Waaree Energies crosses ₹1 lakh crore market cap, becomes 93rd largest listed company in India

India's renewable energy industry remained a central focus as the government established an ambitious goal of achieving 500 GW of variable renewable energy capacity by 2030 and declared a Net Zero target year of 2070. Given the nation's increasing energy demand coupled with swift industrialisation, which requires all forms of energy, including solar and wind, India's renewable energy sector has considerable growth potential.

In October, there was notable progress in renewable energy projects with the announcement of 16 new tenders, totalling a combined capacity of 11,098 MW in the clean energy sector.

Since listing, the stock price has continuously made new highs; in today’s trade, it made a new high of ₹3,743, jumping more than 8%. With this move, the company has crossed a milestone of ₹1 lakh crore market cap (as of 11:02 a.m., ₹1,02,735 crore).

Along with achieving the milestone of ₹1 lakh crore market cap, Waaree Energies has surpassed a few large-cap companies in market capitalisation like Hero MotoCorp (₹97,838 crore), Cummins India (₹98,942 crore), Tata Consumer Product (₹99,509 crore), Polycab India (₹1,02,244 crore), InfoEdge (₹1,02,474 crore) and Lupin ( ₹98,645 crore).

Waaree Energies manufactures and supplies solar panels. Its operating segments include Solar Photovoltaic Modules, Power Generation, and Engineering, Procurement and Construction Contracts (EPC). Waaree Energies is India’s largest manufacturer and exporter of solar modules. As of FY24, it held a 21% share of the domestic market for solar modules and a 44% share in India's solar module exports. Its installed capacity surged from 2GW in FY21 to 13.3GW by FY24.

Valuation of Renewable Energy Companies (PE)

Waaree Energies has become the 93rd largest company to trade above ₹1 lakh crore market capitalisation because of its good perspective on the renewable energy sector. After 8 days from listing, it has joined the ₹1 lakh crore market cap club with post-listing gains of more than 40%.