Waaree Energies Ltd Q2 FY26 — The Solar Detective Files: Gujarat → Houston → 24 GW Dreams, 27% ROE, and the CBP Probe That Brought the Heat

1️ At a Glance

If the sun had a favourite listed company, it’d probably buy options on Waaree Energies Ltd.
At ₹ 3,535 a share and a blinding ₹ 1.02 lakh crore market cap, this stock now glows brighter than your neighbour’s rooftop panel.
Q2 FY26 delivered revenue ₹ 6,066 cr (+70 % YoY) and PAT ₹ 878 cr (+133 %), proof that photons and profits can coexist.

ROE = 27 %, ROCE = 35 %, OPM ≈ 23 %. Installed capacity? 12 GW (growing to 21 GW by 2027).
One problem: every analyst now treats it as if it personally invented the sun.

So yes — Waaree is hot. Literally, financially, and regulatorily (hello CBP probe).

2️ Introduction

Picture a detective walking through acres of gleaming panels in Gujarat. Each module whispers,
“₹ 3,535 PE 37× — we earned it.”

Founded in 1990, Waaree began as a small instrumentation firm and now ships modules from Surat to Silicon Valley. In just three years its capacity jumped from 2 GW → 13 GW, and management wants 20 GW by 2027. That’s not expansion, that’s industrial puberty.

But behind the sustainability slogans lies a full-blown corporate thriller:
IPO ₹ 4,321 cr (Oct 2024), US factory in Texas, CBP duty investigation, 16.6 GW order book, and a Li-ion detour.

If Sherlock Holmes had a Bloomberg terminal, this would be his case of the year.

3️ Business Model — WTF Do They Even Do?

Main Crime Scene: Solar PV Modules (≈ 78 % revenue)
They make mono-, multi-, and TOPCon modules using machines that sound like IIT final projects.

Side Hustles:

• EPC Services (15 %) – They not only sell the panels but also bolt them to the earth for you.
• Energy Storage & Trading (7 %) – Inverters, batteries, pumps — because someone has to sell the extras after you buy the dream.

Geography: 57 % exports (U.S. dominant),