☀️Waaree Energies Ltd V/s Premier Energies Ltd
☀️Largest Solar Module and Solar Cell Players in India
Detailed Comparison🧵👇
☀️Largest Solar Module and Solar Cell Players in India
Detailed Comparison🧵👇
✍️About the Company:
🔶Waaree Energies Ltd:
🔹India's largest solar PV module manufacturer with a 12 GW capacity as of June 30, 2024, achieved the second-highest operating income in the sector in Fiscal 2024. Initially focused on solar PV module production, it aims to deliver high-quality, cost-effective, sustainable energy solutions, contributing to a lower carbon footprint for a better quality of life.
🔶Waaree Energies Ltd:
🔹India's largest solar PV module manufacturer with a 12 GW capacity as of June 30, 2024, achieved the second-highest operating income in the sector in Fiscal 2024. Initially focused on solar PV module production, it aims to deliver high-quality, cost-effective, sustainable energy solutions, contributing to a lower carbon footprint for a better quality of life.
🔶Premier Energies Ltd:
🔹A prominent player in the solar industry, the company is India's second-largest integrated manufacturer of solar photovoltaic (PV) cells and modules. As of March 31, 2024, it has an annual installed capacity of 2 GW for solar cells and 3.36 GW for solar modules, offering a wide range of solar energy products.
🔹A prominent player in the solar industry, the company is India's second-largest integrated manufacturer of solar photovoltaic (PV) cells and modules. As of March 31, 2024, it has an annual installed capacity of 2 GW for solar cells and 3.36 GW for solar modules, offering a wide range of solar energy products.
✍️Products Portfolio:
🔶Waaree Energies:
Company stands out by integrating multiple solar technologies in their product portfolio. Their solar PV modules are manufactured using:
🔹Multicrystalline Cell Technology
🔹Monocrystalline Cell Technology
🔹Emerging Technologies such as Tunnel Oxide Passivated Contact (TopCon)
🔶Waaree Energies:
Company stands out by integrating multiple solar technologies in their product portfolio. Their solar PV modules are manufactured using:
🔹Multicrystalline Cell Technology
🔹Monocrystalline Cell Technology
🔹Emerging Technologies such as Tunnel Oxide Passivated Contact (TopCon)
🔹TopCon technology, in particular, helps reduce energy loss and significantly boosts efficiency. The portfolio includes flexible and bifacial (Mono PERC) modules and Building Integrated Photovoltaic (BIPV) modules, providing a comprehensive range of solar energy solutions tailored to diverse market needs.
🔹EPC and O&M Solutions: With 10+ years of experience, Company offer EPC services for ground-mount, rooftop, and floating solar projects, commissioning 1.82 GW of projects. it is also provide O&M services for the maintenance and repair of solar plants, ensuring efficient long-term performance.
🔶Premier Energies:
🔹Solar Cell Manufacturing: Produces photovoltaic cells using silicon wafers, silver paste, and other materials to convert light into electricity.
🔹Independent power production: Company has a 2 MW solar power plant which was commissioned in 2012 under the Jawarharlal Nehru National Solar Mission in Jharkhand, India.
🔹Solar Cell Manufacturing: Produces photovoltaic cells using silicon wafers, silver paste, and other materials to convert light into electricity.
🔹Independent power production: Company has a 2 MW solar power plant which was commissioned in 2012 under the Jawarharlal Nehru National Solar Mission in Jharkhand, India.
🔹Solar Module Manufacturing: Involves assembling solar modules, including custom panels. Key materials include backsheet, encapsulant, glass, and other components.
🔹Execution of EPC projects: The company, with 12 years of EPC experience, has delivered 266.26 MW ground-mounted and 22.86 MW rooftop solar projects, including solar water pumps.
🔹Execution of EPC projects: The company, with 12 years of EPC experience, has delivered 266.26 MW ground-mounted and 22.86 MW rooftop solar projects, including solar water pumps.
🔹O&M services: Company offers O&M services for its EPC customers, currently managing 178.38 MW of ground-mounted and rooftop solar projects, along with installed solar water pumps.
🔹Sale of other solar-related products.
🔹Sale of other solar-related products.
