Waaree Energies, India’s leading solar energy solutions provider, has announced its best ever quarterly results for the fourth quarter of the financial year 2024-25 (Q4 FY25). With strong growth in revenue, profitability and capacity, Waaree is solidifying its position as a major player in the global renewable energy space.
Waaree Energies Q4 FY25 Highlights
Waaree Energies Q4 FY25 reported 37.7% year-on-year (YoY) growth in revenue at INR 4,141 crore compared to INR 3,007 crore in Q4 FY24. EBITDA more than doubled to INR 1,060 crore, a 116.3% growth and Profit After Tax (PAT) grew 254.5% YoY to INR 648 crore showing significant operating leverage and margin expansion.
- EBITDA margin improved from 16.29% to 25.59%
- PAT margin grew from 6.08% to 15.66%
Waaree Energies Q4 FY25 recorded a higher module production of 2.06 GW as compared to 1.35 GW in Q4 FY 24, the growth is driven by strong demand in domestic market and increased exports.
Waaree Energies FY25 Highlights
FY25 was a transformational year for Waaree. The company reported:
- Revenue of INR 14,846 crore, up 27.62%
- EBITDA of INR 3,123 crore, up 72.59%
- PAT of INR 1,932 crore, up 107.08%
Module production for the year was 7.13 GW compared to 4.77 GW in FY24. The strong growth in revenue and profitability is a result of Waaree’s strategy, capacity investments and alignment with the global clean energy transition.
Strategic Expansion and Integration Drive Future Outlook
Waaree is investing heavily in both backward and forward integration to have complete control over the solar value chain. Highlights:
- Operationalisation of a 5.4 GW solar cell facility in Gujarat
- Commissioning of a 1.6 GW module line in Brookshire, Texas, USA
- Approval for an additional 3.2 GW module line at Chikhli, Maharashtra
- 6 GW ingot-wafer plant, 3.7 GWh lithium-ion energy storage facility and 300 MW green hydrogen electrolyser by FY27
The company’s order book is ~INR 47,000 crore (~25 GW) with equal split between domestic and international clients, indicating strong visibility and demand.
FY26 Guidance: Execution Backed Optimism
Management has guided FY26 EBITDA of INR 5,500 to INR 6,000 crore based on scale, cost optimization and order pipeline. The company anticipates continued margin expansion due to deeper integration and scale advantages.
Commenting on the results, Mr. Amit Paithankar, Whole Time Director and CEO, said:
“FY25 marks a pivotal inflection point in Waaree’s journey — a year where our strategy, scale, and execution converged to deliver industry-leading performance. Our local-for-local strategy in key markets like the US, robust manufacturing base, and forward-looking investment approach position us to lead India’s solar story globally.”
Sustainability and Global Recognition
Waaree’s commitment to sustainability has been validated through:
- EcoVadis Gold Rating – placing it in the 97th percentile globally
- BNEF Tier-1 ranking for 38 consecutive quarters
- Transition strategy towards net-zero emissions by 2040 (Scope 3)
Waaree Energies Post-IPO Performance
Waaree Energies launched its IPO on 21 October 2024 with a issue size of INR 4321.44 crore. The IPO was a mix of Fresh Issue (INR 3600 crore) and OFS (INR 721.44 crore). The IPO was subscribed 76.34X and delivered 55.62% return on listing day. The Post-IPO performance was also steller and shares of Waaree Energies made an all-time high of INR 3636.60 per share, reflecting a ~141% return over investment. Currently, it is trading around INR 2608 per share (a correction of ~39%).
Conclusion
Waaree Energies Q4 FY25 and full-year performance firmly cements its role as a key enabler in India’s and the world’s transition to sustainable energy. With aggressive capacity additions, sound financial metrics, and strategic expansion into allied clean tech segments like energy storage and hydrogen, Waaree is poised to remain at the forefront of the global solar revolution.
As India races towards its 280 GW solar target by 2030, Waaree appears ready to participate and lead.