- POSITIVE
Annual Revenue Waaree Energies Mar-2026 Annual Revenue is Rs 22,378 Cr which is growth of 69.3% YoY.
- POSITIVE
Annual Net Profit Waaree Energies Mar-2026 Annual Net Profit is Rs 3,762 Cr which is growth of 111.2% YoY.
Waaree Energies Ltd. was incorporated on December 18, 1990. It is the largest manufacturer of solar PV modules in India, with the largest aggregate installed capacity of 12 GW as of June 30, 2023. Its portfolio of solar energy products consists of multi-crystalline modules, monocrystalline modules, and TopCon modules. This range includes flexible modules, which comprise bifacial modules, and building-integrated photovoltaic modules.
| Bidding Dates |
|---|
| 21 Oct 2024 - 23 Oct 2024 |
| Subscription |
|---|
| 76.34x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹12,843 | 1 | 14 | 9 | 28.8 M | ₹1427 - ₹1503 | 64.15 % | ₹41,029.2 M - ₹43,214.4 M | RHP DOC |
Waaree Energies Ltd. IPO SUBSCRIPTION STATUS
23 Oct '24Total76.34x
Retail Individual Investor10.79x
HNI (NII) Investors62.49x
Qualified Institutional Buyers208.63x
Employees5.17x
Waaree Energies Ltd. IPO overall subscription rate was 76.34 times the total available shares
Waaree Energies Ltd. IPO retail subscription rate was 10.79 times in the retail segment
Waaree Energies Ltd. IPO non-institutional investor subscription rate was 62.49 times in the non-institutional investor category
Waaree Energies Ltd. IPO Qualified Institutional Bidder subscription rate was 208.63 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
23 Oct 2024 (Day 3) | 10.79x | 62.49x | 208.63x | 5.17x |
22 Oct 2024 (Day 2) | 6.38x | 24.36x | 1.73x | 3.1x |
21 Oct 2024 (Day 1) | 3.17x | 8.09x | 0.08x | 1.57x |
Waaree Energies Ltd. FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| Q1FY25 | 4,011.3 | 34,089.0 | 4,582.0 | 570.0 | 18.3% |
| Q1FY24 | 3,382.7 | 33,282.9 | 6,473.2 | 3,348.5 | 16.2% |
| FY24 | 12,743.8 | 1,13,976.1 | 23,050.2 | 9,676.7 | 15.6% |
| FY23 | 5,002.8 | 67,508.7 | 15,602.3 | 6,984.4 | 13.8% |
| FY22 | 796.5 | 28,542.7 | 7,008.6 | 2,051.8 | 6.9% |
Waaree Energies Ltd. IPO SUBSCRIPTION STATUS DETAILS
Waaree Energies Ltd. had 28.8 M shares on offer
Waaree Energies Ltd. IPO offer price was in the range ₹1427 - ₹1503
Waaree Energies Ltd. IPO minimum Investment was ₹12843
Waaree Energies Ltd. IPO issue size was ₹ 41,029.2 M - ₹ 43,214.4 M
Waaree Energies Ltd. had a minimum lot size of 9 Shares per application
Waaree Energies Ltd. NUMBER OF SHARES ON OFFER
Total28.8 M
Fresh Issue24.0 M
Offer for Sale4.8 M
Post Issue Promoter Holding %64.15 %
Waaree Energies Ltd. IPO IMPORTANT DATES
| Issue Open Date | 21 Oct 2024 |
| Issue close Date | 23 Oct 2024 |
| Allotment Date | 24 Oct 2024 |
| Refund Date | 25 Oct 2024 |
| Demat Account Credit Date | 25 Oct 2024 |
| Listing Date | 28 Oct 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Waaree Energies Ltd. Allotment Status | Exchange |
Waaree Energies Ltd. IPO subscription opened on 21 Oct 2024, and closed on 23 Oct 2024
IPO allotment for Waaree Energies Ltd. was finalized on Thursday, 24 Oct 2024
IPO listing for Waaree Energies Ltd. was on NSE and BSE on Monday, 28 Oct 2024
Waaree Energies Ltd. IPO LISTING GAINS
| Issue Price (adjusted) | 1503.0 |
| Listing Open Price | 2500.0 |
| Listing Close Price | 2338.9 |
| Listing Gain% | 66.3% |
| Current Gain% | 53.3% |
Waaree Energies Ltd. Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Waaree Energies Ltd. | 2304 | 66190 | 17.9 | 0.5 | 2.1 | 25.7 | 12.3 | 27244.9 | 83.5 | 3711.3 | 98.7 | 128.4 | 36.8 |
| Apar Industries Ltd. | 15678 | 65651.8 | 47.7 | 1 | 2.6 | 18.1 | 7.1 | 22966.9 | 22.9 | 976.9 | 18.9 | 328.9 | 46.6 |
| Havells India Ltd. | 1013.8 | 63559.3 | 38.2 | 2.8 | 2.5 | 17.9 | 11.5 | 23022.2 | 4.3 | 1690.6 | 14.8 | 26.5 | 13.7 |
| Premier Energies Ltd. | 876 | 39766.2 | 23.9 | 0.4 | 4.7 | 35 | 13.9 | 8025.9 | 20.7 | 1509.8 | 61.1 | 36.7 | 59.1 |
| Syrma SGS Technology Ltd. | 1625.3 | 31281.2 | 74.2 | 0.9 | 5 | 11.1 | 5.5 | 4856.9 | 26.6 | 317.8 | 87.1 | 21.9 | 84.8 |
| Honeywell Automation India Ltd. | 29490 | 26073.6 | 46.1 | 4.8 | 5.5 | 11.8 | 8.4 | 4860.9 | 11.2 | 525 | 0.3 | 639.4 | 9.5 |
Forecaster
Revenue Mix
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Waaree Energies Ltd. annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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Actual
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Total Rev. Ann.
