Waaree Energies
Book Building issueMainboardNSE₹4,321 Cr issue
+69.66%
Listing gain over issue price
Issue size
₹4,321 Cr
1 lot at cut-off
₹13,527
Lot size
9shares
Open
21 Oct 2024
Close
23 Oct 2024
Allotment
24 Oct 2024
Listing
28 Oct 2024
Listing performance
Issue price
₹1,503
Listed at
₹2,550
Listing-day close
₹2,338.90
Latest price
₹2,354.90
Close on 23 Oct 2026
Listing gain
+69.66%
Return since issue
+56.68%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Oct 2024 – 23 Oct 2024
- Listing date
- 28 Oct 2024
- Face value
- ₹10 per share
- Issue price
- ₹1,503 per share
- Lot size
- 9 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹4,321 Cr
- Market cap at offer price
- ₹42,939 Cr
- Promoter holding
- 71.80% → 64.30% pre-issue → post-issue
- ISIN
- INE377N01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 602, 6th Floor, Western Edge I, Western Express Highway, Borivali (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 84,95,887 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 9 shares per lot, in multiples, at ₹1,503
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 9 | ₹13,527 |
| Retail (max) | 14 | 126 | ₹1,89,378 |
| S-HNI (min) | 15 | 135 | ₹2,02,905 |
| S-HNI (max) | 73 | 657 | ₹9,87,471 |
| B-HNI (min) | 74 | 666 | ₹10,00,998 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
84,95,887
Anchor portion
₹1,277 Cr
at ₹1,503 per share
Valuation and performance
Valuation at offer price
₹1,503 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 48.69 | 56.16 |
| P/E (×) | 30.87 | 26.76 |
| Price to book (×) | 8.84 | — |
| Market cap | — | ₹42,939 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 8.81%
- ROCE
- 9.45%
- Debt / equity
- 0.06
- PAT margin
- 11.47%
- NAV per share
- ₹169.94
- Price to book
- 8.84
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Waaree Energies
Waaree Energies Limited, incorporated in 1990 and formerly known as Anmol Fluid Connectors Private Limited, is a leading manufacturer of solar PV modules in India with an aggregate installed capacity of 12 GW as of March 31, 2024. The company operates five manufacturing facilities across Gujarat (Surat, Tumb, Nandigram, Chikhli) and Uttar Pradesh (Noida via Indosolar Limited), producing multicrystalline modules, monocrystalline modules, and TopCon modules including bifacial and building integrated photovoltaic (BIPV) modules. Waaree earns revenue through direct sales to utilities and enterprises, retail sales through a franchisee network of 335-369 franchisees as of the reference dates, and export sales which represented 57.64% of revenue from operations in Fiscal 2024. The company has diversified revenue streams including EPC services, O&M services, and operations of solar power projects with 46 active power purchase agreements as of June 30, 2024.
Company Analysis
from RHPWaaree Energies Limited is a solar photovoltaic module manufacturer with 12 GW installed capacity operating in India's renewable energy sector.
Waaree Energies Limited, incorporated in 1990 and formerly known as Anmol Fluid Connectors Private Limited, is a leading manufacturer of solar PV modules in India with an aggregate installed capacity of 12 GW as of March 31, 2024. The company operates five manufacturing facilities across Gujarat (Surat, Tumb, Nandigram, Chikhli) and Uttar Pradesh (Noida via Indosolar Limited), producing multicrystalline modules, monocrystalline modules, and TopCon modules including bifacial and building integrated photovoltaic (BIPV) modules. Waaree earns revenue through direct sales to utilities and enterprises, retail sales through a franchisee network of 335-369 franchisees as of the reference dates, and export sales which represented 57.64% of revenue from operations in Fiscal 2024. The company has diversified revenue streams including EPC services, O&M services, and operations of solar power projects with 46 active power purchase agreements as of June 30, 2024.
