The revenue of Wari Energy was more than doubled in the December quarter. The company is the largest company in India to make Solar Photo Voltic (PV) modules. In the December quarter, the company’s Abidta increased to Rs 722 crore. In this, Nari, better source of products and supply chain efficiency in raw material prices. This also increased the company’s operating margin. In the first 9 months of this financial year, the company has created solar PV modules of 5.07 GW of capacity. In comparison, last year the company built PV modules of 3.42 GW.
More domestic market share in order book
The third quarter declined the share of American in exports. The company’s order book was 26.5 GW at the end of the December quarter. The company has received 6.5 GW orders in the last three months, which have been mainly met by the US market. The domestic market accounts for 54 per cent of the company’s total order book. In the domestic market, the company takes about 1-2 months to complete the retail order, while it takes 9–12 months to complete the utility order.
Export declines in America
The company’s exports have affected the changes in the rules. The company’s share in the company’s exports has come down from 60 per cent to 10–11 per cent in the third quarter of FY25 in FY24. In 2023-24, the US Customs and Border Protection seized Idea and China’s Solar Equipment Shipment. It was seized under a law of 2022, which provided to stop things prepared from bonded laborers.
Plant in America’s Taxus
Wari Energy has set up a 1.6 GW PV module in the US, keeping in mind the rules and changes in law in the US. Production started in this plant in January 2025. The company’s focus is on increasing the volume of business in the US. This will increase the export of exports to the company’s income. The American market’s share will increase, especially in exports.
New plant is set up in Gujarat
The company’s established capacity in India is 13.3 GW. Many manufacturing plants of the company are in Gujarat and Uttar Pradesh. To increase its production capacity, the company is setting up a 5.4 GW of a cell manufacturing plant in Chikhali, Gujarat. The trial run of solar cell production has started. Production in this plant is likely to begin by the end of this financial year. The management of the company says that due to backword integration in solar cell manufacturing, margins and profits will increase by 200-300 basis points.
Should you invest?
There is a good possibility of long -term growth for waaree energies. The government’s policy in India is to promote renewable energy. However, sluggishness in the export market may increase competition among companies in the domestic market. Despite this, the performance of Wari Energy is good. Its stock has seen a good boom. This stock has risen about 60 percent of the IPO price. In this stock, the FY26 is trading at 28 times the estimated earnings of FY26. Shopping can be done when the prices of this stock falls.