Latest news with #Waaree
Time of India
3 hours ago
- Business
- Time of India
Waaree Energies planning to invest ₹14,700 cr to boost solar manufacturing capacity
New Delhi: Mumbai-based Waaree Energies is planning to invest around ₹14,700 crore over the next two years as part of a plan to boost its solar equipment manufacturing capacity multifold, Chief Executive Officer (CEO) Amit Paithankar and Chief Financial Officer (CFO) Sonal Shrivastava told ET Energyworld in an interview. "Our current module manufacturing capacity is 15 Gigawatt (GW) and by the end of 2027 we expect it to go up to 26 GW. Similarly, we currently have solar cells manufacturing capacity of 5 GW and that is likely to go up to 16 GW," Paithankar said. He said the company is concentrating on three major thrust areas - sales, production and projects. In the last quarter, its order book grew by ₹2,000 crore and it received a few good orders, worth around 2 GW, from the US. Production also jumped 64 per cent year on year. The company reported an 89 per cent jump in profit at ₹745 crore while revenue from operations grew 30 per cent to ₹4,426 crore in the June quarter. "On the projects side, we have a 10 GW cell factory coming up in Gujarat, another 10 GW ingots and wafers factory coming up in Maharashtra, and a 6 GW module factory coming up in Gujarat. All of these projects are moving ahead at full speed. Also, our new cell factory of 5.4 GW capacity in Gujarat is also ramping up well," Paithankar said. As part of its quarterly financial results last Monday, Waaree Energies had announced a capex of ₹2,754 crore to set up two plants -- including a 4 GW cell plant in Navsari, Gujarat, and a 4 GW Ingot Wafer Plant in Nagpur, Maharashtra -- which will be funded via a combination of internal accrual and debt. "We have done our capital planning well. We have planned capital expenditure of over ₹12,000 crore, in addition to the capex of ₹2,700 odd crore just announced, and all of this is planned to be deployed in the next two years," Shrivastava said during the interaction. She informed Waaree already has ₹7,500 crore of cash on its balance sheet, including around ₹2,700 crore that came from the recent IPO, along with zero debt. That means the company has enough balance sheet strength to look at cheap capital sources. "In addition, over the next two years, we are going to have additional internal accruals. So, we are very comfortable as far as the capital is concerned, for our expansion plans," Shrivastava said. Waaree Energy operates in two key markets including India and the US, and both of them are in the middle of a major growth cycle from an energy perspective. India deployed 24 GW of solar power last financial year and in the last quarter itself, the nation deployed 10.6 GW capacity, indicating a major pickup in growth momentum.
Reuters
a day ago
- Business
- Reuters
India's Waaree Energies says US anti-dumping probe won't derail solar ambitions
July 29 (Reuters) - Indian solar panel maker Waaree Energies ( opens new tab said on Tuesday that it is "confident" about its exports to the United States and is prepared to address any potential anti-dumping investigation, after a coalition of solar manufacturers accused it of undercutting prices. The U.S. Commerce Department is reviewing a petition filed on July 17 by a group of domestic U.S. solar companies seeking tariffs on imports from India, Indonesia and Laos. The petition names Waaree among firms allegedly engaged in dumping low-cost panels to the detriment of U.S. manufacturers. In its first statement since the petition, Waaree denied the allegations and said its pricing practices are transparent and compliant with regulations. "We do not follow any predatory price practices, and therefore, as these investigations go through, we stand in a position of strength,' CEO Amit Paithankar told Reuters in an interview. The company said it received 2.23 gigawatts of orders from the U.S. in the last quarter and is expanding its manufacturing footprint in the country to mitigate any impact from potential tariffs. "If you are local to the U.S. from a manufacturing perspective, anti-dumping duties do not impact you as much," Paithankar said, adding that Waaree is doubling its U.S. manufacturing capacity to 3.2 GW by the end of the year. Despite growing regulatory scrutiny and policy shifts in the U.S. clean energy sector, Waaree said it sees no slowdown in solar exports due to power demand from data centers, manufacturing "reshoring", and transportation electrification in the U.S. "We also see a 100 GW order pipeline, with a significant portion from the U.S," Paithankar said. The company is exploring new markets aligned with India's trade agreements and is open to both organic and inorganic growth, including acquisitions in adjacent sectors like battery storage and hydrogen, the CEO said.
