# Waaree Energies (WAAREEENER) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/waareeener

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹2,438
- Change: -0.46%
- As of: 2026-11-06
- 1D return: -0.46%
- 5D return: +5.82%
- 1M return: +5.22%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

WAAREEENER (₹2,438.00) exhibits a mixed technical profile on 2026-11-06, characterized by short-term resilience within a broader downtrend. The daily Supertrend is bearish, and the price sits below key long-term moving averages (50-period EMA/SMA and 200-period SMA), confirming the weekly and monthly trend structure as established bearish with ADX readings above 26. However, the stock has reclaimed its 20-period EMA and SMA on the daily chart, suggesting a temporary stabilization or counter-trend bounce.

Momentum indicators show divergence: while the daily Plus DI (23.48) has risen above Minus DI (26.35), the longer-term weekly Minus DI (26.2) significantly outweighs the Plus DI (15.1). Recent anomalies include a moderate downward gap on 2026-11-06 (-0.5%) following a high-severity upward gap on 2026-11-05 (+1.7%), indicating volatile, choppy price action rather than a clean reversal. The stock remains in the upper-middle of its 20-day range (+66.7%) but near the lower end of its 252-day range (+19.8%), with a current drawdown of -34.8% against a maximum drawdown of -40.2%.

Immediate resistance lies at ₹2,449.07 (pivot, +0.45%) and ₹2,474.03 (high, +1.48%). Support is found at ₹2,424.33 (low, -0.56%) and ₹2,414.50 (low, -0.96%). A sustained close above ₹2,449.07 would be required to validate a shift toward bullish momentum; failure to hold above recent lows may expose the stock to further downside given the prevailing weekly bearish structure.

- Trend Divergence: Daily trend shows short-term recovery (price above 20-period EMA/SMA), while weekly and monthly trends remain firmly bearish (price below all major MAs and Supertrend).
- Key Levels: Immediate resistance at ₹2,449.07 (+0.45%); immediate support at ₹2,424.33 (-0.56%). A break below ₹2,414.50 (-0.96%) could test lower supports near ₹2,399.37.
- Momentum & Volatility: High volatility persists (annualized vol +42.8%, ATR 3.16%). Recent gaps indicate erratic participation, with a moderate downward gap on 2026-11-06 offsetting the previous day's surge.
- Risk Context: The stock trades near the lower quartile of its yearly range (+19.8%) with a significant current drawdown of -34.8%, highlighting ongoing structural weakness despite short-term bounces.

- Bullish Engulfing Reversal
- Inside Bar
- Morning Star

### News Context

Waaree Energies reported significant operational expansion and regulatory developments in early November 2026. On November 3, the company commenced commercial production at two new lines in Brookshire, Texas, doubling its local solar module manufacturing capacity to 3.2 GW. This move supports a planned total US capacity of 4.8 GW by FY27, aligning with US operations that accounted for 43.8% of the order book and generated ₹1,300 crore in Q2 FY27 revenue. Concurrently, on the same date, US Customs and Border Protection upheld a duty evasion finding against the company regarding a limited subset of historical shipments. Waaree Energies stated this does not expand the original scope and confirmed that potential financial exposure has been fully accounted for under Ind AS 37, with no expected material impact on overall operations.

On November 1, the company denied allegations from Mint regarding untreated industrial water discharge at its South Gujarat plant, asserting the wastewater was non-hazardous reverse osmosis reject and that all regulatory clearances were obtained. In market commentary dated November 5, YES Securities analyst Laxmikant Shukla advised avoiding Waaree Energies due to prevailing bearish technical structures, contrasting with positive views on other utility stocks.

- Texas Capacity Expansion: Commercial production began at two new Brookshire lines on November 3, 2026, doubling US manufacturing capacity to 3.2 GW and supporting a target of 4.8 GW by FY27.
- US Revenue Contribution: US operations accounted for 43.8% of the order book and generated ₹1,300 crore in Q2 FY27 revenue, highlighting the strategic importance of domestic production.
- Regulatory Update: US Customs upheld a duty evasion finding on November 3, 2026, but the company confirmed financial exposure is accounted for under Ind AS 37 and expects no material operational impact.
- Pollution Denial: On November 1, 2026, Waaree Energies denied Mint's allegations of untreated water discharge at its Gujarat plant, citing non-hazardous waste and valid regulatory clearances.

