Solar Company Rises 2.85%: Here's Why

Waaree Energies share price closed 2.85 percent higher at Rs 3,174.60 on Wednesday, after opening at Rs 3,142 and touching a session high of Rs 3,197.10. The stock gained Rs 87.90 over its previous close of Rs 3,085.85. The move came after the company announced two board decisions the previous evening.

Building Its Own Glass Supply
The board approved Rs 3,900 crore for setting up a glass manufacturing plant under its wholly owned subsidiary Waaree Green Glass Private Ltd. The plant will have a capacity of 2,500 tonnes per day and will be funded through a mix of debt and internal accruals. The board meeting took place on March 24, 2026. Solar glass is a key material in making PV modules. By producing it in-house, Waaree reduces its dependence on outside suppliers and gets more control over its costs as it grows. According to its Q3 FY26 investor presentation, the company has an Order Book of around Rs 60,000 crore and has planned overall capital expenditure of over Rs 25,000 crore across its green energy business.

Raising Stake in Waaree Transpower
The board also approved increasing its shareholding in Waaree Transpower Private Ltd, formerly known as Kotsons Private Limited, from 64.04 percent to 75.10 percent. The company will acquire 2.53 crore equity shares at Rs 75 per share, with a face value of Rs 10 per share, for a total consideration of Rs 190 crore in cash. The transaction is a related party transaction carried out at arm's length and is expected to close by June 2026. Waaree Transpower was incorporated on April 22, 1978, and makes Transformers across categories including oil filled, dry type, special purpose and renewable energy applications. Its current plant capacity stands at 4,000 MVA. The subsidiary's turnover over the last three years has been uneven. It recorded Rs 16.45 crore in FY2022-23, reported no turnover in FY2023-24, and returned with Rs 8.47 crore in FY2024-25. The additional stake acquisition is intended to support capacity expansion and meet the subsidiary's capital expenditure needs going forward.

About Waaree Energies
Incorporated in December 1990, Waaree Energies is an Indian manufacturer of solar PV modules with an installed capacity of 12 GW. The company operates five manufacturing facilities in India and has a presence in international markets. As of March 2026, the company carries a market capitalization of Rs 91,434 crore. The stock has delivered a year to date return of 7.54 percent. The company reported a return on capital employed of 34.9 percent and a return on equity of 27.4 percent.

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