Waaree's Major Solar Win
Waaree Energies Secures 800 MW Solar Module Order, Boosting Stock Amid Strong Performance.
Key Points
Equity Bulls reported that Waaree Energies received the 800 MW solar-module order on June 15, 2026.
Trading reaction details from Equity Bulls: Waaree Energies shares were last at Rs. 3,031.40 (vs Rs. 3,014.80 prior close), with an intraday high of Rs. 3,075.70 and low of Rs. 3,020.00; net turnover was Rs. 16,92,06,132 across 55,629 shares in 4,645 trades.
D S I J noted broader market context during the same session: Nifty 50 was up 289.80 points (1.23%) to 23,912.70 while Waaree Energies traded 0.91% higher at Rs. 3,058.90 after the announcement.
Business Standard added financial performance context ahead of/alongside the order: Waaree Energies reported a 71.4% YoY jump in consolidated net profit to Rs 1,061.10 crore in Q4 FY26, and revenue from operations rising 111.8% YoY to Rs 8,480.25 crore for the quarter ended March 31, 2026.
News18 said the company expects FY27 EBITDA in the range of ₹7,000–₹7,700 crore, citing continued business growth supported by new capacities; it also cited Q4 FY26 results of revenue more than doubling to ₹1,102.4 crore and net profit rising 66.1% to ₹155.7 crore.
Waaree Energies has won an 800-megawatt solar module supply order from an unnamed domestic energy company, with delivery scheduled for the financial year 2026-27. NDTV Profit reported shares rose nearly 1% on the news, touching an intraday high of ₹3,075.70 before settling around ₹3,031.40 on June 15.
The order is a one-time supply contract. Waaree confirmed it is not a related-party deal and did not disclose the contract's financial value. The announcement was filed with BSE and NSE under SEBI listing rules.
India's Largest Module Maker Keeps Adding Big Orders
Waaree Energies is India's largest non-Chinese solar module maker. It currently runs 12 gigawatts of annual production capacity. The unnamed buyer is described only as a "leading energy solutions provider." Solar Bytes noted the scale of the win suggests a major utility or Tier-1 solar developer placed the order.
The order adds to a backlog that now stands at roughly ₹53,000 crore. India's ALMM rules — which block cheaper Chinese imports — have pushed domestic developers toward local suppliers like Waaree. That policy has been a key driver of the company's rapid order-book growth.
Record FY26 Profits Set the Stage for FY27 Push
Waaree reported a 71.4% jump in consolidated net profit to ₹1,061.10 crore in Q4 FY26, according to Business Standard. Revenue from operations more than doubled, rising 111.8% year-on-year to ₹8,480.25 crore for the quarter ended March 31, 2026. Full-year revenue hit ₹26,536.77 crore — up 83.7% from the prior year.
The company has now set an ambitious FY27 EBITDA target of ₹7,000–₹7,700 crore, citing new capacities coming online. News18 noted that management called continued business growth the main driver behind that forecast. EBITDA measures operating profit before interest, taxes, and depreciation.
Shareholders Approve ₹10,000 Crore Fundraise Days Before Order
Just two days before the order announcement, on June 13, shareholders approved a ₹10,000 crore fundraise through a Qualified Institutions Placement, or QIP — a method where shares are sold directly to large institutional investors. Shareholders also confirmed Jignesh Rathod as Whole-Time Director and CEO at the same meeting.
Waaree plans to use part of the capital for a 10 GW ingot and wafer facility in Nagpur at a cost of ₹6,200 crore. That plant is designed to cut the company's dependence on imported raw materials. The broader capex plan totals ₹30,000 crore as Waaree targets 20 GW of capacity.
Analysts Split on Margin Risk Despite Strong Volume Growth
Not every analyst is fully bullish. Margin pressure is a real concern. Waaree's EBITDA margin dropped from 23% to 18.6% in Q4 FY26. Silver and glass prices spiked earlier in 2026, squeezing profitability even as volumes surged. Some analysts described FY27 guidance as a "normalization" rather than continued hyper-growth.
On the positive side, the broader market also helped sentiment on June 15. The Nifty 50 climbed 289.80 points — a 1.23% gain — to 23,912.70 during the session, according to DSIJ. Waaree stock traded 0.91% higher at ₹3,058.90 at one point, with 55,629 shares changing hands on BSE.
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