Waaree Energies, Indosolar shares gain up to 11% today; here’s why
According to BSE data, Waaree Energies shares jumped 10.56% to settle at Rs 3,186.15 apiece, compared to its previous close of Rs 2,881.95, with the stock rising as much as 11.82% to hit an intraday high of Rs 3,222.75.
- Mar 18, 2026,
- Updated Mar 18, 2026 4:58 PM IST
Solar energy stocks such as Waaree Energies Ltd and Indosolar Ltd climbed on Wednesday after the Ministry of New & Renewable Energy (MNRE) laid out a fresh, aggressive roadmap to build a self-reliant supply chain for solar components.
Following the government's push, shares of Waaree Energies and Indosolar witnessed buying interest during today’s trading session.
According to BSE data, Waaree Energies shares jumped 10.56% to settle at Rs 3,186.15 apiece, compared to its previous close of Rs 2,881.95, with the stock rising as much as 11.82% to hit an intraday high of Rs 3,222.75.
Following suit, Indosolar shares also climbed 4.99% to close at Rs 347.05 on the BSE, up from their previous close of Rs 330.55. This optimism comes from an office memorandum issued by the MNRE.
Amid this, as per a Reuters report, Waaree Energies, Tata Power and Indosolar “have proposed billions of rupees of investments to build renewable manufacturing capacity.”
In a move aimed at curbing Chinese imports and reducing dependency on foreign supply chains, India is formally proposing that clean energy firms utilise exclusively locally manufactured solar ingots and wafers starting June 1, 2028.
The MNRE order said that ALMM List-III for wafers will not be issued unless it includes at least three wafer manufacturing units that operate independently and are not under common ownership or control, either directly or indirectly.
"The aggregate wafer manufacturing of such units is at least 15 GW per annum,” it said.
MNRE noted that in order to make the cut, a wafer manufacturer must have ingot manufacturing capacity equal to its wafer manufacturing capacity.
These modules must use solar cells from ALMM List-II, which, in turn, shall have to use wafers from amongst the models and manufacturers enlisted in ALMM List-III for wafers.
“Waaree refuted any impact from US’s 126% countervailing duty on solar module imports from India citing applicability to cell origin, not module assembly,” Nuvama said.
“Moreover, it signed its first electrolyser/GH2 supply order, USD30mn investment in Oman for polysilicon supply to move away from an only module/cell play. Its ~70% revenue share from retail (20–25%), exports/US manufacturing (30–35%) and EPC/O&M (18–20%) provides a strategic decade-long moat,” Nuvama added.
Nuvama has maintained a ‘Buy’ rating on the stock, with a target price of Rs 3,867.
Solar energy stocks such as Waaree Energies Ltd and Indosolar Ltd climbed on Wednesday after the Ministry of New & Renewable Energy (MNRE) laid out a fresh, aggressive roadmap to build a self-reliant supply chain for solar components.
Following the government's push, shares of Waaree Energies and Indosolar witnessed buying interest during today’s trading session.
According to BSE data, Waaree Energies shares jumped 10.56% to settle at Rs 3,186.15 apiece, compared to its previous close of Rs 2,881.95, with the stock rising as much as 11.82% to hit an intraday high of Rs 3,222.75.
Following suit, Indosolar shares also climbed 4.99% to close at Rs 347.05 on the BSE, up from their previous close of Rs 330.55. This optimism comes from an office memorandum issued by the MNRE.
Amid this, as per a Reuters report, Waaree Energies, Tata Power and Indosolar “have proposed billions of rupees of investments to build renewable manufacturing capacity.”
In a move aimed at curbing Chinese imports and reducing dependency on foreign supply chains, India is formally proposing that clean energy firms utilise exclusively locally manufactured solar ingots and wafers starting June 1, 2028.
The MNRE order said that ALMM List-III for wafers will not be issued unless it includes at least three wafer manufacturing units that operate independently and are not under common ownership or control, either directly or indirectly.
"The aggregate wafer manufacturing of such units is at least 15 GW per annum,” it said.
MNRE noted that in order to make the cut, a wafer manufacturer must have ingot manufacturing capacity equal to its wafer manufacturing capacity.
These modules must use solar cells from ALMM List-II, which, in turn, shall have to use wafers from amongst the models and manufacturers enlisted in ALMM List-III for wafers.
“Waaree refuted any impact from US’s 126% countervailing duty on solar module imports from India citing applicability to cell origin, not module assembly,” Nuvama said.
“Moreover, it signed its first electrolyser/GH2 supply order, USD30mn investment in Oman for polysilicon supply to move away from an only module/cell play. Its ~70% revenue share from retail (20–25%), exports/US manufacturing (30–35%) and EPC/O&M (18–20%) provides a strategic decade-long moat,” Nuvama added.
Nuvama has maintained a ‘Buy’ rating on the stock, with a target price of Rs 3,867.