New Delhi, September 11, 2025
Solar PV major Waaree Energies surged to a fresh all-time high today, as shares rose nearly 8% intraday finally closing on all time high of Rs 3752. The rally comes on the back of robust Q1FY26 financial performance, strong & record order book visibility, and supportive policy tailwinds in India’s renewable energy sector.
Financial Highlights: Q1FY26
Revenue came at ₹4,597.18 crore, 🚀 up 31.5% YoY.
EBITDA came at ₹1,168.67 crore, 🚀a jump of 82.6% YoY, with margins expanding from 18.3% to 25.42%.
Profit After Tax (PAT) rose to 🚀₹772.89 crore, up 92.7% YoY.
Production was highest among indian solar panel makers at 2.3 GW module output, with steady rise in solar cell production tending to ever rising demand.
Exceptional Operational Metrics & Order Book
✅Order Book: ~₹49,000 crore, offering strong visibility for future revenues.
✅Capacity Utilisation: High, supported by ramp-up in both modules and cells.
✅Global Expansion: Growing exports to the US and Europe, alongside strong domestic demand.
Policy & Sector Tailwinds 🚀
✅GST Rate Cut: Recent reductions in GST on renewable energy projects has lowered the costs for developers, boosting Waaree’s competitive positioning.
✅PLI & Atmanirbhar Bharat Push: Government incentives are driving local manufacturing thereby strengthening Waaree’s backward integration.
✅Green Hydrogen & Rooftop Solar: Policy momentum in allied segments opens new higher growth avenues.
Investor Implications
Margin Expansion: Profit growth has outpaced revenue growth, signaling improved efficiencies and better cost management.
High Valuations: The stock now trades at elevated multiples(PE Ratios); sustained earnings growth is critical to justify current premium.
✅Technical Breakout: Trading above all key moving averages, momentum remains strong. Waaree Energies has made a fresh Daily and Weekly Breakout above its consolidation range.
Risks to Watch For
Tariff war has delayed todays Breakout for long because of 50% tariffs imposed by Potus Donald Trump.
Input cost volatility of raw materials such as silicon, glass & higher shipping charges could squeeze margins.
Execution delays in large orders may affect revenue visibility.
Rising competition global especially Chinese solar panel makers and local rivals may put pressure on margins.
Conclusion
Waaree Energies’ Q1FY26 results showcase a blend of strong financial performance, order pipeline, and policy support. While valuations are rich, investors are betting on the company’s ability to scale capacity, maintain margin expansion, and tap into India’s surging solar demand. The fresh breakout signals continued investor optimism — but sustaining this momentum will require consistent execution and policy stability.