Waaree Energies, India's largest solar PV module manufacturer, produced 3.3 GW of modules in H1 FY25, achieving modest 2% YoY growth. With a robust order book of ~20 GW and plans to expand to 20 GW capacity by FY27, the company is well-positioned for future growth, bolstered by IPO proceeds and government support for electrolyser manufacturing. Current market valuation stands at Rs 2,924, nearly double the IPO offer price.
