Waaree Energies, one of the leading players in the solar energy sector in India, managed to churn out healthy numbers consistently. Continuing the momentum, it posted nearly 38% growth in revenue and a 37% rise in profit after tax in Q4 FY25 compared to the same quarter of the previous year.
Following the disclosure of quarterly results, Waaree’s share price surged over around 15% on April 23, 2025, crossing the ₹3,000 mark.
Waaree records 38% growth in revenue in Q4
During the last quarter of FY25, Waaree Energies reported 37.7% growth in total revenue to ₹4,141 crore in contrast to ₹3,007 crore booked in Q4 of the previous fiscal year. While the operating revenue of the company went up 36.4% to ₹4,004 crore during the quarter.
Coming to profits, it reported a 35.6% rise to ₹644 crore in Q4 FY25 against ₹475 crore in the quarter ending March 2024 or Q4 of FY24. However, excluding the exception items related to order cancellation (customers paid order cancellation fees to Waaree) in the previous quarter, the profits surged around 250% from ₹183 crore.
| Financials | Q4 FY25 (₹ Cr) | Q4 FY24 (₹ Cr) | YoY Change |
| Operating revenue | 4,004 | 2,936 | 36.4% |
| Total revenue | 4,141 | 3,007 | 37.7% |
| PAT | 644 | 475 | 35.6% |
Source: Company filings
The company spent nearly 80% of the total expenses on the cost of materials (after adjustments for stock purchases and changes in inventories). The cost stood at ₹2,609 crore during the quarter (Q4 FY25) while its employee benefit cost was reported at ₹103 crore (3.1% of the total expenditure) during the period.
The annual performance of the company also pleased the investors as its revenue increased 26.7% to ₹14,445 crore in FY25 from ₹11,398 crore in FY24. Waaree’s operating revenue also surged 27.6% to ₹14,846 crore during the fiscal year ending March 2025. The company’s annual profits saw a strong growth of over 1.5x to ₹1,928 crore during the fiscal year against ₹1,274 crore reported in FY24.
| Financials | FY25 (₹ Cr) | FY24 (₹ Cr) | YoY Change |
| Operating revenue | 14,445 | 11,398 | 26.7% |
| Total revenue | 14,846 | 11,633 | 27.6% |
| PAT | 1,928 | 1,274 | 51.3% |
Source: Company filings
How does Waaree Energies make money?
Incorporated in 1990, Waaree Energies is the largest manufacturer of solar PV modules with the largest aggregate installed capacity of 20.4 GW, including approximately 15 GW of solar modules and 5.4 GW of cells. The company started its operations in 2007 with a focus on solar PV module manufacturing. As per the company’s website, it has five solar module manufacturing facilities in India, with an international presence.
Moreover, the company also develops and operates solar power projects for generating electricity from renewable sources and provides Engineering, Procurement, and Construction (EPC) solutions for solar power projects via its subsidiary.
During the last quarter (Q4 FY25), it made around 88% revenue from Solar Photovoltaic Modules (Solar PV Modules), a little over from EPC solutions, and the remaining came from its power generating business vertical.
Why is Waaree Energy share price rising?
Waaree Energies’ share price surged 14.76% on April 23, 2025. The rise was led by its Q4 FY25 earnings results.
The company has given strong guidance for the ongoing financial year (FY26). It is projected to generate ₹5,500 to 6,000 crore EBITDA in FY26. For context, its EBITDA for FY25 and FY24 was recorded at ₹3,123 crore and ₹1,809.6 crore, respectively. The expected growth is based on the strong demand realization and operational excellence. As of the beginning of the first quarter of FY26. Waaree’s order book is at approximately ₹47,000 crore.
The rise in share price also marked one of the largest day gains for the company, post IPO. On the date of listing (October 28, 2024), its share jumped over 55%. It primarily competes with Premier Energies, which is trading at around ₹1,072 per share.
Conclusion
Waaree Energies has recorded a strong quarter and annual growth in revenue and profits, which was primarily driven by its solar PV module business. The share price of the company also saw one of the highest day gains following the strong earnings. The rise in share price was also led by Waaree’s healthy order book of ₹47,000 crore, and positive guidance for FY26, where it expects ₹5,500 to ₹6,000 crore EBITDA, which boosted investor confidence. The company seems to be well-positioned for the rising demand for solar energy in the country.
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