Waaree Renewables Technologies has emerged as India’s biggest multibagger stock, skyrocketing from Rs 1.80 to Rs 1,922. This remarkable growth represents an incredible gain of 1,06,700%.
Overview of Waaree Renewables Technologies
Waaree Renewables Technologies is a significant player in the renewable energy sector. The company generates power through renewable sources and provides consultancy services. It operates India’s largest solar panel manufacturing capacity of 12 GW across its plants in Chikhli, Surat, and Umbergaon in Gujarat.
Key Triggers Behind the Phenomenal Surge
1. Robust Financial Performance
Waaree Renewables Technologies has demonstrated impressive profit growth, achieving a compound annual growth rate (CAGR) of 145% over the past five years. The company has also maintained a strong return on equity (ROE), with a three-year ROE of 87.3%.
2. Sectoral Advantages
India is a global leader in renewable energy, ranking fourth in renewable energy installed capacity and solar power capacity, and fifth in wind power capacity, according to the REN21 Renewables 2024 Global Status Report. The country’s ambitious target of achieving 500 GW of non-fossil fuel-based energy by 2030, announced at COP26, has created a favorable environment for renewable energy companies like Waaree.
3. Significant Order Book
Waaree Renewables Technologies has a robust order book of 2.3 GW, indicating a strong demand for its products and services.
4. Outstanding Financial Growth
For the full year FY24, Waaree reported revenue of Rs 876.44 crore, marking a year-on-year growth of 149% from Rs 350 crore in FY23. The EBITDA for FY24 stood at Rs 207 crore, up 147% from Rs 83.75 crore in FY23. The profit after tax (PAT) for FY24 was Rs 148 crore, a 167% increase from Rs 55.33 crore in FY23.
Financial Metric | FY23 | FY24 | Growth |
---|---|---|---|
Revenue (Rs crore) | 350 | 876.44 | 149% |
EBITDA (Rs crore) | 83.75 | 207 | 147% |
Profit After Tax (Rs crore) | 55.33 | 148 | 167% |
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Conclusion
Waaree Renewables Technologies’ exceptional financial performance, strategic positioning in the renewable energy sector, and effective execution of its order book have contributed to its meteoric rise from a penny stock to a multibagger. The company’s ability to capitalize on government initiatives and sectoral growth opportunities has played a crucial role in this transformation.
Disclaimer: The article is for informational purposes only and not investment advice.