Waaree Energies Share Price Jumps On 1-GW Solar Module Supply Order Win

Waaree Energies Ltd.’s share price surged over 7% to Rs 3,185 apiece after the company announced it had secured an order for the supply of up to 1 gigawatt of solar modules. A domestic customer engaged in owning, developing, and operating renewable power projects in India has placed the order.

The company stated the order, involving the one-time supply of solar photovoltaic modules, is scheduled to commence in the financial years 2024-25 and 2025-26.

Waaree Energies is India's largest manufacturer of solar photo voltaic modules.

Last week, Waaree secured two solar-module supply orders totalling 524 megawatts from renewable energy companies.

Waaree plans to commission its new 1.6-gigawatt solar panel manufacturing facility in the US within this fiscal, Chief Executive Officer Amit Paithankar said last week.

The company also aims to upscale the capacity of the plant located in Houston, USA, to 3 GW in the near term. Last year, Waaree entered the US market to launch the new solar photovoltaic module manufacturing plant at an investment of $1 billion.

Waaree Energies, which debuted on the stock exchange on Oct. 28 at Rs 2,500 per share, has risen 32% since listing. During today's session, the stock hit an intraday high of Rs 3,185, with trading volumes at 2.5 times the 30-day average. The relative strength index stood at 65.39. No analysts are currently tracking the stock.

It was trading 4.57% higher at Rs 3,107 apiece, compared to a 0.20% advance in the benchmark Nifty 50 as of 10:03 a.m.  

The company announced its results for the first time since listing during the September quarter. Its profit rose 17% to Rs 375.7 crore in the second quarter of the current financial year from Rs 320.1 crore in the year-ago period. Revenue rose 1% to Rs 3,754.4 crore from Rs 3,537.3 crore in the same period of the previous fiscal.

The solar module manufacturer's earnings before tax, interest, depreciation and amortisation rose 1.5% to Rs 524.9 crore from Rs 517.3 crore for the same period last year. The margin remained flat at 14.7%.