- [Suzlon, Waaree Energies, Vedanta Power: Top stocks to trade — Check key levels, targets & stop loss](https://www.businesstoday.in/markets/trending-stocks/story/suzlon-waaree-energies-vedanta-power-top-stocks-to-trade-check-key-levels-targets-stop-loss-565794-2026-11-05)
- [US customs authority upholds duty evasion finding against Waaree Energies over select solar shipments](https://www.thehindubusinessline.com/news/us-customs-authority-upholds-duty-evasion-finding-against-waaree-energies-over-select-solar-shipments/article71660752.ece)
- [Waaree Energies doubles Texas solar module manufacturing capacity to 3.2 GW](https://www.thehindubusinessline.com/companies/waaree-energies-doubles-texas-solar-module-manufacturing-capacity-to-32-gw/article71660014.ece)
- [Waaree Energies denies pollution allegations at Gujarat plant](https://www.cnbctv18.com/business/companies/waaree-energies-denies-water-pollution-allegations-at-gujarat-plant-environmental-hazard-health-20024063.htm)

### Official Filings

Waaree Energies Limited reported three material developments in late October 2026: the commencement of commercial production at its Brookshire, Texas facility; the completion of an acquisition in the data center sector; and a U.S. regulatory decision regarding anti-dumping duties. The Texas plant, with 1.6 GW of annual capacity, began operations on October 29, 2026, marking a significant expansion into the U.S. market. On October 30, 2026, the company completed the acquisition of Waaree Green Data Centers Private Limited for ₹100,000, diversifying into digital infrastructure. Separately, on October 29, 2026, U.S. Customs and Border Protection affirmed an evasion determination against the company for a limited subset of historical entries. The company stated this exposure is already reflected in its financial statements under Ind AS 37 and does not alter its operational outlook, though it is evaluating judicial review.

Additionally, on October 31, 2026, the Board approved the acquisition of a 33.34% stake in Wictor Sealz Private Limited for ₹33,340, with a commitment to invest an additional ₹5 crore by March 31, 2027, to strengthen supply chain integration for solar module sealants. The company also granted 307,000 stock options to employees at Rs. 10/- per option, vesting over six years.

- Texas Facility Launch: Commercial production commenced on October 29, 2026, at the Brookshire, Texas facility, which has an aggregate annual capacity of 1.6 GW across two lines.
- U.S. Regulatory Update: U.S. Customs affirmed an evasion determination for a limited subset of historical entries; the company states potential exposure is fully provided for under Ind AS 37 and operations remain unaffected.
- Data Center Acquisition: Completed acquisition of 100% stake in Waaree Green Data Centers Private Limited on October 30, 2026, for ₹100,000.
- Supply Chain Integration: Board approved acquisition of 33.34% stake in Wictor Sealz Private Limited on October 31, 2026, for ₹33,340, plus a committed investment of ₹5 crore by March 31, 2027.
- ESOP Grant: Approved grant of 307,000 stock options to employees at Rs. 10/- per option, with a six-year vesting schedule.

