Rs 47,000 Crore Order Book: FIIs Raise Stake Nearly 4x in This Solar Stock, PE at Record Low; Manufacturing Facility in Gujarat

Indian equity benchmark indices ended the session on Friday, August 1, 2025, on a negative note, with the Nifty 50 slipping below the 24,600 mark and hitting a fresh one-month low. Despite the broader market weakness, a few stocks managed to command investor attention — one of them being Waaree Energies Ltd.

Waaree Energies' share price gained nearly 4 per cent on Friday. Founded in 1990 and headquartered in Mumbai, India, Waaree Energies is the country’s largest solar module manufacturer, with an aggregate installed capacity of 13.3 GW as of June 30, 2024. The company’s manufacturing facilities are spread across Chikhli, Surat, Tumb, Nandigram in Gujarat, and Noida. Additionally, it operates a 5.4 GW cell manufacturing facility in Gujarat and a 1.6 GW module manufacturing unit in the USA.

In a recent development, the solar company announced the establishment of a 1.80 GW solar module line at its factory in Village Degam, Taluka – Chikhli, District Navsari, Gujarat. The facility commenced operations on July 31, 2025.

Waaree Energies also announced its Q1FY26 results, reporting a consolidated total income growth of 31.5 per cent year-on-year. Profit after tax (PAT) almost doubled to Rs 772.89 crore in Q1FY26, compared to Rs 401.13 crore in Q1FY25. For FY26, the company has guided for an EBITDA in the range of Rs 5,500–6,000 crore. Its current order book stands strong at Rs 47,000 crore.

Another noteworthy development is the increase in institutional holdings. As of the quarter ended March 2025, institutional holding (FIIs + DIIs) stood at 3.16 per cent with 90,71,415 shares. By June 2025, this figure rose to 5.54 per cent, totaling 1,59,12,450 shares. Notably, FII holdings rose to nearly 4x from 0.70 per cent to 2.68 per cent, while DII holdings rose from 2.46 per cent to 2.86 per cent. Meanwhile, public shareholding declined to 30.15 per cent from 32.53 per cent as of March 2025. FII holding in the stock is now at a record high.

Turning to valuations, one of the most watched metrics — the price-to-earnings (PE) ratio — has reached its lowest level of 38.1x, the lowest since the stock began trading on the secondary market.

In terms of stock performance, Waaree Energies has delivered gains of 19.18 per cent over the past three months, and on a year-to-date basis, the stock is up 8.74 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.