Synopsis: Mid-Cap stock rose 2% after starting India’s largest solar ingot and wafer plant in Butibori, Nagpur, investing ₹6,200 cr on 300 acres. With 10 GW capacity each for ingots and wafers, it will create 8,000+ jobs, cut imports, and boost India’s clean energy and energy security.
The shares of the Mid-Cap company specializing in solar PV module manufacturing and solar EPC services, providing rooftop, utility-scale, and floating solar solutions, are in focus upon announcing India’s Largest 10 GW Integrated Ingot and Wafer Manufacturing Facility in Nagpur.
With a market capitalization of Rs. 77,542.24 Crores on the Day’s Trade, the shares of Waaree Energies Ltd rose upto 2.3 percent, reaching a high of Rs. 2789.30 compared to its previous close of Rs. 2725.55.
What Happened
Waaree Energies Limited has announced the groundbreaking of India’s largest integrated solar ingot and wafer manufacturing facility in Butibori, Nagpur. Spread across 300 acres with an investment of around Rs. 6,200 crore, the facility will have a capacity of 10 GW each for ingots and wafers. This project aims to strengthen India’s upstream solar manufacturing ecosystem, reduce reliance on imports, and support the nation’s energy security and clean energy goals.
The facility is expected to generate over 8,000 direct and indirect jobs, boosting regional economic development, skill creation, and industrial growth in Maharashtra. The ceremony was attended by senior government officials, including Shri Devendra Fadnavis, Chief Minister of Maharashtra, highlighting the strategic importance of the project for India’s renewable energy ambitions.
India continues to emerge as one of the world’s fastest-growing renewable energy markets, supported by strong policy initiatives aimed at expanding domestic manufacturing capabilities and strengthening energy independence. This new ingot and wafer facility represents a significant step in reinforcing India’s solar manufacturing base and supporting the nation’s long-term clean energy ambitions.
Hitesh Doshi, Chairman and MD of Waaree Energies Limited, highlighted that the new integrated ingot and wafer facility in Nagpur strengthens India’s upstream solar manufacturing, supports Atmanirbhar Bharat, and reduces import dependence. He emphasised that Nagpur’s strategic location and industrial ecosystem make it ideal for the project, which will also boost local employment, skill development, and regional industrial growth, contributing to India’s vision of Viksit Bharat 2047 and its goal of becoming a global renewable energy hub.
Financials & Others
The company’s revenue rose by 119 percent from Rs. 3,457 crores in December 2024 to Rs. 7,565 crores in December 2025. Meanwhile, Net profit rose from Rs. 507 crore to Rs. 1,107 crores in the same period.
The company demonstrates strong profitability and efficient capital utilisation, with a ROCE of 34.9% and a ROE of 27.4%, reflecting consistent value creation for shareholders. Its debt-to-equity ratio of 0.26 indicates a conservative capital structure, while a PEG ratio of 0.12 suggests that the stock may be undervalued relative to its robust earnings growth. Compared to the industry PE of 25.0, the company’s stock P/E of 22.2 appears attractive.
Waaree Energies Ltd is a leading Indian renewable energy company and one of the country’s largest manufacturers of solar photovoltaic (PV) modules. Founded in 1989, it is the flagship entity of the Waaree Group and has grown into a vertically integrated clean‑energy solutions provider with extensive operations in solar panel manufacturing, EPC (engineering, procurement, and construction) services, rooftop solar systems, solar water pumps, inverters, and energy storage products.
In Q3 FY26, the company delivered a record performance with approximately 23 GW of module capacity. Its order book stands at around Rs. 60,000 Cr, while planned capital expenditure exceeds Rs. 25,000 Cr, underscoring strong growth momentum and strategic investments.
In Q3 FY26, the company’s revenue was primarily driven by its Utility, IPP, and C&I segments, which contributed 38.1% of total revenue. Overseas operations accounted for 32.6%, while Retail made up 18.6%, and the EPC segment contributed 10.7%.
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