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Waaree Energies IPO
Price Band
₹1427.0–1503.0
Issue Size
₹4321.44 Cr
Lot Size
9 shares
Min Investment
₹13,527
GMP
+₹1295.0 (86.16%)
Issue Price
₹1503.0
Subject to Sauda
₹8900
Paid only if allotted
Waaree Energies IPO AI Summary
- Waaree Energies IPO is listed on BSE, NSE in the Other Electrical Equipment sector.
- Price band: ₹1427.0–₹1503.0 per share, lot size 9 shares (min. investment ₹13,527).
- Subscription window: 21 Oct–23 Oct 2024, listing on 28 Oct 2024.
- Current GMP is +₹1295.0 (86.16%), an estimated listing price of ₹2798 — unofficial and can change daily.
Waaree Energies Limited is an established player in the solar PV module manufacturing sector in India, with a robust growth trajectory and plans for expansion. The IPO aims to raise funds for significant investments while offering investors an opportunity to participate in the growing renewable energy market.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Waaree Energies IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 23 Oct 2024 — not a current signal.
15 of 17 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Waaree Energies IPO Grey Market Premium (GMP) Today
GMP
+₹1295.0
GMP %
+86.16%
Est. Listing
₹2798.0
Updated: 25 Jul 2026 14:03
About the Company
Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. The product portfolio of solar energy products consists of the following PV modules Multicrystalline modules Monocrystalline modules; and TopCon modules include flexible bifacial modules (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules. As of June 30, 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India. The Tumb facility is certified with ISO 45001:2018 and ISO 14001:2015 for the manufacture, marketing, supply, and installation of solar photovoltaic modules. The Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015 for solar photovoltaic module manufacturing, marketing, and supply.The company also comply with various safety standards for its PV modules. As of March 31, 2021, 2022, and 2023, and as of June 30, 2023, the company served a total of 1,381, 716, 566, and 373 customers in India, respectively. Outside India, the company served 31, 26, 33, and 20 customers during the same periods. Competitive Strength Largest Solar PV Module Manufacturer in India The diversified base of Indian and global customers with a large order book Advanced manufacturing facility with global accreditions Extensive Pan India retail network Consistent track record of financial performance Experienced management team As of June 30, 2023, the company had 1,019 full-time employees.
Company Financials (₹ Cr)
As of 2024-06-30
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 11,989.48 | 11,313.73 | 7,419.92 | 2,237.40 |
| Total Income | 3,496.41 | 11,632.76 | 6,860.36 | 2,945.85 |
| Profit After Tax | 401.13 | 1,274.38 | 500.28 | 79.65 |
| NET Worth | 4,471.71 | 4,074.84 | 1,826.02 | 427.13 |
| Reserves and Surplus | 4,221.69 | 3,825.00 | 1,594.92 | 230.43 |
| Total Borrowing | 261.24 | 317.32 | 273.48 | 313.08 |
Key Ratios
EPS
₹48.69
NAV
₹169.94
ROE
8.79%
ROCE
9.45%
RoNW
8.81%
P/B Value
8.84
P/E Ratio
30.87
Market Cap
₹42939.36 Cr
PAT Margin
11.47%
Debt/Equity
0.06
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Premier Energies Limited | 14.63 | 37.46% | 151.13 | 6.93 | 5.48 |
| Websol Energy System Ltd. | — | — | — | -29.99 | -29.99 |
| Waaree Energies Limited This IPO | 154.96 | 30.36% | — | 48.05 | 47.86 |
Promoters
Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance Pvt.Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India by way of an investment in our wholly owned subsidiary, Sangam Solar One Private Limited (“Project”); and 2,775.00 2 General corporate purposes. 697.70
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹2,945.85 Cr in the year ending 31 Mar 2022, increasing to ₹6,860.36 Cr by 31 Mar 2023, and further rising to ₹11,632.76 Cr in the year ending 31 Mar 2024. However, the most recent figure of ₹3,496.41 Cr as of 30 Jun 2024 is a 9-month figure and not directly comparable to the full-year figures.
Profit Trend
Profit after tax was ₹79.65 Cr for the year ending 31 Mar 2022, which increased to ₹500.28 Cr by 31 Mar 2023, and further rose to ₹1,274.38 Cr in the year ending 31 Mar 2024. The most recent figure of ₹401.13 Cr as of 30 Jun 2024 is a 9-month figure and not directly comparable to the full-year figures.
Valuation
Priced at a P/E ratio of approximately 30.87 at the issue price, Waaree Energies is compared to peers like Premier Energies Limited, which has a P/E of 151.13. This indicates that Waaree is priced at roughly 0.2 times the trailing earnings of its peer group.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of IPO shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of the shares based on demand and supply in the grey market. A positive GMP suggests that investors anticipate a higher listing price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It is important to consider the company's fundamentals and market conditions before making a decision.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs like this, which can experience significant price fluctuations in the short term. It's crucial for such investors to assess their risk profile and investment strategy.
IPO Timeline, Explained
The IPO opens for subscription on 21 October 2024 and closes on 23 October 2024. Allotment of shares will be done on 24 October 2024, and the listing date is set for 28 October 2024.
Listing Gains — The Risk
Listing-day gains can be unpredictable and depend on various factors, including market sentiment and demand for the stock. While some IPOs may see a significant rise in price on the first day of trading, others may not perform as well. Investors should be prepared for the possibility of both gains and losses.
This evaluation is generated from Waaree Energies's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Waaree Energies IPO GMP today?
Waaree Energies IPO GMP today is +₹1295.0 (86.16%), indicating an estimated listing price of ₹2798. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Waaree Energies IPO?
The price band of Waaree Energies IPO is ₹1427.0–₹1503.0 per share.
When does Waaree Energies IPO open and close?
Waaree Energies IPO opens on 21 October 2024 and closes on 23 October 2024.
When does Waaree Energies IPO list on the stock exchange?
Waaree Energies IPO listed on 28 October 2024 at ₹2798.0.
What is the lot size for Waaree Energies IPO?
The lot size for Waaree Energies IPO is 9 shares, requiring a minimum investment of ₹13,527.
What is the price band for Waaree Energies IPO?
The price band for the Waaree Energies IPO is ₹1427.0 to ₹1503.0.
What is the lot size for the Waaree Energies IPO?
The lot size for the Waaree Energies IPO is 9 shares.
What is the minimum investment required for the Waaree Energies IPO?
The minimum investment required is ₹13,527.0.
When does the Waaree Energies IPO open and close?
The IPO opens on 21 October 2024 and closes on 23 October 2024.
What does GMP mean in the context of an IPO?
GMP stands for Grey Market Premium, which indicates the expected listing price of the shares based on demand and supply in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
21 Oct 2024
Close
23 Oct 2024
Allotment
24 Oct 2024
Listing
28 Oct 2024
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