Waaree Energies Limited was founded in 1990 and is India's largest manufacturer of solar PV modules with the largest aggregate installed capacity of 13.3 GW. The company is headquartered in Mumbai, India, and has established itself as a dominant force in the renewable energy sector over three decades of operations.
The company operates as a vertically integrated solar energy solutions provider, encompassing manufacturing, engineering, procurement, and construction (EPC) services. WEL commenced operations in 2007, focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, demonstrating its commitment to sustainable energy development and carbon footprint reduction.
Waaree Energies proudly operates India's largest solar PV Module manufacturing capacity of 13.3 GW across its plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat and Noida. The company also operates a 5.4 GW cell manufacturing facility in Gujarat, making it not only the largest module manufacturer but also India's largest Solar Cell Manufacturer.
The company's manufacturing capabilities extend beyond India, with a 1.6 GW module manufacturing facility in the USA, demonstrating its global expansion strategy. Leading with advanced technologies like HJT (Heterojunction Technology), followed by N-Type Module, flexible modules, specialized modules, and both mono and polycrystalline options, Waaree delivers cutting-edge solar solutions to meet diverse market requirements.
Waaree Energies stands as India's largest solar PV module manufacturer, with an operational capacity of 13.3 GW for solar PV modules like N-Type Module, P-Type Mono PERC, Bifacial, BIPV, Flexible, and Polycrystalline modules. The company's product portfolio includes advanced technologies such as HJT modules that deliver exceptional power output ranging from 700W to 730W, with module efficiencies up to 30.55%.
As of recent data, Waaree Energies has a market capitalization of ₹85,556 Crore. The company has demonstrated strong financial performance with revenue of ₹14,444 Crore and profit of ₹1,928 Crore. Waaree Energies is India's largest manufacturer and exporter of solar modules, holding 21% share of the domestic market for solar modules and 44% share in India's solar module exports as of FY24.
Recent financial results show a robust growth trajectory. For FY25, the company reported a 27.6% YoY revenue increase to ₹148.5 billion, while EBITDA rose 72.6%, net profit more than doubled, and the order book stands at ₹470 billion. The company's Q4 FY25 results showed a 34.10% increase in net profit to ₹618.91 Crore, with a 36.38% rise in revenue to ₹4,003.93 Crore.
For the upcoming quarter, Kotak projects a 32% year-on-year and 12% quarter-on-quarter growth in revenues for Waaree Energies in Q1FY26, driven by the scaling up of its 5.4 GW cell facility and enhanced utilization rates. The company is forecasted to see a 470 basis points improvement in margins compared to the previous year, with strong growth in the EPC business anticipated to further bolster financial performance.
Beyond manufacturing, Waaree Energies has established itself as a comprehensive EPC solutions provider. Waaree provides EPC solutions from conception to completion, powering sustainable futures through their engineering. The company offers diverse solar solutions including rooftop solar as a one-stop solution, floating solar solutions, and maintenance solutions for plant efficiency, cost optimization, and profitability.
Waaree has been recognized as India's largest EPC Player (Utility Scale) in India for CY 2023, highlighting its dominance in the utility-scale solar project development sector. The company has successfully executed numerous projects across India, contributing significantly to the country's renewable energy capacity addition.
With a presence across India and 25+ countries worldwide, Waaree offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems. With 8500+ employees worldwide and a 12 GW manufacturing facility, the company has delivered 6 GW of premium solar modules across 20 countries and is consistently listed by Bloomberg New Energy Finance in Tier 1 Module Manufacturers for 35 quarters.
The company's export performance is particularly noteworthy, with 44% share in India's solar module exports as of FY24. Recent developments include Waaree Solar Americas receiving a significant order for 540 MW solar modules from a U.S. developer, demonstrating the company's growing international market presence.
Waaree Energies has secured several significant orders recently, reinforcing its market position. The company announced receiving an order to supply 410 MW of solar PV modules from ABREL EPC, a wholly-owned subsidiary of Aditya Birla Renewables, with deliveries scheduled to begin in FY 2025-26. The company's order book stands at ₹470 billion, indicating strong future revenue visibility.
Waaree Energies projects a robust FY26 EBITDA of ₹5,500-6,000 Crore, indicating strong demand and firm orders. This positive outlook reflects the company's strong position in the rapidly growing solar energy market and its ability to capitalize on India's renewable energy expansion plans.
The company has a promoter holding of 64.3%, indicating strong promoter confidence and commitment to the business. Despite reporting repeated profits, the company is not currently paying out dividends, likely reinvesting profits for capacity expansion and business growth.
The company's stock performance has been notable, with consideration for inclusion in the MSCI India Standard Index, though with low probability according to JM Financial, despite potential inflows of $132 million. The stock has risen 20.77% over the past year, reflecting investor confidence in the company's growth prospects.
Waaree Energies stands as India's undisputed leader in solar module manufacturing and a key player in the country's renewable energy transformation. With its comprehensive manufacturing capabilities, strong financial performance, robust order book, and expanding global presence, the company is well-positioned to capitalize on the growing demand for clean energy solutions both domestically and internationally.
