Shares of Waaree Energies Ltd surged 4.11 percent on Wednesday (June 11, 2025), hitting a high of ₹2,955, after the company’s wholly-owned US subsidiary, Waaree Solar Americas, secured a major order to supply 599 megawatts (MW) of solar modules. The order has been placed by a prominent client engaged in utility-scale solar and energy storage projects across the United States.

The company informed the BSE that the order came from a well-known international customer active in the development and operation of large-scale renewable energy projects, underlining Waaree’s rising credibility in global solar supply chains.

Strong Trading Momentum and Volume Surge

The news triggered heavy trading activity on the BSE, with nearly 1.71 lakh shares changing hands, surpassing the two-week average volume of 1.41 lakh. The strong price movement reflected investor optimism over the company's expanding global footprint and earnings potential.

Waaree’s Growing Market Dominance

Waaree Energies is currently India’s largest manufacturer of solar PV modules, accounting for 44 percent of India’s total solar exports and catering to 21 percent of domestic demand. The company has undergone a massive capacity expansion, ramping up its production from 2 GW to 13.2 GW, and is targeting further integration.

According to Dharmesh Kant, Head of Equity Research at Cholamandalam Securities, the company’s improving margins, solid return on equity (RoE), and execution strength make it a strong contender for long-term growth. “We see strong potential in the stock and have a one-year target of ₹3,600. It remains a buy-and-hold, especially after stellar quarterly results,” he stated.

Bullish Outlook Backed by Broking Firms

Nuvama Institutional Equities has reiterated its Buy rating for Waaree Energies, assigning a target price of ₹3,622. The brokerage noted the company’s bullish management commentary, with FY26 EBITDA expected in the range of ₹5,500–6,000 crore, nearly double FY25’s estimates. This forecast is backed by a robust order book that extends beyond March 2026 and the upcoming launch of an integrated solar cell manufacturing facility.

Operational and Financial Highlights

Waaree Energies, incorporated in December 1990 and headquartered in Mumbai, is a vertically integrated solar energy player. As of March 2025, the company had an installed capacity of 15 GW for solar PV modules and 5.4 GW for solar cells. It is also moving towards backward integration with plans to strengthen its cell manufacturing and R&D capabilities.

The promoters held a 64.30 percent stake in the company as of the March 2025 quarter, underscoring their continued commitment to long-term business expansion and value creation.

Broader Market Impact and Sector Relevance

The order win by Waaree comes at a time when global demand for clean energy solutions is accelerating, especially in the US market where policy incentives and infrastructure investments are boosting renewable energy adoption. The company’s successful penetration into the US utility-scale segment enhances India’s image as a reliable solar module exporter.

Moreover, with increasing emphasis on energy security, localisation, and ESG compliance, Indian solar players like Waaree are expected to benefit from diversified global demand and policy tailwinds.

Analyst Take and Future Outlook

Industry experts believe that Waaree Energies is well positioned to leverage economies of scale, reduce cost pressures, and drive profitability through vertical integration and global expansion. With its order book strengthening and US presence deepening, the company is likely to capture more market share in both domestic and international solar supply chains.

Looking ahead, the key factors to watch include:

• Successful execution of the 599 MW US order

• Timely commissioning of the integrated solar cell facility

• Sustained margin expansion and operating leverage

• Potential fresh orders from emerging markets

Waaree’s latest performance has reaffirmed its role as a front-runner in India’s clean energy transition, and investor sentiment is expected to remain favourable in the short to medium term.

Disclaimer

This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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