The company has been scaling up across solar modules, cells, storage, and hydrogen, backed by ₹15,000 crore capex plans and a healthy balance sheet.
India’s renewable energy sector continues to attract investor attention, with solar companies ramping up capacity to meet rising domestic demand and global opportunities.
SEBI-registered analyst Rajneesh Sharma highlighted Waaree Energies’ rapid capacity expansion, strong financials, and bullish technical setup, noting a key breakout near ₹3,300.
Business Profile
Sharma said Waaree Energies, founded in 1990 and based in Mumbai, is expanding across the solar value chain into modules, cells, storage, inverters, hydrogen, and EPC infrastructure.
The company has a stable promoter holding of 64.3% and institutional backing.
It currently manufactures 15 GW of solar modules and 5.4 GW of solar cells, with ongoing projects including 3.5 GWh of battery storage, 3 GW of inverters, and 300 MW of hydrogen electrolysers.
Plans also include backward integration into wafers and ingots by FY27.
Financial Performance and Guidance
In FY25, Waaree posted revenue of ₹14,846 crore, which is a growth of 28% from the previous fiscal. EBITDA and EBITDA margin stood at ₹3,123 crore and 21%, respectively.
The company’s net profit was ₹1,928 crore (13% margin) and earnings per share were ₹67.1.
The balance sheet remained healthy with a debt-equity ratio of 0.13, a return on capital employed of 34% and return on equity of 28%.
Sharma cited FY26 management guidance of ₹18,400 crore revenue, ₹5,500–6,000 crore EBITDA, and EPS above ₹104, with EBITDA margins targeted at over 18%. The company has planned capex of ₹15,000 crore through FY27, funded largely through cash reserves and internal accruals, while keeping leverage minimal.
Market Outlook and Risks
He noted India accounted for 68% of revenue in Q1 FY26, aided by ALMM and DCR norms, while overseas contributed 32%, led by the U.S., where its Texas plant is scaling from 1.6 GW to 3.2 GW.
Waaree has delivered rapid growth over the past three years, with revenue rising at a 45.6% annual pace, EBITDA climbing 82.2% a year, and profit nearly doubling at 92.3%.
Its price/earnings growth ratio sits around 0.45, but Sharma warned that challenges like volatile raw material prices, execution risks, regulatory changes, and global oversupply could weigh on performance.
Technical Outlook
Sharma pointed to a cup-and-handle pattern, with a breakout zone at ₹3,297–₹3,300. Immediate support is at ₹3,073, with the handle base at ₹2,885–2,900.
He added that the bullish trend remains intact as long as the stock trades above ₹2,700.
What Is The Retail Mood?
On Stocktwits, retail sentiment was ‘bearish’ amid ‘low’ message volume.
Waaree’s stock has risen 12.6% so far in 2025.
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