21st October 2024

IPO NOTE

Waaree Energies Limited

Subscribe Price Band: ₹ 1427-1503
ISSUE SUMMARY Largest manufacturer of solar PV modules in India: Waaree Energies
Issue Opens 21-Oct-24 Limited (WEL) has the largest capacity of 12 GW for solar modules in India
Issue Closes 23-Oct-24 which is 1.9x that of the second largest player (as per ALMM List Sep’24).
The company currently has 5 manufacturing facilities. Its portfolio
Offer Price (₹ per share) 1427-1503
includes the following PV modules: (i) multicrystalline (ii) monocrystalline
Bid Lot 9 shares
and (iii) TopCon modules. It also provides EPC solutions as a contractor.
Face Value (₹) 10
Capacity expansion along with Backward Integration: WEL is in the
Pre Issue Shares o/s (mn) 263.3 process of expanding its solar module capacity with a 1.6 GW plant
Offer for Sale (No of sh. mn) 4.8 coming up in the US by FY25 and an additional 6 GW capacity in India by
Fresh Issue (No of sh. mn) 24.0 FY27. Further, it is backward integrating into solar cells with a 5.4 GW
Post Issue shares o/s (mn) 287.3
capacity by FY25 and thereafter 6GW capacity each for solar cells and
ingot-wafer by FY27, both in India. This backward integration will enhance
^Issue Size (₹ bn) 43.2
its operational efficiency, thus enabling cost saving and improved profit
QIB =>50% margins. WEL has an order book of 16.6 GW for PV modules as of June’24.
Non-institutional <15% Focus on growth in International Markets: Exports contributed ~58% of
Retail <35% WEL’S revenue in FY24, out of which 57% was to the US. WEL benefits
^ Issue Size (@ ₹1503) from the tariffs that were imposed by US on the import of Chinese solar
modules in FY22 for a period of 4 years. With its upcoming facility in the

IPO Note
US in FY25, it will have improved access to existing and new customers
POST ISSUE DETAILS there and will also be shielded from the risk of any future tariffs that may
M.Cap @ ₹1503/sh. (₹ bn) 431.7 be imposed by US.
Shareholding pattern Financials: With 3x capacity expansion (from 4 GW to 12 GW) over the
Promoters 90.0% last 2 years, WEL has 100% revenue CAGR for FY22-24. EBITDA margins
Non-Promoters 10.0% improved 140 basis pts YOY reaching 13.8% in FY24. The company also
achieved a healthy ROE of 23% in FY24.
Issue Size and Objects of Offer: ₹43.2bn IPO consists of fresh issue of
₹36bn and OFS of ₹7.2bn by promoters and other investors as selling
shareholders. Fresh issue proceeds will be mainly used for financing 6GW
Ingot Wafer, Solar Cell and PV Module manufacturing facility in Odisha.
View: The IPO is reasonably priced at 26.9x Q1FY25 P/E (on diluted basis).
With Waaree Energies being a market leader in the solar module segment
alongwith positive factors like growing global demand for solar energy,
strong government focus on renewable sector and impetus on China Plus
One Policy, we believe the company is favourably positioned. Hence
recommend ‘SUBSCRIBE’ on the issue. Given current buoyant market and
high interest for renewable energy related stocks, the issue could catch
investors fancy and hence could see listing gains as well.
Exhibit 1: Financials & Valuations (₹ mn)
Y/E March FY22 FY23 FY24 Q1FY25
Revenue 28,543 67,509 1,13,976 34,089
Growth (%) - 136.5 68.8 -
Adj PAT 796 5,003 12,744 4,011
Growth (%) - 528.1 154.7 -
EPS (INR) 2.8 17.4 44.4 14.0
RoE (%) 18.6 44.2 22.9 24.0
P/E (x)* 542.0 86.3 33.9 26.9
*Calculated on Diluted/Annualised basis at upper price band of ₹1503;Source: RHP,MOFSL

Sneha Poddar – Research Analyst ([email protected])

alysDivya Agrawal – Research Analyst ([email protected])
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Waaree Energies

