Waaree Energies shares gained as much as 1.71% to ₹2,541.80 on the NSE following the announcement of its significant contract win. The stock movement reflects positive investor sentiment toward the company's substantial order from a leading domestic solar developer. The renewable energy sector showed broad-based strength, with Sterling and Wilson Renewable Energy (SWREL) shares rallying up to 7.72% to ₹186.66 in early trade on Tuesday, September 22, as reported by Upstox. According to The Economic Times, the latest order adds to Waaree Energies' order visibility as demand for solar modules and renewable energy infrastructure continues to grow in India.
Waaree Energies has secured a significant contract to supply 2 GW of solar modules from a leading domestic solar developer, as announced in a stock exchange filing on Monday. According to the company's disclosure, the order was received on 21 September 2026. The solar developer has been described as a leading solar entity and a domestic company, though the specific customer name was not disclosed in the filing. The contract represents a one-time order with a phased delivery structure spanning FY2026-27 and FY2027-28. As per The Economic Times, the order is scheduled for supply across FY27 and FY28, with the company not disclosing the commercial value of the contract.
Waaree Energies has clarified that there is no conflict of interest in the order award. According to the company's disclosure, its promoter, promoter group and group companies have no interest in the entity that awarded the order. The company also stated that the order does not fall within related party transactions, ensuring transparency in the business arrangement. The company did not disclose the monetary value of the order, describing it only by the quantity of solar modules to be supplied.
From a technical perspective, The Economic Times reports that Waaree Energies shares are currently trading below seven out of eight Simple Moving Averages (SMAs), indicating weakness across several key moving-average levels. On the valuation front, the company has a price-to-earnings (P/E) ratio of 19.3, while its price-to-sales (P/S) ratio stands at 3.37 and price-to-book (P/B) ratio at 4.91. In the June 2026 quarter, Foreign Institutional Investors (FIIs) increased their stake from 7.06% to 8.57%, while mutual fund holdings declined marginally from 2.98% to 2.81% during the same period, as reported by The Economic Times.
Waaree Energies shares have remained under pressure in the near term, declining 0.96% over the past week and slipping 5.51% over the last one month, indicating continued weakness in recent trading sessions. On a year-to-date basis, the stock has fallen 14.37%, reflecting a negative trend so far in 2026. However, Joindre Capital has initiated coverage on Waaree Energies with a 'buy' rating and target price of ₹3,112 per share, seeing an upside potential of 21.8% based on EV/EBITDA valuation of 7.6X FY29E EBITDA of ₹1,13,752 million. The brokerage firm cited strong growth prospects supported by a strong order book and growing contribution from retail, overseas markets and newer businesses such as BESS and T&D.
