Synopsis: Waaree Energies shares fell 15% despite winning a wind project in Gujarat, as the Trump administration imposed preliminary duties of 126% on Indian solar imports, citing subsidies. With 29% of its revenue exposed to exports, Waaree now faces higher uncertainty and increased costs.
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 as they have declined 15 percent in the day’s trade.
With a market capitalization of Rs. 77,519.22 Crores on the Day’s Trade, the shares of Waaree Energies Ltd declined upto 15 percent, reaching a low of Rs. 2571.45 compared to its previous close of Rs. 3025.20.
What Happened
Waaree Energies Ltd, engaged in solar PV module manufacturing and solar EPC services, providing rooftop, utility-scale, and floating solar solutions are in focus as it has declined 15 percent despite receiving work orders.
Order Details: Waaree Forever Energies Private Limited, a wholly owned subsidiary of Waaree Energies Limited, has received a Letter of Award dated February 24, 2026, from Solar Energy Corporation of India Limited for the development of a 300 MW Wind Power Project in Dwarka, Gujarat. The project is awarded by a domestic entity and involves a one-time contract with a 25-year Power Purchase Agreement.
The Shares dropped as the Trump administration announced preliminary duties of 126% on solar imports from India, citing “unfairly subsidized manufacturing.” Waaree Energies, Vikram Solar, and Premier Energies have varying degrees of export exposure, with Waaree at nearly 29%, Vikram at around 16%, and Premier with less than 1%. Waaree Energies currently has a capacity of 1.6 GW in the USA and plans to expand it to 2.6 GW by FY 27, which will eliminate the import duty as it is locally produced and will cater for most of the demand in the USA for the time being until things get sorted.
Meanwhile, the US Commerce Department has imposed initial duties ranging from 81% to 143% on solar imports from Indonesia and Laos, citing foreign subsidies that allowed these exporters to undercut domestic producers.
While these measures aim to protect US manufacturers, they increase uncertainty for an industry already not favored by President Donald Trump and risk raising costs for both producers and consumers. These duties are separate from previously announced global tariffs that were recently struck down by the US Supreme Court, prompting Trump to introduce fresh 10% tariffs, potentially rising to 15%.
India, Indonesia, and Laos together supplied 57% of US solar module imports in the first half of 2025, according to BloombergNEF. After steep duties on four Southeast Asian countries, developers increasingly turned to these markets. Solar imports from India alone reached $792.6 million in 2024, more than nine times the 2022 level. This comes alongside a bilateral trade agreement between the US and India, aimed at easing economic tensions while navigating the evolving tariff landscape.
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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