Renewable energy company, Waaree Energies is a hot IPO that listed on BSE and NSE in 2024. And its performance has already given multi-fold returns to investors in just 32 sessions of its trading journey. From an IPO issue price of Rs 1,503 apiece, Waaree Energies has skyrocketed by nearly Rs 1,790 in just 32 trading sessions, giving mind-boggling 119% returns.
Waaree Energies Share Price:
Data from BSE showed that Waaree Energies' share price has skyrocketed by Rs 1,789.10 or 119.03% from its IPO issue price of Rs 1,503 apiece since its listing on October 28, 2024. The timeframe to achieve this mark was 32 sessions between October 28 to December 12. On Thursday, Waaree stock ended at Rs 3292.10 apiece, up by 3.72% on BSE with a market cap of Rs 94,576.50 crore.
The stock's 52-week high and low are at Rs 3,740.75 apiece and Rs 2,294.55 apiece respectively. Waaree Energies had one of the best IPO listings in 2024. Its market price performance makes Waaree among the top 2024 IPOs.
On October 28, Waree Energies opened at Rs 2550 apiece on BSE, at a 67% premium from its IPO issue price of Rs 1503. Although Waaree debuted recently, it has already become the most-valued company of the Waree Group in terms of market share.
The stock has trended this month due to back-to-back order wins and new achievements. In latest 5 sessions, the stock zoomed by 13.08%.
Waaree Energies Orders:
December 2: The company received orders for supply of modules up to 364 MWp and 160 MWp from renowned customers engaged in the business of owning, developing and operating renewable power projects in India.
December 5: Waaree Energies secured NABL accreditation for its cutting-edge PV Module Test Lab (PMTL). Located at Waaree's state-of-the-art module manufacturing facility in Chikhli, Gujarat this accreditation further strengthens the company's deliverance to quality, innovation, and sustainability. This marks Waaree's second NABL accreditation, following the first achieved for its Tumb manufacturing facility.
December 6: The company announced the incorporation of a new wholly-owned subsidiary in Australia by the name of Waaree Renewable Energies Australia PTY Limited. This subsidiary will focus on the renewable energy business in Australia.
December 9: The company received an order for a supply of solar modules up to 1 GW from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India.
December 11: At the latest, the company received a Letter of Award (LoA) for the development of a 170 MW Solar power plant in Madhya Pradesh, from Rewa Ultra Mega Solar Limited (RUMSL). The Solar power plant will enable the generation and transmission of clean energy via the Inter-State Transmission System (ISTS). The project will supply renewable energy to Madhya Pradesh Power Management Company Ltd and Indian Railways thus contributing significantly to India's renewable energy goals.
Is Waaree Energies Stock Worth Holding?
During the time of listing, Prashanth Tapse, Senior VP (Research), Mehta Equities had said that they believe the long-term investor demand would continue at the counter on the back of sector demand and expansion plans, with an opportunity to play at the largest manufacturer of solar PV modules in India, bolstered by favourable government policies and few incentive (PLI) schemes. Hence, the analyst had recommended to HOLD the stock. Notably, Waaree Energies has already surpassed Mehta Equities' target of Rs Rs 2750-2800 for booking profits.
In its latest report on December 11, Kotak Institutional Equities said, the Ministry of New and Renewable Energy (MNRE) has issued a significant amendment for implementation of ALMM for solar PV cells. Based on the announcement, all solar PV modules used in ALMM-approved projects will have to source their cells from ALMM list II starting June 1, 2026. This is extremely positive for solar cell manufacturers as domestic cells would be used across most projects (versus only DCR projects earlier). The announcement has taken into account significant solar cell capacity coming online by FY2026; any delay in the commissioning of cell capacities will disproportionately benefit cell manufacturers including Waaree Energies.
Notably, Anand Rathi has added Waaree Energies to its December picks. The firm set an upside target of Rs 3,138 and Rs 3,245 and a timeframe of 30 - 90 days. That being said, Waaree has also surpassed Anand Rathi's target.
About Waaree Energies:
Established in 1990, Waaree Energies Limited (WAAREE) is India's leading renewable energy company, accelerating the global energy transition. Headquartered in Mumbai, we operate state-of-the-art manufacturing facilities with an installed capacity of ~13.3GW for solar PV modules (including 1.3GW of Indosolar). With a presence across India and 25+ countries worldwide, the company offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems. Committed to sustainability, Waaree empowers a greener future by delivering cutting-edge, cost-effective energy solutions.
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