- [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](https://nsearchives.nseindia.com/corporate/WAAREE_04112026160637_Transcripts_Merged_Signed.pdf)
- [WAAREE ENERGIES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20023_WebXMLFile_20261104_181118089.xml)
- [Waaree Energies Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_20023_WebXMLFile_20261103_120007458.xml)
- [Waaree Energies Limited has informed the Exchange about orders passed. |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/WAAREE_02112026232345_CBPIntimation_signed.pdf)
- [Waaree Energies Limited has informed the Exchange about Commencement or postponement (Sub-para 1-Para B) |SUBJECT: Commencement or postponement (Sub-para 1-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_20023_WebXMLFile_20261031_122755958.xml)
- [Waaree Energies Limited has informed the Exchange regarding Update-Acquisition/Scheme/Sale/Disposal-XBRL |SUBJECT: Update-Acquisition (including agreement to acquire)-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_20023_WebXMLFile_20261031_122437793.xml)
- [Waaree Energies Limited has informed the Exchange regarding Grant of 307000 Options. |SUBJECT: ESOP/ESOS/ESPS](https://nsearchives.nseindia.com/corporate/WAAREE_31102026192025_GrantofOptions_Signed.pdf)
- [Waaree Energies Limited has informed the Exchange regarding Outcome of Board Meeting held on October 31, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/WAAREE_31102026200336_OutcomeofBoardMeeting_signed.pdf)
- [Waaree Energies Limited has informed the Exchange regarding Acquisition (including agreement to acquire) |SUBJECT: Acquisition (including agreement to acquire)-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_20023_WebXMLFile_20261031_200947088.xml)
- [Waaree Energies Limited has informed the Exchange about Acquisition. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/WAAREE_31102026200725_OutcomeofBoardMeeting_signed.pdf)

### Fundamentals

Waaree Energies reported a sequential slowdown in Q2 FY2026-27, with revenue declining to ₹7,518 crore from ₹7,932 crore in Q1. Net profit also fell sequentially to ₹754 crore (EPS: ₹24.98) from ₹892 crore (EPS: ₹29.56). Despite this quarterly dip, the company maintains strong year-on-year growth, with TTM sales at ₹31,495 crore and TTM net profit at ₹3,879 crore. The balance sheet has expanded significantly, with total assets rising to ₹37,830 crore as of Sep 2026, driven by borrowings increasing to ₹5,293 crore and CWIP reaching ₹7,578 crore. While cash flow quality weakened, with CFO/EBITDA dropping to 47% in Mar 2026, working capital days improved to -35. Promoter holding remains stable at 64.12%.

- Sequential earnings decline: Q2 FY2026-27 revenue fell to ₹7,518 crore and net profit dropped to ₹754 crore, reversing prior quarter highs.
- Strong long-term growth: TTM sales grew 75% and TTM net profit grew 44%, with ROE at 33% for the last year.
- Balance sheet expansion: Total assets rose to ₹37,830 crore; borrowings increased to ₹5,293 crore and CWIP reached ₹7,578 crore as of Sep 2026.
- Cash flow monitoring: CFO/EBITDA ratio declined to 47% in Mar 2026, down from 143% in Mar 2025, indicating lower operating cash conversion efficiency.

### Bear Case

Waaree Energies faces a convergence of regulatory, legal, and technical headwinds that warrant caution. The US Customs and Border Protection has upheld a duty evasion finding against the company regarding historical solar module shipments. While management states the financial exposure is accounted for under Ind AS 37, the ongoing evaluation of judicial review options introduces uncertainty. Concurrently, the stock exhibits a bearish technical structure across daily, weekly, and monthly timeframes, with the Supertrend indicator signaling downside pressure. This aligns with analyst advice to avoid the stock due to prevailing bearish structures. Performance metrics reflect significant erosion, with the share price down 27.6% over the past year and currently trading in a -34.8% drawdown from its peak. Technical resistance is immediate at ₹2,449.07, while support levels are thin below ₹2,424. These factors combine to create a challenging risk profile for investors.

- US Customs upheld a duty evasion finding on historical shipments; potential financial exposure is accounted for, but judicial review is pending.
- Technical indicators (daily, weekly, monthly) show a bearish Supertrend direction, with analysts advising avoidance due to bearish structures.
- One-year return is -27.6%, with the stock currently in a -34.8% drawdown from its high.
- Immediate resistance sits at ₹2,449.07 (0.45% above), while nearest support is at ₹2,424.33.

