Shares of Waaree Energies have received high interest from foreign institutional investors (FIIs) in the last quarter. They more than doubled their stake in the September 2025 quarter (6.35% or 1.82 crore shares) from the June 2025 quarter (2.68% or 77.02 lakh shares).
Meanwhile, the shares of solar PV module manufacturer rose 6% or by Rs 189 in the September 2025 quarter.
The stock is expected to reach a target of Rs 4,310, according to Vertex Broking.
Waaree Energies stands at the forefront of India’s renewable energy expansion. Recent acquisitions, such as Enel Green Power India, and backward integration into solar cell manufacturing have significantly strengthened its market position, says the brokerage.
Waaree Energies is expected to benefit from sustained demand growth and policy-driven tailwinds backed by government incentives and India’s target of 500 GW renewable capacity by 2030.
“Strong execution capabilities and a robust order pipeline support the company’s long-term outlook combined with an attractive technical breakout which could be in play,” added Vertex Broking.
Nuvama institutional Equities has raised its price target to Rs 4,105 from Rs 3,622 earlier on the solar energy stock.
Referring to the recently announced Q2 earnings, the brokerage said, “Waaree Energies’ Ebitda/PAT grew 3 times/2 times YoY; production surged 42 per cent YoY. Maintained FY26 EBITDA guidance. It retained FY26 Ebitda guidance, led by strong demand, capacity expansion, cell plant ramp-up, GST cut. Q2 cell output of 0.6GW likely to rise in H2, potentially improving margins by 300–350bps. Demand lift likely from data centres, GH2. “
“Waaree’s backward and forward integration shall de-risk earnings concentration. The adjacent green businesses such as inverter facility, electrolyser facility, GH2 production and BESS capacity shall enable it to capture what we believe may be a mammoth multi-decadal growth opportunity,” it said.
Brokerage Anand Rathi has initiated coverage on the stock with a buy rating. It assigned a target price of Rs 4,654.
“Waaree’s market leadership with 16.7GW module and 5.4GW cell capacities, targeting 25.7GW and 15.4GW by FY27. The company is transitioning to a fully integrated player through backward integration into 10GW wafer-ingots and diversification into BESS, green hydrogen, and inverters. A record 25GW order book ensures strong revenue assurance,” said Anand Rathi.
Meanwhile, Waaree Energies stock ended 0.26% higher at Rs 3515.05 on Tuesday (Diwali Muhurat trading session) against the previous close of Rs 3505.90. The market cap of the firm stood at Rs 1.01 crore mark. Total 0.14 lakh shares of the firm changed hands amounting to a turnover of Rs 4.94 crore.
The Q2 earnings of the firm were on a strong footing.
Waaree Energies clocked a 132.97 per cent year-on-year (YoY) rise in consolidated net profit to Rs 871.21 crore in the September 2025 quarter from Rs 375.66 crore an year ago. Revenue from operations rose 69.69 per cent YoY to Rs 6,226.54 crore compared to Rs 3,663.47 crore in Q2 FY25. EBITDA climbed 155.29% YoY to Rs 1,567.30 crore, with margins rising to 25.17% from 16.76% a year ago.
Waaree reaffirmed its FY26 Ebitda guidance of Rs 5,500 to Rs 6,000 crore.
The solar energy firm announced a dividend of Rs 2 per share.
The initial public offering (IPO) of Waaree Energies was open from October 21 to October 23, 2024. The Mumbai-based firm received Rs 4,321.44 crore from its IPO, which included a fresh share sale of Rs 3,600 crore and offer-for-sale (OFS) of up to 48 lakh equity shares.
Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. Its product portfolio includes solar energy products consisting of the PV modules such as multicrystalline modules; Monocrystalline modules; and TopCon modules.
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