Published: 21st Oct 2024
By: Value Research
Waaree Energies is India's largest solar PV module manufacturer, with an installed capacity of 12 GW as of June 30, 2024. The company operates 5 manufacturing facilities across India. It occupies over 21 per cent of India's photovoltaic module market share.
Total IPO size (Rs cr) 4321 Offer for sale (Rs cr) 721 Fresh issue (Rs cr) 3600 Price band (Rs) 1427 -1503 Subscription dates October 21-23, 2024 Purpose of issue Offer for sale, financing cost for Odisha facility
43179 Net worth (Rs cr) 8072 Promoter holding (%) 64 Price-to-earnings ratio (P/E) 33 Price-to-book ratio (P/B) 5M-cap (Rs cr)
2Y CAGR (%) TTM FY24 FY23 FY22 Revenue 100 11478 11397 6751 2854 EBIT 338 1364 1298 671 68 PAT 300 1295 1237 483 76 Net worth 209 4472 4075 1825 427 Total debt 23 513 553 320 363Key financials (Rs cr)
Ratios 3Y average (%) TTM FY24 FY23 FY22 ROE (%) 34 35.5 41.8 42.6 17.7 ROCE (%) 30.3 33.7 37.7 44.9 8.4 EBIT margin (%) 7.9 11.9 11.4 9.9 2.4 Debt-to-equity 0.1 0.1 0.2 0.8
Waaree is enhancing its capabilities by commencing in-house solar cell production at its Chikhli facility. It is also setting up a fully integrated 6 GW facility for ingots, wafers, solar cells, and solar PV modules.
As the largest player in solar PV manufacturing, Waaree boasts impressive EBIT margins of 8 per cent. This success is partly attributed to their focus on exports, which increased to around 58 per cent in FY24.
Waaree operates in a competitive industry with many other large players. Plus, there are pricing pressures and dependency on government policies. Click the link below to get more information about Waaree Energies.