Waaree Energies Ltd: Strategic Relocation of Solar Module Project

Waaree Energies Ltd, a prominent player in India’s solar energy sector, has announced a significant strategic move. The company’s board has approved the relocation of its 6 GW ingot-to-solar module manufacturing facility from Odisha to multiple sites across Gujarat, Maharashtra, and other Indian states. This decision aims to optimize infrastructure and logistics for the integrated project, enhancing operational efficiency and market reach.

Company Overview

Waaree Energies Ltd is engaged in the manufacture of solar photovoltaic (PV) modules, project setup in the solar space, and electricity sales. The company operates across three main segments: Solar Power Product, Generation of Power, and Engineering, Procurement, and Construction (EPC). With an operational capacity of 12 gigawatts (GW) for solar PV modules, Waaree Energies offers a diverse range of solar solutions, including Mono PERC, Bifacial, BIPV, Flexible, and Polycrystalline modules. Additionally, the company provides off-grid and on-grid inverters, solar panels, solar inverters, lithium-ion batteries, solar streetlights, solar mobile chargers, and solar bags. Its services extend to EPC Ground Mount, EPC Floating Solar, operation and maintenance (O&M), EPC Rooftop, and Waaree Prime.

Market Performance

On the financial front, Waaree Energies has shown resilience in the market. As of June 19, 2025, the company’s close price stood at INR 2,989, with a market capitalization of INR 767,390,000,000. The stock has experienced fluctuations over the past year, reaching a 52-week high of INR 3,743 on November 5, 2024, and a low of INR 1,503 on October 24, 2024. The price-to-earnings ratio is currently 39.01.

In recent market activity, Waaree Energies was among the top gainers, contributing to the Nifty 50’s gain of 1.15% to close at 25,079.55 on June 20, 2025. The company’s shares also saw a significant boost following their inclusion in the FTSE Russell’s indices, with a rise of up to 8% on June 20, 2025.

Clarification on Odisha Project

Despite the strategic relocation of the 6 GW project, Waaree Energies has confirmed that its project in Odisha remains on track with no plans for relocation. Amit Paithankar, CEO of Waaree Energies, emphasized the company’s commitment to Odisha, stating, “We want to emphasize that we are not moving away from Odisha. Our commitment to Odisha remains strong.”

This strategic move reflects Waaree Energies’ commitment to expanding its operational capabilities and enhancing its market presence while maintaining its existing projects and commitments.