Waaree Energies shares jump 5%; what market participants need to know

Shares of Waaree Energies, a leading solar photovoltaic (PV) module manufacturer, rose sharply in the final hour of trading on Tuesday, October 13.

The stock gained up to 5.07% to ₹2,464.00 on the NSE.

On September 30, the company informed the stock exchanges that its wholly owned subsidiary, Waaree Power Private Limited, had commenced commercial production on a new solar inverter manufacturing line with an annual installed capacity of 1.10 GW at its factory in Sarodhi, Valsad, Gujarat.

Following the addition, Waaree Power’s aggregate annual installed solar inverter manufacturing capacity increased from 3.05 GW to 4.15 GW, the company said.

The stock has gained nearly 3% over the past five trading sessions. However, it remains under pressure over longer periods, declining 4.25% over the past month, 26.64% over the past six months and more than 17% year-to-date (YTD).

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 of the current fiscal year (Q2 FY27), 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 ₹7,931.79 crore in Q1 FY27 from ₹4,425.83 crore 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 the 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.

How other solar stocks were performing

At 03:10 PM, Adani Green Energy was up 0.68% to ₹1,282.60 on the NSE, while Adani Energy Solutions traded 1% higher at ₹1,293.20. Premier Energies shares were up 0.15% to ₹910.20, while Indosolar was up 5% to ₹207.27. KPI Green Energy was also up 1.25% at ₹327.50.

The rally in Waaree Energies and other green energy stocks appears to be driven largely by a broader recovery in the equity market following the sharp sell-off in recent sessions, with investors engaging in bargain-hunting across sectors.

India solar power market: Size, growth and outlook

India’s solar power market is projected to expand significantly over 2025–2030, with its market value expected to increase by USD 1,413.3 billion at a compound annual growth rate (CAGR) of 49.5%, according to the market forecast. Supportive government policies, investments in renewable energy, and efforts to strengthen energy security are expected to drive this growth, according to Technavio, a leading global market research and advisory firm.

Key market trends and insights

• Grid-connected solar: This segment was valued at $143.6 billion in 2024.
• Utility-scale projects: The utility segment accounted for the largest share of market revenue in 2024.
• Market opportunities: The report estimates potential market opportunities at USD 1,588.7 billion, with an additional $1,413.3 billion in market value projected over 2025–2030.
• Growth outlook: The market is forecast to grow at a CAGR of 49.5% between 2025 and 2030.

What is driving growth?

India’s solar power market is expanding as the government pushes to reduce carbon emissions, strengthen energy security, and increase the share of renewable energy in the power mix. Improvements in photovoltaic (PV) technology and its growing cost competitiveness have also made solar power an increasingly viable energy source.

Another important trend is the push to expand domestic solar manufacturing and reduce dependence on imported equipment. Meanwhile, rooftop solar installations are gaining traction among residential and commercial consumers seeking to lower electricity bills. Businesses are also adopting on-site solar power to manage energy costs and meet sustainability goals.

Challenges and risks

Despite the strong growth outlook, the sector faces challenges. Grid infrastructure needs to be upgraded to accommodate the intermittent nature of solar power, while land acquisition can delay large-scale projects. Addressing these constraints, alongside the need for continued investment in transmission and storage infrastructure, will be important to sustaining growth and meeting India’s renewable energy ambitions, the research firm notes.