Waaree Renewable's shares surged by 13.5% to reach ₹1,287.70 on Monday. The company's sales in the September quarter grew by 47.7% to ₹775 crore, and PAT increased by 117% to ₹116 crore. The EBITDA margin also expanded from 13.65% to 20.39%. New solar projects and a robust order book boosted investor confidence.
Shares rally: Waaree Renewable's shares closed at a day's high of ₹1,287.70 on Monday, surging by 13.5%. The company recorded a 47.7% increase in sales, reaching a revenue of ₹775 crore, and a PAT of ₹116 crore in the September quarter. The EBITDA margin reached 20.39%. Additionally, the approval of new solar projects in Maharashtra and Rajasthan, along with a b order book, is bolstering investor confidence.
Surge in September Quarter Profit
According to the company's financial figures, Profit After Tax (PAT) in the September quarter reached ₹116 crore, a significant increase from just ₹53 crore in the same quarter last year. This represents an approximate growth of 117 percent. Meanwhile, the company's sales, or revenue, rose by 47.7 percent to ₹775 crore. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached ₹158 crore, marking a 121 percent year-on-year increase. The EBITDA margin also expanded from 13.65 percent to 20.39 percent, clearly indicating that the company achieved higher profitability while keeping expenses under control.
New Projects Approved
The company has received approval from its board for capital expenditure for solar power plants with a total capacity of 28 MW at two new locations in Maharashtra. Furthermore, a new 37.5 MW solar plant in Bikaner, Rajasthan, has also been greenlighted. These new projects will prove to be significant steps towards Waaree Renewable's expansion and growth.
Expansion of Renewable Energy in India
Manmohan Sharma, the company's CFO, stated that the expansion of renewable energy in India is progressing at a very rapid pace. By September 2025, the country's total installed renewable energy capacity is expected to reach 256 GW. This is a major milestone in achieving India's clean energy goals. This capacity is projected to increase to 500 GW by 2030. Solar energy, which accounts for nearly half of the country's renewable energy, is playing a crucial role in India's energy transition.
Strong Order Book and Preparation for Growth
Waaree Renewable currently has remaining work in its order book amounting to 3.48 GW, which is expected to be completed in the next 12-15 months. Additionally, the company has bidding processes underway for over 27 GW. The company not only constructs solar power plants but also builds substations and transmission lines, thereby enhancing energy supply and reliability.
