Waaree Energies Shares Surge on 452 MW US Solar Contract Win
Waaree Energies Ltd's shares rose 4% to Rs 3,394.00, extending a two-day rally to 7.7%, following a 452 MW solar module order secured by its US subsidiary, Waaree Solar Americas. The contract, to be executed over FY25-26 and FY26-27, adds to recent large US orders totaling 1,725 MW. Waaree is expanding its Texas plant capacity to 3.2 GW by 2025. Q1 FY24 results show strong growth with consolidated net profit up 20.3% QoQ to Rs 745.00 crore and improved operating margins of 22.5%.

*this image is generated using AI for illustrative purposes only.
Waaree Energies Ltd (NSE: WAAREE) saw its shares jump 4% to Rs 3,394.00, extending a two-day rally to 7.7% following a significant contract win by its US subsidiary. The surge comes on the heels of Waaree Solar Americas securing a 452-megawatt (MW) solar module order from an American renewable energy developer.
Contract Details
The newly secured contract is set to be executed over two fiscal years, spanning FY25-26 and FY26-27. This latest win adds to Waaree's growing portfolio of international orders, reinforcing its position in the global solar energy market.
Recent International Successes
Waaree Energies has been on a winning streak in the international arena, particularly in the United States. The company has recently bagged several substantial orders from American developers:
- 540 MW order
- 586 MW order
- 599 MW order
These consecutive wins underscore the company's strong foothold and growing reputation in the US solar market.
Expansion Plans
In line with its growth trajectory, Waaree is aggressively expanding its production capabilities. The company is in the process of doubling the capacity at its Brookshire, Texas plant. The expansion is expected to increase the plant's capacity to 3.2 gigawatts (GW) by the end of 2025, positioning Waaree to meet the growing demand for solar modules in the US market.
Financial Performance
Waaree Energies has demonstrated robust financial performance in its recent quarterly results:
Metric | Q1 FY24 | QoQ Change |
---|---|---|
Consolidated Net Profit | Rs 745.00 crore | ↑ 20.3% |
EBITDA | Rs 997.00 crore | ↑ 73.4% |
Revenue | Rs 4,425.00 crore | ↑ 10.5% |
Operating Margins | 22.5% | ↑ from 14.3% |
The company's financial results show significant improvements across key metrics, with a notable expansion in operating margins from 14.3% to 22.5% quarter-over-quarter.
Stock Performance
The positive news has reflected well on Waaree Energies' stock performance:
- Current Price: Rs 3,394.00
- 2-Day Gain: 7.7%
- Year-to-Date Gain: 16.5%
- 6-Month Gain: 54%
The stock's impressive run showcases investor confidence in Waaree's growth strategy and execution capabilities.
Waaree Energies' latest contract win, coupled with its strong financial performance and expansion plans, positions the company as a significant player in the global solar energy sector. As the world continues to shift towards renewable energy sources, Waaree's growing order book and increasing production capacity suggest a promising outlook for the company.
Historical Stock Returns for Waaree Energies
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
---|---|---|---|---|---|
-0.45% | +6.69% | +7.23% | +57.61% | +45.45% | +45.45% |