- [Suzlon, Waaree Energies, Vedanta Power: Top stocks to trade — Check key levels, targets & stop loss](https://www.businesstoday.in/markets/trending-stocks/story/suzlon-waaree-energies-vedanta-power-top-stocks-to-trade-check-key-levels-targets-stop-loss-565794-2026-11-05)
- [US customs authority upholds duty evasion finding against Waaree Energies over select solar shipments](https://www.thehindubusinessline.com/news/us-customs-authority-upholds-duty-evasion-finding-against-waaree-energies-over-select-solar-shipments/article71660752.ece)
- [Waaree Energies doubles Texas solar module manufacturing capacity to 3.2 GW](https://www.thehindubusinessline.com/companies/waaree-energies-doubles-texas-solar-module-manufacturing-capacity-to-32-gw/article71660014.ece)
- [Waaree Energies denies pollution allegations at Gujarat plant](https://www.cnbctv18.com/business/companies/waaree-energies-denies-water-pollution-allegations-at-gujarat-plant-environmental-hazard-health-20024063.htm)
- [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](https://nsearchives.nseindia.com/corporate/WAAREE_04112026160637_Transcripts_Merged_Signed.pdf)
- [WAAREE ENERGIES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20023_WebXMLFile_20261104_181118089.xml)
- [Waaree Energies Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_20023_WebXMLFile_20261103_120007458.xml)
- [Waaree Energies Limited has informed the Exchange about orders passed. |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/WAAREE_02112026232345_CBPIntimation_signed.pdf)
- [Waaree Energies Limited has informed the Exchange about Commencement or postponement (Sub-para 1-Para B) |SUBJECT: Commencement or postponement (Sub-para 1-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_20023_WebXMLFile_20261031_122755958.xml)
- [Waaree Energies Limited has informed the Exchange regarding Update-Acquisition/Scheme/Sale/Disposal-XBRL |SUBJECT: Update-Acquisition (including agreement to acquire)-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_20023_WebXMLFile_20261031_122437793.xml)

### FAQs

**What is the current status of Waaree Energies' US customs duty evasion case?**

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.

**How has Waaree Energies expanded its manufacturing capacity in the US?**

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.

**What are the key technical levels and trend signals for WAAREEENER as of November 6, 2026?**

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%.

- [Suzlon, Waaree Energies, Vedanta Power: Top stocks to trade — Check key levels, targets & stop loss](https://www.businesstoday.in/markets/trending-stocks/story/suzlon-waaree-energies-vedanta-power-top-stocks-to-trade-check-key-levels-targets-stop-loss-565794-2026-11-05)
- [US customs authority upholds duty evasion finding against Waaree Energies over select solar shipments](https://www.thehindubusinessline.com/news/us-customs-authority-upholds-duty-evasion-finding-against-waaree-energies-over-select-solar-shipments/article71660752.ece)
- [Waaree Energies doubles Texas solar module manufacturing capacity to 3.2 GW](https://www.thehindubusinessline.com/companies/waaree-energies-doubles-texas-solar-module-manufacturing-capacity-to-32-gw/article71660014.ece)
- [Waaree Energies denies pollution allegations at Gujarat plant](https://www.cnbctv18.com/business/companies/waaree-energies-denies-water-pollution-allegations-at-gujarat-plant-environmental-hazard-health-20024063.htm)
- [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](https://nsearchives.nseindia.com/corporate/WAAREE_04112026160637_Transcripts_Merged_Signed.pdf)
- [WAAREE ENERGIES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20023_WebXMLFile_20261104_181118089.xml)
- [Waaree Energies Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_20023_WebXMLFile_20261103_120007458.xml)
- [Waaree Energies Limited has informed the Exchange about orders passed. |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/WAAREE_02112026232345_CBPIntimation_signed.pdf)
- [Waaree Energies Limited has informed the Exchange about Commencement or postponement (Sub-para 1-Para B) |SUBJECT: Commencement or postponement (Sub-para 1-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_20023_WebXMLFile_20261031_122755958.xml)
- [Waaree Energies Limited has informed the Exchange regarding Update-Acquisition/Scheme/Sale/Disposal-XBRL |SUBJECT: Update-Acquisition (including agreement to acquire)-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_20023_WebXMLFile_20261031_122437793.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹2,449.07
- Risk regime: Higher Price Risk

