Waaree Energies Upgraded to A+ Credit Rating

Waaree Energies Ltd. (WEL) has received a credit rating upgrade from CARE Ratings Ltd. reinforcing its financial stability and leadership in India's renewable energy sector.

The rating agency has upgraded the company’s long-term bank facilities of INR 1,904 crore to ‘CARE A+; Stable’ from ‘CARE A; Stable.’ Additionally, its long-term and short-term bank facilities, amounting to INR 3,650 crore, have been rated ‘CARE A+; Stable / CARE A1+,’ reflecting improved operational performance and strong growth prospects.

As per the firm's statement, the rating upgrade comes on the back of Waaree Energies’ robust financial performance in FY24, during which it reported a total operating income of INR 11,446 crore. The company’s successful INR 3,600 crore initial public offering (IPO), which saw overwhelming investor participation, further strengthened its financial position and growth outlook.

Waaree has also expanded its manufacturing capabilities, increasing its solar module production capacity to 14.9 GW and solar cell capacity to 5.4 GW. In a strategic move to diversify its clean energy portfolio, the company has ventured into the wind energy segment through the acquisition of Enel Green Power India, reinforcing its presence in India’s renewable energy landscape.

The company’s growth is supported by a strong order book of approximately INR 50,000 crore as of December 2024, ensuring steady revenue visibility. Favourable government policies, including basic customs duties on solar imports and the domestic content requirement for solar projects, have further fueled demand for Waaree’s products.

The latest credit rating upgrade underscores Waaree Energies’ strong market position and ability to navigate the evolving renewable energy sector. With expanding manufacturing capacity, strategic acquisitions, and a solid financial base, the company remains a key player in India's transition toward sustainable energy solutions.