CARE Ratings has upgraded solar manufacturer Waaree Energies’ long-term bank facilities of INR 1,904 crore to ‘A+’ with a Stable outlook. Long-term/short-term bank facilities totalling INR 3,650 crore have been assigned ratings of ‘A+’ with Stable outlook/‘A1+’.
“Ratings upgrade on bank facilities of Waaree Energies factors in significant improvement in business and financial performance of the company as reflected by improvement in capacity utilisation, enhanced demand prospects for domestic solar cells and module manufacturers, and continued growth in operating income, sustenance of satisfactory profitability margins and improvement in capital structure,” said CARE Ratings.
Waaree Energies recorded total operating income of INR 11,446 crore and INR 10,441 crore with operating margins of 14.2% and 17.2% in FY 2024 and 9M FY2025, respectively. The company completed its INR 3,600 crore initial public offering (IPO) with an overwhelming response from the market. Additionally, it has expanded its manufacturing capacity to 14.9 GW for solar modules and 5.4 GW for solar cells while also building its presence in the wind energy space by way of acquisition of Enel Green Power India.
Furthermore, the company’s healthy order book of 26.5 GW worth INR 50,000 crore as on Dec. 31, 2024 provides a strong revenue visibility.
Going forward, CARE Ratings expects the demand prospects for Waaree Energies to remain strong in the domestic market, given favourable government policies such as the imposition of basic customs duty of 40% and 25% on imported solar modules and solar cells, respectively, imposition of Approved List of Models and Manufacturers (ALMM-I) for domestic modules, and mandatory use of domestic content requirement (DCR) compliant solar modules in PV installations under central government-aided schemes such as PM Surya Ghar Muft Bijli Yojana and PM-KUSUM Yojana. Furthermore, the implementation of ALMM for solar cells (ALMM-II) is expected to strengthen the demand prospects for domestically manufactured solar cells as it mandates use of solar modules made from domestically manufactured solar cells for projects to be commissioned beyond June 01, 2026.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.