Waaree Energies, one of India’s most prominent solar energy companies, is making strategic strides both domestically and internationally. With an impressive order book, rapid capacity expansion plans, and increasing interest from overseas markets like the U.S., the company stands at the forefront of India’s clean energy movement.
Company Overview
| Parameter | Details |
|---|---|
| Name | Waaree Energies |
| Established | 1990 |
| Sector | Solar Energy (Renewable Energy) |
| Manufacturing Capacity | 15 GW (as of 2025), largest in India |
| Global Reach | Exports to multiple countries, including a growing presence in the U.S. |
| Future Capacity Target | 21 GW by 2027 |
Recent Milestone
Waaree Solar Americas, the U.S. subsidiary of Waaree Energies, secured a 500 MW solar module supply order from a U.S. developer. The modules are scheduled for delivery in FY 2026–27, marking a major international success and reinforcing Waaree’s global reputation.
Key Financial and Market Highlights
| Metric | Data |
|---|---|
| Order Book (as of March 2025) | ₹47,000 crore (~$5.7 billion) |
| Market Capitalization | Over ₹89,000 crore |
| Stock Performance | Up 80% from 52-week low of ₹1,808.65 per share |
Product Portfolio
Waaree’s product lineup reflects its technological diversity and innovation:
- Multicrystalline Modules
- Monocrystalline Modules
- TOPCon (Tunnel Oxide Passivated Contact) Modules – Advanced high-efficiency technology
Future Plans: Capacity and Integration
- Expand manufacturing capacity to 21 GW by 2027
- Backward integration into:
- Solar cell production
- Ingot and wafer manufacturing
This vertical integration is expected to boost quality control, reduce costs, and enhance supply chain resilience.
Competitive Landscape: Waaree vs. Peers
| Feature/Metric | Waaree Energies | Tata Power Solar | Adani Solar | First Solar |
|---|---|---|---|---|
| Established | 1990 | 1989 | 2009 | 1999 |
| Installed Capacity | 15 GW | ~5 GW | ~10 GW | ~8 GW |
| Market Focus | India + Global (U.S.) | India + Global | India + Global | U.S. + Europe |
| Product Range | Mono, Multi, TOPCon | Mono, Bifacial | Mono, Bifacial | CdTe Thin-film |
| Recent Orders | 500 MW (U.S.) | India projects | Large utility-scale | Intl. Projects |
| Market Cap | ₹89,000 Cr | ₹35,000 Cr (approx) | ₹180,000 Cr (approx) | ₹40,000 Cr (approx) |
| Order Book | ₹47,000 Cr | ~₹10,000 Cr | ~₹50,000 Cr | N/A |
| Manufacturing Units | 5 in India | 2 in India | 2 in India | 1 in India |
| Backward Integration | Yes (Planned) | Yes | Yes | Limited |
| Stock Performance | +80% from 52W low | N/A | N/A | N/A |
Key Takeaways
- Leadership Position: Waaree is India’s largest solar module maker and exporter.
- Global Outlook: Entry into U.S. markets with large-scale orders marks global credibility.
- Aggressive Growth Plan: Targeting 21 GW capacity by 2027 with full value chain control.
- Technology-Driven: Focus on TOPCon modules reflects commitment to high-efficiency products.
- Strong Financials: ₹47,000 crore order book and soaring market cap underscore investor confidence.
Conclusion
Waaree Energies exemplifies India’s rising capability in renewable energy manufacturing. With strong financials, international traction, and ambitious capacity expansion, the company is set to play a defining role in global solar energy transformation. Its progress also reflects India’s broader push to become a clean tech manufacturing hub, reducing dependency on imports while scaling exports.
Glottis Limited 
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