waaree energies ltd share price – Unlisted
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Waaree Energies ltd is a renewable energy company focused on solar energy with a global presence. Waaree energies ltd and Waaree Renewable technologies (waareertl) are two different companies. It is worth mentioning here that waaree renewable technologies is a listed company in India while Waaree energies ltd is coming up with IPO and is now an unlisted share in India. Just to mention here about the products and services of these two companies, both are manufacturer and supplier of solar panels.
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In this article we will discuss about the Waaree Energies ltd share price which is an unlisted share. Let us dive into the Waaree Energies ltd company insights to understand the company and its future potential in the era of renewable energy particularly in the era of the emerging energy source Green Hydrogen Energy.
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Analysis of Waaree energies ltd share price
As of June 30, 2023, Waaree Energies Ltd is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12GW. The company commenced operations in 2007 focusing on solar PV module manufacturing. Over the years, Waaree Energies Ltd has significantly expanded its aggregate installed capacity from 2 GW in Fiscal 2021 to 9 GW, as of March 31, 2023, which further increased to 12 GW as of June 30, 2023. The company sells its PV modules under the “Waaree” brand.
Solar energy products of the company consist of the following PV modules:
- multi-crystalline modules
- monocrystalline modules
- TopCon modules, comprising flexible modules, which include bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.
As of June 30, 2023, Waaree Energies Ltd has four manufacturing facilities in India located at Surat, Nandigram, and Chikhli in Gujarat, India.
The company is the beneficiary of the Government of India PLI scheme. In March 2023, the government, through SECI, allocated 39.6 GW of domestic solar PV module manufacturing capacity under the PLI scheme (Tranche-II) to 11 companies, with a total outlay of approximately ₹ 140.00 billion. A total manufacturing capacity of 7,400 MW is expected to become operational by October 2024, 16,800 MW by April 2025, and the remaining 15,400 MW by April 2026.
Solar PV Market Size & Waaree energy share price
Prime Minister of India, Shri Narendra Modi launched the National Portal for Rooftop Solar on 30/07/2022. The government of India has increased the subsidy for rooftop solar installations to about 60% under the new Pradhan Mantri Suryoday Yojana from 40% now. Under the government’s energy transition plans, solar power is expected to account for 292 GW out of a total renewable capacity of 500 GW by 2030.
Along with the above initiatives, private investments in solar PV will likely increase as it is rapidly becoming the preferred and lowest-cost option for electricity generation globally. Generation should grow by an average of 25% between 2022 to 2030 to meet the Net Zero Emissions Scenario by 2050.
Looking at the global scenario, approximately 189 GW of solar PV capacity was added in 2022, taking the installed capacity to 1,055 GW, a growth of 22% over the previous year. According to the IEA, the global cumulative solar PV capacity would triple by 2027, surpassing natural gas by 2026 and coal by 2027.
Waaree energies unlisted share price – Financials
As of March 31, 2021, 2022, and 2023, and as of June 30, 2023, the total numbers of customers served in India were 1,381, 716, 566, and 373 respectively. During the same time, the company served 31, 26, 33, and 20 customers outside India respectively.
Waaree Energies Ltd has reported an increase in Export Sales from ₹ 4,809.10 million representing 24.62% of the total revenue from operations in Fiscal 2021 to to ₹ 46,165.39 million representing 68.38% of the revenue from operations in Fiscal 2023. The revenue from operation has also increased from ₹ 19,530.39 million in Fiscal 2021 to ₹67,508.73 million in fiscal 2023.
