Waaree Energies shares experienced a decline of over 8% despite securing an order for 180 Mwp solar PV modules. The company’s shares had surged 60% post-listing, driven by a strong market position and fundamentals, but profit booking led to the recent dip.
The new order involves supplying solar PV modules to a major renewable power company in India, with deliveries scheduled to start at the end of November 2024 and complete by Q4 FY 2025. This win underscores Waaree’s robust presence in the renewable energy sector.
Also Read : Wardwizard Innovations Drops 9% as BSE Auto Index Steady
Waaree Energies, listed recently, drew significant attention in its IPO, with the issue being subscribed 76 times and receiving 97 lakh applications. Notably, qualified institutional investors subscribed at 208 times, indicating high confidence in the company’s prospects.
Following the IPO, Waaree Energies witnessed a sharp rally, climbing nearly 60% in just 10 trading sessions. This surge was fueled by strong investor sentiment, reflecting the company’s solid market position and rapid growth in solar PV manufacturing capabilities.
Also Read : Niva Bupa Health Insurance IPO Review
On Wednesday, the company achieved a significant milestone by crossing the ₹1 lakh crore market cap mark, making it the 93rd largest company in India. It surpassed established names such as Lupin, Hero MotoCorp, and Tata Consumer Products.
Financially, Waaree Energies showcased impressive growth, with net profit climbing from ₹79.65 crore in FY23 to ₹500.28 crore and further rising to ₹1,274.38 crore in FY24. This trajectory highlights the company’s robust business operations and profitability in the renewable sector.
Established in 2007, Waaree Energies started with solar PV module manufacturing and expanded its capacity from 4 GW in 2022 to 12 GW by mid-2024. Today, it stands as India’s largest solar PV module manufacturer with a 12 GW capacity as of June 2024.
