Waaree Energies Ltd Share Analysis | Waaree Energies Ltd Stock Price NSE

A Look Into How Waaree Energies Ltd is Transforming the Global Solar Industry

India is the third largest energy producer in the world, producing nearly about 1,949 terawatt-hours (Twh) of electricity in the last FY 2023-24. The major source of its energy is generated from non-renewable sources that makes up around 72% of the total energy produced. It simply means that India is dependent on oil & fossil fuels. And because of India’s oil dependency and depletion of fossil fuels, inflation in India is soaring, resulting Indian companies to struggle with lower profit margins and impacting the Indian company’s competitiveness in the global markets.

The most straight forward solution to this problem is renewable energy, not just only for India but the other countries as well who are keen to reduce their carbon emissions because of the negative effect on the climates. That’s the reason why the Indian government is trying out several policies to boost the demand for the solar energy across the country. On top of that, the Chinese companies all over the world (including India) is dumping their solar products which are cheaper that one's which are made in U.S. & Europe. China has a strong hold on to the entire supply chain such that it only takes 16-18.9 cents cost per watt to makes solar panels, which is 65% less than the U.S. Only the one company in India is challenging the China’s monopoly in this sector, which is none other than the Waaree Energies Ltd.

About Waaree Energies Ltd

With the focus on manufacturing quality, cost-effective solar PV modules for the sustainable energy solution & reducing carbon footprints, Waaree Energies Ltd has become the largest solar manufacturer of solar industry of India with its unmatched capacity of 13 GW, i.e. 3-times more than its closest competitor Adani Solar Ltd. Waaree Energies Ltd commenced its operations in 2007 for total export of its solar products. And as of FY 24 their export revenue contributes 60% of the company’s total revenue because of the strong penetration of solar products in the Indian market. The company holds nearly about 74.46% stake in Waaree Renewable Technologies Ltd which has given its investors a massive return of over 4,000% from the day of listing.

How does the Company Be Benefited from Government Policies?

PM KUSUM and PM Surya Ghar Yojana is considered as another major growth driver for the company’s revenue as well as profits. While the PM KUSUM helps the farmers to get subsidies for solar pumps. PM Surya Ghar Yojana on the other hand, just revolutionized the entire domestic market for solar power by offering a big incentive for about 10 million homes to install solar rooftops. Another great thing comes over here is that to unveil these subsidies, consumers are required to use domestically manufactured solar modules. And half million houses already took advantage of this policy, as a result there is still a 9.5 million houses are pending to be benefited of this solar rooftop scheme, which the company could offer.

Industry analysis and Market opportunity

With its already existing four manufacturing facility in Gujrat and one in Noida. Waaree Energies Ltd is pushing aggressively itself into the solar industry through many of its upcoming projects due to not only just strong domestic demand, but also to cater the global demands as well. India being the 5th largest economy in the world, its per capita electricity consumption stood at 1,331 Kwh in 2025 compared to the 1,010 Kwh in 2015. While CRISIL expects it to be 1600-1650 Kwh by 2029. The major growth driving factors such as rising income, EV adoption, rural electrification & growing consumer demand are considered as the key reasons which could benefit the entire industry.

With150 GW of renewable capacity already accomplished; India sets for 500 GW of its energy generation from renewable sources by 2030. In next 4-5 years, out of the remaining 350 GW of renewable energy production needs, 245 GW i.e. 70% would be fulfilled only through solar energy. The government of India plans to raise 50 GW every year of tender to attain this achievement till 2030. And the major catch over here is that these tenders would only be awarded to those companies who meets the Domestic Content Requirement (DCR) i.e. to the ones who locally manufactured the required solar modules for the project.

The country has also experienced a shape escalation of its solar modules exports because of the restrictions being imposed on Chinese goods by other countries. This vacuum is considered as a huge opportunity for the Indian companies for their solar products.

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Global Solar Market Prospects

Many nations have declared their carbon neutrality goals for 2050 or earlier. The growing urgency of addressing the climate change is one of the principal motives behind this commitment by several countries. While solar energy is considered as the most promising source by replacing fossil fuels as a clean energy source. The market size of solar power is forecasted to arrive at approximately $436.36 billion by 2032 on comparing with $ 253.69 billion in 2023.

Moreover, the global market today is 8 times bigger than India. Which is why, the exports of solar cells & modules of India went up from $ 112 million in FY 22 to approximately $1.97 billion in FY 24, and $463 million worth of solar products already exported in the early 2025 year. As Waaree Energies Ltd being a leading exporter of solar products for the straight 15 years from India having good quality checks, servicing & maintenance, it could easily seize the opportunity of the global solar panel demands for upcoming years.

About Company's Robust financials Performance

With the incline of the global trends towards the renewable energy mostly through solar panels, the company’s revenue has also escalated from 2,875 Cr. in FY 22 to 11,398 Cr. in Fy 24. And that goes same with the profits as well, which has jumped from 80 Cr. in FY 22 to 1,274 Cr. in FY24. The company’s profits rise a lot as compared to its revenue because the margins have improved drastically from just 4% in FY 22 to nearly about 16%. As per the management there would be staggering growth for the next few years. But in the long term it is expected to be about 18-20%. The main reason for those good margins is because of their in-house utilization of solar cells, ingots & wafers. At last, the company has 2 years worth of order book which is approximately of 16 GW.

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About the Company’s Future Plans & Expansions

The future expansion of the company is directly going to translate into its revenue. The company is expanding its capacity in every form from solar modules, cells and wafers to ingots. The company’s 5.4 GW of solar cell plant in Chikhli, Gujrat, would soon be commenced as trial production has already started in January 2025 and allow the company to generate revenue through it from FY 26. As per the management their 6 GW of each solar modules, cells, wafers & ingot manufacturing capacity would be in 2 years, which is in the Odisha.

While managing the potential tariffs into the giant market of the U.S., the company has planned a long-term goal of reaching 5 GW by setting up of integrating solar cell modules facility by 2025, followed by expanding its already set up production facility to 3 GW by 2027. Furthermore, the company has successfully conducted their production trials for their already set up facility of 1.6 GW solar modules & cells at Texas, United States.

At last, the annual capacity of Waaree Energies Ltd, would touch 21 GW for solar modules, 11 GW for the cells and 6 GW each for wafers & ingots in the next 2 years. With these expansion plans, investors of the company might be expected to see enjoying their company's revenue being double from its current revenue of Rs 11,500 Cr. In about next three years.

Frequently Asked Questions

1. What is the domestic market share of the company?

Ans: The holds around 21% share in India with installed capacity more than its competitors like Adani Solar, Tata Power Solar, Vikram Solar, etc. in solar modules for the FY 2024.

2. Which company exports the most solar modules in India?

Ans: The Waaree Renewable Energy Ltd has 44% of the total India’s export share.

3. What is the product wise break-up of Waaree Energies Ltd?

Ans: The major revenue of the company comes from Solar PV modules that makes up to the 78% of the company’s total revenue, followed by Solar EPC Services which contributes about 15% and Energy Storage Systems & Others that contributes 7% to the company’s revenue.

DISCLAIMER: we are not SEBI –registered, all the above information is for education purpose only, consult with your financial advisor or do your own research before investment.