Analyst Concall
Waaree Energies bullish on demand, plans to expand mkts
This story was originally published at 20:17 IST on 30 July 2025
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--Waaree Energies: Plan capex of INR 150 bln over 2 years
--Waaree Energies: Extremely keen on expanding base beyond India, US
--Waaree Energies: Room for co to grow in cells, wafers, ingots in India
--Waaree Energies: Demand from US for modules may continue to rise
--Waaree Energies: Flush with orders for one to one-and-a-half years
--Waaree Energies: Rising cost of inputs from China may impact earnings
--Waaree Energies: To reach 25 GW module manufacturing capacity in 6 months
--CONTEXT: Comments by Waaree Energies mgmt in post-earnings concall
--Waaree Energies: Demand in India, US a multi-decadal opportunity
--Waaree Energies: Demand outlook in India, US remains secular, long-term
By Sunil Raghu and Afra Abubacker
AHMEDABAD – Waaree Energies Ltd. appeared bullish about the long-term demand scenario in the two key markets it operates in - India and the US. The company dubbed the demand outlook as 'secular' and a 'multi-decadal' opportunity during a call with investors Wednesday to discuss its June quarter earnings.
Waaree Energies currently has 10 gigawatts of module manufacturing capacity and 5.4 GW of solar cell manufacturing capacity. Its order book stands at 25 GW, valued at INR 490 billion. This includes an order inflow of 2.23 GW at Waaree Solar Americas Inc.
The solar module manufacturer had a relatively stellar June quarter earnings, with its consolidated net profit in the reporting quarter rising nearly 90% on year and over 20% on quarter to INR 7.45 billion. Its consolidated revenue rose nearly 30% on year and over 10% on quarter to INR 44.26 billion.
During the reporting quarter, revenue from the company's largest segment, solar photovoltaic modules, rose nearly 22% on year to INR 38.72 billion. Revenue from this segment contributed over 87% of the company's total sales for the June quarter. Revenue from the engineering, procurement, and construction contracts segment for the quarter more than doubled on year to INR 5.89 billion, from INR 2.26 billion reported a year ago. However, revenue from the power generation segment fell 0.3% on year to INR 111.0 million.
Overall, the management said the company could reach 25 GW module manufacturing capacity in the coming six months. It further said that it is looking to expand beyond its two key markets of India and the US. The management said they are closely studying incentives and opportunities in European countries such as Germany, Australia and the Middle East for its expansion plans into new markets.
Talking of US markets, Waaree Energies' management said they were currently flush with orders for at least one to one-and-a-half years. It was primarily for this reason that it is doubling its current capacity at the Texas plant from 1.6 GW. In fact, the management said demand for modules from US markets may continue to rise going forward. It added that this demand growth would have three fundamental drivers – the expansion of artificial intelligence-related data centres, the re-shoring of manufacturing into the US, and the rapid electrification of transportation.
On the Indian front, the company achieved its highest-ever quarterly module production of 2.3 GW during the June quarter. It is working on setting up another 10 GW solar module unit in Gujarat. It is also seeking to set up a solar cell capacity of 10 GW, a 300 MW hydrogen electrolyser, a 3.5 gigawatt-hour battery energy storage systems, and 3 GW inverters. The work on all of these facilities is progressing as per schedule. With the expectation of further growth in manufacturing cells, solar panel wafers and ingots in India, the company has planned a capital expenditure of INR 150 billion over two years. Having cash of nearly INR 75 billion on the books, the company seeks to fund this growth via internal accruals and debt only if required and at the bare minimum level.
The management cautioned about the rising costs of inputs imported from China, which may impact its earnings in the future as it constantly endeavours to maintain gross margins.
On Wednesday, shares of the company closed at INR 3,143.50 on the National Stock Exchange, down 0.9% from the previous day's close. End
Edited by Tanima Banerjee
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