Waaree Energies shares in focus as board approves subsidiary’s acquisition of Racemosa Energy

The filing read, "Waaree Power Private Limited, a wholly owned subsidiary of Waaree Energies Limited ('the Company'), to subscribe 76% of the share capital of Racemosa Energy (India) Private Limited subject to execution of definitive agreements, customary closing conditions and regulatory approvals."

Racemosa Energy (India) Private Limited, established in 2018, is in the business of manufacturing smart meters.

Further, pursuant to the above subscription of shares, Racemosa Energy (India) Private Limited will become a step-down subsidiary of the company after the closing conditions are fulfilled, the filing added.

In a separate development, Waaree Energies opened its two-day Offer For Sale (OFS) on Thursday, September 18, to sell a stake in Indosolar.

The filing said that Waaree Energies proposes to sell up to sixty-one lakh equity shares of face value ₹10 each (representing 14.66% of the total paid-up equity share capital of the company) on September 18, 2025 ("T-day") (for non-retail investors only) and on September 19, 2025 ("T+1 Day") (for retail investors), through an exchange mechanism.

The offer shall take place on a separate window of the Stock Exchanges on September 18, 2025 ("T" day) and September 19, 2025 ("T+1" day), from 9:15 a.m. to 3:30 p.m. (Indian Standard Time) on both days.

The price for the offer shall be at ₹500 apiece.

Waaree Energies: Latest Developments

Waaree Energies in August 2025 said its US arm, Waaree Solar Americas, has secured an order to supply 452 MW of advanced solar modules to a leading American developer of utility-scale solar and energy storage projects.

Scheduled for delivery across FY2026-27, these modules reinforce Waaree's growing presence in North America and highlight a strategic shift in how the US market is embracing Indian manufacturing strength to accelerate its decarbonisation goals, a company statement said.

Waaree Energies, India's leading clean energy transition company, announced that its wholly-owned US subsidiary, Waaree Solar Americas, has signed an agreement to supply 452 MW of advanced solar modules to a leading American developer of utility-scale solar and energy storage projects, it added.

Waaree Energies Q1 FY26 Results

Waaree Energies posted a nearly 93% rise in its net profit to ₹773 crore in the June quarter (Q1 FY26) compared to the year-ago period, mainly on the back of higher revenues.

The company had reported a net profit of ₹401.13 crore in the same quarter a year ago, a statement said.

Total revenues rose to ₹4,597.18 crore in the quarter from ₹3,496.41 crore logged in the same period a year ago.

The company said it achieved the highest quarterly module production of 2.3 GW in the first quarter of FY26, driven by strong operational focus, and cell production continues to ramp up.

The Board of Directors also approved an additional capital expenditure (capex) of ₹2,754 crore for the expansion of cell capacity by 4 GW in Gujarat and ingot-wafer by 4 GW in Maharashtra.