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India
Reported ownership for FY2027-Q2 as of 2026-09-30.
As of 06 Nov 2026, 03:30 pm
On October 29, 2026, US Customs and Border Protection affirmed an evasion determination against Waaree Energies for a limited subset of historical entries. The company states this does not expand the scope of the original June 23, 2026 finding. Potential financial exposure has been accounted for under Ind AS 37, and the company asserts no material impact on operations. Waaree is evaluating judicial review options.
Waaree Energies commenced commercial production on October 29, 2026, at two new solar module lines in Brookshire, Texas, doubling its local capacity to 1.6 GW. This expansion supports a planned total US capacity of 4.8 GW by FY27. US operations currently account for 43.8% of the order book and generated ₹1,300 crore in Q2 FY27 revenue.
The stock closed at ₹2,438.00 with a bearish Supertrend signal across daily, weekly, and monthly timeframes. Immediate resistance sits at ₹2,449.07 (0.45% above), while support is at ₹2,424.33 (0.56% below). Year-to-date returns are -17.5%, with a maximum drawdown of -40.2% and annualized volatility of +42.8%.
As of 06 Nov 2026, 03:30 pm
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Recent drawdown or price variability is materially high and may lead to larger short-term outcomes.
Primary driver: Price remains materially below a previous peak
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The session opened materially above the previous close, indicating a sharp repricing at the open.
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Trading activity was substantially higher than usual and the price closed lower.
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The session traded across a materially wider price range than usual.
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Latest complete financial results for Q2 FY27 and comparative quarterly trends.
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27(Latest) |
|---|---|---|---|
| Revenue From Operations | ₹6,066 crore | PEAK₹7,932 crore | ₹7,518 crore |
| Profit Before Exceptional Items And Tax | PEAK₹1,231 crore | ₹1,210 crore | ₹1,030 crore |
| Profit Loss For Period | ₹878 crore | PEAK₹892 crore | ₹754 crore |
| Tax Expense | PEAK₹353 crore | ₹319 crore | ₹276 crore |
| Basic Earnings Loss Per Share From Continuing And Discontinued Operations | ₹29.33 per share | PEAK₹29.56 per share | ₹24.98 per share |
Consolidated revenue from operations declined 5.2% sequentially to ₹7,518 crore, while profit for the period fell 15.5% to ₹754 crore. Revenue was 23.9% higher than in FY2025-26 Q2, but profit before tax was 16.4% lower. The balance sheet expanded from March, alongside a substantial increase in borrowings.
Total income was ₹7,665 crore, down 5.4% from ₹8,103 crore in FY2026-27 Q1. Revenue from operations declined to ₹7,518 crore from ₹7,932 crore, but was 23.9% above the ₹6,066 crore reported in FY2025-26 Q2. Other income was ₹147 crore.
Revenue from operations had risen from ₹7,565 crore in FY2025-26 Q3 to ₹8,480 crore in FY2025-26 Q4 before falling in each of the first two quarters of FY2026-27.
At 30 September 2026, cash and cash equivalents stood at ₹1,086 crore, up from ₹774 crore at 31 March 2026 and ₹557 crore at 30 September 2025. Current investments rose to ₹1,839 crore from ₹661 crore at 31 March 2026. Bank balances other than cash and cash equivalents were ₹4,803 crore, down from ₹5,954 crore at the March year-end.
Waaree Energies delivered year-on-year revenue growth, but the quarter saw sequential declines in revenue and profit, with profit also lower than a year earlier and finance costs higher than in Q1. Cash and current investments increased from March, while asset growth and higher borrowings point to a materially larger balance sheet and funding base.
Disclosed bulk and block transactions involving Waaree Energies, shown for the latest 90 days.
Exchange disclosures and regulatory announcements for Waaree Energies.
Waaree Energies Limited has appointed GoIndia Advisors LLP as its new Investor Relations (IR) Agency with immediate effect, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated the appointment aims to strengthen investor engagement and communications, noting that while not mandatory under Listing Regulations, it is being disclosed as a matter of good corporate governance.
Waaree Energies Limited has informed the Exchange about Transcript of Conference call for the Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Half year ended September 30, 2026 held on Wednesday, October 28, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
Waaree Energies Limited (NSE: WAAREEENER, ISIN: INE377N01017) filed a generic announcement with the NSE on November 4, 2026, disclosing transcripts of an Analyst/Investor Meet. The company uploaded the signed transcripts to its website on October 4, 2026, at 16:52:00, following a prior intimation to the exchange on October 23, 2026. The call for transcripts concluded on October 28, 2026, at 15:25:00.