Business Standard
a day ago
- Business
- Business Standard
Waaree Energies gains after Q1 PAT jumps 89% YoY to Rs 745 cr
Waaree Energies added 3.78% to Rs 3,228.45 after the company's consolidated net profit jumped 89.1% to Rs 745.20 crore on 29.8% increase in revenue from operations to Rs 4,425.83 crore in Q1 FY26 over Q1 FY25. Profit before tax (PBT) climbed 77.8% YoY to Rs 943.36 crore in Q1FY26. EBITDA stood at Rs 1,168.67 crore, registering the growth of 82.61% compared with Rs 639.99 crore in Q1 FY25. EBITDA margin stood at 25.42% in Q1 FY26 as against 18.30% in Q1 FY25. Module production increased 64% to 2.3 GW in Q1 FY26 compared with 1.4 GW in Q1 FY25, driven by strong operational focus. Amit Paithankar, whole time director & CEO, Waaree Energies, said: Waaree Energies continues to deliver strong operational performance in Q1 FY26, building on the momentum of the previous fiscal. On the demand side we have a robust order book of approximately Rs 49,000 crore and a global pipeline of 100+ GW, reflecting positive market sentiments across key geographies. This quarter, Waaree achieved its highest-ever production of modules at 2.3 GW, underscoring the success of our efforts to improve production efficiency. Our factory build-out projects in India and the U.S. remain on track. A strong and sharp focus on costs and profitability is reflected in our financials. We maintain our FY26 EBITDA guidance of Rs 5,500 to Rs 6,000 crore." Mumbai-based Waaree Energies is a renewable energy company. It offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
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Business Standard
a day ago
- Business
- Business Standard
Waaree Energies shares jump 6% as Q1 profit nearly doubles; details here
Shares of Waaree Energies rose nearly 6 per cent on Tuesday after the company reported a nearly 93 per cent rise in its net profit during the June quarter of the current financial year (Q1FY26). The electrical equipment maker's stock rose as much as 5.76 per cent during the day to ₹3,291 per share, the biggest intraday rise since June 30 this year. The stock pared gains to trade 4.7 per cent higher at ₹3,260 apiece, compared to a 0.2 per cent decline in Nifty 50 as of 10:50 AM. Shares of the company snapped two consecutive days of decline and currently trade at 4.8 times the average 30-day trading volume, according to Bloomberg. The counter has risen 13.8 per cent this year, compared to a 4.5 per cent advance in the benchmark Nifty 50. Waaree Energies has a total market capitalisation of ₹93,400.08 crore. Waaree Energies Q1 results The company posted a 93 per cent rise in its net profit to ₹773 crore in the June quarter compared to the year-ago period. The company had reported a net profit of ₹401.13 crore in the same quarter a year ago. The jump in the bottom line came mainly on the back of higher revenues. Total revenues rose to ₹4,597.18 crore in the quarter from ₹3,496.41 crore in the same period a year ago. The company said it achieved the highest quarterly module production of 2.3 GW in the first quarter of FY26, driven by a strong operational focus, and cell production continues to ramp up. "On the demand side, we have a robust order book of ₹49,000 crore and a global pipeline of 100+ GW, reflecting positive market sentiments across key geographies," Amit Paithankar, whole-time director and chief executive officer at Waaree Energies, said. "This quarter, Waaree achieved its highest-ever production of modules at 2.3 GW, underscoring the success of our efforts to improve production efficiency." Waaree Energies approves additional capex The firm's board approved an additional capital expenditure (capex) of ₹2,754 crore for the expansion of cell capacity by 4 Gigawatt (Gw) in Gujarat and Ingot-wafer by 4 Gw in Maharashtra. The capex will be spread over FY 2026-27 and will be financed through a combination of internal accruals and borrowed capital. About Waaree Energies Established in 1990, Waaree Energies is India's leading renewable energy company, accelerating the global energy transition. Headquartered in Mumbai, it operates manufacturing facilities with an installed capacity of 15 gigawatt (Gw) for solar PV modules and 5.4 Gw for solar cells.
Time of India
a day ago
- Business
- Time of India
Waaree Energies shares rally 4% after Q1 profit surges 89% YoY to Rs 745 crore
Waaree Energies reported an 89% YoY surge in Q1 FY26 net profit to Rs 745 crore, driven by strong performance in its solar PV and EPC segments. Revenue rose 30% to Rs 4,426 crore. Despite solid growth and a 49% six-month stock return, analysts remain cautious, with a consensus 'Sell' rating and a target price implying 16% Strong Q1 for Waaree, but analysts stay cautious. Tired of too many ads? Remove Ads Segment Revenue Breakdown Tired of too many ads? Remove Ads Waaree Energies Stock Outlook Shares of Waaree Energies gained 4.2% to Rs 3241.15 on the BSE on Tuesday after the company reported an 89% year-on-year (YoY) jump in consolidated net profit for Q1 FY26, coming in at Rs 745 crore compared to Rs 394 crore in the same period last from operations stood at Rs 4,426 crore, up 30% from Rs 3,408 crore reported in the corresponding quarter of the previous financial a sequential basis, profit grew 20% from Rs 619 crore in the March quarter, while revenue rose nearly 11% from Rs 4,004 Energies operates across three verticals: solar photovoltaic (PV) modules, engineering-procurement-construction (EPC), and power generation. Solar PV Modules : Revenue rose to Rs 3,872 crore in Q1 FY26, up from Rs 3,617 crore in Q4 FY25 and Rs 3,178 crore in Q1 FY25.- EPC Segment: Revenue came in at Rs 589 crore, compared to Rs 465 crore in Q4 FY25 and Rs 226 crore a year earlier.- Power Generation: Revenue remained flat YoY at Rs 11 crore, versus Rs 8 crore in the previous expenses for the quarter stood at Rs 3,654 crore, compared to Rs 3,291 crore in Q4 and Rs 2,966 crore in Q1 FY25. These include costs related to raw materials, stock-in-trade, and employee to Trendlyne, the average target price for Waaree Energies is Rs 2,607, implying a downside of about 16% from current levels. Among the four analysts tracking the stock, the consensus recommendation is 'Sell'.While the stock is up over 9% in 2025 so far, it has delivered a strong 49% return over the past six months. The company currently commands a market capitalisation of around Rs 89,368 crore.
