Waaree Energies hits 8-month high, rallies 17% in 2 wks; more upside left?

Waaree Energies, through its wholly owned subsidiary Waaree Solar Americas, has received an international order to supply 452 MW solar modules to a leading US-based developer

Waaree Energies shares price today

 

Waaree Energies share price hit an eight-month high of ₹3,366.50 per share on the BSE today, gaining 3 per cent in Thursday's intraday trade in an otherwise weak market. Waaree Energies shares were rising in trade today after the company, through its wholly owned subsidiary Waaree Solar Americas, received an international order to supply 452 megawatt (Mw) solar modules to a leading US-based developer.

 

In comparison, the BSE Sensex was down 0.77 per cent at 80,161 at 09:23 AM.

 

Waaree Energies stock was trading at its highest level since December 2024. Further, in the past two weeks, Waaree Energies shares have outperformed the market by surging 17 per cent. The stock has also bounced back 86 per cent from its 52-week low level of ₹1,808.65, which it touched on April 7, 2025. It had hit a 52-week high of ₹3,740.75 on November 6, 2024.

 

 

Waaree Energies is India's largest Solar PV (photovoltaic) module manufacturer. It made stock market debut on October 28, 2024. Currently, the stock is trading 124 per cent higher than its IPO issue price of ₹1,503 per share.

 

What's driving Waaree Energies stock price?

 

Waaree Energies has informed the stock exchanges that the company's wholly-owned subsidiary, Waaree Solar Americas, has received an order to supply  452-Mw solar modules to a US-based developer and owner-operator of utility scale solar and energy storage projects.

 

Strong Q1FY26 results, order book position

 

Meanwhile, in the April to June 2025 quarter (Q1FY26), Waaree Energies achieved its highest-ever quarterly module production of 2.3 Gw, driven by strong operational focus. Cell production, the company said, continues 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 amortisation (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 to ₹772.89 crore.

 

Waaree Energies said it is on track to commission additional module manufacturing of 1.6 Gw in Texas (USA) and 3.2 Gw in Chikhli (Gujarat). The board also approved an additional capex of ₹2,754 crore for expansion of cell capacity by 4 Gw in Gujarat and Ingot-wafer by 4 Gw in Maharashtra.

 

On the demand side, the company said it has a robust order book of ~₹49,000 crore and a global pipeline of over 100 Gw, reflecting positive market sentiments across key geographies. The management, thus, maintained its FY26 Ebitda guidance of ₹5,500 to ₹6,000 crore.

Waaree Energies outlook

 

Waaree Energies has emerged as a market leader in the solar module segment at a time when there is a growing global demand for solar energy, strong government focus on renewable sector, and impetus on China Plus One Policy. Given this, analysts at Motilal Oswal Financial Services believe the company is favourably positioned.

 

"With around 60 per cent of its revenue from exports and a 44 per cent market share of India's exports, the company is well-placed to benefit from the increasing global demand for solar capacity. The favourable international policies, such as tariffs and antidumping duties on Chinese solar cells and modules, especially in key markets like the United States augur well for the sector," according to those at Geojit Financial Services.

 

Considering its extensive experience in module manufacturing, backward integration strategies, leading position in exports and domestic markets with strong order book, strong financial position and expansion plans and domestic manufacturing opportunities supported by various government policies and the China Plus One strategy, the brokerage firm had assigned a 'Subscribe' rating for the stock, in its IPO note, from a  medium to long-term perspective.