Introduction: Why Waaree Energies Is Back in the Spotlight
A massive 13% intraday surge in Waaree Energies’ share price on January 22, 2026, has sent shockwaves through India’s renewable energy market. Trading near ₹2,740, the stock’s rally follows a Q3 performance that didn’t just meet expectations—it shattered them. For investors, this movement is a loud signal: India’s solar manufacturing giant is successfully translating policy support into pure profitability.
Context and Background: Powering India’s Solar Value Chain
Waaree Energies remains a cornerstone of India’s push for “Aatmanirbharta” in solar energy. As a leading module manufacturer, the company has strategically shifted its focus from simple volume to high-efficiency technology and vertical integration. With the government tightening import norms and incentivizing domestic production, Waaree has positioned itself as the primary beneficiary of India’s target to hit 500 GW of non-fossil fuel capacity by 2030.
Key Q3 FY26 Financial Highlights: By the Numbers
The recent rally was triggered by financial figures that show the company is growing at an exponential rate.
| Metric | Q3 FY26 Performance | Year-on-Year (YoY) |
| Net Profit (PAT) | ₹1,106.79 Crore | ↑ 118% |
| Revenue from Operations | ₹7,565.05 Crore | ↑ 119% |
| EBITDA Margin | 25.5% | ↑ 460 bps |
| Order Book | ₹60,000 Crore | Record High |
Operational Milestones Driving the Rally
The market responded not just to the profits, but to the sheer scale of execution:
- Production Speed: Waaree became the first Indian manufacturer to produce 1 GW+ of modules in a single month (November 2025), averaging 52 modules per minute.
- Capacity Expansion: Successfully commissioned 5.1 GW of new module capacity and 3 GW of inverter capacity in Gujarat during this quarter.
- Supply Chain Security: A strategic $30 million investment in a polysilicon facility in Oman has secured the raw materials needed for their massive U.S. and global expansion.
Opportunities: What Lies Ahead for Investors?
- GIFT City & International Reach: With an order book of ₹60,000 crore, Waaree has multi-year revenue visibility. Their aggressive expansion into the U.S. market provides a hedge against domestic policy shifts.
- Product Diversification: The shift toward becoming an “integrated clean energy solutions provider”—adding Energy Storage (BESS) and Green Hydrogen electrolyzers—opens high-margin revenue streams beyond traditional solar panels.
Risks to Track Closely
Despite the euphoria, savvy investors are keeping an eye on two specific hurdles:
The U.S. Regulatory Overhang: The company has made a ₹295 crore provision related to ongoing investigations by U.S. Customs. While profits absorbed this easily, any further regulatory friction could impact export growth.
Global Pricing Pressure: As more domestic players (like Adani and Reliance) ramp up production, competition in the module space will intensify, potentially testing those 25% EBITDA margins in late 2026.
Conclusion: Momentum with Measured Expectations
The post-Q3 rally in Waaree Energies isn’t just a “short-term spike”; it is the market’s validation of a business model that has reached critical scale. With 118% profit growth and a record order book, Waaree has proven it can handle the complexities of global supply chains. For long-term investors, the focus now shifts to whether the company can maintain this high-margin trajectory as it enters the next phase of its $25,000 crore capex cycle.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Parvati Rai is the Vice President of the Research team at Equentis. She has over 15 years of equity-research and strategy-consulting experience. A specialist in deep-dive valuations, financial modelling, and forecasting, she has built research desks from the ground up, by steering buy-side, sell-side, and independent coverage across sectors. When she isn’t fine-tuning models, Parvati unwinds on nature treks and mentors aspiring analysts.
