Waaree Energies Bags 362.5 MWp Solar Module Order

Waaree Energies has secured an order to supply 362.5 megawatt peak (MWp) of solar photovoltaic (PV) modules to a domestic company engaged in renewable power projects. The order was announced in a regulatory filing on Wednesday, though the name of the company placing the order has not been disclosed.

This is a one-time contract, and the supply of modules is scheduled to begin in fiscal 2025-26. The company confirmed that the transaction does not involve any related-party dealings, and there is no involvement from its promoters or group companies.

Manufacturing and Projects

Earlier this month, Waaree Energies began operations at its 1.40 GW solar cell manufacturing facility in Gujarat. The company has been increasing production capacity to meet the rising demand for solar modules.

In another development, Waaree Clean Energy Solutions, a wholly owned subsidiary, received a Notification of Award (NOA) from the Solar Energy Corporation of India (SECI) for setting up a 90,000 MT per annum green hydrogen production facility. This project falls under the Strategic Interventions for Green Hydrogen Transitions (SIGHT) Scheme.

Financial Performance

Waaree Energies reported a four-fold increase in net profit for the December quarter, reaching ₹492.7 crore, compared to ₹124.5 crore in the same period last year. Revenue for the quarter rose 116% year-on-year to ₹3,457.28 crore, up from ₹1,596.18 crore.

Following the announcement of the new order, Waaree Energies’ share price was at ₹2,225.00 at 9:08 AM on February 20, 2025, up ₹4.70 (0.21%) in early trade but has declined 15.55% over the past month and 4.87% over the past year.

Solar Power Growth in India

India has been increasing its focus on renewable energy, particularly solar power. Large-scale projects and manufacturing expansions have been a priority as the country works toward reducing dependence on fossil fuels. The order adds to the demand for solar modules in the Indian market.

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