Waaree Energies Limited IPO Review
Neutral1503-1503 · Mainboard
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Analyst Verdict
Waaree Energies Limited IPO
Neutral
IPO at a Glance
Price Band
1503-1503
Issue Size
4321cr
Min. Investment
₹13,527
Opens
2024-10-19
Closes
2024-10-21
Listing
2024-10-26
Category
Mainboard
Key Strengths
✓The company is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2024. It is well-positioned to capture industry tailwinds and growth prospects for solar energy in India and globally.
✓It has a diversified base of global and Indian customers with a substantial order book.
✓The company’s manufacturing facilities include NABL- accredited laboratory and automated production lines. Its automated production lines follow strict process control guidelines and international industry standards and practices.
✓The company has a pan-India retail network consisting of franchisees. As of March 31, 2022, 2023, 2024, and as of June 30, 2024, The retail network consisted of 373, 253, 335, 284 and 369 franchisees across India, respectively.
Key Risks
⚠The company is dependent on its top 10 customers for nearly 40% of its revenues. The loss of any of these customers could have a material adverse effect on the business.
⚠Export sales make its operations subject to risks and uncertainties of various international markets, in particular the United States.
⚠The company’s projects are dependent on various government subsidies. In the event such subsidies do not materialize or the state or central government does not approve the entire subsidy amount, It may have to raise additional capital, which may materially impact its cash flows.
⚠It derives 40% of its domestic retail sales from Gujarat and 85% from its top 5 states. Any adverse change in the demand in Gujarat or other states may hurt the business.
⚠Restrictions on import duties relating to materials and equipment imported for its manufacturing operations as well as restrictions on or import duties levied on its products in the export markets may adversely affect the business prospects.
Frequently Asked Questions
Should I apply for Waaree Energies Limited IPO?
Based on our analysis, our rating for Waaree Energies Limited IPO is: Neutral. Review the full analysis including strengths, risks, and financials on CheckIPO before making a decision.
What are the key risks of Waaree Energies Limited IPO?
The company is dependent on its top 10 customers for nearly 40% of its revenues. The loss of any of these customers could have a material adverse effect on the business. Export sales make its operations subject to risks and uncertainties of various international markets, in particular the United States. The company’s projects are dependent on various government subsidies. In the event such subsidi
What are the strengths of Waaree Energies Limited IPO?
The company is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2024. It is well-positioned to capture industry tailwinds and growth prospects for solar energy in India and globally. It has a diversified base of global and Indian customers with a substantial order book. The company’s manufacturing facilities include NABL-
What is the price band of Waaree Energies Limited IPO?
The price band for Waaree Energies Limited IPO is 1503-1503. The IPO has closed.
Full Analysis Available
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