Waaree Energies shares in focus on fresh solar module order; key details
Waaree Energies had an order book of 24GW or Rs 47,000 crore. The order book was diversified between India (40 per cent) and international markets (60 per cent).
- Dec 1, 2025,
- Updated Dec 1, 2025 8:28 AM IST
Shares of Waaree Energies are in focus on Monday after the company said it has received an order for supply of 140MW solar modules from renowned customer engaged in the business of owning, developing and operating renewable power projects in India. The order is for the supply of solar modules. The stock was recently in news after the company offices and facilities were recently investigated under the Income Tax Act, 1961 by the Income Tax Department. The action was completed last week.
Waaree Energies had an order book of 24GW or Rs 47,000 crore. The order book was diversified between India (40 per cent) and international markets (60 per cent) with revenue mix comprising 53 per cent for domestic market and 47 per cent for overseas market. Its retail sales account for 19–20 per cent of domestic sales as the segment offers better profitability, balance being large institutional customers. "The Q3 geographic revenue mix is likely to be similar to Q2, with a shift possibly skewed slightly more towards domestic due to an expansion in the retail section. Currently, roughly Rs 3,200 crore in advances are sitting on the balance sheet," Nuvama said recently.
For FY26, the Waaree Energies' management reaffirmed its guidance in the range of Rs 5,500–6,000 crore. Other expenses (including freight and duties, part of SG&A) increased in in Q2 due to a high export mix.
"The duty element is passed on to customers. This is seen as a phasing issue and the company expects the other expense percentage to return to the normal range of 6 per cent to 6.5 per cent," Nuvama noted. Meanwhile, Waaree Energies announced a capex plan of Rs 25,000 crore for the next 24 months, which is over and above the cost of recent strategic acquisitions.
"The spending will be done in a phased manner. A total of 10–15 per cent is likely in the remaining two quarters of FY26, a significant 50 per cent is likely in FY27 and the balance will be spent in FY28. The complete benefit of the announced capex is likely to flow in FY28 onwards," Nuvama said.
Shares of Waaree Energies are in focus on Monday after the company said it has received an order for supply of 140MW solar modules from renowned customer engaged in the business of owning, developing and operating renewable power projects in India. The order is for the supply of solar modules. The stock was recently in news after the company offices and facilities were recently investigated under the Income Tax Act, 1961 by the Income Tax Department. The action was completed last week.
Waaree Energies had an order book of 24GW or Rs 47,000 crore. The order book was diversified between India (40 per cent) and international markets (60 per cent) with revenue mix comprising 53 per cent for domestic market and 47 per cent for overseas market. Its retail sales account for 19–20 per cent of domestic sales as the segment offers better profitability, balance being large institutional customers. "The Q3 geographic revenue mix is likely to be similar to Q2, with a shift possibly skewed slightly more towards domestic due to an expansion in the retail section. Currently, roughly Rs 3,200 crore in advances are sitting on the balance sheet," Nuvama said recently.
For FY26, the Waaree Energies' management reaffirmed its guidance in the range of Rs 5,500–6,000 crore. Other expenses (including freight and duties, part of SG&A) increased in in Q2 due to a high export mix.
"The duty element is passed on to customers. This is seen as a phasing issue and the company expects the other expense percentage to return to the normal range of 6 per cent to 6.5 per cent," Nuvama noted. Meanwhile, Waaree Energies announced a capex plan of Rs 25,000 crore for the next 24 months, which is over and above the cost of recent strategic acquisitions.
"The spending will be done in a phased manner. A total of 10–15 per cent is likely in the remaining two quarters of FY26, a significant 50 per cent is likely in FY27 and the balance will be spent in FY28. The complete benefit of the announced capex is likely to flow in FY28 onwards," Nuvama said.