Waaree Energies share price declines up to 6.3% after Q2 results announcement

In early trade, the stock declined as much as 6.37% to ₹2,916.10 per share on the National Stock Exchange (NSE). At 9:24 a.m., it was trading 4.2% lower at ₹2,982 apiece.

The company's market capitalisation stands at ₹85,983.86 crore.

Waaree Energies Q2 results

Its consolidated revenue from operations grew 1% to ₹3,574.3 crore in the quarter ended September 2024 against ₹3,537.2 crore in the same period last fiscal.

This is Waaree Energies Ltd's first quarterly result after its listing in October. The stock made its market debut at ₹2,550, a premium of 69.66% from the issue price of ₹1,503.

Total income increased 2.9% to ₹3,663.4 crore in Q2 FY25, compared to ₹3,558.5 crore in the corresponding period the previous year.

The company's board authorised an investment of up to ₹600 crore in its wholly-owned subsidiaries to establish and develop infrastructure for renewable power projects and a bidding pipeline.

The board also discussed the potential to manufacture electrolysers for green hydrogen, as well as lithium-ion advanced chemistry storage cells and energy storage systems. The company said it will create a detailed plan in the next two months.

Waaree Energies is among the key solar energy players in India. It is focused on manufacturing PV modules with an aggregate installed capacity of 13.3 gigawatts (GW).

With a presence across India and more than 25 countries globally, Waaree Energies offers solar solutions, including panel manufacturing, project development, EPC services, and rooftop systems.