Waaree Energies’ net profit for the third quarter (Q3) of the financial year (FY) 2024-25 rose 260% to ₹5.07 billion (~$58.54 million) from ₹1.41 billion (~$16.28 million) a year ago.

The company’s revenue increased 114.63% year-over-year (YoY) to ₹35.45 billion (~$409.31 million) from ₹16.52 billion (~$190.74 million).

Revenue from solar modules, the company’s primary source of revenue, rose 122% to ₹31.08 billion (~$358.11 million) in the October to December quarter, compared to ₹14.02 billion (~$161.54 million) in the same period a year ago.

Its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also rose 256.97% YoY to ₹8.1 billion (~$93.52 million) from ₹2.27 billion (~$26.21 million).

The company’s Earnings Per Share (EPS) came in at ₹18.33 (~$0.211) during the quarter compared to ₹4.88 (~$0.056) during the same period the previous year.

9M Results

In the first nine months (9M) of FY 2025, Waaree Energies’ net profit grew 60.62% YoY to ₹12.84 billion (~$148.25 million) from ₹7.99 billion (~$92.25 million).

The company’s consolidated income jumped 24.11% to ₹107.05 billion (~$1.23 billion) from ₹86.25 billion (~$995.87 million).

Waaree Energies’ EBITDA surged 56.38% YoY to ₹20.64 billion (~$238.31 million) in 9M FY 2025 from ₹13.2 billion (~$152.41 million).

The company’s manufacturing capacity includes 15 GW solar modules and 5.4 GW solar cells. It has projects of 2.5 GW capacity in its pipeline, with solar and wind projects comprising 640 MW of the total capacity.

Amit Paithankar, Whole Time Director and CEO, Waaree Energies, said that contracts from the U.S. contributed between 15% and  20% of the company’s revenue mix.

The company utilized a capital expenditure of ₹5.51 billion (~$63.62 million) and an investment of ₹2 billion (~$23.09 million) to set up a 300 MW electrolyzer manufacturing plant.

It utilized a capital expenditure of ₹20.73 billion (~$239.35 million) and an investment of ₹6.5 billion (~$75.05 million) to set up a 3.5 GWh lithium-ion advanced chemistry storage cell manufacturing plant.

The company invested ₹1.3 billion (~$15.01 million) in its inverter business and ₹6.5 billion (~$75.05 million) to develop renewable power infrastructure.

The company’s order book includes projects of 26.5 GW capacity worth ₹500 billion (~$5.77 billion).

It commenced trial production of 5.4 GW solar cells, and commercial production at its 1.6 GW U.S.-based solar module line.

Waaree Energies was awarded a production-linked incentive for a 300 MW electrolyzer manufacturing facility for a 90 KT green hydrogen production project.

Earlier this year, the company acquired renewables platform Enel Green Power for ₹7.92 billion (~$91.44 million).

In October 2024, Waaree Energies raised ₹43.21 billion (~$513.95 million) in its initial public offering.