Despite a weak market, this Waaree Group company hits 5% upper circuit

The stock, which trades under the symbol 'WAAREEINDO', rose 5% to ₹366.85 apiece on the National Stock Exchange (NSE). Its market capitalisation stood at 1,526.23 crore.

The scrip had recorded its 52-week high of ₹725 apiece on October 13, 2025, while it hit its year's low of ₹165.07 per share on June 19, 2025.

The rise in stock comes after the Ministry of New and Renewable Energy (MNRE) included ingots and wafers in the Approved List of Models and Manufacturers, or ALMM, to boost the local solar manufacturing ecosystem and its usage in the domestic market.

Till now, the government's ALMM included modules and cells. Solar panels are made using modules that contain cells. Cell production depends on ingots, which, in turn, need wafers. The order will be effective from June 1, 2028, the MNRE said.

The ministry has clarified, "Bids submitted under Sec 63 route, after this date must mandatorily specify use of ALMM List III compliant wafers."

However, "suitable grandfathering provisions have been built in to protect projects already in the pipeline," the ministry said.

Taking to X, MNRE Minister Pralhad Joshi said with the expansion of the ALMM framework to include wafers and ingots, India has taken a decisive step towards building a robust, self-reliant solar manufacturing ecosystem.

"This move will boost domestic production, strengthen supply chains, reduce import dependence and enhance quality across the solar value chain, positioning India as a strong global player in #RenewableEnergy. Advancing towards a cleaner, greener future and the goal of 500 GW non-fossil fuel capacity by 2030," he said.

The company had posted a 305.37% increase in its profit after tax to 41.47 crore in the December quarter of FY26, compared to 10.23 crore a year back. Its revenue from operations advanced 93.68% year-on-year to ₹199.52 crore.