Waaree Energies Shares Rise 3.5% on Approval of ₹3,900 Crore Capex for Glass Manufacturing Unit

Waaree Energies Share Price Surges 3.6% After Capital Expenditure Approval

March 25, 2026

Shares of Waaree Energies jumped 3.6% in intraday trade on Wednesday, hitting a day's high of ₹3,197 apiece. This surge follows the company's announcement that its board has approved a ₹3,900 crore capital expenditure to set up a glass manufacturing plant through its wholly owned subsidiary, Waaree Green Glass Private Limited, with a capacity of 2,500 TPD.

The proposed capital expenditure will be funded through a mix of debt and internal accruals. In addition, the board has also approved the acquisition of an additional equity stake in Waaree Transpower Private Limited, increasing its holding from 64.04% to 75.10% of the paid-up equity share capital. Waaree Transpower Private Limited is engaged in the business of designing, manufacturing, and supplying advanced transformer solutions.

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Geojit Financial Services, a domestic brokerage firm, has initiated coverage on the stock with a 'buy' rating and a target price of ₹3,650 apiece, indicating an upside potential of around 18% from the stock's Tuesday closing price. The brokerage expects Waaree Energies' consolidated revenue to grow at a CAGR of 22.3% to ₹39,180 crore over FY26-28E, driven by a 20.6% CAGR in module production.

This growth is expected to translate into a 22.3% CAGR in module revenue to ₹34,945 crore and a 23.2% CAGR in EPC revenue to ₹4,187 crore by FY28E. However, free cash flow is expected to remain under pressure due to the company's large capex plans, increasing dependence on external funding, and temporarily weakening leverage metrics. Nevertheless, it is likely to turn positive by FY28E, enabling a gradual deleveraging.

Waaree Energies share price trend has been strong in March, rising 17% so far and defying the broader market sell-off. If the momentum sustains through the end of the month, the stock could snap its four-month losing streak, during which it had declined 21%. The stock debuted on the Indian stock market in October 2024, listing at ₹2,500 and crossed the ₹3,800 mark within a year to reach a fresh record high of ₹3,864. At current levels, it is down around 18% from that peak.