Waaree Energies shares rise over 1% ahead of Q2 results; five things you need to know

Shares of the company, in the early trade, were trading 1.35% higher at ₹3,566 apiece on the NSE.

Waaree Energies made its stock market debut a year back, i.e., on October 28, 2024. Shares of the solar panel maker listed with a premium of nearly 70% against the issue price of ₹1,503.

The stock made its market debut at ₹2,550, reflecting a jump of 69.66% from the issue price on the BSE. It further surged 72.98% to ₹2,600.

On the NSE, the stock was listed at ₹2,500, surging 66.33%.

The initial public offering (IPO) of Waaree Energies garnered 76.34 times subscription on the last day of the share sale, helped by strong participation from institutional buyers.

The ₹4,321.44 crore initial share sale had a price band of ₹1,427 to ₹1,503 per share.

The IPO was a combination of a fresh issue of equity shares aggregating to ₹3,600 crore and an offer-for-sale (OFS) of 48 lakh equity shares worth ₹721.44 crore, at the upper end of the price band, by a promoter and existing shareholders.

Waaree Energies: US investigation

In late September 2025, Waaree Energies said a US investigation into potential solar tariff evasion will not impact its investment plans, including the expansion of its Texas facility and exploration of setting up a solar cell manufacturing capability in the high-growth, strategic US market.

Waaree is one of the largest vertically integrated companies in the manufacturing of solar modules, which convert sun rays into electricity. It has an operational capacity of 13.3 GW in India.

It commenced operations at its US solar module manufacturing plant in Houston, Texas, in January of this year, with an initial installed capacity of 1.6 GW. The Texas facility is being scaled to 3.2 GW by FY27.

US customs officials in September 2025 launched an investigation into whether Waaree bypassed tariffs on Chinese-made solar cells and panels by falsely labelling them as manufactured in India.

"The investigation has no impact on our investment plans. The Texas plant expansion from 1.6 GW to 3.2 GW is already underway," the firm said.

"Our recent acquisition of US-based Meyer Burger assets further strengthens its long-term manufacturing footprint in the country. The United States is a high-growth, strategic market for Waaree, and it continues to invest in local jobs, technology, and capacity."

"Waaree Energies will continue to operate with integrity, and we reaffirm our strong commitment to the US market – both as a clean energy partner and as a growing localised manufacturer," the firm said in a written Q&A to PTI.

The firm said it was providing all required information to the US Customs and Border Protection (CBP) in its ongoing inquiry.

"As a responsible corporate citizen, we have consistently complied with all applicable local laws and regulations," the company said.

"Our internal assessment indicates no material duty exposure, and we continue to engage transparently with CBP throughout this process."

Importantly, there has been no operational disruption, and the US manufacturing operations and customer deliveries continue as planned.

"Based on our current assessment, we do not expect any material financial impact from this inquiry."

Waaree Energies: US Market

The demand in the US solar market, it said, remains extremely strong and is growing rapidly, making it one of the most lucrative clean-energy markets globally.

"Our diversified global supply chain and our domestic US production provide natural insulation from geopolitical or policy shocks, ensuring business continuity."

Asked about manufacturing solar cells as well in the US, Waaree said backward integration was a key strategic priority for the company.

"In India, we have already built significant solar cell manufacturing capability and are exploring similar opportunities in the United States," it said.

"We are evaluating options for US cell manufacturing in line with policy incentives and market demand, and any future investments will support our goal of becoming a holistic clean-energy transition company serving US customers end-to-end."

Waaree Solar Americas primarily serves the US market through its Texas manufacturing facility, which currently operates at 1.6 GW with expansion underway to 3.2 GW, thereby reducing reliance on imports.

"Where imports are required, we maintain a diversified supply chain across multiple countries to avoid any single-source dependence, and all such imports strictly comply with US trade regulations, including AD/CVD rules and rules of origin. Our long-term strategy is to progressively localise more production within the United States to further reduce import needs, and detailed country-wise volumes are provided to regulators as required, though not disclosed publicly for competitive reasons," the company said.

Waaree Energies acquires Kotsons' stake

In early October 2025, Waaree Energies acquired a 64% stake in transformers manufacturer Kotsons Private Limited (KPL) for ₹192 crore, an exchange filing said.

Post acquisition of shares, KPL has become a subsidiary of the company, Waaree Energies said.

Waaree Energies said it has "completed the acquisition of a 64% equity stake in Kotsons Private Limited for a total consideration of ₹192 crore".

Kotson's Private Limited is in the business of designing, manufacturing, and supplying advanced transformer solutions.

Waaree Renewable Q2 FY26 Results

Waaree Energies' subsidiary Waaree Renewable Technologies' consolidated net profit in the September quarter (Q2 FY26) more than doubled to ₹116.34 crore on the back of higher revenues.

The company had logged a consolidated net profit of ₹53.51 crore in the quarter ended September 30, 2024, a BSE filing said.

According to a company statement, the company recorded its highest-ever quarterly revenue and PAT (net profit), driven by robust execution, strong sectoral tailwinds, and continued expansion into new energy verticals, including battery energy storage systems and data centres.

The revenue stood at ₹774.78 crore as against ₹524.47 crore in Q2 FY25, delivering a growth of 47.73%.

The company's unexecuted order book stands at 3.48 GWp, to be executed over the next 12-15 months, while its bidding pipeline remains robust at 27+ GWp, it stated.

As a subsidiary of Waaree Energies Ltd, Waaree Renewable finances, constructs, owns, and operates solar projects across geographies for commercial and industrial customers, supporting India's transition to sustainable energy.

Waaree Energies Q1 FY26 Results

Waaree Energies reported a net profit of ₹745 crore in the first quarter of the current financial year, marking an upside of 89% from ₹394 crore in the same period last year.

The solar module maker's revenue from operations in the April-June period advanced 30% to ₹4,426 crore from ₹3,409 crore in the year-ago period.

The company reported strong operational performance as its operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), rose 80% to ₹997 crore, and its operating profit margin expanded by 630 basis points to 22.53%.

During the quarter, Waaree Energies entered into a share purchase agreement with Enel Green Power Development on January 10, 2025, for the acquisition of 100% of the share capital of Enel Green Power India Private Limited for a total amount of ₹792 crore.