Waaree Energies Ltd(WAAREEENER)

NSE: WAAREEENERBSE: 544277

₹ 2,341-1.10%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 67,339 crNext results: 27 Oct 2026Website: www.waaree.comUpdated: 24 Oct 2026

About

Waaree Energies is India's largest solar photovoltaic module manufacturer, producing and selling solar modules across utility, commercial & industrial, retail, and export segments, with 25.8 GW of module capacity in India and 1.6 GW operational in the US as of FY26. In FY26 the company reported revenue of ₹26,537 Cr and sold approximately 12 GW of modules, making it one of India's largest clean-energy equipment companies. It is expanding beyond modules into solar cells, BESS, inverters, transformers, green hydrogen electrolysers, and T&D equipment.^[1]

Business segments

Solar Photovoltaic Modules: 87.9% of segment revenue in FY26 (Rs 24,133.4 Cr), the company's core business of making and selling solar modules.^[2]
Engineering, procurement and construction (EPC) contracts: 12.0% of segment revenue in FY26 (Rs 3,281.89 Cr).^[2]

Manufacturing capacity

India module capacity: ~25.8 GW as of Q4 FY26, following commissioning of 3 GW at Samakhiali, Gujarat during Q3 FY26.^[1]
India solar cell capacity: 5.4 GW (India's largest cell facility), fully operational as of Q2 FY26.^[3]
US module capacity: 1.6 GW operational in Texas as of Q1 FY27, running at ~59% annualised utilisation in the quarter.^[4]
Inverter capacity: 4.15 GW total at Sarodhi, Valsad, Gujarat after a 1.10 GW new line began commercial production on 30 September 2026.^[5]
Transformer capacity: 4,000 MVA at subsidiary Kotsons (64% stake acquired in Q2 FY26 for ₹192 Cr), with 16,000 MVA expansion planned.^[3]

Key operating numbers

Module volumes sold: 3.6 GW in Q1 FY27 (+89% YoY from 1.9 GW in Q1 FY26); 12 GW sold for full year FY26.^[4]
India module capacity utilisation: ~50% annualised in Q1 FY27; India cell capacity utilisation: 62% annualised in Q1 FY27.^[4]
Cell-to-module integration ratio: ~20% in Q1 FY27, with captive cell production at ~800 MW/month; expected to rise to ~65% within 2-3 quarters.^[4]
US IRA incentives: USD 12-13 million earned in Q1 FY27 on ~230 MW of US production.^[4]

Order book and inflows

Order book: ~₹61,500 Cr as of 28 July 2026, the highest in the company's history, representing 25.2 GW in module terms.^[4]
New order inflows: ₹16,000 Cr won in Q1 FY27, against ~₹7,300 Cr executed in the same quarter.^[4]
Order pipeline: 100+ GW as of Q4 FY26; retail segment revenue is not reflected in the order book figure.^[1]
September 2026: won a contract to supply 2 GW of solar modules to a leading domestic solar developer, with execution spanning FY27-FY28.^[6]

Customers and distribution

Top-5 customer revenue share fell from 33% in FY26 to 27.1% in Q1 FY27; top-10 share fell from 47% to 37.1%.^[4]
Revenue mix in Q1 FY27: retail 30.2%, utility/IPP/C&I 39.7%; retail revenue ₹2,289 Cr in Q1 FY27 vs ₹995 Cr a year earlier.^[4]
Retail network spans 27 states, 200+ districts, 600+ franchises and 2,500+ authorised service points as of FY26.^[1]
Order book split as of Q2 FY26: ~60% overseas, ~40% domestic by value.^[3]
US module realisations: ~$0.26-0.30/W vs ~$0.16-0.17/W for non-DCR India modules as of Q2 FY26.^[3]

Expansion and capex

Total announced capex programme: ₹31,500 Cr; ₹9,450 Cr deployed as of 30 June 2026; balance ₹22,047 Cr phased ~30% FY27, ~40% FY28, ~30% FY29.^[4]
US: 1.6 GW Texas Phase-II and 1 GW Arizona under commissioning; total US capacity targeted at 4.2 GW within the next few months from Q1 FY27.^[4]
10 GW solar cell facility at Unn, Gujarat ramping up; total cell capacity to reach 15.4 GW in H2 FY27.^[4]
Ingot-wafer facility: 10 GW at Nagpur (₹6,200 Cr capex) expected operational in FY28.^[1]
BESS: Phase-I 5.15 GWh container production commenced (above the original 3.5 GWh plan); Phase-II 16.5 GWh targeted by FY29; total capex ~₹10,000 Cr.^[4]
PV glass plant: ₹3,900 Cr capex approved for 2,500 TPD capacity; production expected within ~24 months from April 2026.^[1]
Green hydrogen electrolyser: 1 GW capacity at Dungri, Gujarat targeted for FY27 (₹676 Cr capex; ₹444 Cr PLI secured).^[1]
Board approved a QIP/equity fundraise of up to ₹10,000 Cr; timing subject to market conditions (as of Q1 FY27).^[4]

Recent developments

September 2026: Waaree RT acquired ~55% of Associated Power Structures Pvt. Ltd. for ~₹1,225 Cr, entering T&D equipment.^[4]
September 2026: Waaree Clean Energy Solutions entered specialty gases with a Gujarat plant supplying high-purity gases for semiconductor and solar manufacturing.^[7]
September 2026: board approved amalgamation of Indosolar Limited (share exchange ratio 1:11); Waaree held 35.88% pre-scheme; Indosolar total assets ₹404.92 Cr.^[8]
Q2 FY26: acquired 64% of Kotsons Private Limited (transformers, ₹192 Cr) and 76% of Racemosa Energy India (smart meters, ₹53 Cr).^[3]
Q2-Q3 FY26: ~$30 mn strategic investment in United Solar Holding (Oman) for FEOC-compliant, non-Chinese polysilicon supply; pilot production ongoing.^[9]
Export markets: EU contracts in process; ECI agreement signed for utility-scale solar + BESS projects in New Zealand and Australia as of Q1 FY27.^[4]

Industry context

Indian solar module capacity rose to 100 GW as of 13 August 2025 from 38 GW in March 2024, per the FY25 annual report.^[10]
India's renewable energy pipeline stood at 234.46 GW, per the FY25 annual report.^[10]
The FY25 annual report names US tariffs and retaliatory actions as a risk to global trade.^[10]

Market Cap

₹67,339 Cr

High / Low

₹3,643 / 2,283

Stock P/E

17.6

Price / Book

4.7

Book Value

₹502

EPS

₹129.0

No. of Shares

28.77 Cr

ROCE

39.9%

ROE

30.9%

OPM

20.6%

Debt / Equity

0.17

Sales

₹26,537 Cr

Net Profit

₹3,884 Cr

Promoter holding

64.1%

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Waaree Energies Ltd(WAAREEENER)

About

Business segments

Manufacturing capacity

Key operating numbers

Order book and inflows

Customers and distribution

Expansion and capex

Recent developments

Industry context

Signal history

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