Solar photovoltaic module manufacturingRenewable energyEngineering, procurement and construction (EPC) servicesOperations and maintenance services
Objects of the Issue
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India ₹27,750.00 million p.27
- General corporate purposes p.27
- Part financing the cost of establishing a fully integrated 6 GW capacity ingot-wafers, solar cells and modules manufacturing facility at Dhenkanal, Odisha p.48
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India by way of an investment in our wholly owned subsidiary, Sangam Solar One Private Limited ₹27,750.00 million (estimated from Net Proceeds) p.142
- General corporate purposes p.143
- Objects of the Offer p.152
- Funding capital expenditure for backward integration and capacity expansion, including the establishment of a fully integrated 6 GW facility for manufacture of ingots, wafer, solar cells and PV modules p.253
- General corporate purposes
- Funding capital expenditure for the Project, including acquisition of land, construction of buildings, and supply of machinery for Ingot Wafer, Solar Cell, and Solar PV Module manufacturing plants As per financing arrangement, SBI has sanctioned ₹55,180 million loan to subsidiary Sangam Solar One Private Limited for the Project p.513
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹36,000 million
- Offer for Sale
- Up to 4,800,000 Equity Shares aggregating up to ₹[●] million, comprising of an offer for sale of up to 4,350,000 Equity Shares by Waaree Sustainable Finance Private Limited aggregating up to ₹[●] million and up to 450,000 Equity Shares by Chandurkar Investments Private Limited aggregating up to ₹[●] million
- Price Band
- Price band ranging from a minimum price of ₹[●] per Equity Share (Floor Price) to the maximum price of ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
Waaree generates revenue through three primary channels: (1) Direct Sales to Utilities and Enterprises for utility-scale and commercial solar projects, representing 32.21% of revenue in Fiscal 2024; (2) Retail Sales through franchisee networks focused on commercial, industrial and residential segments, representing 10.15% of revenue in Fiscal 2024; (3) Export Sales to international markets (primarily USA at 99.60% of export sales in Fiscal 2024), representing 57.64% of revenue in Fiscal 2024. Additional revenue comes from EPC services, O&M services, trading in ancillary products, and electricity generation from renewable resources.
Business Segments
Sales of solar PV modules to utilities and enterprise customers for utility-scale and commercial solar projects
Solar PV module sales through franchisee network focused on commercial and industrial and residential business verticals as well as franchisee EPC revenue and other products sold to franchisees
Solar PV module sales to international customers as well as international EPC revenue
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
Manufacture and sale of multicrystalline modules, monocrystalline modules, TOPCon modules (including flexible modules, bifacial modules, and BIPV modules) across five manufacturing facilities
Sale of solar PV modules to retail customers through franchisees, primarily in Gujarat and other states
Export of solar PV modules to international markets including the United States
Manufacture and sale of solar photovoltaic modules, cells, and related components for the renewable energy market
Manufactures mono-crystalline and multi-crystalline solar photovoltaic modules for grid-connected and off-grid applications
Sales of solar PV modules to utilities and enterprise customers, primarily for private projects and large rooftop installations, with a dedicated sales team handling key accounts
Sale of solar PV modules to international customers and international EPC revenue, with products exported to United States, Canada, Italy, Turkey, Hong Kong, Vietnam and other countries including Fortune 500 companies
Sales through an extensive pan-India franchisee network of 369 franchisees as of June 30, 2024, focused on rooftop and MSME customer business verticals including module sales and franchisee EPC revenue
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
Manufacture of solar photovoltaic modules at facilities in Vapi, Nandigram, Chikili, and Surat
Setting up of projects in solar space including engineering, procurement and construction activities
Generation and sale of electricity from solar power plants operated under power purchase agreements and service concession arrangements
Manufacture and sale of solar photovoltaic modules and solar power products
Generation of electricity from renewable sources through solar power plants
Engineering, procurement and construction services for solar power plants
Manufacturing and sale of solar PV modules and other solar power products
Value-added services including freight, clearing services for domestic and export customers, local haulage, and last-mile delivery at customer warehouse/site
Design, manufacture, supply, erection, testing, commissioning, warranty, operation and maintenance of solar power plants
Generation and sale of electricity from renewable energy sources
