India’s renewable energy sector continues to gain momentum as the government pursues a goal of achieving 500 GW in renewable energy capacity by 2030, with a Net Zero target set for 2070. Rising energy demands, driven by rapid industrialization, underscore the nation’s commitment to expanding solar and wind energy resources.
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In October, progress accelerated with 16 new renewable energy tenders announced, collectively adding 11,098 MW of capacity to the clean energy sector. These initiatives reflect India’s efforts to support sustainable energy infrastructure development.
Waaree Energies Ltd, a recently listed renewable energy firm, saw substantial interest in its IPO, which was oversubscribed by 79 times, receiving over 97 lakh applications. Debuting at ₹2,500 on the National Stock Exchange, Waaree Energies’ shares opened at a premium of 66.3% above the issue price of ₹1,503.
Following its listing, Waaree Energies’ stock surged, hitting a new high of ₹3,743, propelling the company’s market cap to over ₹1 lakh crore. It surpassed notable large-cap companies such as Hero MotoCorp, Cummins India, and Tata Consumer Products in market capitalization.
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Waaree Energies has become the 93rd company to achieve a market capitalization above ₹1 lakh crore, driven by a positive outlook on the renewable energy sector. Just eight days after its listing, the company joined the ₹1 lakh crore market cap club, with post-listing gains exceeding 40%.
Valuation of Renewable Energy Companies (PE)
| Company | P/E Ratio |
| Waaree Energy | 106x |
| JSW Energy | 60x |
| Tata Power | 37x |
| Suzlon | 93x |
| KPI Energy | 58x |
| Adani Green | 202x |
| KPEL | 71x |
A key player in solar panel manufacturing and exporting, Waaree Energies held a 21% domestic market share and a 44% export share in FY24. Its capacity increased from 2 GW in FY21 to 13.3 GW by FY24.
