Waaree Energies shares drop over 2%; from ambitious capex plan to order wins, key updates to track

Shares of Waaree Energies declined as much as 2.2% to ₹2,818 apiece on the NSE on Tuesday, July 14. The stock has corrected over 7% in the past one month. However, it has remained in positive territory over a longer horizon, gaining over 10% in the last six months.

In the past 12 months, shares have fallen over 11%.

What is the latest trigger?

UBS, in its latest report, has flagged concerns over the impact of significant capacity additions on sector profitability, execution risks associated with Waaree Energies’ large capex programme, and limited visibility on potential returns from emerging segments such as battery energy storage systems (BESS).

The global investment firm has lowered its valuation multiple to 21x 12-month forward PE from 28x, citing a higher discount compared with industry peers and expectations of lower margins due to near- to medium-term challenges amid ongoing consolidation in the solar sector.

UBS noted that Waaree’s ambitious ₹300 billion capex plan, compared with ₹130 billion last year, is expected to scale up its manufacturing capacity to 15.4 GW of modules and 10 GW of cells/ingot-wafer by FY27/28E, accounting for nearly 20% of India’s total domestic capacity.

While the expansion strategy could help Waaree maintain its leadership position through higher backward integration, UBS believes the impact of increased capacity, execution challenges, and returns from new business segments remain key factors to watch.

Recent developments

On June 29, 2026, Waaree Energies’ stock came under pressure even after the company issued a clarification on a recent determination by the U.S. Customs and Border Protection (CBP). In a stock exchange filing, the company said the CBP had confirmed, following a detailed investigation and on-site verification of its manufacturing facility in India, that Waaree did not export solar modules made using Chinese-origin solar cells to the United States.

The company also said the US agency acknowledged its full cooperation during the investigation, drew no adverse inference against it, and declined the petitioner's request to extend any evasion finding to all of Waaree's imports.

Importantly, the determination is not a final adjudication, it added.

Order win

On June 30, 2026, Waaree Solar Americas, a US-based manufacturer of photovoltaic (PV) modules and a wholly-owned subsidiary of Waaree Energies, announced that it has secured a 236.22 MW utility- scale solar module supply contract for a major solar project in Flemingsburg, Kentucky.

As part of the agreement, Waaree Solar Americas will supply its high-efficiency N-Type G12R solar modules in 615 Wp and 620 Wp bin classes. The modules will be manufactured at the company’s advanced manufacturing facility in Brookshire, Texas, underscoring Waaree’s commitment to strengthening domestic manufacturing and supporting the growing demand for high-quality, Made-in-America solar products.

The contract further strengthens Waaree Solar Americas’ expanding order book in the United States, reflecting growing customer confidence in the company’s manufacturing scale, technological capabilities and execution excellence.

As one of Waaree’s most strategic growth markets, the US continues to present significant opportunities driven by accelerating renewable energy deployment, increasing demand for domestically manufactured components and the evolution of a resilient local solar supply chain.

Order book

The press release said that Waaree has a robust order book of ₹53,000 crore, reflecting strong demand for its domestically manufactured solar solutions across key markets.

"The Kentucky project will contribute meaningfully to the state’s clean energy ambitions while supporting reliable, domestically manufactured solar infrastructure that enhances energy security and long-term sustainability," it added.

Shares of the company ended Tuesday's session at ₹2,820.10 apiece on the NSE, down 2.09%.