After BSE, Waaree Renewable Considers Plans For Listing In NSE

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Indian solar EPC and O&M player Waaree Renewable Technologies is now mulling the listing of its company at the National Stock Exchange (NSE). It is already listed under the Bombay Stock Exchange (BSE). The company management shared the information during its recent investors call. The firm recently updated the details of the investors’ call to the BSE. 

When asked about its listing plans for NSE, Hitesh Mehta, Executive Director and Chief Financial Officer (CFO) of the firm, said, “We have to list in NSE, but there is some regulation, which needs to be followed. Once we complete those formalities, then we will list on the NSE. Okay, it’s under procedure.” 

When asked if the plans were under consideration, Mehta answered in the affirmative. He also added that the whole exercise depends upon the regulation fulfillment of the NSE. 

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Mehta also said that its parent company Waaree Energy is also going with the public listing soon but declined to give any deadline or further details. Waaree has three vertical companies-Waaree Energy for solar module manufacturing and Waaree Renewable Technologies, which deals with the EPC, O&M and IPP business. Its third listed company is in the battery storage side.  

In their responses to the investors, the top management opined that the number of EPC players in India has plunged in the last few years. It claimed that Waaree was one of the top five players in the industry and among the leaders in the competition for Solar Energy. 

The Indian renewable company said it has around 817 MW of orders for the next 12 to 15 months. It said it has around 856 MW of pending orders, which would be done in the next nine to 12 months. The company, in its investors, call, said that it expects total bids of around 40 GW per year after 2024-25. 

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The company also believed India’s total module manufacturing capacity could soon become 60-80 GW in the next two years, pushed through the government PLI scheme and other support. As of March this year, the capacity stood at around 38 GW, whereas the ALMM capacity stands at around 22 GW. 

The company said it has around 90 percent of the projects from private players, whereas its share of government projects was only around 10 percent.