Who’s Dominating the Photo voltaic Energy Sector?

Synopsis:
India’s photo voltaic race is intensifying with Waaree Energies and Premier Energies aggressively increasing capability. Waaree leads with a much bigger world guide, increased profitability and huge capex, whereas Premier is scaling cell capability quick to seize home demand momentum.

All through​‍​‌‍​‍‌​‍​‌‍​‍‌ the final ten years, India has developed an unbelievable solar energy business that has made India one of many prime renewable vitality markets worldwide. The whole photo voltaic capability put in in India has gone past 116 GW by mid-2025 because of the authorities’s aggressive targets, expertise value decline, and demand for clear vitality from the residential, business, and utility sectors.

The expansion is supported by large-scale photo voltaic parks and the fast penetration of rooftop and off-grid options. On the identical time, coverage incentives such because the Nationwide Photo voltaic Mission and production-linked incentives are selling home manufacturing and technological innovation. 

With photo voltaic anticipated to succeed in 280 GW by 2030, India’s photo voltaic powerhouse can be instrumental in reaching sustainable improvement and vitality safety whereas on the identical time creating enormous photo voltaic enterprise alternatives for the likes of Waaree Energies and Premier ​‍​‌‍​‍‌​‍​‌‍​‍‌Energies.

Authorities Initiatives Driving Photo voltaic Capability Progress in 2025

India’s central authorities is accelerating photo voltaic adoption via progressive insurance policies and focused initiatives. Applications like PM-KUSUM are selling photo voltaic use in rural areas, whereas the PM Surya Ghar Muft Bijli Yojana is boosting rooftop installations nationwide.

Robust incentives for home manufacturing are additionally decreasing import dependence and constructing a self-reliant photo voltaic ecosystem. Inspired by this coverage push, firms are ramping up investments, together with a 1.6 GW photo voltaic cell manufacturing plant in Mathura.

Order E book and Income Combine

As of September 30, 2025, Premier Energies reported a formidable order guide valued at Rs. 13,249.6 cr, representing a complete of 9,114 MW. The order composition is essentially home, with 100% of orders originating inside India and no export contribution through the interval. 

By way of enterprise combine, cells account for almost all at 59%, adopted by modules at 40%, and EPC tasks at a marginal 0.1%. The corporate’s order guide worth elevated from Rs. 8,602.7 cr in June 2025, regardless of gross sales of Rs. 1,836.9 cr through the quarter, supported by new bookings price Rs. 6,483.8 cr. This sturdy order influx underscores Premier Energies rising dominance and sustained demand within the Indian renewable vitality manufacturing sector.

Waaree Energies maintains a sturdy order guide of roughly Rs. 47,000 crore, backed by a powerful module manufacturing capability of round 24 GW. 

The corporate’s order composition is geographically balanced, with 59.5% of orders from India and 40.5% from abroad markets, highlighting its increasing world footprint. Its income combine is evenly distributed as nicely, with 47.2% from home operations together with retail, EPC, and enterprise segments  and 52.8% from worldwide gross sales. 

Moreover, Waaree Energies operates a 0.6 GW cell manufacturing facility and has a wholesome order pipeline stands at 2.6 GW as of Q2FY26 elevated by 37% from 1.9GW in Q2FY25.

Financials 

In the meantime, Premier Energies Ltd delivered a strong efficiency in Q2FY26, with gross sales rising 20% year-on-year to Rs. 1,837 crore in comparison with Rs. 1,527 crore in Q2FY25. EBITDA grew 47% to Rs. 561 crore, whereas internet revenue surged 72% to Rs. 353 crore, showcasing sturdy operational effectivity and margin enlargement. The corporate’s earnings per share (EPS) elevated 71% to Rs. 7.80 from Rs. 4.57 for a similar time interval.

Waaree Energies Ltd reported a powerful year-on-year efficiency in Q2FY26, with gross sales rising 70% to Rs. 6,066 crore in comparison with Rs. 3,574 crore in Q2FY25. EBITDA surged 168% to Rs. 1,406 crore, whereas internet revenue jumped 133% to Rs. 878 crore. The corporate’s earnings per share (EPS) additionally greater than doubled to Rs. 29.29 from Rs. 13.73.

Worth Motion

With market capitalization of Rs. 47,084 cr, the shares of Premier Energies Ltd are closed at Rs. 1,029.80 per share, from its earlier shut of Rs. 1,004.20 per share. The inventory has generated a detrimental return of 11% over the previous yr, recorded a year-to-date decline of twenty-two%, and achieved a 2% acquire within the final month.

In the meantime, the shares of Waaree Energies with a market capitalization of Rs. 94,205 cr are closed at Rs. 3,276.20 per share, from its earlier shut of Rs. 3,369 per share. The inventory has delivered a 40.85% return over the previous yr, a 19.94% return year-to-date, and a 3.11% acquire prior to now month.

Expansions and Capex Highlights

As​‍​‌‍​‍‌​‍​‌‍​‍‌ a part of its Mission 2028 goal, Premier Energies is growing the photo voltaic cell manufacturing capability of its Naidupeta, Andhra Pradesh plant from 4.8 GW to 7.0 GW. The corporate has completed making ready the land for the enlargement, is within the strategy of developing the constructing, is putting orders for equipment, and has secured debt financing. Utilizing a mixture of inside accruals and debt, the corporate intends to fee 4.8 GW by June 2026 and the stability 2.2 GW by September 2026 in a bid to leverage the economies of scale because of the rising photo voltaic ​‍​‌‍​‍‌​‍​‌‍​‍‌demand.

Coming to Waaree Energies, it has elevated its photo voltaic module making capability additional by including 2.75 GW at Chikhli, and the board has additionally authorised one other very massive capex of about Rs. 8,175 crore to broaden capability throughout a number of clear vitality product traces. 

This contains growing storage battery and BESS capability from 3.5 GWh to twenty GWh, growing electrolyser manufacturing from 300 MW to 1 GW, and growing inverter capability from 3 GW to 4 GW. This implies the corporate is making ready to supply a lot bigger volumes throughout all vitality transition product classes in future.

Together with natural enlargement, the corporate can also be strengthening its product portfolio via strategic acquisitions like majority stake in Kotsons Transformers and Racemosa Vitality meters, and shopping for Meyer Burger property within the US. 

All of the capability tasks that have been already deliberate like 6 GW module and 10 GW cell and ingot-wafer capacities are progressing on schedule. The corporate is quickly scaling manufacturing for your entire inexperienced vitality ecosystem and securing capabilities in a number of components of the worth chain in order that it will possibly provide extra merchandise domestically and globally within the coming years.

Written by Manideep Appana

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