Waaree Energies's solar dreams and the Trump policy conundrum

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Subscribe to enjoy similar stories. After a blockbuster debut on the BSE in October 2024, when its shares listed at a 69.66% premium, Waaree Energies has seen its performance falter dramatically. The stock has plunged 37% from its peak of ₹3,743, closing at ₹2,355.95 on 23 January, 2025.

The sharpest blow came on 22 January, when the stock plummeted by 10% in a single trading session triggered by the expiration of a shareholder lock-in period, which escalated its selling pressure. The solar solutions company is navigating a volatile market, and investor unease has further deepened due to concerns over global trade policies, particularly in the US. As the largest manufacturer of solar modules in India, Waaree Energies stands as a forerunner for the country's clean energy ambitions.

However, its recent performance and strategic decisions reveal a more complex and evolving story. India is taking bold strides toward a greener future, setting an ambitious goal of generating 500 GW of non-fossil fuel-based power by 2030. The country’s solar module manufacturing sector is thriving, with 65 GW of capacity already operational and another 25 GW of cell manufacturing expected to come online soon.

Waaree Energies, with its 13.3 GW installed capacity, is a significant contributor to this growth. Operating state-of-the-art facilities across India and with a global footprint spanning 25 countries, the company offers innovative solar solutions ranging from panel manufacturing to EPC services. However, while India’s solar module assembly sector has seen remarkable growth, achieving complete backward integration remains a significant hurdle.