Waaree Energies Q2 Results-Numbers Up, Growth Rate Moderates

Waaree Energies Limited India’s largest module maker and now a public listed firm, has delivered its first set of numbers after its listing.  The company in its Q2 numbers for Fy25 has delivered a profit after tax growth of 17% year on year(YoY) over Fy24, even as total income rose under 3% to Rs 3663 crores.

The company has declared production of 3.3GW modules in H1FY25 vs 4.8GW for all of FY24, indicating the significant ramp up in output. That seems set to continue with an order book of over 20 GW, which will comfortably take up all capacities till at least Q2 Fy26 as well.

What might surprise some is the company board’s approval for an investment up to Rs. 6,000 Mn for setting up and development of infrastructure (including land and connectivity) for the purpose of developing Renewable Power projects and bidding pipeline. With an EPC firm in the group (Waaree Renewable Technologies), this is a little surprising, to say the least.

While the moderation in growth might surprise a few people, they have to keep in mind that it’s on a larger base, and production can take some time to stabilise. Considering the firm’s order book, start of cell manufacturing this quarter and the impact of a traditionally strong Q3 , one can expect to see a stronger growth trajectory over the next two quarters, and the first two quarters of Fy26, before the base effect truly makes itself felt.

Waaree Energies has also got plans for production in the US where clarity will be available post the swearing in of Donald Trump, and his administration’s approach to the IRA incentives, for instance. Waaree has also been the leading Indian exporter of modules to the US till date.