### Support levels
- 2414.5
- 2161.5
- 2086.75

### Resistance levels
- 2725.60625
- 2948.6828125
- 3085.61484375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.46% |
| return_10 | +3.53% |
| return_1m | +1.67% |
| return_1y | -27.63% |
| return_20 | +5.22% |
| return_3m | -8.38% |
| return_5 | +5.82% |
| return_6m | -24.41% |
| return_since_start | -14.82% |
| return_ytd | -17.50% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -40.16% |
| annualized_volatility | +42.79% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Waaree Energies Limited FY2026-27 Q2: Profit fell 15.5% QoQ

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.

## Revenue eased from the prior quarter

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.

## Expenses fell more slowly than revenue; profit contracted

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.

## Higher finance costs added to earnings pressure

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.

## Cash and current investments increased from March

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.

## Asset growth accompanied higher borrowings

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 commentary

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.

## Key Takeaway

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.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +64.12%
- FII holding: +8.57%
- DII holding: +4.09%
- Mutual fund holding: +2.71%
- Retail holding: +9.26%
- Promoter pledged: +0.00%

### Major reported shareholders

- C.T. Doshi Family Trust — +44.14% (Trusts)
- Waaree Sustainable Finance Private Limited (Formerly Mahavir Thermoequip Private Limited) — +18.34% (Bodies Corporate)
- MOTILAL OSWAL MIDCAP FUND — +2.44%
- Kalpraj Damji Dharamshi — +2.09%
- V.T. ENERGY SRL — +1.91%
- Chimanlal Tribhuvandas Doshi — +1.63%

## Official filings

- 2026-11-07 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_07112026162107_IRIntimation_signed.pdf)
- 2026-11-04 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_04112026160637_Transcripts_Merged_Signed.pdf)
- 2026-11-04 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20023_WebXMLFile_20261104_181118089.xml)
- 2026-11-03 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_20023_WebXMLFile_20261103_120007458.xml)
- 2026-11-02 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_02112026232345_CBPIntimation_signed.pdf)
- 2026-10-31 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_20023_WebXMLFile_20261031_122755958.xml)
- 2026-10-31 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_20023_WebXMLFile_20261031_122437793.xml)
- 2026-10-31 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_31102026192025_GrantofOptions_Signed.pdf)
- 2026-10-31 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_31102026200336_OutcomeofBoardMeeting_signed.pdf)
- 2026-10-31 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_20023_WebXMLFile_20261031_200947088.xml)
- 2026-10-31 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_31102026200725_OutcomeofBoardMeeting_signed.pdf)
- 2026-10-30 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_30102026153320_CommencementofCommercialProduction_signed.pdf)
- 2026-10-30 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_30102026203417_CompletionofAcquisition_signed.pdf)
- 2026-10-29 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20023_WebXMLFile_20261029_115211071.xml)
- 2026-10-28 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_20023_WebXMLFile_20261028_173752357.xml)
- 2026-10-28 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_28102026192830_Recordings_Signed.pdf)
- 2026-10-27 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_27102026200536_OutcomeofBoardMeeting.pdf)
- 2026-10-27 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_27102026200856_OutcomeofBoardMeeting.pdf)
- 2026-10-27 — Financial Results Filing: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747253_27102026084337_WEB.xml)
- 2026-10-27 — Financial Results Filing: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747258_27102026084759_WEB.xml)
- 2026-10-27 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_27102026212229_GrantofOption_Signed.pdf)
- 2026-10-27 — Press Release: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_27102026212648_PressRelease_Signed.pdf)
- 2026-10-27 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_27102026213959_DetailsofViolation_signed.pdf)
- 2026-10-27 — Earnings Presentation: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_28102026002950_InvestorPresentation_signed.pdf)
- 2026-10-23 — Generic Announcement: Waaree Energies Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WAAREE_23102026181458_EarningsCallIntimation_signed.pdf)

