Waaree Energies receives credit rating upgrade to A+ from CARE Ratings 

The shares of Waaree Energies Limited (WEL) were trading at ₹2,247.50 down by ₹7.70 or 0.34 per cent on the NSE today at 11.55 am.

Waaree Energies Limited (WEL), India’s leading clean energy company, has secured an upgraded credit rating from CARE Ratings Limited, the company announced on Wednesday.

The company’s long-term bank facilities of ₹1,904 crore have been upgraded from ‘CARE A; Stable’ to ‘CARE A+; Stable.’ Additionally, its long-term/short-term bank facilities totalling ₹3,650 crore received ratings of ‘CARE A+; Stable / CARE A1+.’

CARE’s upgrade reflects WEL’s consistent financial performance and improved operational efficiency. The company reported total operating income of ₹11,446 crore in FY24 and successfully completed a ₹3,600 crore initial public offering.

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Waaree has expanded its manufacturing capacity to 14.9 GW for solar modules and 5.4 GW for solar cells. The company has also diversified into wind energy through its acquisition of Enel Green Power India.

As of December 2024, WEL maintains a healthy order book of approximately ₹50,000 crore, providing strong revenue visibility. The company has benefited from government policies including basic customs duties on imports and requirements for domestic content in solar projects.