Waaree Energies rose over 3% to ₹3,080.30 in early trade on May 26, with the stock touching an intraday high of ₹3,102, after the Ministry of New and Renewable Energy rejected the solar industry’s demand for a blanket extension of the Approved List of Models and Manufacturers List-II implementation deadline beyond June 1, 2026.
The decision is a direct structural positive for domestic solar manufacturers. From June 1, solar projects in India must source only domestically approved solar cells, ending the flexibility that had allowed developers to import modules. The government said it would consider relief only for projects that are genuinely stranded, and the conditions to qualify are stringent. A project must have completed land acquisition, achieved financial closure, received connectivity approvals, and have modules already delivered or substantially installed before the deadline.
For Waaree Energies, Premier Energies, Emmvee Photovoltaic, Vikram Solar, and Saatvik Green Energy, the decision translates into improved demand visibility, higher capacity utilisation, tighter domestic supply conditions, and stronger pricing power as developers are now compelled to source locally rather than import.
The flip side falls on project developers. NTPC Green Energy, JSW Energy, ACME Solar Holdings, and KPI Green Energy face rising procurement costs, potential margin pressure on older low-bid projects, and continued commissioning delay risks as the domestic supply chain absorbs the shift in sourcing mandates.
Waaree Energies trades at a P/E of 23.88 with a market capitalisation of approximately ₹88,457 crore. The stock’s 52-week range stands at ₹2,403 to ₹3,865.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making any investment decisions.