## News and market events

- 2026-11-05 — BUSINESSTODAY: **Suzlon, Waaree Energies, Vedanta Power: Top stocks to trade — Check key levels, targets & stop loss** — 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. — [Source](https://www.businesstoday.in/markets/trending-stocks/story/suzlon-waaree-energies-vedanta-power-top-stocks-to-trade-check-key-levels-targets-stop-loss-565794-2026-11-05)
- 2026-11-03 — The Hindu: **US customs authority upholds duty evasion finding against Waaree Energies over select solar shipments** — 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 — [Source](https://www.thehindubusinessline.com/news/us-customs-authority-upholds-duty-evasion-finding-against-waaree-energies-over-select-solar-shipments/article71660752.ece)
- 2026-11-03 — The Hindu: **Waaree Energies doubles Texas solar module manufacturing capacity to 3.2 GW** — 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. — [Source](https://www.thehindubusinessline.com/companies/waaree-energies-doubles-texas-solar-module-manufacturing-capacity-to-32-gw/article71660014.ece)
- 2026-11-01 — CNBC-TV18: **Waaree Energies denies pollution allegations at Gujarat plant** — 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. — [Source](https://www.cnbctv18.com/business/companies/waaree-energies-denies-water-pollution-allegations-at-gujarat-plant-environmental-hazard-health-20024063.htm)
- 2026-10-30 — MONEYCONTROL: **Waaree Energies' Q2 performance misses estimates; Nomura retains 'Buy', cuts target price to Rs 3,410** — 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. — [Source](https://www.moneycontrol.com/news/business/stocks/waaree-energies-q2-performance-misses-estimates-nomura-retains-buy-cuts-target-price-to-rs-3-410-14064569.html)
- 2026-10-29 — The Hindu: **Broker’s Call: Waaree Energies (Buy)** — 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. — [Source](https://www.thehindubusinessline.com/markets/brokers-call-waaree-energies-buy/article71639944.ece)
- 2026-10-29 — Mint: **A green giant’s pollution woes: How Waaree Energies dumped toxic effluents in a Gujarat village | Company Business News** — 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. — [Source](https://www.livemint.com/companies/news/waaree-energies-chikhli-plant-pollution-gpcb-notices-11793260947922.html)
- 2026-10-29 — MONEYCONTROL: **Buy Waaree Energies; target of Rs 3244: Anand Rathi** — Buy Waaree Energies; target of Rs 3244: Anand Rathi Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio Platforms Share Price Kiren Rijiju MLC Election Results Moon Rise Time Today Silver Price Nagpur MLC Election Result Amazon Layoffs US Fed Rates Varanasi MLC Polls News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up — [Source](https://www.moneycontrol.com/news/business/stocks/buy-waaree-energies-target-of-rs-3244-anand-rathi-14063316.html)
- 2026-10-29 — BUSINESSTODAY: **Waaree Energies share price: Analysts see upto 55% upside despite target cuts after Q2 results** — Waaree Energies target price: Brokerage firms remain largely positive on Waaree Energies despite the company's muted performance in the September 2026 quarter. — [Source](https://www.businesstoday.in/markets/stocks/story/waaree-energies-share-price-analysts-see-upto-55-upside-despite-target-cuts-after-q2-results-564459-2026-10-29)
- 2026-10-28 — Economic Times: **Waaree Energies bets on US solar boom, expands local sourcing on data-centre growth** — Waaree Energies plans to significantly increase its solar module manufacturing capacity in the United States. The company aims to boost its capacity from 1.6 GW to 4.8 GW by the end of the fiscal year. This expansion is driven by demand from data centres and new import regulations. Waaree expects to source more supplies locally within the U.S. for better efficiency in operations. — [Source](https://economictimes.indiatimes.com/industry/renewables/waaree-energies-expands-us-solar-manufacturing-amid-data-centre-boom/articleshow/135258450.cms)
