renewable energy and battery storage.
- Green Hydrogen & Electrolyzer: ₹551 crore allocated for this initiative.
- Battery Energy Storage Systems (BESS): A major ₹2,073 crore investment planned.
- Renewable Power Infrastructure: ₹650 crore set aside for further developments.
- Inverter Production: ₹130 crore investment to scale up manufacturing.
Additionally, Waaree Energies has started trial production at its 5.4 GW solar cell facility and commenced commercial production at its 1.6 MW solar module line in the U.S.
Installed Capacity and Future Targets
Currently, Waaree Energies holds the largest solar module manufacturing capacity in India.
| Manufacturing Segment | Current Capacity (Q3FY24) | Targeted Capacity (FY27) |
|---|---|---|
| Module Manufacturing | 15 GW | 21 GW |
| Solar Cell Production | 5.4 GW | 11.4 GW |
| Ingot Manufacturing | N/A | 6 GW |
By FY27, the company aims to significantly expand its footprint in solar and energy storage solutions, capitalizing on India’s clean energy transition.
BlackRock’s Stake: Institutional Confidence
BlackRock Institutional Trust Company, through the National Pension Service, has been an early backer of Waaree Energies. It made an investment of approximately ₹31.75 crore in the company’s IPO through the anchor book, signaling strong institutional confidence in Waaree’s growth potential.
With India’s aggressive push toward renewable energy and global investors eyeing the sector, Waaree Energies stands well-positioned for sustained growth in the coming years.
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