If you’ve been watching the Indian stock market lately, you know the vibe around renewables has been chaotic. One day everyone is screaming "to the moon" about green energy, and the next, they’re panic-selling like the sun stopped shining. Specifically, the waaree energy share price has been a massive talking point. Honestly, if you just look at the ticker, you’re only getting half the story.
Currently, as of mid-January 2026, the stock is trading around ₹2,560.
That might feel a bit heavy if you bought in during the euphoric peaks near ₹3,865, but the market is doing that thing where it prices in fear way faster than it prices in fundamentals. People are worried about "overcapacity" in the solar module space. They see the falling trend line and think the party is over. But is it?
What’s Actually Moving the Waaree Energy Share Price?
You’ve got to look at the numbers because they’re kinda wild. In the most recent Q2 of the 2025-26 fiscal year, Waaree Energies didn’t just grow; they exploded. Revenue jumped 70% year-on-year to over ₹6,000 crore. Net profit? That leaped 133% to about ₹878 crore.
When a company doubles its profit while the share price is sliding, something is disconnected.
The sell-off we're seeing right now—roughly a 13-14% drop in just the first two weeks of January—is mostly technical and sentiment-driven. Short-term traders are hitting the exit because the stock fell below its 50-day and 200-day moving averages (which are both hovering around that ₹3,000 mark). When those technical levels break, the "sell" buttons get mashed.
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The Elephant in the Room: China
Wait, why does China matter for an Indian solar stock? Basically, China recently announced they are cutting VAT rebates on their solar exports. This is a huge deal. It makes Chinese modules more expensive globally, which suddenly makes Indian players like Waaree much more competitive.
On January 12th, we saw a glimpse of this potential as the waaree energy share price surged over 5% on the news.
- Order Book Strength: The company is sitting on an order book of roughly 24 GW, valued at a staggering ₹47,000 crore.
- Capacity Expansion: They are heading toward 25 GW of module capacity, making them the biggest producer outside of China.
- Vertical Integration: They aren't just slapping panels together anymore. They are moving into ingots, wafers, and cells. This is where the real margin is.
Is the Market Overreacting?
Analysts are all over the place. Some, like the folks at Trendlyne and Investing.com, have set an average 12-month price target around ₹3,470. That’s a potential upside of over 35% from where we are today.
But then you have the bears. They argue that India’s module manufacturing capacity is reaching 125 GW annually, while domestic demand isn't keeping up. There's a fear that if global demand slows down, Waaree will be stuck with a lot of expensive hardware and nowhere to send it.
The Shift to Energy Storage
Hitesh Doshi, the man running the show, recently mentioned something that most retail investors ignored. He wants less than 40% of their revenue to come from just solar modules in the next few years.
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That’s a pivot.
They are betting big on Battery Energy Storage Systems (BESS). They’ve already raised about ₹1,000 crore for their battery arm. If you’ve ever tried to run a grid on solar, you know the problem: the sun goes down. Storage is the "holy grail," and Waaree is trying to own the whole chain.
Technicals vs. Reality
Right now, the stock is technically "oversold" with an RSI (Relative Strength Index) dipping below 30. For the chart nerds, that usually screams "bounce incoming." But for the long-term folks, the real metric is the P/E ratio.
At a P/E of roughly 27, Waaree is actually cheaper than many of its peers in the electrical equipment sector, which often trade at 60x or 80x earnings. You're getting a market leader at a mid-cap valuation.
Why the Next Few Months Are Critical
India is on track to surpass the US as the world’s second-largest solar market by the end of this year. BloombergNEF is projecting over 50 GW of new solar additions in India for 2026.
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If Waaree can execute on their Buldhana Solar Park in Maharashtra and keep their margins around that 13-14% mark, the current "bearish" sentiment might look like a massive blip in hindsight.
However, keep an eye on the "foreign entity of concern" rules in the US. A huge chunk of Waaree’s order book—nearly 60%—is from overseas. If trade barriers go up or regulations tighten, that "war chest" they’re building might need to be spent on pivoting even faster.
Actionable Insights for Investors
If you're holding or looking at the waaree energy share price, don't just stare at the daily red and green candles.
- Watch the 2,500 Support: The stock has shown some "buying interest" around the ₹2,540 level. If it breaks significantly below ₹2,500, the next floor isn't until the low ₹2,100s.
- Monitor the Cell Integration: The company’s ability to move from 5.4 GW to 15 GW of cell capacity by next year is the biggest catalyst for profit. Cells are higher margin than modules.
- The Budget Factor: With the 2026 Union Budget looming, any fresh incentives for solar storage or "Made in India" components will likely act as a fuel injection for the stock.
The solar story in India isn't just about "going green" anymore; it's about energy security. Waaree is positioned as a national champion in that space. Whether the market recognizes that today or six months from now is the only real question.
Next Steps for You
- Check the RSI and Stochastic indicators on your trading platform; if they remain in the "oversold" territory (below 20-30), it may signal a short-term trend reversal.
- Review the Q3 earnings report (expected soon) specifically for the "Operating Profit Margin." If margins stay above 20%, the fundamental growth remains intact despite the price drop.
- Verify the status of the US export orders; any news regarding changes in US import tariffs on Indian solar modules will directly impact the 60% of Waaree's revenue that comes from international markets.