Synopsis:
Waaree Solar Americas has secured an international order to supply 452 MW of solar modules to a leading U.S. utility-scale solar and energy storage developer.
The shares of India’s largest solar manufacturer, specializing in solar energy, particularly solar module manufacturing, jumped by up to 6 percent upon receiving an international order to supply 452 MW of solar modules to a major U.S.-based developer and operator.
With a market capitalisation of Rs. 91,455.17 crores on Tuesday, the shares of Waaree Energies Limited jumped upto 5.68 percent, making a high of Rs. 3330.00 per share compared to its previous closing price of Rs. 3150.90 per share.
Waaree Solar Americas, a wholly owned subsidiary of Waaree Energies Limited, received a significant order on August 26, 2025, to supply 452 MW of solar modules to a well-known developer and owner-operator of utility-scale solar and energy storage projects in the United States. This one-time International contract involves delivering the solar modules over the financial years 2025-26 and 2026-27.
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 achieved an impressive profit growth with a 114% CAGR over the last five years. It also has a strong return on equity (ROE), averaging 30.8% over the past three years. The current financials show a ROCE of 35.1%, ROE of 27.6%, and a low debt-to-equity ratio of 0.13, highlighting robust profitability and a healthy balance sheet.
Waaree Energies Limited is India’s largest manufacturer and exporter of solar photovoltaic (PV) modules. Founded in 1990 and headquartered in Mumbai, the company has expanded rapidly, operating several manufacturing facilities across Gujarat and Noida. It is recognized for its integrated approach, spanning the entire solar value chain, from ingots and wafers to modules, battery storage, and green hydrogen electrolysers.
The company has a module capacity of around 15 GW and a cell capacity of 5.4 GW. It holds an order book worth approximately ₹49,000 crore, with ₹47,000 crore executed in FY25.
The company has a robust order book of approximately 25 GW, valued at around ₹49,000 crore. Of this, 41.3% comes from domestic (India) projects, while the remaining 58.7% is from international markets, highlighting a strong global presence. Additionally, the company has an impressive order pipeline exceeding 100 GW, indicating significant future business potential and sustained growth opportunities.
The company’s revenue is well-diversified geographically, with 68% coming from domestic markets, including retail, EPC, and enterprise segments, and the remaining 32% generated from overseas operations.
The company is on track to meet its FY26 guidance with strong operating performance, including record quarterly production of 2.3 GW. The company has Expansion plans for an additional 4 GW capacity in cells and ingots-wafers are approved and set to be operational by FY27. With ongoing projects in green hydrogen and energy storage, the company expects EBITDA between Rs. 5,500-6,000 Cr for FY26.
Written by Sridhar J
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