Peer Comparison
Exhibit 2: Key Matrix as on Mar’24
M.Cap. Rev. CAGR PAT CAGR EBITDA M ROE P/E
Company INR Bn FY22-24 (%) FY22-24 (%) FY24 (%) FY24 (x) (x)
Premier Energies 494 105.7 L2P 15.5 43.7 124.8
Waaree Energies 432 99.8 300.0 13.8 22.9 26.9
Websol Energy 52 -65.2 P2L -29.2 -6.4 667.0

Source: Company RHP, MOFSL

*Price Data as on 17th Oct, 2024
*Calculated on annualized and diluted basis at upper price band of ₹1503;
Source: Company RHP, Bloomberg, MOFSL

Risk and Concerns

 Customer concentration- Top 5 customers of the company contributed 40% of
its total revenue in FY24. Therefore business is highly dependent on certain
key customers and the loss of any of these customers could have a material
adverse effect on company’s business, financial condition and results of
operations.

 Exports contributed ~58% of WEL’S revenue in FY24. So revenue is significantly

dependent on export sales which is subject to risks and uncertainties of various
international markets, in particular the United States and there is no assurance
that the company will be able to continue same the level of export sales going
forward.

 Company imports a portion of its raw material supply from China. Any
restrictions on or import duties relating to materials and equipment imported
for its manufacturing operations may adversely affect its business prospects,
financial performance and cash flows.

October 2024 2
 Waaree Energies

About the Company

Exhibit 3: History of Steady Business Growth

Source: RHP, MOFSL

Exhibit 4: Expansion plans focused on backward integration, international growth and adjacent businesses

Source: RHP, MOFSL

October 2024 3
 Waaree Energies

Exhibit 5: End-to-end Product and Service Offerings

Source: RHP, MOFSL

Exhibit 6: Diversified base of global and Indian customers

Source: RHP, MOFSL

October 2024 4
 Waaree Energies

About the Industry

Exhibit 7: Global solar PV installed capacity registered 25% CAGR between 2016 and 2023

Source: RHP, MOFSL

Exhibit 8: Strong boost for solar module manufacturing in India

Source: RHP, MOFSL

October 2024 5
 Waaree Energies

Financials
Exhibit 9: Strong Revenue growth Exhibit 10: Rising EBIDTA Margins

Revenue (INR mn) EBITDA (INR mn) Margins (%)

1,13,976
18, 000 16.2 18. 0

16, 000

13.8 16. 0

14, 000
12.4 14. 0

67,509 12, 000 12. 0

10, 000 10. 0

8,0 00

15,744 8.0

28,543 6,0 00

3.9 6.0

4,0 00

8,346 4.0

5,525
2,0 00

1,109 2.0

0 0.0

FY22 FY23 FY24 FY22 FY23 FY24 Q1FY25

Source: RHP, MOFSL Source: RHP, MOFSL

Exhibit 11: FY23-24 PAT growth at 155% Exhibit 12: Healthy Return Ratios

PAT (INR mn) ROE (%) ROCE (%)

12,744
44.2
39.1

22.9 24.0
23.6
5,003 18.6 18.8
13.5

796

FY22 FY23 FY24 FY22 FY23 FY24 Q1FY25

Source: RHP, MOFSL Source: RHP, MOFSL

Exhibit 13: Growing Order Book Exhibit 14: Constant Capacity Expansion

Order Book (GW) Capacity (GW)

12 12
19.9
18.1
16.7 9

3.3

FY22 FY23 FY24 Q1FY25 FY22 FY23 FY24 Q1FY25

Source: RHP, MOFSL Source: RHP, MOFSL

October 2024 6
 Waaree Energies

Financials
Consolidated – Income Statement (₹ Mn)
Y/E March FY22 FY23 FY24 Q1FY25
Net Sales 28,543 67,509 1,13,976 34,089
Change (%) - 136.5 68.8 -
Total Expenditure 27,433 59,162 98,232 28,564
% of Sales 96 88 86 84
EBITDA 1,109 8,346 15,744 5,525
Margin (%) 3.9 12.4 13.8 16.2
Depreciation 433 1,641 2,768 758
EBIT 677 6,705 12,976 4,767
Int. and Finance Charges 409 823 1,399 337
Other Income 916 1,095 2,352 875
Share of profit of associates - -206 3,413 -
PBT 1,184 6,772 17,342 5,305
Tax 387 1,769 4,598 1,294
Tax Rate (%) 32.7 26.1 26.5 24
Minority Interest - - - -
Reported PAT 796 5,003 12,744 4,011
Adjustments - - - -
Adjusted PAT 796.50 5,003 12743.77 4,011
Change (%) - 528.1 154.7 -
Margin (%) 2.8 7.4 11.2 12
Source: Company RHP, MOFSL

