Shares of the newly-listed Waaree Energies fell by 6.4% to their day’s low of Rs 3,400.50 even as the company secured an order for supply of modules upto 180 Mwp from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India.The supply of modules is scheduled to commence at the end of November 2024 and complete in Q4 of FY 2025, the company said in an exchange filing.On Wednesday, Waaree Energies' market capitalization surpassed Rs 1 lakh crore. The stock, which debuted on October 28 at Rs 2,550 on the BSE—representing a premium of 69.7% over the IPO issue price of Rs 1,503—has surged by about 49% in the past week amid sustained buying in the solar power sector.The Rs 4,321 crore IPO received an overwhelming response, attracting bids worth Rs 2.41 lakh crore and garnering 97.34 lakh applications—the highest for any IPO in India's primary market history.Waaree Energies is the largest manufacturer of solar PV modules in India, with the highest aggregate installed capacity of 12 GW as of June 2024. For Fiscal Year 2024, the company recorded the second-highest operating income among all domestic solar PV module manufacturers in India.It is also expanding its footprint by establishing a 3 GW manufacturing facility in the United States, further diversifying its operational capabilities.For FY24, the company's revenue from operations jumped 69% year-on-year (YoY) to Rs 11,398 crore, while profit after tax more than doubled to Rs 1,274 crore.Early investors in Waaree include Madhusudhan Kela and Ravi Dharamshi."We believe long-term investor demand will continue at this counter, driven by sector demand and expansion plans. There is an opportunity to invest in the largest manufacturer of solar PV modules in India, bolstered by favorable government policies and various incentive (PLI) schemes," said Prashanth Tapse of Mehta Equities.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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