Strong global orders, robust earnings, and expansion plans fuel optimism as Waaree Energies surges past ₹3,350. Analysts see continued momentum.
Waaree Energies Surges to 8-Month High on Robust International Order
Waaree Energies Ltd, India’s largest solar PV module manufacturer, hit an 8-month high of ₹3,366.50 per share in intraday trade on the BSE today, gaining over 3% despite broader market weakness.
- The rally follows a major 452 MW solar module export order secured by its U.S. subsidiary, Waaree Solar Americas, from a leading American developer of utility-scale solar and energy storage projects.
- The stock has jumped 17% in the past two weeks, outperforming the Sensex, which was down 0.77% at the time.
Stock Performance and Historical Context
Waaree Energies made its market debut on October 28, 2024, at an IPO price of ₹1,503.
- It has since gained 124%, currently trading at ₹3,354.60.
- The stock has rebounded 86% from its 52-week low of ₹1,808.65 (April 7, 2025).
- It is now within striking distance of its 52-week high of ₹3,743.00 (November 6, 2024).
Solid Q1FY26 Earnings Reinforce Bullish Sentiment
Waaree Energies posted record quarterly performance for Q1FY26 (April–June 2025):
- Revenue: ₹4,597.18 crore (up 31.48% YoY)
- EBITDA: ₹1,168.67 crore (up 82.61% YoY), with margin expansion to 25.42% from 18.3%
- PAT: ₹772.89 crore (up 92.68% YoY)
- Module production: 2.3 GW – the highest ever for a quarter
The company also highlighted ramping cell production and robust demand across both domestic and global markets.
Expansion Plans and Future Growth Drivers
Waaree’s growth blueprint continues to impress:
- Plans to commission 1.6 GW module facility in Texas, USA and 3.2 GW in Chikhli, Gujarat
- Approved ₹2,754 crore capex to expand:
- Cell capacity by 4 GW in Gujarat
- Ingot-wafer capacity by 4 GW in Maharashtra
- Strong order book of ₹49,000 crore and global project pipeline of 100+ GW
This positions Waaree strongly amid rising demand for energy transition solutions.
Analysts Bullish on Waaree’s Medium-to-Long-Term Prospects
Brokerages remain optimistic:
- Motilal Oswal and Geojit Financial Services highlight:
- 60% of revenue from exports
- 44% share of India’s solar exports
- Favorable international trade policies, including U.S. tariffs on Chinese modules
- Competitive edge from backward integration and strong R&D base
- The China Plus One strategy, rising renewable adoption, and domestic policy support further improve its positioning.
Waaree’s FY26 EBITDA guidance stands between ₹5,500–6,000 crore, supporting long-term valuation comfort.
What Could Drive More Upside?
Key upside catalysts include:
- Timely execution of expansion in the U.S. and India
- Sustained global demand, especially amid rising protectionism in solar trade
- Further large-scale export orders or government contracts
- Improved institutional interest or index inclusion
However, investors should watch for risks tied to:
- Policy changes in international markets
- Raw material price volatility
- Execution delays in upcoming facilities
