Mumbai: Stocks of Mumbai-based, Waaree Energies or Waareeener sizzled in trade session on Thursday.
Waaree Energies Limited is engaged in the business of manufacturing and exporting solar photovoltaic modules for residential, commercial, industrial, and institutional projects.
Cumulatively more than one crore shares exchanged hands on Thursday.
On the Bombay Stock Exchange, more than ten and half lakh shares were traded while on the National Stock Exchange nearly one crore shares were traded.
The stock also touched its 52-week high in session today at 3748 per share. Stocks of this Mumbai based solar-energy firm traded upwards by 6 percent.
Why is this stock sizzling now?
There has been some momentum on this stock since the last three days. But here are some more reasons:
Financial Metrics:
The company reported some impressive numbers recently. Quartlery revenue has been reported at ₹4,597.18 crore - a 31.48 percent annual increment.
EBITDA is reportedly up by 82.61 percent at ₹1,168.67 crore.
Operating margins too were reportedly up at 25.42 percent in the current quarter as against 18.3 percent in previous quarter.
As per data provisioned by the company, order book is impressive at nearly ₹49,000 crore.
Additionally the company commented that 2.23 GW of new orders were received.
For FY25, Waaree posted net profit of ₹ 1781.17 crores. The company posted highest June quarter results at ₹ 659.89 crores - a net profit margin of 19.58.
STOCK METRICS
As regards stock metrics - this stock (as of the time of publishing this story) trades at a PE of 47.6 (high in the industry), however it also commands an industry-leading RoE of 19.7 and operating profit margin of 20.5.
Rating agency Nomura has initiated a coverage forecasting Waaree Energies' stock to hit a target of ₹3,710 and also announcing a "BUY".
Waaree Energies had listed on October 2024 and surprisingly the IPO debutante saw a premium of 70 percent on the listing day. During its IPO itself, this stock had set a record of receiving nearly 97.34 lakh applicants.
The success of that IPO can be gauged from the fact that it has been the best IPO in terms of total applications received. The others in the top IPOs being Bajaj Housing Finance, Tata Technologies, and Life Insurance Corporation of India.
