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What is the business of Waaree Energies?

Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12GW, as of June 30, 2023. For Fiscal 2023, it had the second-best operating income among all the domestic solar PV module manufacturers in India.  It commenced operations 2007 focusing  focusing on  on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon footprint paving the way for sustainable energy thereby improving quality of life. Over the years, it has significantly expanded its aggregate installed capacityfrom 2 GW in Fiscal 2021 to 9 GW, as of March 31, 2023, which further increased to 12 GW as of June 30, 2023, as evidenced by its ability to quickly complete its expansion plans efficiently.

Its solar PV modules are currently manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (“TopCon”) which helps reduce energy loss and enhances overall efficiency. Its portfolio of solar energy products consists of the following PV modules: (i) multicrystalline modules; (ii) monocrystalline modules; and (iii)  TopCon  modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.

As of June 30, 2023, it operated four manufacturing facilities in India spread over an area of 136.30acres. It operates one factory each, located at Surat (“Surat Facility”), Tumb (“Tumb Facility”), Nandigram (“Nandigram Facility”) and Chikhli (“Chikhli Facility”) in Gujarat, India.

Its  sales  and  revenue  channels  include:  (i)  Direct  Sales  to  Utilities  and  Enterprises;  (ii)  Export  Sales,  which includes solar PV module sales to international customers as well as international EPC revenue; (iii) Retail Sales (comprising  franchisee  sales),  which  includes  solar  PV  module  sales  through  its  extensive  franchisee  network focused  on  rooftop  and  MSME  customer  business  vertical  as  well  as  franchisee  EPC  revenue;  and  (iv)  Other Revenue  from  Operations,  which  includes  EPC  services  for  domestic  utilities  and  enterprise  customers,  O&M services, trading in ancillary products, export incentives, generation of electricity from renewable resources and scrap sale.

For more information, click www.waaree.com

Waaree Energies IPO GMP, Particulars & Guidance

Waaree Energies IPO Review by Paresh Gordhandas, CA & Research Analyst.

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