U.S. Customs and Border Protection’s Office of Trade – Regulations and Rulings affirmed the affirmative evasion determination against Waaree Energies Limited in EAPA Consolidated Case No. 8163, in a Final Administrative Decision dated October 29, 2026 (Ref. OT:RR:BSTC:CVB H363200). The review concerned whether a limited subset of entries imported into the United States during 2024 was covered by AD/CVD orders on solar cells from Vietnam. CBP said entry-specific duty liability is outside the scope of EAPA administrative review; the decision does not expand the June 23 Determination’s scope, which remains limited to a small subset of historical entries. No fine or penalty was imposed. If the decision is sustained after the company’s remaining remedies, CBP may assess AD/CVD duties and interest on the covered entries and may require additional U.S. customs bonds or cash deposits. Waaree said the potential exposure is already reflected in its financial statements under Ind AS 37 and that the matter is not expected to have a material adverse impact on overall operations or financial position. The company is evaluating judicial review before the U.S. Court of International Trade, available within 30 U.S. business days of the decision, and retains the right to protest entry-specific duty assessments.
U.S. Customs and Border Protection’s Office of Trade, Regulations and Rulings (RR) issued a Final Administrative Decision dated October 29, 2026, affirming the evasion determination in EAPA Consolidated Case No. 8163 for the limited subset of historical entries challenged by Waaree Energies Limited. The company said the decision does not expand the June 23, 2026 determination, which remains limited to a small subset of historical entries, and that U.S. operations continue in the ordinary course with no impact on manufacturing, deliveries or commercial operations. The company is evaluating judicial review and other remedies. If sustained, the decision may result in AD/CVD duties and interest on the covered entries and may require additional U.S. customs bonds or cash deposits; the company said the potential exposure is already reflected in its financial statements under Ind AS 37 and the decision does not alter that assessment.
Waaree Energies Limited commenced commercial production on 29 October 2026 at its solar module manufacturing facility in Brookshire, Texas, USA. The facility has two solar module manufacturing lines, each with annual capacity of 800 MW, for an aggregate annual capacity of 1.6 GW.
Waaree Energies Limited reported that its acquisition of 100% shareholding in Waaree Green Data Centers Private Limited (WGDCPL), formerly Sunsantional Energy Private Limited, together with its two wholly owned subsidiaries, Aurovault Data Centers Private Limited and Sunstar Data Centers Private Limited, was completed on 30 October 2026. The filing records the completed transaction amount as INR 100,000 and the percentage completed as 1 (100%).
Waaree Energies Limited informed the NSE and BSE on October 31, 2026, that its Nomination and Remuneration Committee approved the grant of 307,000 stock options to eligible employees under the Waaree Employee Stock Option Plan 2021 (ESOP 2021). The exercise price is set at Rs. 10/- per option, covering 307,000 equity shares of Rs. 10/- each. Vesting occurs over six years: 20% at year 1, 15% at year 2, 20% at year 3, 20% at year 4, 20% at year 5, and 20% at year 6. Vested options are exercisable within four years from their respective vesting dates.
Recent market and company developments associated with Waaree Energies.
Indian equity benchmarks rose on improved risk appetite following US midterm election outcomes, with traders focusing on utilities stocks Suzlon Energy, Waaree Energies, and Vedanta Power. Technical analyst Laxmikant Shukla of YES Securities identified Vedanta Power as a buy opportunity targeting Rs 45, while advising to avoid both Suzlon Energy and Waaree Energies due to their prevailing bearish structures.
The US Customs and Border Protection has upheld a duty evasion finding against Waaree Energies regarding a limited subset of historical solar module shipments, though the company states this does not expand the scope of the original determination. Waaree Energies confirmed that the potential financial exposure from anti-dumping and countervailing duties has already been accounted for in its financial statements under Ind AS 37 and is not expected to materially impact its overall operations. The company is evaluating judicial review options while noting that it has proactively removed approxima
Waaree Energies has doubled its Texas solar module manufacturing capacity to 3.2 GW with the commencement of commercial production at two new lines in Brookshire, a move aimed at strengthening its US domestic footprint amid shifting trade policies. This expansion contributes to a planned total US capacity of 4.8 GW by FY27 and supports growing local demand, evidenced by US operations accounting for 43.8% of the company's order book and generating ₹1,300 crore in Q2 FY27 revenue.
Waaree Energies Ltd denied allegations that its South Gujarat factory released untreated industrial water into a local stream, asserting that the discharge consisted of non-hazardous reverse osmosis reject wastewater and that it had obtained all necessary regulatory clearances. The denial followed a report by Mint alleging pollution, after which Waaree accused the publication of creating panic among villagers and workers.
