BlackRock solar stock surged by 3% following an order for the supply of solar modules
BlackRock solar stock: The shares of the leading solar panel manufacturer surged by 3.2 percent following the company’s successful acquisition of a significant work order for the supply of solar modules.
With a market capitalization of Rs 77,924.13 crore, Waaree Energies Ltd’s shares were trading at Rs 2,710.00 per share, marking a 2.28 percent increase from the previous closing price of Rs 2,635.75 per share.
Reason for the Increase:
Today, the company’s shares experienced a bullish trend after securing a substantial work order for the supply of solar modules totaling 180 MWp from a well-known customer involved in owning, developing, and operating renewable power projects in India.
Financial Performance:
Looking at the company’s financial performance, revenue rose by 1 percent from Rs 3,537 crore in Q2FY24 to Rs 3,574 crore in Q2FY25. Net profit also saw a significant increase of 17 percent, rising from Rs 320 crore to Rs 376 crore during the same period.
Revenue Breakdown:
Waaree Energies generated 85.42% of its revenue from Solar PV Modules (OPM: 12.35%), with sales decreasing by 10% YoY to ₹3,053.24 Cr in Q2FY25. EPC contributed 4.08% (OPM: 12.28%), with sales surging by 257% to ₹516.67 Cr. Power generation accounted for 0.17% (OPM: 0.11%).
Market Trends:
Solar energy, being the most cost-effective global energy source, surpasses coal, oil, gas, and nuclear energy. India’s target of 500 GW of renewable energy by 2030 is driving demand, necessitating 60-70 GW of solar power annually. Diversification of the supply chain, particularly in the U.S. and India, is reducing dependence on China.
Order Book
Waaree Energies currently boasts an impressive order book of 20 GW, with 27.5% of orders coming from domestic sources and 72.5% from overseas, highlighting the company’s strong international presence. The retail segment accounts for 23% of the business, showing significant growth potential, with a diverse customer base that includes exports and large customers.
New Developments
Waaree Energies is set to invest Rs 600 crores in renewable energy infrastructure and bidding, establish electrolyzer manufacturing plants for hydrogen production, and explore battery energy storage systems in anticipation of a 70 GWh demand by 2030 in India.
Strategic Outlook
Waaree Energies recognizes the cost advantages of solar energy as a key driver of growth in the U.S. market. The company is considering plans to expand its capacity (3.4 GW module, 5 GW cell) based on policy changes. Management remains optimistic about the long-term growth potential of solar energy.
Prominent Investor
BlackRock Institutional Trust Company, managed by the National Pension Service, has made investments totaling approximately Rs. 31.75 Crores in Waaree Energies Limited during its IPO through the anchor book.
Company Profile
Waaree Energies offers a diverse product portfolio that includes various types of PV modules, such as multicrystalline, monocrystalline, and TopCon modules. These modules range from flexible and bifacial (Mono PERC) to both framed and unframed options, as well as building-integrated photovoltaic (BIPV) modules
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.