About Company

• The Company was originally incorporated as ‘Anmol Fluid Connectors Pvt. Ltd’ at Mumbai, on December 18, 1990. The name was changed to ‘Waaree Solar Pvt. Ltd in April 2007. The name was further changed to ‘Waaree Energies Pvt. Ltd’, in October 2007 and subsequently on conversion to public company the name was changed to ‘Waaree Energies Ltd’ in May 2013.
• Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12GW and utilized capacity of 43.37%, as of June 30, 2024. Waaree Energies had the second-best operating income among all the domestic solar PV module manufacturers in India in FY2024.
• Waaree Energies operates 5 manufacturing facilities in India spread over an area of 143.01 acres. The company operates 1 factory each located at Surat, Tumb, Nandigram, Chikhli in Gujarat, India and the IndoSolar Facility, in Noida, Uttar Pradesh. The company is implementing capacity expansion for backward integration into solar cell manufacturing with the addition of 5.4 GW capacity at the Chikhli Facility which is expected to be operational by Fiscal 2025.
• Waaree Energies has been provided an outlay of ? 1,923.24 Cr under Government of India's PLI scheme and the company is setting up a fully integrated 6 GW facility for the manufacture of ingots, wafer, solar cells and PV modules in Odisha, which will commence commercial operations in the FY 2027.
• The company’s order book of solar PV modules was 16.6 GW as of June 30, 2024. The order book included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for the Subsidiary, Waaree Solar Americas Inc. located in the United States.
• The company’s product mix is a majority multicrystalline and monocrystalline technology-based products, and the company plans to increase production of monocrystalline modules and TOPCon driven by market demand and expect to completely upgrade the module manufacturing to TOPCon going forward.
• The company has been awarded the PLI tender issued by MNRE through SECI with a capacity of 300 MW to set up manufacturing capacities for electrolysers in India. The company expects to roll out locally manufactured electrolysers by the end of FY2026.
• The company has received a tier-1 PV module maker rating from the Bloomberg New Energy Finance between FY2018 and FY2024. Some of the company’s labs are accredited by the NABL which tests the solar PV modules for quality check.
• The company’s Revenues from Operations have increased at a CAGR of 99.83% from ? 2,854.27 in FY2022 to ? 11,397.61 in FY2024, while the EBITDA margins have improved from 6.88%% to 16.23% during the same period. The company’s PAT increased from ? 79.65 in FY2022 to ? 1,274.38 in FY2024. The company has a healthy balance sheet with total borrowings at ? 317.32 Cr in FY2024 with debt/ equity ratio at 0.08 x and interest coverage ratio at 22.17 x. The company reported a Revenue from Operations at ? 3,496.41 Cr, EBITDA margins of 18.30% and PAT of ? 401.13 Cr for 3 months ended June2024.

Strengths

Competitive Strength 

• Largest solar PV module manufacturer in India well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally;
• Diversified base of global and Indian customers with a substantial order book;
• Advanced manufacturing facilities with global accreditations;
• Extensive pan-India retail network ;
• Consistent track record of financial performance;
• Experienced senior management team.

 Business Strategies 

• Implement strategic backward integration to enhance operations and increase profitability
• Maintain leadership position in the utility and enterprise modules sales market with continued capacity expansion in India and abroad
• Comparative cost of solar module facilities executed in the past
• Focus on technology upgrades to manufacture high quality modules
• Continue to grow and diversify the export markets
• Continue the focus on maintaining leadership position in commercial and industrial, & residential business Verticals
• Continue to scale operations through organic and inorganic expansion opportunities

Company Promoters

Company Financials

Waaree Energies Limited's revenue increased by 70% and profit after tax (PAT) rose by 155% between the financial year ending with March 31, 2024 and March 31, 2023.

Objects of the Issue

The net proceeds of the Fresh Issue are proposed to be utilised in the following manner:

1. Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India(“Project”).
2. General corporate purposes.