SWOT Analysis
Strengths
- • Largest solar PV module manufacturer in India by installed capacity(p.25)
- • Diversified product portfolio including TopCon and bifacial modules(p.25)
- • Extensive operational footprint with five manufacturing facilities across India(p.25)
- • Strong revenue growth trajectory across fiscal years(p.28)
- • Significant export market presence, particularly in the United States(p.37)
- • Substantial order book providing revenue visibility(p.55)
- • Significant installed capacity expansion and scale(p.61)
- • Strong export growth and international market presence(p.61)
- • Strong financial performance and profitability margins(p.61)
- • Backward integration into cell manufacturing(p.62)
- • Established fully integrated solar manufacturing with proven track record(p.92)
- • Largest solar PV module manufacturer in India with significant installed capacity(p.230)
- • Strong revenue growth and profitability trajectory(p.235)
- • Diversified customer base with substantial order book(p.235)
- • Advanced manufacturing facilities with global certifications and accreditations(p.236)
- • Extensive pan-India retail network providing competitive advantage(p.238)
- • Strong financial position with low debt and healthy balance sheet(p.238)
- • Tier-1 rating from Bloomberg New Energy Finance(p.233)
- • PLI Scheme selection with substantial incentive allocation for high-efficiency solar module manufacturing(p.273)
- • Significant land grant with concessional terms and comprehensive incentives from Odisha state government(p.273)
- • Access to SEZ benefits and tax incentives through existing manufacturing facility location(p.272)
- • Tier 1 recognition by Bloomberg New Energy Finance indicating manufacturing quality and reliability(p.279)
- • Diverse manufacturing and service capability across multiple locations(p.343)
- • Significant expansion in manufacturing capacity via capital work-in-progress(p.376)
- • Strong asset base and revenue growth trajectory(p.335)
- • Profitability improvement with strong net profit generation(p.336)
- • Established solar manufacturing capacity with 1GW operational module line(p.438)
- • Diversified business segments across solar modules, EPC, and power generation(p.415)
- • Strong financial liquidity with significant cash holdings(p.426)
- • Growing revenue from solar products across domestic and export markets(p.408)
- • Strong installed capacity expansion and production capability(p.493)
- • Leading position in solar module export market(p.493)
- • Exceptional EBITDA growth and margin expansion(p.498)
- • Strong return on equity and capital employed metrics(p.488)
- • Significant revenue growth trajectory(p.493)
- • Improving debt-to-equity position(p.486)
Weaknesses
- • High customer concentration with top 10 customers representing majority of revenue(p.37)
- • Significant exposure to liquidated damages from delivery delays(p.38)
- • Heavy reliance on imported raw materials, particularly from China(p.45)
- • Limited experience in manufacturing solar cells and backward integration(p.42)
- • Substantial contingent liabilities relative to net worth(p.29)
- • High dependence on external material suppliers without long-term contracts(p.52)
- • Significant foreign exchange exposure with import dependency(p.50)
- • High working capital requirements and inventory burden(p.57)
- • Restrictive covenants limiting operational flexibility(p.49)
- • Geographic concentration of manufacturing operations in Gujarat(p.56)
- • Significant warranty and product liability exposure(p.68)
- • Undisclosed audit qualifications and accounting issues(p.51)
- • Investors may face difficulties exercising pre-emptive rights if their jurisdiction requires registration(p.92)
- • Exposure to FATCA withholding tax on dividend payments to foreign investors(p.93)
- • Risk of PFIC status creating unfavorable tax treatment for U.S. shareholders(p.93)
- • Heavy dependence on imported raw materials, particularly solar cells(p.216)
- • Currently operating manufacturing plants at approximately 50% capacity utilization(p.229)
- • High concentration of sales from a single market(p.241)
- • Dependence on technology from Chinese suppliers for new manufacturing lines(p.229)
- • Limited backward integration into critical components(p.217)
- • Top 10 suppliers account for significant portion of material costs(p.255)
- • Suspension of subsidiary Indosolar's shares from trading due to non-compliance with minimum public shareholding(p.280)
- • Indosolar subsidiary carrying significant losses and debt burden post-acquisition(p.295)
- • Multiple subsidiaries reporting negative net worth and accumulated losses(p.295)
- • Corporate records relating to historical share capital changes are not fully traceable(p.277)
- • High reliance on specific inventory composition with significant goods-in-transit exposure(p.384)
- • Significant allowance for credit loss on trade receivables(p.387)
- • Substantial capital work-in-progress requiring completion and execution risk(p.376)
- • Reliance on non-controlling interests and subsidiary consolidation(p.327)