✍️Manufacturing Facilities:
🔶Waaree Energies:
🔹Company operates four manufacturing facilities in Gujarat with a total installed PV module capacity of 12 GW as of June 30, 2024, and produces both multicrystalline and monocrystalline modules. 🔹Recently added 1.3 GW capacity at the Indosolar Facility for high-efficiency modules.
🔹Facilities are globally certified for quality, including RoHS compliance and EU standards.
🔶Waaree Energies:
🔹Company operates four manufacturing facilities in Gujarat with a total installed PV module capacity of 12 GW as of June 30, 2024, and produces both multicrystalline and monocrystalline modules. 🔹Recently added 1.3 GW capacity at the Indosolar Facility for high-efficiency modules.
🔹Facilities are globally certified for quality, including RoHS compliance and EU standards.
🔶Premier Energies:
🔹Company operates 5 manufacturing units in Hyderabad, Telangana, with Units I, IV, and V focused on solar modules, Unit II on both solar cells and modules, and Unit III on solar cells. This supports high production capacity for renewable energy.
🔹Company operates 5 manufacturing units in Hyderabad, Telangana, with Units I, IV, and V focused on solar modules, Unit II on both solar cells and modules, and Unit III on solar cells. This supports high production capacity for renewable energy.
✍️Global Foot prints:
🔶Waaree Energies:
🔹Company has established a robust global customer base, with products sold in key markets such as the United States, Canada, Italy, Turkey, Hong Kong, and Vietnam.
🔹Company is one of India’s largest retail players with 369 franchisees as of June 2024, primarily focused on the rooftop and MSME sectors.
🔶Waaree Energies:
🔹Company has established a robust global customer base, with products sold in key markets such as the United States, Canada, Italy, Turkey, Hong Kong, and Vietnam.
🔹Company is one of India’s largest retail players with 369 franchisees as of June 2024, primarily focused on the rooftop and MSME sectors.
🔶Premier Energies:
🔹Company has successfully exported its products to several countries, including the United States, Hong Kong, South Africa, Bangladesh, Norway, Nepal, France, Malaysia, Canada, Sri Lanka, Germany, the United Arab Emirates, South Korea, China, the Philippines & etc.
🔹Company has successfully exported its products to several countries, including the United States, Hong Kong, South Africa, Bangladesh, Norway, Nepal, France, Malaysia, Canada, Sri Lanka, Germany, the United Arab Emirates, South Korea, China, the Philippines & etc.
✍️Clientelle:
🔶Waaree Energies:
🔹In FY23, Co. served 566 Customers in India and 33 International customers.
🔷Revenue Concentration:
🔹Top 1 Customer: 9%
🔹Top 10 Customers: 57%
🔶Waaree Energies:
🔹In FY23, Co. served 566 Customers in India and 33 International customers.
🔷Revenue Concentration:
🔹Top 1 Customer: 9%
🔹Top 10 Customers: 57%
🔶Premier Energies:
🔹NTPC, TATA Power Solar Systems Limited, Panasonic, Continuum, Shakti Pumps, First Energy, Bluepine Energies, Luminous & more.
🔷Revenue Concentration:
🔹Top 1 Customer: 18.5%
🔹Top 5 Customers: 57.5%
🔹Top 10 Customers: 75.5%
🔹NTPC, TATA Power Solar Systems Limited, Panasonic, Continuum, Shakti Pumps, First Energy, Bluepine Energies, Luminous & more.
