BlackRock backed solar stock jumps 4% after receiving order for supply of solar modules

The shares of the largest solar panel manufacturer gained up to 2.5 percent after the company secured a significant work order for the supply of solar modules for 362.5 MWp.

Price movement

With a market capitalization of Rs 64,258.07 crore, the shares of Waaree Energies Ltd were trading at Rs 2,298.10 per share, increasing around 3.50 percent as compared to the previous closing price of Rs 2,220.50 apiece.

Reason for Rise 

Today, the shares of the company have seen bullish movement after Waaree Energies Ltd secured a significant work order for the supply of solar modules for 362.5 MWp from  Khaba Renewable Energy Pvt Ltd, a subsidiary of Engie India. 

Financial Performance 

Looking forward to the company’s financial performance, revenue increased by 116 percent from Rs 1,596 crore in Q2FY24 to Rs 3,457 crore in Q2Y25. During the same period, net profit magnified by 259 percent, from Rs 141 crore to Rs 507 crore.

Revenue Segmentation

Waaree Energies derived 85.42% of its revenue from Solar PV Modules (OPM: 12.35%), with sales declining 10% YoY to Rs 3,053.24 Cr in Q2FY25. EPC contributed 4.08% (OPM: 12.28%), with sales surging 257% to Rs 516.67 Cr. Power generation added 0.17% (OPM: 0.11%).

Market dynamics 

Global solar capacity is set to nearly triple to 5.8 TW by 2030, with India rising from 98 GW in 2024 to 280 GW. Falling solar and battery costs are driving sustained growth beyond 2030, making solar a key player in the global energy transition.

Order Book 

The company’s order book stands at 26.5 GW (~Rs 50,000 crores), with 54% from overseas and 46% from India. Last quarter’s revenue mix was 79% from India and 21% international, reflecting differing project timelines between domestic and global markets.

Expansion Plan 

Waaree Energies’ U.S. factory began commercial operations on January 22, 2025, while its cell factory is in pilot production. Its 1.4 GW Mono PERC lines are in trial production, 4 GW TOPCon lines will be operational by April-May, and a 6 GW PLI project remains on track.

Strategic Outlook

Waaree Energies sees solar energy’s cost advantages as driving growth in the U.S. market. It is evaluating plans for expanding capacity (3.4 GW module, 5 GW cell) based on policy changes. Management remains optimistic about solar’s long-term, multi-decadal growth potential.

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Margin Guidance

Waaree Energies expects margin expansion driven by a strong order book, lower input costs, and a focus on profitable orders. Continuous supply chain optimization enhances cost efficiencies, further strengthening profitability and sustaining growth in a competitive market.

Future Outlook

The management is optimistic about growth, citing a strong order pipeline and buoyant markets domestically and internationally. They emphasize operational efficiency and maximizing factory utilization through the order book to drive profitability, ensuring sustained growth in the evolving market landscape.

Prominent Investor

BlackRock Institutional Trust Company managed by National Pension Service has made investments worth Rs. 31.75 Crores in Waaree Energies Limited during its IPO through the anchor book. 

Company profile

Waaree Energies product portfolio includes various types of PV modules, such as multicrystalline, monocrystalline, and TopCon modules, which include flexible, bifacial (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.

Written by:- Abhishek Singh

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