Waaree Energies Q2 Results: Net Profit More Than Doubles, Revenue Rises 70%
Waaree Energies revenue increased by 69.7% year-on-year to Rs 6,066 crore.
Waaree Energies Ltd. saw an over two-fold jump in its net profit in the second quarter of this financial year.
The company has posted a consolidated bottom-line of Rs 843 crore in the June-September period, as against Rs 362 crore in the same quarter last year, according to its stock exchange notification on Thursday.
Revenue increased by 69.7% year-on-year to Rs 6,066 crore. Operating income, or earnings before interest, taxes, depreciation, and amortisation more than doubles year-on-year to Rs 1,406 crore. The Ebitda margin expanded to 23.2%.
Waaree Energies Q2 Highlights (Cons, YoY)
Net profit more than doubles to Rs 843 crore versus Rs 362 crore.
Revenue rises 69.7% to Rs 6,066 crore versus Rs 3,574 crore.
Ebitda more than doubles to Rs 1,406 crore versus Rs 525 crore.
Margin at 23.2% versus 14.7%.
Waaree Energies Announces First Dividend
Waaree Energies has announced its first dividend of Rs 2 per equity share for the fiscal 2026. The company announced distribution of nearly Rs 57.53 crore to shareholders.
The board has fixed Oct. 24 as the record date for the purpose of dividend payment, the company said in an exchange filing on Thursday. Additionally, the company said it will pay the interim dividend on Nov. 6.
Waaree Energies, founded in 1990 and headquartered in Mumbai, is the country’s largest solar module manufacturer, with an aggregate installed capacity of 13.3 GW as of June 30, 2024.
Waaree Energies Share Price Today
The quarterly earnings was shared after market hours. The stock settled 3.10% higher at Rs 3,627.40 apiece on the NSE, compared to a 1.03% advance in the benchmark Nifty 50.
Waaree Energies shares have risen 27.07% year-to-date and 55% since its listing in October last year.
Waaree Energies launched its IPO in October 2024, and the issue was heavily oversubscribed, resulting in the stock’s bumper debut, listing at nearly 70% premium to its issue price. Since then, the rally has continued, with shares gaining over 50% post-listing.
Out of nine analysts tracking the company, six maintains a 'buy' rating and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 3,561 implies a downside of 1.8%.
