Waaree Energies Shares Rise 3% After Board Approves ₹8,000 Crore Capex Plan

Shares of Waaree Energies jumped over 3% a day after the company's board approved capital expenditure plans exceeding ₹8,000 crore. The renewable energy firm plans to expand the capacity of its Lithium-Ion Advanced Chemistry Storage Cell, Electrolyser, and Inverter manufacturing plants.

Waaree Energies shares were trading up 3.33% at ₹3,441.60 on the BSE at 12:00 PM.

On October 1, the Board of Directors approved significant capacity expansions and additional investments across its subsidiaries.

Waaree Energy Storage Solutions Pvt Ltd will increase its Lithium-Ion Advanced Chemistry Storage Cell and BESS manufacturing capacity from 3.5 GWh to 20 GWh, with an additional Capex of around ₹8,000 crore.

Waaree Clean Energy Solutions Pvt Ltd will expand its Electrolyser manufacturing capacity from 300 MW to 1,000 MW, with an additional Capex of approximately ₹125 crore.

Waaree Power Pvt Ltd will raise its Inverter manufacturing capacity from 3 GW to 4 GW, with an additional Capex of about ₹50 crore.

Waaree Energies Ltd is already India’s largest solar PV module manufacturer, with an installed capacity of 15 GW as of June 2025. Last month, a Yes Securities report noted the company plans to expand its solar PV module capacity to 28.9 GW by FY28 (including the U.S.), with cell and wafer production reaching 15.4 GW and 14.0 GW, respectively. The company is also diversifying into related areas, including 3 GW inverters, 3.5 GWh battery storage, 300 MW electrolysers, and materials such as glass, aluminium, junction boxes, encapsulants, and sealants to strengthen its value chain control.

With about 12% market share in India and a strong export focus on the U.S., Waaree is benefiting from high import dependence and tighter tariffs on Southeast Asian competitors, the brorkrage said. Adding that despite strong competition, the company is expected to grow volumes at a CAGR of around 29.4% between FY25 and FY28.

Waaree Energies shares have risen about 6.79% in the past month and are up 20.26% year-to-date.