- • Significant exposure to related party transactions and director involvement(p.389)
- • Material contingent liabilities and disputed statutory liabilities(p.411)
- • Warranty provisions and customer claims impacting profitability(p.400)
- • Order cancellation charges indicating contract execution risks(p.411)
- • Concentration of promoter shareholding with dilution during period(p.392)
- • Audit trail feature not fully enabled in accounting software systems(p.454)
- • Six subsidiaries lack audit trail feature in their accounting systems(p.454)
- • Backup of books of account not maintained daily on servers in India(p.454)
- • Inventory theft incident resulting in significant loss(p.454)
- • Quarterly financial returns filed with banks do not reconcile with books of accounts(p.454)
- • Title deeds for acquired solar plant parcels still in transfer process(p.453)
- • Significant dependence on limited customer base(p.508)
- • Substantial increase in order cancellation charges impacting profitability(p.495)
- • Rising interest and finance costs(p.495)
- • Litigation involving promoters and directors(p.516)
- • Outstanding disputed statutory liabilities(p.505)
- • Working capital facility compliance issues(p.505)
Opportunities
- • Expansion into backward integration with 6 GW facility in Odisha(p.42)
- • Strong projected growth in rooftop solar capacity additions in India(p.25)
- • Expansion of manufacturing operations in the United States(p.43)
- • Growing retail sales channel and franchisee network expansion(p.43)
- • Strategic acquisitions to integrate solar cell manufacturing capabilities(p.47)
- • Backward integration into ingot-wafer, cell, and integrated manufacturing(p.48)
- • Expansion into US market with dedicated manufacturing facility(p.48)
- • PLI scheme incentives for high-efficiency solar modules(p.82)
- • Growing domestic retail sales expansion into new geographies(p.60)
- • US policy support driving export demand through tariff barriers on Chinese imports(p.61)
- • Government policies supporting domestic solar manufacturing through PLI scheme(p.234)
- • Massive growth in rooftop solar segment with 40 GW target(p.234)
- • Large projected solar capacity additions in India(p.218)
- • Growing global export opportunities due to tariffs against Chinese modules(p.241)
- • U.S. Inflation Reduction Act providing manufacturing tax credits(p.240)
- • Opportunity to establish fully integrated manufacturing facility with PLI support(p.235)
- • Transition to higher efficiency technologies capturing technology upgrade demand(p.218)
- • Green hydrogen electrolyser manufacturing opportunity with PLI support(p.243)
- • Government's aggressive renewable energy capacity expansion targets driving sector growth(p.271)
- • Mandated renewable purchase obligations and increasing solar RPO targets across states(p.270)
- • Residential rooftop solar capacity expansion target with central financial assistance(p.271)
- • Government commitment to build high-efficiency solar PV module manufacturing ecosystem with significant fiscal allocation(p.272)
- • Preferential procurement requirements promoting domestic solar module manufacturing(p.270)
- • Expansion into cell manufacturing and new geographies(p.376)
- • Growth in solar project development and power generation business(p.351)
- • Increasing scale and market presence through subsidiary acquisitions(p.340)
- • Expansion of solar module manufacturing capacity for domestic and export markets(p.399)
- • Growing EPC business with significant project pipeline(p.408)
- • International expansion through foreign subsidiaries and trading operations(p.417)
- • Government support through renewable energy financing and subsidies(p.399)
- • Acquisition and integration of Indosolar to strengthen manufacturing footprint(p.438)
- • Backward integration into solar cell and wafer manufacturing(p.459)
- • Expansion of US manufacturing to capture Inflation Reduction Act incentives(p.460)
- • Performance Linked Incentive award for electrolyzer manufacturing(p.446)
- • Growing export market demand due to anti-dumping measures against other producers(p.461)
- • Expansion of pan-India retail franchisee network in high-growth states(p.464)
- • Rising export demand driven by global anti-China policies(p.493)
- • Strong projected export growth trajectory(p.496)
- • Expansion of value-added services to customers(p.494)
- • Growing Engineering, Procurement and Construction project business(p.494)
- • Renewable energy generation business growth(p.494)
- • Substantial capital commitments demonstrating expansion plans(p.503)
Threats
- • Extreme export market concentration with USA representing 99.60% of export sales(p.40)
- • Risk of anti-dumping and anti-circumvention duties on solar products(p.44)
- • High basic customs duty on imported solar cells impacting material costs(p.45)
- • Regulatory and competitive risks in international markets(p.40)
- • Project execution risks with cost overruns already experienced(p.46)
- • Significant decline in solar module prices compressing margins(p.58)
- • Supply glut in China affecting pricing competitiveness(p.58)
- • Intense competition from Chinese and Southeast Asian manufacturers(p.82)
