This report is an updated version of the report published on 18 March 2026 at 02:41 PM IST.

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.

Recommendation Rationale – SELL at INR 3,223.80

• Financial Highlights: Waaree Energies reported a sharp rise in operating overheads during Q3FY26, with sales, administration and other expenses increasing to INR 597cr in Q3FY26 from INR 211cr in Q3FY25, reflecting a 183.5% YoY increase, primarily due to higher administrative costs and expansion-led operational spending. Finance costs also rose significantly to INR 93cr in Q3FY26 from INR 31cr in Q3FY25, marking a 202.4% YoY increase, largely driven by increased borrowings to support ongoing capacity expansion and project execution. Meanwhile, other manufacturing and EPC project expenses surged to INR 649cr in Q3FY26 from INR 76cr in Q3FY25, indicating a 751.7% YoY increase, reflecting elevated EPC execution activity and higher project-related expenditures during the period.
• Trading Near the Resistance: WAAREEENER stock has surpassed its R2 level recommended on 11 February 2026. Therefore, share price can face resistance at the current levels.
• Overvalued Multiples: On a Trailing 12-months basis – key trading multiples (EV/EBITDA, P/E, and Price/Book) are higher than Industry Average of the Materials Sector.
• Market Risk: Operating in the solar energy and module manufacturing industry, Waaree Energies remains exposed to fluctuations in global solar module prices driven by oversupply from Chinese manufacturers and cyclical demand trends in domestic and export markets. Volatility in raw material prices such as polysilicon, wafers, and cells may impact cost structures and margins. Additionally, changes in government policies, including revisions in ALMM norms, import duties, renewable incentives, and grid infrastructure readiness, along with currency fluctuations and global trade restrictions, could affect demand visibility, export competitiveness, and overall profitability.

WAAREEENER’s Daily Chart

Valuation Methodology: Price/Earnings Multiple Approach (FY March'27E) (Illustrative)

Stock might trade at a slight premium to its peers considering the YoY growth in revenue from operations and PAT during Q3FY26, driven by higher module production and execution momentum, supported by a robust order book, continued capacity ramp-up across modules and cells, and ongoing backward integration initiatives aimed at enhancing cost efficiency and long-term margin visibility. For conducting the valuation, the following peers included: Premier Energies Ltd (NSE: PREMIERENE), Suzlon Energy Ltd (NSE: SUZLON), and Power Grid Corporation of India Ltd (NSE: POWERGRID) have been considered.

Given the sharp rise in operating and EPC-related expenses, increasing finance costs due to ongoing capacity expansion, and elevated capex commitments, Waaree Energies’ near-term profitability may remain under pressure. Additionally, potential U.S. tariff impositions on solar imports under the Trump administration may impact export competitiveness and demand visibility for Indian solar manufacturers. Considering the risks associated, the share price may face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of INR 3,223.80 (as of 18 March 2026, at 13:40 PM IST).

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. 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 18 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 has been achieved and is subject to the factors discussed above.

Note 4: 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 downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.