Waaree Energies: India’s Solar Giant

Waaree Energies: An Overview

Waaree Energies is one of India’s largest and fastest-growing solar photovoltaic (PV) module manufacturers. It produces solar modules, solar cells, and is venturing into energy storage, inverters, and green hydrogen. Its market leadership is evident from its ~17–21% share of India’s solar module shipments, making it a key player in the country’s renewable energy revolution.

Waaree Energies has delivered 500%+ returns in 3 years and 80–100% in the past year, driven by rapid expansion, strong financials, and market leadership. With 12 GW current capacity and plans to reach 18–20 GW by FY27 along with green hydrogen and battery ventures, it remains a long-term growth story. Valuations are high, but fundamentals support staying invested for 3–5 years.


Current Production Capacity of Waaree energies , As of 2025:

  • Solar Module Capacity12 GW per year (India + USA)

  • Solar Cell Capacity5.4 GW

  • Texas Plant (USA)1.6 GW operational, scalable to 5 GW by FY27

  • Revenue & Profit – TTM revenue ~₹14,444 crore; profit ~₹1,928 crore


Future Growth & Capacity Expansion

Waaree has ambitious plans to expand by FY27:

  • Modules → ~18–20 GW capacity

  • Ingot & Wafers6 GW plant (India’s first large-scale backward integration)

  • Battery Cells3.5 GWh capacity

  • Electrolyzer (Green Hydrogen)300 MW

  • Inverters3 GW capacity

This integrated approach will reduce dependence on imports, lower costs, and make Waaree competitive globally.


Indian Solar Sector: How Does Waaree Compare?

The Indian solar sector as a whole has witnessed rapid growth, expanding from 3.7 GW in 2014–15 to 74.3 GW by 2023–24, with the government targeting 300–500 GW of solar capacity by 2030. Domestic manufacturing, boosted by Production Linked Incentive (PLI) schemes, is projected to reach 110 GW of module production capacity by 2026.

In comparison, Waaree Energies alone commands a 17–21% share of India’s solar module market, making it the single largest module supplier in the country. Its strong export orientation also places it among the top contributors to India’s solar exports. While India as a whole is still dependent on Chinese imports for wafers and polysilicon, Waaree’s planned ingot and wafer manufacturing facilities will help reduce this dependency, aligning perfectly with the “Make in India” vision.


Investment Decision: Stay Invested or Exit?

🟢 Long-Term Investors (3–5+ Years)

There is a strong case to remain invested in Waaree Energies for long-term wealth creation. The company demonstrates:

Robust Fundamentals – Consistently high revenue and profit growth with healthy profit margins.
Low Debt & Strong Balance Sheet – Debt-to-equity is negligible, ensuring financial stability.
Strategic Expansion – Aggressive capacity growth in both India and the U.S., plus diversification into green hydrogen, batteries, and inverters.
Rising Institutional Confidence – Growing FII and DII holdings indicate increasing trust among large investors.

⚠ Valuation Consideration

The stock trades at a relatively high P/E multiple, reflecting strong growth expectations. Long-term investors can stay invested, but partial profit booking or trimming around ₹3,600 may help average costs and reduce portfolio risk.

Bottom Line: If you have a 3–5 year horizon, Waaree remains a promising bet in the solar sector, provided you monitor quarterly results and valuation trends.

Read Also: Tesla entres Indian market 

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