- • Exchange rate fluctuations impacting cost competitiveness(p.50)
- • Dependence on government policy support for renewable energy sector(p.82)
- • Rising interest rates affecting financing costs and capital deployment(p.49)
- • Regulatory changes and policy uncertainty affecting business operations(p.81)
- • Commodity price volatility for raw materials and import duties(p.53)
- • Anti-takeover provisions may prevent beneficial acquisition attempts(p.92)
- • Customer transactions with sanctioned entities could expose company to penalties(p.92)
- • Policy and regulatory uncertainty affecting solar industry(p.228)
- • Supply chain disruptions and commodity price volatility(p.229)
- • Intense competition from Chinese manufacturers with cost advantages(p.229)
- • Supply glut in China threatening domestic manufacturer competitiveness(p.229)
- • Market demand variability and inconsistent government tendering(p.228)
- • Technological obsolescence risk in solar cell manufacturing(p.229)
- • Environmental and regulatory compliance costs(p.229)
- • Regulatory amendments to electricity distribution framework could enable competition and tariff pressure(p.268)
- • ALMM Order compliance requirements and periodic suspension risk could disrupt solar PV module market access(p.269)
- • Mandatory tariff determination by regulatory commissions may constrain pricing power and profitability(p.268)
- • Compulsory BIS registration requirements for solar PV modules and inverters create compliance obligations(p.269)
- • Environmental and pollution control compliance requirements impose operational constraints and capital expenditure(p.274)
- • Large proportion of unaudited subsidiary financial statements in consolidation(p.328)
- • Government grant accounting adjustments and prior period restatements(p.330)
- • Exposure to foreign exchange volatility through foreign subsidiaries(p.345)
- • High current liabilities relative to current assets creating working capital pressure(p.335)
- • Regulatory and statutory compliance risks including tax disputes(p.411)
- • Foreign exchange volatility impacting imports and exports(p.430)
- • Commodity price and input cost volatility in solar manufacturing(p.409)
- • Customer concentration risk with limited customer base(p.417)
- • Interest rate and financing cost exposure with variable rate borrowings(p.432)
- • Sharp decline in module prices due to polysilicon oversupply(p.462)
- • High dependence on imported raw materials, particularly solar cells subject to basic customs duty(p.465)
- • Reliance on small number of key customers concentrating revenue risk(p.463)
- • Exchange rate fluctuations impacting import costs and export revenues(p.465)
- • Regulatory policy changes affecting solar energy incentives and market viability(p.461)
- • Global policy changes affecting export dynamics(p.496)
- • Cyclical demand risk for solar power products(p.509)
- • Customer concentration risk with top customers(p.509)
- • Regulatory compliance and approval uncertainties(p.70)
- • Pending fire safety compliance at manufacturing facilities(p.520)
- • Accounting software and audit trail deficiencies(p.505)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hitesh Chimanlal Doshi | Promoter | 5.36% | — |
| Viren Chimanlal Doshi | Promoter | 4.16% | — |
| Pankaj Chimanlal Doshi | Promoter | 9.34% | — |
| Waaree Sustainable Finance Private Limited | Promoter | 21.69% | — |
| Waaree Sustainable Finance Private Limited | Promoter/Promoter Group | 21.69% | — |
| Pankaj Chimanlal Doshi | Promoter | 9.34% | — |
| Hitesh Chimanlal Doshi | Promoter | 5.36% | — |
| Viren Chimanlal Doshi | Promoter | 4.16% | — |
| Waaree Sustainable Finance Private Limited | Promoter Group | — | — |
| Hitesh Chimanlal Doshi | Promoter | — | — |
| Viren Chimanlal Doshi | Promoter | — | — |
| Chimanlal Tribhovandas Doshi | Promoter Group | — | — |
| Hitesh Chimanlal Doshi | Promoter | 5.36% | — |
| Viren Chimanlal Doshi | Promoter | 4.16% | — |
| Pankaj Chimanlal Doshi | Promoter | 9.34% | — |
| Waaree Sustainable Finance Private Limited | Promoter | 21.69% | — |
| Waaree Sustainable Finance Private Limited | Promoter Group | 21.71% | — |
| Hitesh Chimanlal Doshi | Promoter | 9.35% | — |
| Viren Chimanlal Doshi | Promoter | 5.36% | — |
| Hitesh Chimanlal Doshi | Promoter | — | — |
| Viren Chimanlal Doshi | Promoter | — | — |
| Waaree Sustainable Finance Private Limited | Promoter Group | — | — |
Leadership
Hitesh Chimanlal Doshi · Chairman and Managing Director
Viren Chimanlal Doshi · Executive Director
Hitesh Pranjivan Mehta · Executive Director
Amit Paithankar · Chief Executive Officer
Sonal Shrivastava · Chief Financial Officer
Rajesh Ghanshyam Gaur · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Waaree Energies IPO FAQs
What is the lot size of Waaree Energies IPO?
The minimum lot size of Waaree Energies IPO is 9 shares. One lot costs ₹13,527 at the cut-off price.
When does Waaree Energies IPO open and close?
Waaree Energies IPO opened for subscription on 21 Oct 2024 and closed on 23 Oct 2024.
What is the listing date of Waaree Energies IPO?
Waaree Energies IPO listed on 28 Oct 2024.