Waaree Energies Limited

This report is an updated version of report published on 11 March 2026 as on 09:50 AM IST

The ‘India Equity Opportunities Report’ is a forward-looking, conviction-based research product that identifies and evaluates investment options within the Indian equity market.

Anchored in a robust global and domestic macro framework, the report blends structural growth tailwinds with company-level fundamentals, valuation discipline, and technical signals to support confident, data-driven decision-making.

India’s renewable energy sector has expanded significantly in recent years, supported by government policy initiatives, rising electricity demand, and increasing focus on clean energy transition. According to the Press Information Bureau (PIB), Government of India, the country achieved a major milestone in June 2025, with 50% of cumulative electricity installed capacity coming from non-fossil fuel sources, ahead of the 2030 target under the Nationally Determined Contributions (NDC) to the Paris Agreement.

As of November 2025, India’s total installed electricity capacity reached 509.64 GW, of which 262.74 GW (51.55%) came from non-fossil fuel sources, including renewable energy and nuclear power. Renewable energy capacity alone reached 253.96 GW, highlighting the increasing contribution of clean energy in India’s power mix.

Solar energy remains the largest contributor to renewable capacity, with installed capacity reaching 132.85 GW, followed by wind power with 53.99 GW installed capacity.

(Source: Press Information Bureau (PIB), Ministry of New & Renewable Energy, Government of India, December 2025)

India recorded its highest-ever renewable energy capacity addition in 2025, with 44.51 GW of new renewable capacity added between January and November 2025, nearly doubling the additions during the same period in the previous year.

Solar energy accounted for the majority of this expansion, with 34.98 GW of solar capacity added during 2025, reflecting strong growth in both utility-scale and rooftop solar installations. Wind power capacity additions also increased to 5.82 GW during the same period.

The rapid expansion in renewable energy capacity highlights the government’s focus on accelerating clean energy deployment as India works toward achieving 500 GW of non-fossil fuel power capacity by 2030, a key target announced at COP-26.

(Source: Press Information Bureau (PIB), Ministry of New & Renewable Energy, December 2025)

The outlook for India’s renewable energy sector remains favourable, supported by strong policy support, increasing electricity demand, and expanding investments in clean energy infrastructure. With a large project pipeline across solar, wind, and hybrid renewable projects, India is expected to continue increasing renewable energy capacity in the coming years.

Solar energy is likely to remain the primary driver of renewable capacity additions, supported by large-scale solar parks, rooftop solar installations, and expansion of domestic solar manufacturing capabilities. Increasing adoption of renewable energy by commercial and industrial consumers, along with grid modernization and energy storage deployment, may further support growth in the sector.

Based on the above data, one NSE-listed India Equity Opportunities stock has been identified to showcase the momentum.

Section 1: Company Overview and Fundamentals Insights

Company Overview: Waaree Energies Limited (NSE: WAAREEENER) is a leading Indian renewable energy company engaged in manufacturing solar modules and cells, executing EPC projects, power generation, and providing energy storage and green hydrogen solutions through advanced integrated facilities. Kalkine’s India Equity Opportunities Report covers the Investment Highlights, Management Commentary, Key Financial Metrics, Risks, and Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

1.2 The Key Positives, Negatives, Investment Highlights, and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~75.15% of the total shareholding. Doshi (Chimanlal Tribhuvandas) and Waaree Sustainable Finance Pvt. Ltd. hold maximum stakes of 45.88% and 18.34%, respectively. 

1.4 Key Metrics: WAAREEENER’s operating EBIDTA margin increased to 26.0% in Q3FY26 compared to 21.0% in Q3FY25. Below is captured other metrics:

Section 2: Business Updates, Financial and Operational Highlights

2.1 Recent Business Updates:

2.2 Q3FY26 Results Highlights (for the 03 months ended 31 December 2025): Below mentioned are some key financial highlights:  

2.3 Historical Financial Trend

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

The stock has decreased by ~13.57% in the last one month, whereas over the past six months, stock has decreased by ~22.41%. The stock has a 52-week low and 52-week high of INR 1,863.00 and INR 3,865.00, respectively, and is currently trading below the 52-week high-low average.

4.2 Fundamental Valuation and Stock Recommendation

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance. 

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 11 March 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement.

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.