A Stellar Performance in a Subdued Market
Waaree Energies, India’s leading solar photovoltaic (PV) module manufacturer, has seen its share price surge to an 11-month high of ₹3,597.65 on the BSE, marking a 3.5% gain in Thursday’s intraday trading on September 11, 2025. This impressive rally, which saw the stock climb 13% over three consecutive days, stands out against a lackluster market backdrop. The company’s shares are now just shy of their record high of ₹3,740.45, achieved on November 6, 2024, and have nearly doubled, recovering 99% from a 52-week low of ₹1,808.65 on April 7, 2025.
A Blockbuster Market Debut
Since its stock market debut on October 28, 2024, Waaree Energies has delivered a remarkable 139% return over its issue price of ₹1,503 per share. This meteoric rise reflects strong investor confidence in the company’s growth trajectory and its pivotal role in India’s renewable energy sector.
Robust Financials Fuel Investor Optimism
Record-Breaking Q1FY26 Performance
Waaree Energies reported stellar results for the April-June 2025 quarter (Q1FY26), achieving its highest-ever quarterly module production of 2.3 gigawatts (GW). The company’s revenue soared to ₹4,597.18 crore, a 31.48% year-on-year (Y-o-Y) increase. Its EBITDA jumped 82.61% Y-o-Y to ₹1,168.67 crore, with margins expanding to 25.42% from 18.3% in Q1FY25. Profit after tax also saw a robust 92.68% Y-o-Y growth, reaching ₹772.89 crore.
A Strong Order Book Signals Bright Prospects
As of Q1FY26, Waaree Energies boasted a massive order book worth approximately ₹49,000 crore, encompassing domestic, export, and franchisee orders. This substantial backlog provides clear revenue visibility and underscores the company’s strong foundation for sustained growth. Notably, the company secured 2.23 GW of new orders in the U.S. last quarter, driven by the expansion of AI-related data centers, the reshoring of manufacturing, and the electrification of transportation.
A Bright Outlook for Solar Energy
Global and Domestic Market Growth
The global solar market is projected to grow at a compounded annual growth rate (CAGR) of 23.2% through 2029, while India’s solar market is expected to expand at a CAGR of 16% over the same period. Waaree Energies is well-positioned to capitalize on this growth, supported by rising policy incentives, technological advancements, and cost reductions. The company highlighted in its FY25 annual report that opportunities in solar rooftop, green hydrogen, and battery storage will further bolster its market leadership.
Supportive Policy Environment
Government initiatives such as the Production-Linked Incentive (PLI) scheme, PM-KUSUM, and PM-Surya Ghar Muft Bijli Yojana are driving both utility-scale and rooftop solar adoption in India. Additionally, import duties and incentives for local manufacturing, combined with growing export opportunities to the U.S. and European markets, are enhancing Waaree’s competitive edge in the rapidly expanding solar industry.
Analyst Confidence in Waaree’s Growth
Nomura’s Bullish Outlook
Global brokerage firm Nomura initiated coverage on Waaree Energies with a “Buy” rating and a target price of ₹3,710. The firm highlighted the immense growth potential in India’s solar PV equipment industry, driven by a projected increase in installed solar energy capacity from 106 GW in FY25 to 293 GW by FY30. Factors such as rising power demand, a shift toward renewable energy, competitive solar tariffs, and strong policy support are expected to propel this growth.
Why Waaree Energies Stands Out
Waaree Energies’ combination of strong financial performance, a robust order book, and a favorable industry outlook makes it a standout in the renewable energy sector. With India’s solar market on the cusp of significant expansion and global demand for clean energy solutions rising, Waaree is poised to maintain its upward trajectory and solidify its position as a market leader.
