Synopsis:
India’s solar race is intensifying with Waaree Energies and Premier Energies aggressively expanding capacity. Waaree leads with a bigger global book, higher profitability and large capex, while Premier is scaling cell capacity fast to capture domestic demand momentum.
Throughout the last ten years, India has developed an incredible solar power industry that has made India one of the top renewable energy markets worldwide. The total solar capacity installed in India has gone beyond 116 GW by mid-2025 due to the government’s aggressive targets, technology cost decline, and demand for clean energy from the residential, commercial, and utility sectors.
The growth is supported by large-scale solar parks and the rapid penetration of rooftop and off-grid solutions. At the same time, policy incentives such as the National Solar Mission and production-linked incentives are promoting domestic manufacturing and technological innovation.
With solar expected to reach 280 GW by 2030, India’s solar powerhouse will be instrumental in achieving sustainable development and energy security while at the same time creating huge solar business opportunities for the likes of Waaree Energies and Premier Energies.
Government Initiatives Driving Solar Capacity Growth in 2025
India’s central government is accelerating solar adoption through progressive policies and targeted initiatives. Programs like PM-KUSUM are promoting solar use in rural areas, while the PM Surya Ghar Muft Bijli Yojana is boosting rooftop installations nationwide.
Strong incentives for domestic manufacturing are also reducing import dependence and building a self-reliant solar ecosystem. Encouraged by this policy push, companies are ramping up investments, including a 1.6 GW solar cell manufacturing plant in Mathura.
Order Book and Revenue Mix
As of September 30, 2025, Premier Energies reported an impressive order book valued at Rs. 13,249.6 cr, representing a total of 9,114 MW. The order composition is largely domestic, with 100% of orders originating within India and no export contribution during the period.
In terms of business mix, cells account for the majority at 59%, followed by modules at 40%, and EPC projects at a marginal 0.1%. The company’s order book value increased from Rs. 8,602.7 cr in June 2025, despite sales of Rs. 1,836.9 cr during the quarter, supported by new bookings worth Rs. 6,483.8 cr. This strong order inflow underscores Premier Energies growing dominance and sustained demand in the Indian renewable energy manufacturing sector.
Waaree Energies maintains a robust order book of approximately Rs. 47,000 crore, backed by a strong module production capacity of around 24 GW.
The company’s order composition is geographically balanced, with 59.5% of orders from India and 40.5% from overseas markets, highlighting its expanding global footprint. Its revenue mix is evenly distributed as well, with 47.2% from domestic operations including retail, EPC, and enterprise segments and 52.8% from international sales.
Additionally, Waaree Energies operates a 0.6 GW cell production facility and has a healthy order pipeline stands at 2.6 GW as of Q2FY26 increased by 37% from 1.9GW in Q2FY25.
Financials
Meanwhile, Premier Energies Ltd delivered a solid performance in Q2FY26, with sales rising 20% year-on-year to Rs. 1,837 crore compared to Rs. 1,527 crore in Q2FY25. EBITDA grew 47% to Rs. 561 crore, while net profit surged 72% to Rs. 353 crore, showcasing strong operational efficiency and margin expansion. The company’s earnings per share (EPS) increased 71% to Rs. 7.80 from Rs. 4.57 for the same time period.
Waaree Energies Ltd reported a strong year-on-year performance in Q2FY26, with sales rising 70% to Rs. 6,066 crore compared to Rs. 3,574 crore in Q2FY25. EBITDA surged 168% to Rs. 1,406 crore, while net profit jumped 133% to Rs. 878 crore. The company’s earnings per share (EPS) also more than doubled to Rs. 29.29 from Rs. 13.73.
Price Movement
With market capitalization of Rs. 47,084 cr, the shares of Premier Energies Ltd are closed at Rs. 1,029.80 per share, from its previous close of Rs. 1,004.20 per share. The stock has generated a negative return of 11% over the past year, recorded a year-to-date decline of 22%, and achieved a 2% gain in the last month.
Meanwhile, the shares of Waaree Energies with a market capitalization of Rs. 94,205 cr are closed at Rs. 3,276.20 per share, from its previous close of Rs. 3,369 per share. The stock has delivered a 40.85% return over the past year, a 19.94% return year-to-date, and a 3.11% gain in the past month.
Expansions and Capex Highlights
As part of its Mission 2028 target, Premier Energies is increasing the solar cell manufacturing capacity of its Naidupeta, Andhra Pradesh plant from 4.8 GW to 7.0 GW. The company has finished preparing the land for the expansion, is in the process of constructing the building, is placing orders for machinery, and has secured debt financing. Using a mix of internal accruals and debt, the company intends to commission 4.8 GW by June 2026 and the balance 2.2 GW by September 2026 in a bid to leverage the economies of scale due to the rising solar demand.
Coming to Waaree Energies, it has increased its solar module making capacity further by adding 2.75 GW at Chikhli, and the board has also approved another very large capex of about Rs. 8,175 crore to expand capacity across multiple clean energy product lines.
This includes increasing storage battery and BESS capacity from 3.5 GWh to 20 GWh, increasing electrolyser manufacturing from 300 MW to 1 GW, and increasing inverter capacity from 3 GW to 4 GW. This means the company is preparing to produce much larger volumes across all energy transition product categories in future.
Along with organic expansion, the company is also strengthening its product portfolio through strategic acquisitions like majority stake in Kotsons Transformers and Racemosa Energy meters, and buying Meyer Burger assets in the US.
All the capacity projects that were already planned like 6 GW module and 10 GW cell and ingot-wafer capacities are progressing on schedule. The company is rapidly scaling manufacturing for the entire green energy ecosystem and securing capabilities in multiple parts of the value chain so that it can supply more products domestically and globally in the coming years.
Written by Manideep Appana
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