Nomura has cut its target price for Waaree Energies to Rs 3,410 while retaining a 'Buy' rating, following the company's second-quarter performance that missed market estimates.
Anand Rathi Research maintained a Buy rating on Waaree Energies with a revised target price of ₹3,244, citing higher retail revenue contribution and MIP regulations aiding realisation despite lower domestic module sales. The broker noted that Section 232 tariffs led to the cancellation of approximately 3 GW of US export orders, reducing India-origin exports from 24 per cent to 7.8 per cent of the order book.
Government records indicate that Waaree Energies has received repeated pollution notices from the Gujarat Pollution Control Board (GPBCB) regarding its Chikhli plant, with local villagers reporting foul runoff into the Chanandevi stream. This investigation highlights environmental compliance issues for the solar manufacturer as it faces scrutiny over toxic effluent disposal.
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Comprehensive Section Breakdown for Waaree Energies
Strategic Vision: Manufactures solar components and provides integrated energy solutions.
• Vertically integrated operations across the solar value chain.
• End-to-end solutions for energy transition.
• Global distribution to over 24 countries.
Consolidated expenses declined 3.7% QoQ to ₹6,635 crore, less than the 5.2% fall in revenue. Cost of materials consumed was ₹4,715 crore, purchases of stock in trade ₹511 crore, employee benefit expense ₹184 crore and depreciation and amortisation ₹347 crore. The change in inventories of finished goods, work in progress and stock in trade was negative ₹62 crore.
Profit before tax was ₹1,030 crore, down 14.9% from ₹1,210 crore in FY2026-27 Q1 and 16.4% from ₹1,231 crore in FY2025-26 Q2. Segment profit before tax was ₹779 crore, compared with ₹1,210 crore in the prior quarter.
Finance costs increased 49.6% QoQ to ₹105 crore from ₹70 crore in FY2026-27 Q1. They were also above the ₹48 crore reported in FY2025-26 Q4. Tax expense declined to ₹276 crore from ₹319 crore: current tax fell to ₹213 crore from ₹298 crore, while deferred tax expense rose to ₹63 crore from ₹21 crore.
Profit for the period was ₹754 crore, versus ₹892 crore in FY2026-27 Q1 and ₹878 crore in FY2025-26 Q2. Of Q2 profit, ₹719 crore was attributable to owners of the parent and ₹35 crore to non-controlling interests. Basic earnings per share were ₹24.98, down from ₹29.56 in Q1; diluted earnings per share were ₹24.94, compared with ₹29.50.
Total assets were ₹37,830 crore at 30 September 2026, compared with ₹30,115 crore at 31 March 2026 and ₹24,625 crore a year earlier. Non-current assets increased to ₹18,479 crore from ₹12,431 crore at March year-end. Capital work in progress rose to ₹7,578 crore from ₹3,476 crore, while property, plant and equipment increased to ₹7,947 crore from ₹6,047 crore.
Inventories were ₹6,260 crore, up from ₹5,856 crore at 31 March 2026; trade receivables were broadly unchanged at ₹2,455 crore versus ₹2,492 crore. Current and non-current borrowings totalled ₹4,505 crore at quarter-end, compared with ₹2,492 crore at 31 March 2026. Equity attributable to owners of the parent rose to ₹16,020 crore from ₹14,437 crore, while non-controlling interests increased to ₹1,281 crore from ₹574 crore.
Management stated that the Group recognised ₹360.40 crore of income from refunds of reciprocal IEEPA duties, net of amounts due to customers, as other operating revenue. Management also said the US Customs and Border Protection investigation into exports remains unresolved; provisions are based on its assessment and legal advice, and no further adjustments have been made pending the final outcome. Separately, an ICC arbitration brought by a seller over alleged breaches of a sale and purchase agreement is in progress, and the Holding Company intends to contest the claims.
Category: Manufacturing
Manufactures high-performance solar PV modules and solar cells, which are core components for solar energy systems.
Category: B2B Services
Provides comprehensive energy solutions including inverters, smart meters, green hydrogen, battery energy storage, and transformers.
Category: B2B Services
Offers comprehensive services for the execution of large-scale solar projects.
Core Thesis: Waaree Energies leverages its vertical integration across the solar value chain to offer end-to-end green energy solutions.
• Vertical Integration: Covers the entire value chain from solar ingots, wafers, and cells to PV modules, inverters, and energy storage. • Product Manufacturing: Engages in the manufacturing of key solar components like PV modules and solar cells. • Integrated Solutions: Provides comprehensive energy solutions including EPC services, green hydrogen, and battery energy storage.