1Y CHG
69.3%
2Y CAGR
42.9%
3Y CAGR
49.9%
Net Profit Ann.
1Y CHG
111.2%
2Y CAGR
81%
3Y CAGR
101.5%
Operating Exp. Ann.
1Y CHG
56.3%
2Y CAGR
31.7%
3Y CAGR
41.1%
Waaree Energies Ltd. IPO Reports
Waaree Energies Ltd. INFORMATION ON IPO ISSUE
About Waaree Energies Ltd.
Waaree Energies Ltd. was incorporated on December 18, 1990. It is the largest manufacturer of solar PV modules in India, with the largest aggregate installed capacity of 12 GW as of June 30, 2023. Its portfolio of solar energy products consists of multi-crystalline modules, monocrystalline modules, and TopCon modules. This range includes flexible modules, which comprise bifacial modules, and building-integrated photovoltaic modules.
Object of the Issue
- Partially finance the cost of establishing a 6GW ingot-wafer, solar cell, and solar PV module manufacturing facility in Odisha, India
- General corporate purposes
Waaree Energies Ltd. - PROMOTERS
| Name |
|---|
| Hitesh Chimanlal Doshi |
| Viren Chimanlal Doshi |
| Pankaj Chimanlal Doshi |
| Waaree Sustainable Finance Private Limited |
Waaree Energies Ltd. Lead Manager of the Issue
Axis Capital Limited
waaree.ipo@axiscap.in
IIFL Securities Limited
waaree.ipo@iiflcap.com
Jefferies India Private Limited
Waaree.IPO@jefferies.com
Nomura Financial Advisory and Securities (India) Private Limited
waareeipo@nomura.com
SBI Capital Markets Limited
waaree.ipo@sbicaps.com
Intensive Fiscal Services Private Limited
waaree.ipo@intensivefiscal.com
ITI Capital Limited
ipo.waaree@iticapital.in
Waaree Energies Ltd. Registrar to the Offer
Link Intime India Private Limited
waaree.ipo@linkintime.co.in
Waaree Energies Ltd. Strengths
Largest manufacturer
The company, as the largest solar PV module manufacturer in India, is well-positioned to capture industry tailwinds and growth prospects for solar energy both in India and globally
Strength
Diversified customers
The company's leadership position enables it to offer competitive pricing for its products, which in turn facilitates access to a large and diversified customer base and revenue generation from such customers
Strength
Extensive retail network
As of June 30, 2024, the company has a pan-India retail network consisting of franchisees, with its retail network comprising 369 franchisees across India
Strength
Waaree Energies Ltd. Risks
Geographic concentration
The company derives a substantial portion of its retail sales from Gujarat. Any adverse change in demand in Gujarat may have an adverse impact on the business
Risk
Raw material imports
The company imports a portion of its raw material supply from China. Any restrictions on raw materials from China may adversely affect the business prospects
Risk
Outstanding orders
The outstanding orders in the order book may be delayed, modified, or cancelled, which may have an adverse impact on the business, results of operations, and cash flows
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 721.4 crore, of 4,800,000 shares. It also consists of a fresh issue of Rs 3,600.0 crore.
The promoters of the company are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance Private Limited.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 1427.0 - 1503.0.
The IPO application opens on Oct 21, 2024 and closes on Oct 23, 2024.
The minimum lot size for the IPO is 9. The maximum lot size for the IPO is 126.
For all category investors, the minimum application amount for this IPO is Rs. 12,843.0, the maximum value for this IPO is Rs 189,378.0.
This IPO will be allotted on Oct 24, 2024.
The refund will be credited to your account on Oct 25, 2024.
The allotted shares will be credited to your demat on Oct 25, 2024.
Waaree Energies Ltd.’s shares listed on the stock exchanges on Oct 28, 2024.