- 2026-10-28 — The Hindu: **Waaree bets on US solar boom, expands local sourcing on data-centre growth** — Waaree expands US manufacturing and local sourcing to ride data-center-driven demand and import-rule changes. — [Source](https://www.thehindubusinessline.com/companies/waaree-bets-on-us-solar-boom-expands-local-sourcing-on-data-centre-growth/article71634843.ece)
- 2026-10-28 — The Hindu: **Waaree Energies flags US-linked export order cancellations** — The solar module maker says the contracts have not necessarily been cancelled, but have been removed from its order book due to concerns over servicing them under changed US trade rules. — [Source](https://www.thehindubusinessline.com/companies/waaree-energies-flags-us-linked-export-order-cancellations/article71634694.ece)
- 2026-10-28 — The Hindu: **Q2 Results Today Live: Adani Enterprises, Adani Ports, TVS Motor, Hyundai, Pidilite, Cholamandalam, Hero MotoCorp, Meesho, United Spirits, Vedanta, JSW Energy share to announce Q2 results, Bajaj Auto, L&T, Maruti, Cipla, ACC, Mazagon, Waaree Energies shares in focus** — Q2 Results Today, 28th October 2026 Live Updates: businessline brings to you latest Q2 annoucements, earnings updates and more. — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-adani-enterprises-adani-ports-tvs-motor-hyundai-pidilite-cholamandalam-hero-motocorp-meesho-united-spirits-vedanta-jsw-energy-results-28-october-2026/article71630853.ece)
- 2026-10-28 — CNBC-TV18: **Q2 Results LIVE Updates: L&T, Waaree react to results; HUL, Adani Ent, Pidilite report today** — Q2 Results LIVE Updates: Three Nifty 50 companies Adani Enterprises, Adani Ports, Hindustan Unilever and over 50 other companies including Hero MotoCorp, Hyundai Motor India, Meesho, Pidilite, PVR Inox, TVS Motor, Vedanta, and more are reporting their September quarter earnings today. Follow for all the LIVE result updates. — [Source](https://www.cnbctv18.com/market/q2-results-live-updates-hul-adani-hyundai-pidilite-bandhan-kpit-pnb-hsg-pnc-hero-tvs-vedanta-lt-share-price-liveblog-20020843.htm)
- 2026-10-28 — Mint: **Top stocks to watch today: Jio Platforms, RIL, HUL, Adani Enterprises shares in focus on Wed, 28 Oct | Full list** — Top stocks to watch today: Jio Platforms, Reliance Industries, Hindustan Unilever, Adani Enterprises, TVS Motor, Larsen & Toubro, Maruti Suzuki among shares in focus on Wednesday. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-jio-platforms-ril-hul-adani-enterprises-shares-in-focus-on-wed-28-oct-full-list-11793152271100.html)
- 2026-10-27 — The Hindu: **Waaree Energies explores data centre entry as Q2 FY27 profit falls 15%** — For the quarter ended September 30, 2026, Waaree Energies reported consolidated net profit attributable to owners of ₹719 crore, compared with ₹842 crore in the year-ago period. — [Source](https://www.thehindubusinessline.com/info-tech/waaree-energies-explores-data-centre-entry-as-q2-fy27-profit-falls-15/article71632470.ece)
- 2026-10-27 — FEEDS: **Q2 Results Live: L&T, Maruti Suzuki, Tata Steel, Cipla, SBI Life, Bajaj Auto, Indus Towers, Waaree Energies In Focus** — From infrastructure and autos to pharma and financials, more than 50 companies will announce Q2 results today, keeping investors on their toes. — [Source](https://www.ndtvprofit.com/markets/q2-results-live-updates-l-t-maruti-suzuki-tata-steel-cipla-sbi-life-bajaj-auto-indus-towers-waaree-energies-among-56-companies-to-announce-earnings-to-12241083)
- 2026-10-27 — Mint: **Top stocks to watch today:  L&T, Maruti Suzuki, Paytm, REC shares in focus on Tuesday, 27 Oct | Full list** — Top stocks to watch today: Larsen & Toubro, Maruti Suzuki, Paytm, DCM Shriram, Tata Consumer among shares in focus on Tuesday. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-l-t-maruti-suzuki-paytm-rec-shares-in-focus-on-tuesday-27-oct-full-list-11793064919143.html)