🔷Revenue Concentration:
🔹Top 1 Customer: 18.5%
🔹Top 5 Customers: 57.5%
🔹Top 10 Customers: 75.5%
✍️Revenue Bifuraction FY24:
🔶Waaree Energies:
(Product-Wise):
🔹Solar PV Modules: 78%
🔹Solar EPC Services: 15%
🔹Energy Storage Systems & Others: 7%
(Income-Wise):
🔹Export Sales: 57.64%
🔹Direct Sales to Utilities and Enterprises: 30.05%
🔹Retail Sales: 10.15%
🔹Other Income: 0.8%
🔶Waaree Energies:
(Product-Wise):
🔹Solar PV Modules: 78%
🔹Solar EPC Services: 15%
🔹Energy Storage Systems & Others: 7%
(Income-Wise):
🔹Export Sales: 57.64%
🔹Direct Sales to Utilities and Enterprises: 30.05%
🔹Retail Sales: 10.15%
🔹Other Income: 0.8%
🔶Premier Energies:
🔷Income from the sale of manufactured goods: 80%
🔹Sale of solar cells: 13%
🔹Sale of solar modules: 67%
🔷Income from contracts: 8%
🔷Construction and project-related activities: 8%
🔷Income from the sale of manufactured goods: 80%
🔹Sale of solar cells: 13%
🔹Sale of solar modules: 67%
🔷Income from contracts: 8%
🔷Construction and project-related activities: 8%
🔷Income from the sale of traded goods: 12%
🔹Sale of solar modules: 4%
🔹Sale of solar cells: 5%
🔹Sale of solar accessories and silicon wafers: 3%
(Region Wise):
🔹Domestic: 86%
🔹Export: 14%
🔹Sale of solar modules: 4%
🔹Sale of solar cells: 5%
🔹Sale of solar accessories and silicon wafers: 3%
(Region Wise):
🔹Domestic: 86%
🔹Export: 14%
✍️Current Capacities & Expansion Plans:
🔶Waaree Energies:
The company’s installed capacity stands at 12 GW as of June 2024, with plans to expand to 20.9 GW by 2027.
Phase-wise Expansion Plans:
🔷 Phase I (Ongoing):
🔹5.4 GW solar cell capacity in development, targeting operations by FY25.
🔶Waaree Energies:
The company’s installed capacity stands at 12 GW as of June 2024, with plans to expand to 20.9 GW by 2027.
Phase-wise Expansion Plans:
🔷 Phase I (Ongoing):
🔹5.4 GW solar cell capacity in development, targeting operations by FY25.
🔷Phase II (Proposed):
🔹Domestic: 7 GW solar PV module, 6 GW solar cell, and 6 GW ingot-wafer capacities planned by FY27.
🔹US Expansion: 1.6 GW solar PV modules to start by FY25, with potential for 5 GW solar cell production by FY27.
🔹Domestic: 7 GW solar PV module, 6 GW solar cell, and 6 GW ingot-wafer capacities planned by FY27.
🔹US Expansion: 1.6 GW solar PV modules to start by FY25, with potential for 5 GW solar cell production by FY27.
🔶Premier Energies:
🔷Solar Module: Current capacity: 2 GW
🔹Expansion: 1 GW by early 2025, and an additional 4 GW from a new facility.
🔷Solar Cell: Current capacity: 4.13 GW
🔹Expansion: 4 GW from a new facility.
🔷Solar Wafer: Current capacity: Production not yet started.
🔹Expansion: 2 GW in the next 12 months.
🔷Solar Module: Current capacity: 2 GW
🔹Expansion: 1 GW by early 2025, and an additional 4 GW from a new facility.
🔷Solar Cell: Current capacity: 4.13 GW
🔹Expansion: 4 GW from a new facility.
🔷Solar Wafer: Current capacity: Production not yet started.
🔹Expansion: 2 GW in the next 12 months.
✍️Key Highlights:
🔶Waaree Energies:
🔹Company is expanding with a new 6 GW integrated facility in Odisha to produce ingots, wafers, solar cells, and modules.
🔹The company is vertically integrating by producing polysilicon to reduce dependence on external suppliers.
🔶Waaree Energies:
🔹Company is expanding with a new 6 GW integrated facility in Odisha to produce ingots, wafers, solar cells, and modules.
🔹The company is vertically integrating by producing polysilicon to reduce dependence on external suppliers.
🔹Company is diversifying into the green hydrogen sector with plans to manufacture electrolyzers for hydrogen production by end of Fiscal 2026.
🔹Company partners closely with franchisees, providing training, support, and expanding its network to consolidate leadership and build barriers against competitors and imports.
🔹Company partners closely with franchisees, providing training, support, and expanding its network to consolidate leadership and build barriers against competitors and imports.
🔹Company plan to focus on high-growth states like Delhi, Gujarat, Maharashtra, Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, to increase market penetration in rooftop solar.
