Waaree Energies Incorporates 8 Units, Bolsters ₹47,000 Cr Solar Order Book

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AuthorAarav Shah|Published at:
Waaree Energies Incorporates 8 Units, Bolsters ₹47,000 Cr Solar Order Book
Overview

India's largest solar module manufacturer, Waaree Energies, has launched eight new wholly-owned subsidiaries through Waaree Forever Energies Private Limited (WFEPL). These entities will manage Independent Power Producer (IPP) projects, supporting the company's substantial ₹47,000 crore order book. This expansion reinforces Waaree's strategic growth in the renewable energy sector.

Strategic Expansion

Waaree Energies Limited, a dominant force in India's solar industry, has significantly expanded its operational capacity. Its wholly-owned subsidiary, Waaree Forever Energies Private Limited (WFEPL), has successfully incorporated eight new wholly-owned entities. These new companies are specifically structured to manage and hold power projects under the Independent Power Producer (IPP) framework.

The incorporation process, completed in January 2026 with four entities registered on the 13th and four on the 15th, involved no related party transactions. These units are designed to bolster Waaree's future project development and ownership capabilities within the burgeoning renewable energy sector.

Financial Standing

This strategic move by Waaree Energies is underpinned by its robust financial performance and order pipeline. As of September 30, 2025, the company commanded an impressive order book totaling ₹47,000 crore for solar photovoltaic (PV) modules. This substantial backlog includes domestic, export, and franchisee orders, reflecting strong market demand.

The company's stock has demonstrated resilience, trading up by 45 percent from its 52-week low of ₹1,808.65 per share. Waaree Energies, with a market capitalization exceeding ₹73,000 crore, is actively enhancing its manufacturing footprint.

Company Profile

Established in 1990, Waaree Energies is recognized as India's largest manufacturer and exporter of solar PV modules. The company boasts an aggregate installed capacity of 15 GW and operates five manufacturing facilities across India. Waaree is committed to future growth, with plans to expand its facilities to reach 21 GW by 2027.

Its product portfolio is diverse, featuring multicrystalline, monocrystalline, and advanced TOPCon modules. The company is also integrating backward into solar cell, ingot, and wafer production, solidifying its position across the solar value chain.

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