Consolidated – Balance Sheet (₹ Mn)

Y/E March FY22 FY23 FY24 Q1FY25
Share Capital 1,971 2,434 2,630 2,631
Reserves 2,305 15,950 38,249 42,216
Net Worth 4,276 18,384 40,878 44,847
Debt 3,634 3,203 5,534 5,132
Total Capital Employed 8,297 22,301 47,390 51,025
Net Fixed Assets 6,243 11,049 14,495 16,016
Investments 1,850 1,987 1,855 2,216
Current Assets 12,849 55,648 82,540 84,771
Inventory 5,382 27,089 25,855 26,637
Debtors 970 3,126 9,714 10,905
Cash and Bank Balance 3,664 17,364 37,792 37,857
Loans and Advances & OCA 2,833 8,069 9,179 9,372
Curr. Liability & Provisions 14,077 51,899 65,748 68,870
Account Payables 5,925 20,174 20,138 22,504
Current Liabilities 7,718 27,475 29,415 32,955
Other Long Term Liab. & Provs. 435 4,249 16,194 13,411
Net Current Assets -1,228 3,749 16,792 15,901
Deferred Tax (Net) 195 143 833 789
Appl. of Funds 8,297 22,301 47,390 51,025
Source: Company RHP, MOFSL

October 2024 7
 Waaree Energies

Ratios
Y/E March FY22 FY23 FY24 Q1FY25
Basic (INR)
EPS 2.8 17.4 44.4 14.0
Cash EPS 4.3 23.1 54.0 16.6
BV/Share 14.9 64.0 323.3 323.3
DPS 0.0 0.1 0.4 0.0
Valuation (x)
P/E 542.0 86.3 33.9 26.9
Cash P/E 351.2 65.0 27.8 22.6
P/BV 101.0 23.5 4.6 4.6
EV/Sales 15.1 6.2 3.1 2.6
EV/EBITDA 389.1 50.0 22.3 15.9
Dividend Yield (%) 0.0 0.0 0.0 0.0
Return Ratios (%)
RoE 18.6 44.2 22.9 24.0
RoCE 13.5 39.1 18.8 23.6
Working Capital Ratios
Fixed Asset Turnover (x) 4.6 7.8 8.4 8.9
Asset Turnover (x) 3.4 4.4 1.9 1.9
Inventory (Days) 69 88 86 70
Debtor (Days) 12 11 22 28
Creditor (Days) 76 71 65 54
Leverage Ratio (x)
Net Debt/Equity -0.4 -0.9 -0.9 -0.9
Source: Company RHP, MOFSL
*All ratios are calculated at the upper price band of INR450

Consolidated – Cash Flow (₹ Mn)

Y/E March FY22 FY23 FY24 Q1FY25
OP/(Loss) before Tax 1,184 6,772 17,342 5,305
Depreciation 433 1,641 2,768 758
Finance Cost 409 823 1,399 225
Income Taxes paid -387 -1,769 -4,598 -352
(Inc)/Dec in WC 5,344 7,196 5,916 -887
CF from Operations 6,982 14,663 22,827 5,049
Others 26 939 224 -467
CF from Operating (Net) 7,009 15,602 23,050 4,582
(Pur)/Sale of FA 4,957 -8,618 -13,374 -4,012
(Pur)/Sale of Investments 1,299 1,092 -77 608
Interest/Dividend received 93 295 1,249 656
Bank Deposits 1,321 -13,731 -21,090 -265
Others -735 -24 110 -34
CF from Investments 6,749 -20,938 -33,403 -2,979
Proceeds from borrowings 1,407 -1,508 416 -555
Issue of equity shares - 10,401 10,044 12
Interest Paid -279 -655 -1,171 -285
Dividend Paid -5 -3 -5 -
Others 138 1,811 192 101
CF from Fin. Activity 985 6,425 9,092 -929
Net Inc/Dec of Cash 1,245 1,089 -1,260 674
Source: Company RHP, MOFSL

October 2024 8
 Waaree Energies

Explanation of Investment Rating

Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL > - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation

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October 2024 9