Waaree Energies Share Price Financial Snapshot
| Waaree Energies Financial Strength | FY2021 | FY2022 | FY2023 | Q1FY2024 |
|---|---|---|---|---|
| Revenue from Operation (Rs million) | 19,530 | 28,534 | 67,509 | 33,283 |
| Total Income (Rs million) | 19,830 | 29,459 | 68,604 | 34,150 |
| Profit of the Year (Rs million) | 456 | 797 | 5,003 | 3,383 |
| EBITDA (Rs million) | 1,257 | 2,025 | 9,441 | 5,543 |
| EBITDA Margin (%) | 6.34 | 6.88 | 13.76 | 16.23 |
| Debt to Equity Ratio | 0.79 | 0.72 | 0.18 | 0.08 |
| PAT Margin (%) | 2.3 | 2.7 | 7.29 | 9.91 |
| ROE (%) | 13.22 | 17.69 | 26.26 | 12.36 |
| ROCE (%) | 14.87 | 21.89 | 31.61 | 15.86 |
| Capacity (MW) | 2,000 | 4,000 | 9,000 | 12,000 |
Waaree Energies Share Price Unlisted Competitors
| Waaree Energies Competitors | Fiscal Year | Operating Income (Rs. Crore | Revenue Growth (%) | OPM (%) | NPM (%) | ROCE (%) | Interest Coverage |
|---|---|---|---|---|---|---|---|
| Waaree Energies | FY23 | 6,533 | 136 | 13 | 7 | 32 | 11 |
| Vikram solar | FY23 | 1,578 | -7 | 11 | 2 | 16 | 1.8 |
| Tata Power Solar System | FY23 | 6,876 | -19 | 8 | 3 | 39 | 3.9 |
| Websol Energy Systems | FY23 | 17 | -92 | -72 | -138 | -6 | -3.2 |
| Mundra Solar PV | FY23 | 2,572 | -12 | 14 | 4 | 11 | 4.5 |
Waaree Energies share price unlisted
Waaree Group was founded in 1989. Waaree Energies is the flagship company of Waaree Group. The Waaree Energies unlisted share price is trading at Rs1900 in the unlisted zone which is one of the best pre-IPO investing platforms in India. The Waaree Energies Ltd share price (unlisted) has returned 15.5% over the last three years. It is yet to see the Waaree Energies IPO price. It is expected that the Waaree Energies share price will be listed higher than the unlisted share price.
Waaree Energies credit rating
CRISIL Ratings has upgraded its rating on the long-term bank facilities of Waaree Energies Limited (WEL) to ‘CRISIL BBB+/Positive/CRISIL A2’ from ‘CRISIL BBB/Stable/CRISIL A3+’. The CARE rating agency is also has upgraded its rating from CARE BBB; Stable (Triple B; Outlook: Stable) to CARE A-; Stable Long Term Bank Facilities.
The rating upgrade reflects healthy revenue growth in fiscal 2023 driven by a strong order pipeline and favorable government policies for domestic solar PV (photovoltaic) module players.
Waaree Energies unlisted share price: good or Bad
- Waaree energies ltd is the largest solar PV manufacturer in the world outside China.
- The company has over 30 years of legacy in the Industry.
- Experienced Management with strong market expertise.
- Waaree has India’s largest aggregate installed capacity of 12GW as of June 30, 2023.
- As of June 30, 2023, the company served 407 in India and 20 outside India.
- Government worldwide are focusing on green hydrogen as a source of future energy, and sources of renewable energy has a major role to play.
- India aims to be the hub of green hydrogen which will drive the demand for solar PV.
- Again, the flagship program of government of India to put solar on every rooftop will enhance the demand for solar PV.
- Looking at the above points, Waaree energies share price has lot of potential to grow.
- The company is planning to come up with IPO and that will be a good opportunity to participate in this emerging industry and in Waaree energies share.
- Learn more about Waaree Energies IPO Details here.
Frequently Asked Questions (FAQs)
Where is Waaree energies Ltd HQ?
Registered and Corporate Office: 602, 6th Floor, Western Edge – I, Western Express Highway, Borivali (East), Mumbai – 400 066, Maharashtra, India; Telephone: +91 22 6644 4444;
Contact Person: Rajesh Ghanshyam Gaur, Company Secretary and Compliance Officer; Telephone: +91 22 6644 4415;
E-mail: investorrelations@waaree.com;
Website: www.waaree.com
What is Waaree Energies Share price unlisted?
Waaree Energies ltd share price (unlisted) has increased by 15.5% to reach Rs1900 in Unlisted Zone.
Who is the director of Waaree Energies Ltd?
With over 22 years of experience, Mr. Hitesh Chimanlal Doshi is the Chairman and Managing Director of Waaree Energies Ltd.
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