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Waaree Energies Ltd. – FY25 Result Update

Created by Piyush Patel_ in Company Update 23 Apr 2025

Waaree Energies Ltd. (WAAREEENER)

FY25 Results Update & Investor Insights

Disclosure: Consolidated numbers; all figures are in ₹ Crore unless otherwise stated; CMP ₹2,612 (as of April 23, 2025).

1. FY25 – A Transformative Year

Order Book: ~25 GW (₹47,000 Cr) as of March 25, 2025, up ~67% YoY.
Manufacturing Capacity: 15 GW solar modules; 5.4 GW solar cells operational.
IPO Proceeds: Fresh issue raised ₹3,600 Cr; ₹2,860 Cr unutilized and parked in fixed deposits.
Credit Profile: Upgraded to CARE A+ (stable) / A1+; BNEF Tier-1 for 38 quarters.

2. Revenue & Profit Growth

Metric	Q4 FY25	Q4 FY24	YoY Δ	Q3 FY25	QoQ Δ	FY25	FY24	YoY Δ
Revenue	4,003.9	2,935.8	+36.5%	3,457.3	+15.8%	14,444.5	11,397.6	+26.8%
EBITDA	1,059.6	489.9	+116.3%	809.7	+30.9%	3,123.2	1,809.6	+72.6%
EBITDA Margin	25.6%	16.3%	+9.3 pp	23.4%	+2.2 pp	21.0%	15.6%	+5.4 pp
PAT (ex-exceptional)	648.5	182.9	+254.5%	506.9	+28.0%	1,932.2	933.0	+107.1%
PAT Margin	15.7%	6.1%	+9.6 pp	14.3%	+1.4 pp	13.0%	8.0%	+5.0 pp

All margins exclude one-off exceptional items.

3. Solvency & Liquidity

Ratio	FY25	FY24
Current Ratio (CA/CL)	1.50×	1.48×
Quick Ratio ((CA–Inv)/CL)	1.19×	1.21×
Debt/Equity	0.012×	0.080×
Interest Coverage (EBITDA/Finance Cost)	20.5×	12.9×

4. Profitability & Cash Flow

Metric	FY25	FY24
Return on Equity (ROE)	28.1%	20.5%
Return on Assets (ROA)	9.8%	8.3%
Operating Cash Flow Margin	21.9%	20.2%

5. Valuation (CMP ₹2,612)

Shares Outstanding: ₹287.28 Cr ÷ ₹10 FV = 28.728 Cr shares = 287.28 million shares.
Book Value per Share:
₹9,479.20Cr÷28.728millionshares₹9,479.20 Cr ÷ 28.728 million shares ≈ ₹329.6
Price-to-Book (P/B):
2,612 ÷ 329.6 ≈ 7.9×
Trailing P/E:
EPS = ₹68.24; 2,612 ÷ 68.24 ≈ 38.3×

6. Guidance & Outlook

FY26 EBITDA: ₹5,500–6,000 Cr (up ~76–92% YoY).
Growth Catalysts:

Backward Integration: 6 GW ingot-wafer & cell capacity by FY27.
Forward Integration: 3 GW inverter lines; 3.5 GWh battery storage by FY27.
Green Hydrogen: 300 MW electrolyser (PLI) commissioning by FY27.

Macro Tailwinds: India’s solar capacity to rise from 105 GW to 280 GW by 2030; robust utility and C&I demand, strong policy support (PLI, ALMM, Suryaghar, Kusum).

Conclusion for Investors

Waaree’s FY25 performance delivers best-ever margins, record order book, strong cash flows, and a fortress balance sheet. At ~7.9× P/B and high-teens ROE, the stock offers an attractive entry into India’s accelerating energy-transition story.

References:

Press Release Q4 & FY25
Investor Presentation:
Consolidated Financials:
IPO Utilization:

Disclosure:

Nature of Information: This blog post is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell securities of Waaree Energies Ltd. (“Waaree”).