Waaree Q3 Results- PAT Grows 260%, 26.5 GW order Book

India’s largest solar panel maker, Waaree Energies has announced its Q3 results on Jan 30. The Mumbai headquartered firm reported a sharp 260% jump in profit after tax on a Year on year basis, at Rs 506 crores versus 140 crores last year, indicating a significant improvement in margins as well to 14.30% versus 8.52%.

During the quarter, Waaree also started production at its cell manufacturing facility, a move that is expected to make a huge difference to a tight market for DCR modules. Its 1.6 GW module plant in the US has also commenced production now.

A strong order book of 26.5 GW valued at over Rs 50,000 crores indicates the strong underlying strength in the Indian market as well as the probability of a strong year for solar in 2025 as well.

 

Other Q3 and 9M FY 25 Highlights:

-Production of 1.81 GW in Q3 FY25 , a 68% growth YoY
-The Board has already approved previously on 18th November 2024 and 23rd December 2024. Capital Expenditure amounting to Rs. 551 crores and an Investment of Rs. 200 crores for setting up 300 MW of Electrolyser manufacturing plant
-Capital Expenditure amounting to Rs. 2073 crores and Investment of Rs. 650 crores for setting up 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant
-Capital Expenditure amounting to Rs 130 crores in Inverter Business

Commenting on the results, Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd said:
“As an energy transition company, we see immense opportunies and are well positoned to tap into new business areas. Our solar business continues to be strong and we are rapidly advancing in the adjacencies of energy storage systems, green hydrogen, inverters and renewable infrastructure. The momentum in this space is stronger than ever, and we are well-positoned to capitalize on it. We continue to build on our strengths, enhancing scalability and internal efficiencies, which has clearly reflected in our 9M FY25 performance. The US contributed ~15-20% of our revenue mix. As we expand globally, we are strengthening our presence in high-potential regions, ensuring that we stay ahead of the curve in this fast-evolving industry. ”

With one phase of expansion complete and significant expansions underway, Waaree is well placed to deliver a strong set of numbers for the next few quarters as well, building on the expected jump from selling made in India solar cells as well as a higher output of modules.