- 2026-10-14 — BUSINESSTODAY: **Suzlon, BHEL, Adani Power, Tata Power, Adani Energy, Waaree shares: Targets, Q2 preview** — Suzlon share price, BHEL share price, Tata Power share price, Suzlon Energy share pirce, Waaree Energies share price, Premier Energies share price, Adani Power share price, Adani Green share price — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-bhel-adani-power-tata-power-adani-energy-waaree-shares-targets-q2-preview-561493-2026-10-14)
- 2026-10-09 — BUSINESSTODAY: **Suzlon, Waaree, Premier, ACME, Clean Max, Emmvee, Vikram: RE stocks to buy ahead of Q2, targets** — Suzlon share price, Waaree share price, Premier share price, ACME share pice, Clean Max share price, Emmvee share price, Vikram share price, stocks to buy, Q2 results, targets — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-waaree-premier-acme-clean-max-emmvee-vikram-re-stocks-to-buy-ahead-of-q2-targets-560675-2026-10-09)
- 2026-10-07 — BUSINESSTODAY: **Suzlon, Waaree, NTPC Green, ACME Solar share price targets; rising power demand may drive Q2** — Suzlon share price, Suzlon share, Suzlon target price, Waaree share price, Waaree shares, Waaree Energies share price today, NTPC Green shares, ACME Solar share price target, Suzlon share price target 2026 — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-waaree-ntpc-green-acme-solar-share-price-targets-rising-power-demand-may-drive-q2-560092-2026-10-07)
- 2026-09-30 — CNBC-TV18: **Waaree Energies starts commercial production on 1.10 GW solar inverter line in Gujarat** — Shares of Waaree Energies Ltd ended at ₹2,370.00, down by ₹25.00, or 1.04%, on the BSE. — [Source](https://www.cnbctv18.com/market/stocks/waaree-energies-share-price-starts-commercial-production-on-1-10-gw-solar-inverter-line-in-gujarat-20002366.htm)
- 2026-09-30 — The Hindu: **Inox Clean Energy files for ₹10,000 crore IPO** — Inox Clean Energy files for a ₹10,000 crore IPO, including ₹8,000 crore fresh shares and up to ₹2,000 crore offer for sale. — [Source](https://www.thehindubusinessline.com/markets/inox-clean-energy-files-for-10000-crore-ipo-to-tap-clean-energy-growth/article71526534.ece)
- 2026-09-26 — Mint: **Three midcap stocks with strong growth potential** — Kalpataru Projects, ITC Hotels and Waaree Energies are expanding capacity, entering new markets and building order books as they target the next phase of growth. — [Source](https://www.livemint.com/market/stock-market-news/three-midcap-stocks-with-strong-growth-potential-11790335464682.html)
- 2026-09-25 — Economic Times: **Jefferies’ Chris Wood calls energy India’s best structural growth story; names Hitachi Energy as picks-and-shovels play** — Christopher Wood, the global head of equity strategy at Jefferies, identifies India's energy sector as a promising arena for growth, driven by the shift toward renewable energy sources like solar. Hitachi Energy India's CEO anticipates a significant 50% increase in energy demand by 2035, suggesting that electricity consumption could double. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/jefferies-chris-wood-calls-energy-indias-best-structural-growth-story-names-hitachi-energy-as-picks-and-shovels-play/articleshow/134480234.cms)

## Business profile

**Strategic vision:** Manufactures solar components and provides integrated energy solutions.

### Business segments
- **PV Modules and Solar Cells:** Manufactures high-performance solar PV modules and solar cells, which are core components for solar energy systems.
- **Energy Solutions:** Provides comprehensive energy solutions including inverters, smart meters, green hydrogen, battery energy storage, and transformers.
- **Engineering, Procurement, & Construction (EPC) Services:** Offers comprehensive services for the execution of large-scale solar projects.

### Competitive strengths
- Vertically integrated operations across the solar value chain.
- End-to-end solutions for energy transition.
- Global distribution to over 24 countries.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/waareeener
Markdown representation: https://faxioms.com/stocks/waareeener?render=md