Waaree Energies IPO

Largest solar PV module manufacturer: Waaree is the largest solar PV module manufacturer in India well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally.

Diversified base of global and Indian customers: In addition to a large utility and enterprise customer base in India, the company has successfully developed a large customer base globally and its products are sold globally, including to customers in the United States, Canada, Italy, Hong Kong, Turkey, and Vietnam.

Advanced manufacturing facilities: Company's manufacturing facilities include NABL accredited laboratory, and automated production lines. Their manufacturing facilities at Tumb and Surat are certified with ISO 9001:2015 for manufacture, marketing, and supply of solar photovoltaic modules.

Extensive pan-India retail network: Company has a pan-India retail network consisting of franchisees. As of March 31, 2021, 2022 and 2023, and as of June 30, 2023, its retail network consisted of 290, 373, 253, and 284 franchisees across India, respectively.

Export Sales: Export sales make company's operations subject to risks and uncertainties of various international markets, in particular the United States. Further, their revenue from operations is significantly dependent on export sales, in FY 2023, 68% operational revenue came from export sales.

Government subsidies: The proposed Project is dependent on various government subsidies. In the event such subsidies do not materialize or the state or central government does not approve the entire subsidy amount, they may have to raise additional capital, which may materially impact their cash flows.

Regional Concentration: Company derives a substantial portion of its retail sales from Gujarat. Any adverse change in the demand in Gujarat may have an adverse impact on the business. They are in the process of expanding operations by targeting new customers and expanding its retail network, any failure to expand into these new markets or regions could adversely affect sales and financial condition.