Stock Market Today: Shares of Waaree Energies climbed 4 percent on Wednesday, December 11, after the Company has today received Letter of Award (LoA) for the development of 170 MW Solar power plant in Madhya Pradesh, from Rewa Ultra Mega Solar Limtied (RUMSL).
The Solar power plant will enable the generation and transmission of clean energy via the Inter-State Transmission System (ISTS). The project will supply renewable energy to Madhya Pradesh Power Management Company Ltd and Indian Railways thus contributing significantly to India’s renewable energy goals, the company said in the exchange filing.
Earlier this week, the company won an order for the supply of solar modules up to 1 GW. It was placed by a prominent renewable energy company in India, with deliveries scheduled for FY25 and FY26, as per Waaree Energies’ regulatory filing. However, the company did not disclose the monetary value of the order. This supply agreement is set to commence in the financial year 2024-25 and continue into 2025-26.
Waaree Energies is recognised as India’s largest manufacturer of solar photovoltaic (PV) modules, boasting an aggregate installed capacity of 12 GW. The company operates five manufacturing facilities across Gujarat and Uttar Pradesh, spanning 143.01 acres. Apart from manufacturing, Waaree is actively involved in developing solar projects and electricity sales, making it a key contributor to India’s renewable energy landscape.
Stock Price Performance
The stock rose as much as 4 percent to its intra-day high of ₹3,303.25. It is now around 12 per cent away from its peak of ₹3,740.75, hit in November 2024. Meanwhile, it has risen 44 percent from its 52-week low of ₹2,294.55, recorded in October 2024.
The scrip has jumped over 22 percent in December so far after a 2 percent decline in November.
Shares of Waaree Energies made their stock market debut on October 28, listing at ₹2,500 apiece, a massive premium of 66.3 percent over the issue price of ₹1,503 per share on NSE. It has rallied 112 percent from its IPO price while gaining over 27 percent from its listing price.
The ₹4,321-crore IPO of Waaree Energies had witnessed strong demand with the offer being oversubscribed 76.34 times. Investors bid for 160.91 crore shares, far exceeding the 2.1 crore shares on offer, according to exchange data.
Q2 FY25 Financial Performance
Waaree Energies’ financial results for the second quarter of FY25 demonstrated solid growth. Consolidated net profit rose 14.77 per cent year-on-year (YoY) to ₹361.65 crore, compared to ₹315.09 crore in Q2 FY24. Revenue from operations increased by 1.04 per cent YoY to ₹3,574.38 crore, reflecting steady growth in its operational performance.
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