Waaree Energies: India’s Solar Power Leader Expands Globally

Waaree Energies Ltd. is one of the largest solar panel manufacturers in India. The company started its journey in Mumbai in 1989. Over the years, it has grown into a leader in the renewable energy sector. Today, it is known for its strong market presence in both domestic and international markets.

The company makes solar photovoltaic (PV) modules. It operates several factories in Gujarat, including Chikhli, Surat, Tumb, and Nandigram. There is also a facility in Noida, Uttar Pradesh. Together, these units have a production capacity of about 12 gigawatts (GW). This makes Waaree one of the biggest solar module manufacturers in India.

Waaree holds nearly 21% of the domestic market share. It also accounts for around 44% of India’s solar module exports. These numbers highlight its dominance in the sector. The company recently made headlines for opening India’s largest solar cell gigafactory. This new facility in Chikhli, Gujarat, has a capacity of 5.4 GW.

The company is also expanding its operations overseas. It has started a 1.6 GW manufacturing unit in the United States. This move is aimed at reducing the impact of trade restrictions and anti-dumping duties in global markets. Waaree has already secured large orders from U.S. companies, showing its strong growth potential abroad.Financial Performance

Waaree’s financial performance has been strong in recent years. As of July 2025, the company’s market capitalisation is around ₹90,000–92,000 crore. The share price has ranged between ₹1,808 and ₹3,741 in the past year. It is currently trading close to ₹3,142.

In FY25, Waaree reported operating revenue of ₹14,445 crore. This was a growth of about 26.7% compared to the previous year. The company’s EBITDA stood at ₹3,123 crore, which was a 72.5% increase. Net profit for the year was ₹1,928 crore, up by more than 51%. The return on equity is strong, in the range of 28–34%. The debt-to-equity ratio is low at around 0.1, showing a healthy balance sheet.

The performance in the first quarter of FY26 has also been impressive. Net profit jumped by 89% year-on-year to ₹745 crore. This strong growth boosted investor confidence and helped the stock rise in the market.Expansion and Acquisitions

Apart from manufacturing, Waaree is also expanding in the renewable power generation space. It has invested ₹792 crore to acquire Enel Green Power India’s 640 MW portfolio. This includes wind and solar projects, adding diversity to its clean energy operations.

The company is continuously adding new manufacturing lines. In July 2025, it began operations at another solar module production line in Gujarat. These steps are expected to increase its capacity and help meet growing demand.Challenges Ahead

While Waaree has many strengths, it also faces some challenges. On August 13, 2025, the company’s shares fell by about 4%. This was after the U.S. Department of Commerce started an investigation into solar cell dumping. If trade duties are imposed, it could affect the company’s exports. Waaree also depends on some raw materials from China. Any supply disruption or cost increase could impact its operations.

Despite these risks, Waaree Energies remains in a strong position. Its leadership in the Indian market, rapid capacity expansion, and entry into global markets make it a key player in the renewable energy sector. If the company manages trade risks and supply chain issues well, it can continue its growth story in the coming years.