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HomeMarket NewsWaaree Energies shares fall 4% despite US arm securing 288 MW module supply deal
Waaree Energies Ltd.'s stock fell nearly 4% despite its US arm securing a 288 MW solar module order, adding to the recent pipeline of deals from domestic as well as international entities. Q2 profit surged 130% to ₹871 crore, but shares fell 14.77% in one month.
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Waaree Energies Ltd.'s US subsidiary has received an order for supply of 288 MW solar modules from a developer and owner-operator of utility scale solar and energy storage projects across the US, the company declared on Friday, December 5.
In an exchange filing, the solar panel maker said that on December 5, its wholly owened US subsidiary, Waaree Solar Americas, secured the order from a "renowned" customer engaged in the business of owning, developing and operating renewable power projects in the country.
While the commercial value of the order hasn't been revealed, Waaree Energies said the one time contract with the international entity will be excuted during financial year 2026-27.
In the last two month, the company has secured seven orders from domestic and international customers.
Among the three in November, first was for the supply of 140 MW of solar modules from a domestic renewable energy developer, another 350 MW order from AMPIN Energy Transition for high-efficiency G12R TOPCon modules and the third, a 360 MW module-supply order from an undisclosed utility-scale solar and energy-storage developer.
In October, Waaree won three additional domestic orders of 220 MW, 210 MW and 140 MW from customers engaged in renewable power development. While Waaree Solar Americas, separately obtained orders to supply 122 MW of modules to a utility-scale solar and storage developer.
Waree Energies reported a 130% year-on-year increase in net profit at ₹871 crore for the September quarter compared to ₹375.66 crore in the same period last year. The company’s PAT margin stood at 14.10% for the quarter while its total income rose 69.96% year-on-year to ₹6,226.54 crore compared to ₹3,663.47 crore in Q2 FY25. EBITDA surged 155.29% YoY to ₹1,567.30 crore, with margins improving to 25.17% from 16.76%.
At 11:27 am, shares of the company were trading close to the day's lows at ₹2,873.40, down 3.72%. The stock has fallen 14.77% in the last one month.
