Shares of Waaree Energies Ltd are in the spotlight on Thursday after the company announced securing a significant order for the supply of solar PV modules. The order, placed by Khaba Renewable Energy, a subsidiary of Engie India, involves the supply of 362.5 MWp solar PV modules, with delivery scheduled to begin in FY26.
This new order further strengthens Waaree Energies’ order book, which, including its wholly-owned subsidiary WRTL, now stands at 26.5 GW, valued at approximately Rs 50,000 crore. Of this, 54% comprises export orders, while the remaining 46% caters to the domestic market. The current order book is roughly 3.5 times the company’s trailing 12-month sales, providing strong revenue visibility in the medium term. Additionally, Kotak Institutional Equities highlighted that Waaree anticipates a pipeline of 50-70 GW from India over the next few years, which is expected to further drive medium-term growth.
Despite the positive developments, Waaree Energies shares have declined by 23% in 2025 so far. However, the stock has seen a modest uptick of 1.6% over the past five trading sessions.
Industry Outlook and Expansion Plans
Waaree Energies’ management recently participated in investor conferences organized by Kotak and Nuvama Institutional Equities. According to Kotak, the company projects domestic solar module demand to exceed 50 GW in FY2026/27. This demand is driven by 40 GW from independent power producers (IPPs), 10 GW from rooftop installations, and 4-4.5 GW from other sources such as solar pump installations.
Kotak also noted that while India’s solar module capacity is sufficient to meet demand, solar cell capacity is expected to fall short over the next few years. This imbalance is likely to sustain a favorable pricing environment for solar module and cell manufacturers like Waaree.
Nuvama Institutional Equities reported that Waaree Energies’ expansion plans are progressing as planned. The company aims to increase its module and cell manufacturing capacity to 21 GW and 11 GW, respectively, by FY27. It has already commissioned a 1.6 GW module manufacturing facility in the US. Additionally, Waaree is diversifying into green hydrogen and battery manufacturing, including a 300 MW electrolyser facility under the Production Linked Incentive (PLI) scheme. The company does not foresee significant impacts from the Inflation Reduction Act (IRA) halt and remains optimistic about its growth trajectory.
Nuvama also highlighted that Waaree’s acquisition of ENEL Green Power is nearing completion. The stock is currently trading at 20 times and 12 times the consensus EPS estimates for FY26 and FY27, respectively.
Investor Engagement
Waaree Energies’ management is set to host a physical meeting with investors on **Monday, February 24, 2025**, at its manufacturing plant in Chikhli, Navsari, Gujarat. This engagement aims to provide investors with insights into the company’s operations and future plans.
With a robust order book, strategic expansion initiatives, and a favorable industry outlook, Waaree Energies remains a key player in India’s renewable energy sector.
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