Synopsis:
Waaree Energies has approved acquiring 76% of Racemosa Energy, a smart meter manufacturer, making it a step-down subsidiary. The deal is expected to close by FY 2025-26.
The shares of India’s largest solar manufacturer, specializing in solar energy, particularly solar module manufacturing, are in focus following the strategic acquisition of a 76 percent stake in Racemosa Energy Pvt (India) Limited, a manufacturer of smart meters.
With a market capitalisation of Rs. 1,00,405.48 crores on Friday, the shares of Waaree Energies Limited jumped upto 0.68 percent, making a high of Rs. 3525.00 per share compared to its previous closing price of Rs. 3500.75 per share.
What Happened
Waaree Energies Limited, engaged in the manufacturing of solar PV modules, solar cells, and Battery Energy Storage Systems (BESS), in a meeting held on September 18, 2025, approved the acquisition of a 76% stake in Racemosa Energy (India) Private Limited, a smart meter manufacturer.
Waaree Power Private Limited, a wholly owned subsidiary of Waaree Energies, will subscribe to the shares, subject to the execution of definitive agreements, regulatory approvals, and customary closing conditions. This acquisition, valued at approximately ₹53 crores, will make Racemosa a step-down subsidiary of Waaree Energies once the conditions are met.
The acquisition aims to strengthen Waaree’s presence in the energy sector by integrating smart meters into its operations, enhancing its position across the energy value chain. The deal is expected to be completed by FY 2025-26 or later as agreed. Racemosa Energy, established in 2018, operates in Maharashtra and is a leading player in the smart meter manufacturing space. This acquisition aligns with Waaree’s strategy to expand its offerings in the energy industry.
Financials & Others
The company’s revenue rose by 29.83 percent from Rs. 3,409 crore to Rs. 4,426 crore in Q1FY25-26. Meanwhile, the Net profit rose from Rs. 401 crore to Rs. 773 crore during the same period.
The company has shown strong financial performance, with a 5-year profit growth of 113% CAGR. It has a solid return on equity (ROE) of 27.4%, and its 3-year average ROE stands at 30.7%. With a low debt-to-equity ratio of 0.13, it maintains a healthy financial position. Additionally, its return on capital employed (ROCE) is 34.9%, highlighting efficient capital utilization.
Waaree Energies Limited is one of India’s most prominent solar module manufacturers, established in 1989 as the flagship entity of the Waaree Group with its headquarters in Mumbai, Maharashtra. It operates five state-of-the-art manufacturing facilities in India and has a notable international presence in many countries, reinforcing its position as a global player in the renewable energy sector.
Waaree Energies has achieved strong production growth, with module production increasing from 1.4 GW in Q1FY25 to 2.3 GW in Q1FY26. The company has a Module Capacity of ~15 GW and Cell Capacity of 5.4 GW. This demonstrates the company’s ability to scale up operations efficiently and meet the growing demand for solar products.
The company’s solid order book is valued at approximately ₹49,000 crores, with an order pipeline of over 100+ GW, indicating robust future growth potential. About 41.3% of the order book comes from the domestic market, while 58.7% is from international markets, showcasing Waaree’s diversified global presence.
In terms of revenue, Waaree Energies generates 68% from the domestic market and 32% from the overseas market. The geographical revenue mix highlights the company’s strong position both in India and in international markets, reinforcing its global footprint in the solar energy sector.
Written by Sridhar J
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