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Waaree Energies Reports Stellar Financial Performance in Q3 and 9M FY 2025

Waaree Energies, a leading player in India’s renewable energy sector, has announced impressive financial results for the third quarter (Q3) and the first nine months (9M) of the financial year 2024-25, showcasing significant growth across key metrics.

Q3 FY 2024-25 Highlights

The company’s net profit for Q3 FY 2024-25 surged by 260% year-over-year (YoY), reaching Rs5.07 billion, compared to Rs1.41 billion in the same period last year. Revenue also witnessed a remarkable increase of 114.63% YoY, climbing to Rs35.45 billion from Rs16.52 billion.

Solar modules, Waaree Energies’ primary revenue driver, contributed Rs31.08 billion in Q3, marking a 122% YoY growth from Rs14.02 billion in the corresponding quarter of the previous fiscal year. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) soared by 256.97% YoY to Rs8.1 billion, up from Rs2.27 billion.

Earnings Per Share (EPS) for the quarter stood at Rs18.33, a significant jump from ?4.88 in Q3 FY 2023-24.

9M FY 2024-25 Performance

For the first nine months of FY 2025, Waaree Energies reported a 60.62% YoY increase in net profit, reaching Rs12.84 billion, compared to Rs7.99 billion in the same period last year. Consolidated income rose by 24.11% YoY to Rs107.05 billion, up from Rs86.25 billion.

The company’s EBITDA for 9M FY 2025 grew by 56.38% YoY to Rs20.64 billion, compared to Rs13.2 billion in the previous year.

Expansion and Investments

Waaree Energies continues to expand its manufacturing capabilities, with a current capacity of 15 GW for solar modules and 5.4 GW for solar cells. The company has a robust project pipeline of 2.5 GW, including 640 MW of solar and wind projects.

Amit Paithankar, Whole Time Director and CEO of Waaree Energies, highlighted that contracts from the U.S. accounted for 15-20% of the company’s revenue mix. The company has also made significant investments in its infrastructure, including:

• Rs5.51 billion in capital expenditure for a 300 MW electrolyzer manufacturing plant.
• Rs20.73 billion in capital expenditure and Rs6.5 billion in investments for a 3.5 GWh lithium-ion advanced chemistry storage cell manufacturing plant.
• Rs1.3 billion in its inverter business.
• Rs6.5 billion in renewable power infrastructure development.

Order Book and Milestones

Waaree Energies’ order book stands at 26.5 GW, valued at Rs500 billion. The company has commenced trial production of 5.4 GW solar cells and achieved commercial production at its 1.6 GW solar module manufacturing line in the U.S.

In a significant milestone, the company was awarded a production-linked incentive (PLI) for its 300 MW electrolyzer manufacturing facility, aimed at supporting a 90 KT green hydrogen production project.

Earlier this year, Waaree Energies acquired Enel Green Power, a renewables platform, for Rs7.92 billion. Additionally, the company raised Rs43.21 billion through its initial public offering (IPO) in October 2024.

With strong financial performance, strategic investments, and a robust project pipeline, Waaree Energies is well-positioned to strengthen its leadership in the renewable energy sector, both domestically and globally. Waaree Energies is India’s largest solar module manufacturer, with a significant presence in the renewable energy sector. The company is committed to driving clean energy development through innovative solutions and sustainable practices.