Waaree Energies shares gain as arm incorporates new clean mobility subsidiary- key details

Shares of Waaree Energies, a leading solar photovoltaic (PV) module manufacturer and renewable energy company, rallied as much as 1.26% to ₹2,694.50 apiece on the NSE in early trade on Friday, August 7.

The stock gained after the company informed exchanges that its wholly owned subsidiary, Waaree Clean Energy Solutions Private Limited, has incorporated a new wholly owned subsidiary, WH Clean Mobility Systems Private Limited, on August 4, 2026. The company said it received the Certificate of Incorporation on Thursday.

The newly incorporated entity will operate in the hydrogen business and has been set up to provide clean mobility solutions powered by hydrogen and battery technologies.

WH Clean Mobility Systems Private Limited is a wholly owned subsidiary of Waaree Clean Energy Solutions Private Limited (WCESPL), which itself is a wholly owned subsidiary of Waaree Energies. Incorporated in India on August 4, 2026, the company is registered with the Registrar of Companies, Mumbai, and is yet to commence business operations.

Waaree Energies Q1 FY27 earnings

Waaree Energies posted a 15.39% year-on-year (YoY) rise in consolidated net profit to ₹891.87 crore in the June quarter (Q1 FY27) of the current fiscal, mainly on the back of higher revenues.

The consolidated net profit stood at ₹772.89 crore in the quarter ended June 2025, a company statement said.

Revenue from operations increased to ₹7931.79 crore in Q1 FY27 from ₹4425.83 crore seen in the same period a year ago.

Jignesh Rathod, Whole Time Director & CEO, Waaree Energies, said in the statement that the company delivered another quarter of strong operational and financial performance in Q1 FY27, "reflecting the resilience of our integrated business model, disciplined execution and sustained demand across domestic and international markets".

"As of date, we have achieved a record order book of approximately ₹61,500 crore," Rathod added.

"While our core solar manufacturing business continues to perform strongly, our newer businesses are beginning to contribute meaningfully to revenue, creating multiple growth levers for the future," Rathod noted.

The company achieved module production of 3.24 GW in Q1 FY27, up 41.51% YoY.

It added new orders worth ₹16,000 crore in the quarter under review, taking total order book to ₹61,500 crore.

Established in 1990, Waaree Energies Ltd is India's leading renewable energy company, accelerating the global energy transition.