Waaree Energies shares jump 4% as US subsidiary bags order to supply 599 MW solar modules

Shares of Waaree Energies Ltd rose 4.11 per cent on Wednesday, reaching a high of Rs 2,955, after its wholly-owned subsidiary, Waaree Solar Americas, secured a significant order for 599 MW of solar modules from a prominent international client.

In a BSE filing, the company announced, "Waaree Solar Americas, a wholly-owned subsidiary of the company, has received an order for the supply of 599 MW solar modules from a well-known customer engaged in the development and operation of utility-scale solar and energy storage projects across the United States."

The counter recorded heavy trading volume today, accompanied by strong price action. Last checked, around 1.71 lakh shares changed hands today on BSE, higher than the two-week average volume of 1.41 lakh.

"Waaree Energies has come into our radar as it is the largest solar PV module producer in India. Almost 44 per cent of the exports from India in the select space is taken care of by the company and 21 per cent of the domestic consumption is taken care of by it. Waaree's capacity expansion has been humongous, from 2 GW to 13.2 GW,"  said Dharmesh Kant, Head of Equity Research at Cholamandalam Securities.

According to him, Waaree's improving margins and return on equity (RoE) position it well for future growth. "We see strong potential in the stock and have a one-year target price of Rs 3,600. It remains a buy-and-hold for us, especially after the company reported excellent quarterly results," he further stated.

Nuvama Institutional Equities has also reaffirmed its 'Buy' rating on Waaree Energies, assigning a target price of Rs 3,622. The brokerage highlighted management's bullish guidance, with FY26 EBITDA expected to reach Rs 5,500–6,000 crore, marking a two-fold increase from FY25. This outlook is supported by a solid order book extending beyond March 2026 and the upcoming launch of its integrated cell manufacturing facility.

Incorporated in December 1990, Waaree Energies is an Indian manufacturer of solar PV modules. As of March 2025, promoters held a 64.30 per cent stake in the solar module manufacturer. The Mumbai-headquartered firm has an installed capacity of nearly 15 GW for solar PV modules and 5.4 GW for solar cells.