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Waaree Energies Ltd. (WAAREEENER)
FY25 Results Update & Investor Insights
Disclosure: Consolidated numbers; all figures are in ₹ Crore unless otherwise stated; CMP ₹2,612 (as of April 23, 2025).
1. FY25 – A Transformative Year
Order Book: ~25 GW (₹47,000 Cr) as of March 25, 2025, up ~67% YoY.
Manufacturing Capacity: 15 GW solar modules; 5.4 GW solar cells operational.
IPO Proceeds: Fresh issue raised ₹3,600 Cr; ₹2,860 Cr unutilized and parked in fixed deposits.
Credit Profile: Upgraded to CARE A+ (stable) / A1+; BNEF Tier-1 for 38 quarters.
2. Revenue & Profit Growth
All margins exclude one-off exceptional items.
3. Solvency & Liquidity
4. Profitability & Cash Flow
5. Valuation (CMP ₹2,612)
Shares Outstanding: ₹287.28 Cr ÷ ₹10 FV = 28.728 Cr shares = 287.28 million shares.
Book Value per Share:
₹9,479.20Cr÷28.728millionshares₹9,479.20 Cr ÷ 28.728 million shares ≈ ₹329.6Price-to-Book (P/B):
2,612 ÷ 329.6 ≈ 7.9×Trailing P/E:
EPS = ₹68.24; 2,612 ÷ 68.24 ≈ 38.3×
6. Guidance & Outlook
FY26 EBITDA: ₹5,500–6,000 Cr (up ~76–92% YoY).
Growth Catalysts:
Backward Integration: 6 GW ingot-wafer & cell capacity by FY27.
Forward Integration: 3 GW inverter lines; 3.5 GWh battery storage by FY27.
Green Hydrogen: 300 MW electrolyser (PLI) commissioning by FY27.
Macro Tailwinds: India’s solar capacity to rise from 105 GW to 280 GW by 2030; robust utility and C&I demand, strong policy support (PLI, ALMM, Suryaghar, Kusum).
Conclusion for Investors
Waaree’s FY25 performance delivers best-ever margins, record order book, strong cash flows, and a fortress balance sheet. At ~7.9× P/B and high-teens ROE, the stock offers an attractive entry into India’s accelerating energy-transition story.
References:
Press Release Q4 & FY25
Investor Presentation:
Consolidated Financials:
IPO Utilization:
Disclosure:
Nature of Information: This blog post is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell securities of Waaree Energies Ltd. (“Waaree”).
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