Waaree Energies zooms 99% from April low, nears record high; here's why

As of Q1FY26, the company had a strong order book of approximately ~₹49,000 crore, providing robust revenue visibility and a strong foundation for future growth

Waaree Energies shares price today

 

Waaree Energies share price hit a 11-month high of ₹3,597.65 on the BSE today, gaining 3.5 per cent in Thursday's intraday trade, in an otherwise subdued market. The rise in the company's shares came on the back of a healthy business outlook. The stock is trading higher for a third straight day, surging 13 per cent during the period.

 

That apart, Waaree Energies shares were quoting close to their record high level of ₹3,740.45, which was touched on November 6, 2024. The stock has recovered 99 per cent from its 52-week low level of ₹1,808.65, touched on April 7, 2025.

 

Waaree Energies, India's largest Solar PV (photovoltaic) module manufacturer, made its stock market debut on October 28, 2024. Currently, the stock is trading 139 per cent higher over its issue price of ₹1,503 per share.

 

Strong Q1FY26 results, order book position

 

In the April to June 2025 quarter (Q1FY26), Waaree Energies achieved its highest-ever quarterly module production of 2.3 gigawatt (Gw), driven by strong operational focus. Cell production, too, continued to ramp up.

 

The company reported quarterly revenue of ₹4,597.18 crore, marking a 31.48 per cent year-on-year (Y-o-Y) growth. Earnings before interest, taxes, depreciation, and amortization (Ebitda) jumped 82.61 per cent Y-o-Y at ₹1,168.67 crore with margins improving to 25.42 per cent from 18.3 per cent in Q1FY25. Profit after tax grew 92.68 per cent Y-o-Y at ₹772.89 crore.

 

Waaree's robust market presence is reflected in its substantial pending order book of solar PV modules. This includes domestic orders, export orders and franchisee orders. As on Q1FY26, the company had a strong order book of approximately ~₹49,000 crore, providing robust revenue visibility and a strong foundation for future growth.

 

The management said the order momentum continues to remain strong in the US with Waaree securing 2.23 Gw of new orders during the last quarter. Growth, here, is driven by three fundamental drivers -- the expansion of AI-related data centres, the reshoring of manufacturing into the US, and the rapid electrification of transportation.

 

The management, during its Q1FY26 earnings conference call, also said that they believe the demand outlook both, in India and the US, remains secular and long-term in nature. This is a multi-decadal opportunity, it added.

 

Waaree Energies growth outlook

 

The global solar market is projected to grow at a compounded annual growth rate (CAGR) of 23.2 per cent while India's solar market is expected to expand at around 16 per cent through 2029.

 

"The rising policy support, technology innovations, and cost reductions will continue to drive this growth trajectory. The expansion of solar rooftop, green hydrogen, battery storage, and related sectors signals abundant opportunities for companies like Waaree to innovate, grow, and consolidate their market leadership," the company said in its FY25 annual report.

 

Supportive policy initiatives, from the Production-Linked Incentive (PLI) scheme and PM-KUSUM, to the PM-Surya Ghar Muft Bijli Yojana, have provided strong incentives to boost both utility scale and rooftop solar.

 

Import duties, policy incentives for local manufacturing, and growing export opportunities, particularly to the USA and European markets, are collectively strengthening Waaree’s competitiveness in a rapidly growing industry, the company said.

 

Nomura's view on Waaree Energies

 

Meanwhile, global brokerage Nomura initiated coverage on Waaree Energies with a 'Buy' rating and a target price of ₹3,710, as the brokerage firm sees India's solar photovoltaic (PV) equipment industry riding on a powerful demand surge.

 

According to the analysts at Nomura, Indian solar module manufacturers are primed for growth due to robust opportunities in the domestic market. India's installed solar energy (SE) capacity is set to increase to 293Gw by FY30 from 106Gw in FY25, driven by increasing power demand, a shift towards renewable energy, low SE tariffs and strong policy support, it said.