Waaree Energies IPO

Waaree Energies has substantially increased its total installed capacity from 4 GW in FY22 to 12 GW as of June 30, 2024.

The company claims to produce modules using advanced cell technologies, including multicrystalline, monocrystalline, and Tunnel Oxide Passivated Contact (TopCon).

The company's Tumb and Surat manufacturing facilities hold ISO 9001:2015 certificates for quality management systems for manufacturing, marketing, and supply of solar photovoltaic modules. The Tumb facility holds the ISO 45001:2018 certification for occupational health and safety management systems and the ISO 14001:2015 certification for environmental management systems for the same processes and installation. Similarly, the Chikhli Facility holds the ISO 45001:2018 certification for occupational health and safety management systems, the ISO 9001:2015 certification for quality management systems, and the ISO 14001:2015 certification for environmental management systems.

The Chikli facility has also received international recognition from UL Solutions, USA, which includes a CB scheme certificate for the mutual recognition of test certificates for electrical equipment, a certificate of compliance for UL standard safety for PV module safety, and compliance with BIS standard IS 14286: 2010 / IEC 61215:2005, IS/IEC 61730 (Part 1): 2004, and IS/IEC 61730 (Part 2) for its crystalline silicon terrestrial PV modules.

Some of Waaree Energies' laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) to conduct quality checks on the company’s solar PV modules.

The company has recorded a consistent rise in revenue from operations and profit after tax (PAT) over the last few years. Revenue from operations increased from Rs 2,854.26 crore in FY22 to Rs 6,750.87 crore in FY23 to Rs 11,397.61 crore in FY24, while PAT increased from Rs 79.65 crore in FY22 to Rs 500.28 crore in FY23 to Rs 1,274.38 crore in FY24.