It is the flagship company of Waaree Group, founded in 1989 with headquarters in Mumbai. It has India’s largest Solar PV Module manufacturing capacity of 2 GW’s at its plants in Surat and Umbergaon in Gujarat.
Waaree Energies Ltd was established in 2007, with a focus on solar photovoltaic (PV) module manufacturing. Since then, it has grown to become the largest manufacturer of solar PV modules in India, with an installed capacity that increased from 4 GW in Fiscal 2022 to 12 GW by June 30, 2024. The company uses advanced technologies including multicrystalline, monocrystalline, and emerging Tunnel Oxide Passivated Contact (TOPCon) technologies to produce a diverse portfolio of solar energy products. These products include bifacial modules, flexible modules, and building-integrated photovoltaics (BIPV). The company has developed a robust sales strategy that includes direct sales to utilities and enterprises, export sales, retail sales through a franchise network, and additional revenue from EPC services and operations & maintenance.
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 five manufacturing facilities across India, spanning around 143 acres, with an average capacity utilisation of 45 per cent in FY24. It occupies over 21 per cent of India’s photovoltaic module market share based on total enlisted capacity. Waaree’s current order book of solar PV modules stands at 16.6 GW, including domestic, export, and franchisee orders, plus 3.75 GW for their US subsidiary.
Strengths of Waaree Energies
Backward integration : Waaree is enhancing its capabilities by commencing in-house solar cell production at its Chikhli facility, which is expected to be operational by FY25. It is also setting up a fully integrated 6 GW facility for ingots, wafers, solar cells, and solar PV modules, which is expected to be operational by FY27. Robust financials : As the largest player in solar PV manufacturing, Waaree boasts impressive EBIT (earnings before interest and taxes) margins of 8 per cent. This success is partly attributed to their focus on exports, which increased from 23 per cent of
Weaknesses of Waaree Energies
Pricing pressure: Chinese oversupply of solar components including PV modules and cells is forcing domestic manufacturers, including Waaree to sharply lower prices. The solar module prices dropped 25 per cent in FY24. The trend is expected to sustain, threatening the company’s profitability. Dependence on government policies : Waaree Energies heavily relies on government policies and incentives, which keep changing. This creates uncertainty in production planning and can hinder scaling efficiency. Import dependency: A significant portion of Waaree’s materials, particularly solar cells, are imported from China. The cost of imported materials accounted for 98 per cent.
Apply as much as possible. For longterm as well as short term gains.
Learners
NISM Certified
Active Traders
Visitors
+91 95618 61818
