Shares of Waaree Energies Ltd surged 11.64 per cent to close at Rs 2,983.35 on Friday. The solar PV module manufacturer recently announced plans to strategically expand its manufacturing base in the United States, specifically in Texas, as part of its broader growth strategy.
The company aims to scale up its manufacturing capacity to 3 gigawatts (GW) by the financial year 2026.
This expansion comes against the backdrop of recent changes to the US Inflation Reduction Act (IRA), which Waaree’s Whole-time Director and CEO, Amit Paithankar, believes the company is well equipped to navigate. While the revised legislation may exert some pressure on pricing due to reduced tax incentives, Paithankar remains confident in the company’s ability to sustain its profit margins.
Last week, Waaree Energies’ wholly-owned subsidiary, Waaree Solar Americas, secured a major order for 599 MW of solar modules from a prominent international client. “Waaree Solar Americas, a wholly-owned subsidiary of the company, has received an order for the supply of 599 MW of solar modules from a well-established customer involved in the development and operation of utility-scale solar and energy storage projects across the United States,” the company said in a statement.
A few market experts continue to maintain a broadly positive outlook on this high-beta stock.
“The recent news about Waaree Energies’ likely inclusion in the London-based FTSE index has triggered upward momentum in the stock. Investors may consider holding this high-beta stock but should maintain stop-loss levels while trading,” said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities. According to brokerage estimates, Waaree Energies could attract around $49 million in passive inflows from global funds tracking the index.
On the technical front, the stock appears positive on the charts, according to Kunal Kamble, Senior Technical Research Analyst at Bonanza. “A decisive breakout above Rs 3,050 level could trigger fresh buying interest, potentially driving the stock towards Rs 3,300 in the near term. Traders should closely monitor for a breakout confirmation to capitalise on the next leg of the rally,” Kamble noted.
Incorporated in December 1990, Waaree Energies is an Indian manufacturer of solar PV modules. Promoters held a 64.30 per cent stake in the solar module manufacturer as of March 2025. The Mumbai-headquartered firm has an installed capacity of nearly 15 GW for solar PV modules and 5.4 GW for solar cells.