Waaree Energies shares rise 4.5% as company bags order to supply solar modules of 362.5 MWp capacity

The company did not disclose the name of the company that placed the order.

"The company has today received an order for the supply of solar modules for 362.5 MWp from a renowned customer engaged in the business of owning, developing, and operating renewable power projects in India," Waaree Energies said in a regulatory filing.

The supply of modules is scheduled to commence in FY26.

About the nature of the contract, it said that it is a one-time order.

Waaree Energies Q3 FY25 Results

Waaree Energies on Thursday reported a multifold rise in consolidated net profit to ₹5,068.76 crore for the December 2024 quarter, helped by higher income.

It had posted a ₹1,408.05 crore net profit in the year-ago quarter.

The company's total income rose to ₹35,452.65 crore from ₹16,517.74 crore in the October-December period of 2023-24.

Waaree Energies: Market debut and IPO

The stock made its market debut at ₹2,550, reflecting a jump of 69.66% from the issue price on the BSE. During the day, it surged 72.98% to ₹2,600. Shares of the firm ended at ₹2,336.80, up 55.47%.

On the NSE, the stock was listed at ₹2,500, surging 66.33%. It ended 56% higher at ₹2,345.

The initial public offering (IPO) of Waaree Energies Ltd garnered 76.34 times subscription on the last day of a share sale on Wednesday, helped by strong participation from institutional buyers.

The ₹4,321.44 crore initial share sale had a price band of ₹1,427 to ₹1,503 per share.

The IPO was a combination of a fresh issue of equity shares aggregating to ₹3,600 crore and an Offer-for-Sale (OFS) of 48 lakh equity shares worth ₹721.44 crore, at the upper end of the price band, by a promoter and existing shareholders.

Proceeds from the fresh issue, the company said, would be used for setting up the 6 GW (gigawatt) of the ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.

About Waaree Energies

Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.

It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram, and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.