Waaree Energies Limited (WEL) saw its shares trading at ₹2,247.50, experiencing a decline of ₹7.70 or 0.34 per cent on the NSE at 11:55 am.
In a recent announcement, Waaree Energies Limited (WEL), a prominent clean energy company in India, disclosed an improved credit rating from CARE Ratings Limited. The company’s long-term bank facilities worth ₹1,904 crore were upgraded from ‘CARE A; Stable’ to ‘CARE A+; Stable’. Furthermore, its long-term/short-term bank facilities totaling ₹3,650 crore were assigned ratings of ‘CARE A+; Stable / CARE A1+’.
This upgrade by CARE signifies WEL’s consistent financial performance and enhanced operational efficiency. WEL reported a total operating income of ₹11,446 crore in FY24 and successfully finalized a ₹3,600 crore initial public offering.
With a manufacturing capacity of 14.9 GW for solar modules and 5.4 GW for solar cells, WEL has diversified into wind energy through the acquisition of Enel Green Power India. The company boasts a substantial order book of around ₹50,000 crore as of December 2024, ensuring robust revenue visibility. WEL has been benefitting from government policies such as basic customs duties on imports and the mandate for domestic content in solar projects.
The article was first published on March 20, 2025.
