Synopsis:
A leading solar manufacturer saw FIIs raise their stake by 136% in Q2FY26, reflecting growing confidence. Strong financials, expanding capacities, a healthy order book, and robust domestic and global solar demand position the company for continued growth and market leadership.
India’s solar sector is booming, poised to jump from 106 GW in 2025 to 280 GW by 2030 a rapid 2.6x expansion. This surge is fueled by supportive government policies, major schemes, and growing renewable demand, positioning India as a global leader in solar power development and green energy transition.
With a market capitalization of Rs 95,860.65 crore, the shares of Waaree Energies Ltd closed at Rs 3,332.65 per share, decreased around 0.34 percent as compared to the previous closing price of Rs 3,344.05 apiece.
FII Inflow
As per the recent shareholding pattern, Foreign institutional investors (FIIs) significantly increased their stake by adding 3.67% in Q2FY26, rising from 2.68% in June 2025 to 6.35% in September 2025, marking a 136% jump.
Retail investors hold 26.60%, domestic institutions own 2.82%, and promoters retain majority control at 64.22%. The sharp rise in FII participation indicates growing confidence from foreign investors, while the company maintains a strong promoter presence and a balanced mix of retail and institutional holdings.
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Financial & Operational Highlights
The company delivered strong financial growth in Q1FY26, with revenue rising 30 percent to Rs 4,426 crore from Rs 3,409 crore a year earlier. Net profit surged 93 percent to Rs 773 crore, reflecting improved operational efficiency and robust demand, highlighting a healthy start to the fiscal year.
Further, Waaree has showcased strong operational progress, significantly expanding its scale. With a robust module capacity of nearly 15 GW and cell capacity at 5.4 GW, the company is well-positioned to meet rising demand. A healthy order book of about Rs 49,000 crore reflects strong market confidence and ensures visibility for future growth momentum.
Moreover, demand outlook remains robust as India’s solar capacity is projected to jump from 106 GW in 2025 to 280 GW by 2030, a 2.6x increase, because of strong policies and big government initiatives. The USA will also more than double solar capacity, reaching 500 GW by 2030. These surges reflect robust global demand and policy momentum driving solar power adoption.
Waaree continues to strengthen its position with impressive production growth, scaling module output to 2.3 GW in Q1FY26, a 64% rise over last year. Backed by an order pipeline exceeding 100 GW, the company shows strong execution capability. With 68% contribution from the domestic market and 32% from overseas, its diverse geographical mix ensures stability and global competitiveness.
Waaree is set to nearly double its capacity by FY27 to meet rising demand. Module capacity will expand to 25.7 GW, cell capacity to 15.4 GW, and ingot-wafer capacity to 10 GW. With strong additions supported by PLI and global presence, the company is positioning itself as a leading integrated solar manufacturer.
Written by Abhishek Singh
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