🔹Waaree’s investment in advanced technologies, such as TOPCon and bifacial modules, will enhance its competitive edge in the solar industry.
🔹Waaree’s investment in advanced technologies, such as TOPCon and bifacial modules, will enhance its competitive edge in the solar industry.
🔹Company is setting up a 1.6GW solar PV module manufacturing facility in Houston, Texas, to cater to demand in the United States. This facility is expected to be operational by end of FY25, with plans to expand capacity to 5GW by FY27
To be continued...
To be continued...
🔶Premier Energies:
🔹In April 2024, the company signed an MoU with an international solar wafer and module manufacturer, as well as a semiconductor wafer supplier, to set up a new company in Malaysia focused on converting solar bricks into wafers.
🔹In April 2024, the company signed an MoU with an international solar wafer and module manufacturer, as well as a semiconductor wafer supplier, to set up a new company in Malaysia focused on converting solar bricks into wafers.
🔹Company plans to expand into the U.S. by forming a joint venture with Heliene USA Inc. In February 2024, they signed a letter of intent to develop, construct, and operate a TOPCon solar cell manufacturing facility in the U.S.
🔹During FY24, the company exported solar cells worth 312.22 MW in US with a market share of 100%.
🔹During FY24, the company exported solar cells worth 312.22 MW in US with a market share of 100%.
✍️Order Book:
🔶Waaree Energies:
🔹As of June 30, 2024, Waaree Energies Limited boasts a substantial 16.6 GW order book for solar PV modules, including domestic, export, and franchisee orders.
🔶Waaree Energies:
🔹As of June 30, 2024, Waaree Energies Limited boasts a substantial 16.6 GW order book for solar PV modules, including domestic, export, and franchisee orders.
🔶Premier Energies:
🔹As of July 31, 2024, the company had an order book of ₹5,926.57 crore. This comprised ₹1,609.11 crore for non-DCR solar modules, ₹2,214.06 crore for DCR solar modules, ₹1,891.12 crore for solar cells, and ₹212.27 crore for EPC projects.
🔹As of July 31, 2024, the company had an order book of ₹5,926.57 crore. This comprised ₹1,609.11 crore for non-DCR solar modules, ₹2,214.06 crore for DCR solar modules, ₹1,891.12 crore for solar cells, and ₹212.27 crore for EPC projects.
🔹Subsidiaries secured orders worth ₹765 crore: ₹632 crore for solar modules and ₹133 crore for solar cells.
🔹Received ₹215 crore order from UP for 8,085 solar pumps, to be completed by March 2025.
🔹Received ₹215 crore order from UP for 8,085 solar pumps, to be completed by March 2025.
🔹Premier Energies International Private Ltd., a subsidiary, signed a Module Supply Agreement with BN Hybrid Power-1, an SPV of BrightNight India, to deliver 173.35 MWp of Topcon technology solar modules for their 300 MW FDRE Power Project in Barmer, Rajasthan.
✍️Financial Performance In FY24:
🔶Waaree Energies:
🔹Revenue at ₹11398 Cr
🔸YOY: 🔼69%
🔹Operating Profit at ₹1575 Cr
🔸YOY: 🔼88%
🔹PAT at ₹1274 Cr
🔸YOY: 🔼154%
🔶Waaree Energies:
🔹Revenue at ₹11398 Cr
🔸YOY: 🔼69%
🔹Operating Profit at ₹1575 Cr
🔸YOY: 🔼88%
🔹PAT at ₹1274 Cr
🔸YOY: 🔼154%
🔶Premier Energies:
🔹Revenue at ₹3144 Cr
🔸YOY: 🔼120%
🔹Operating Profit at ₹478 Cr
🔸YOY: 🔼513%
🔹PAT at ₹231 Cr
🔸YOY: 🔼1876%
🔹Revenue at ₹3144 Cr
🔸YOY: 🔼120%
🔹Operating Profit at ₹478 Cr
🔸YOY: 🔼513%
🔹PAT at ₹231 Cr
🔸YOY: 🔼1876%
⚡️Disclaimer: The above data should not be considered as a Buy or Sell recommendation. The analysis has been done for educational and learning purpose only.
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