Waaree Renewable shares jump 5% on Rs 1,233 crore solar project order

Waaree Renewable Technologies' shares surged five per cent in early trade on November 28, following news of a Rs 1,233 crore order for the construction of a 2012.47 MWp DC capacity ground-mount solar photovoltaic (PV) project. At 9:23 am, the stock was trading at Rs 1,494.45, up Rs 71.15 on the BSE.

This marks the company’s second major order this month. Earlier, Waaree secured a Rs 146.77 crore contract for a 41.6 MW DC solar power project in Tamil Nadu.

Earnings reflect solid growth
In Q2FY25, Waaree Renewable reported a modest one per cent rise in revenue to Rs 3,574.37 crore. However, net profit surged to Rs 361 crore by 15 per cent, indicating improved operational efficiency.

Waaree Energies’ market position
Waaree Energies, a leading player in India's solar energy market, continues to expand its PV module manufacturing capacity, which stood at 12 GW as of June 30, 2023. Its manufacturing footprint spans Surat, Tumb, Nandigram, Chikhli in Gujarat, and Noida in Uttar Pradesh.

Stock performance highlights
The stock currently trades 50.8 per cent below its 52-week high of Rs 3,037.75 (April 26, 2024) but remains 453 per cent above its 52-week low of Rs 270.22 (November 30, 2023). Waaree Energies’ recent strong debut on the NSE at Rs 2,500, a 66.3 percent premium over its issue price of Rs 1,503, underscores market confidence in the company’s growth trajectory.

Waaree Renewable Technologies remains a key player in India’s clean energy transition, with its latest project wins reinforcing its market leadership.