by | January 9, 2026 5:10 pm
Synopsis: Waaree Energies made news after bagging an order for 105 MW of domestic solar modules. This order adds to the 24 GW and Rs 47,000 crore order book, showcasing the company’s project handling capabilities and constantly growing order book.
The shares of this company, which is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 24 GW and has several solar module manufacturing facilities in India with an international presence, had its shares in the news following a solar module order it bagged from a reputed customer.
With the market cap of Rs 73,230 crore, the shares of Waaree Energies Ltd have closed at Rs 2,548. The shares are trading at a PE of 27, whereas its industry PE is at 29.
Waaree Energies has received a new home order for the delivery of 105 MW of solar modules, dated January 8, 2026, from a reputed customer involved in owning, operating, and developing renewable power projects in India. This order has been announced under Regulation 30 of SEBI Listing Regulations and shall be executed within FY26, further strengthening Waaree’s leading positioning within the utility-scale solar ecosystem of India. The said contract is for a one-time supply only, ensuring clean governance and arm’s-length execution, with no related-party involvement or any interest of the promoters thereof.
This order adds to the incremental visibility in the near-term module dispatch pipeline from an operational standpoint for Waaree and supports the capacity utilisation across its manufacturing facilities. Although not disclosed by the company, a supply order for 105 MW of modules is at a meaningful scale and encourages the acceleration of commissioning of renewable projects in the country. Such orders typically translate into steady execution-led revenues rather than lumpy milestones, helping stabilise quarterly performance in a sector often impacted by policy and execution timing.
Strategically, the order marks another importance of Waaree Energies, at a time when all solar developers are increasingly favouring and inclining towards having deliveries from stable, in-country suppliers. Such consistent successes for the company will further help increase the quality of its order book and customer retention with the larger solar developers, and prepare Waaree in a better manner to reap benefits from India’s growing solar installation capacity in the medium-term future
The revenue from operations for the company stood at Rs 6,066 crores in Q2 FY26 compared to Q2 FY25 revenue of Rs 3,574 crores, up by about 70 per cent YoY. Similarly, the net profit stood at Rs 878 crore in Q2 FY26, up from Rs 376 crore in Q2 FY25.
Waaree’s current order position reflects both scale and long-term demand strength. The company is backed by an order book of around 24 GW valued at nearly Rs 47,000 crore, providing clear execution and revenue visibility. The geographic split, with 59.5% overseas and 40.5% domestic orders, highlights its growing global footprint while maintaining a strong presence in India. In addition, a pipeline exceeding 100 GW indicates a robust flow of potential projects, supporting sustained growth and capacity utilisation in the coming years.
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Leon is a Financial Analyst at Trade Brains with experience of writing 500+ finance and stock market-related articles, supported by an MBA in Finance and Marketing. He brings a strong understanding of financial analysis, along with insights into the securities market. Experienced in analysing financials and business data, supporting research-driven decision-making, and presenting insights in a clear and structured manner
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