WAAREEENER

Sept 17 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - TO SELL 14.66% STAKE IN INDOSOLAR

• WAAREE ENERGIES LTD - FLOOR PRICE OF OFFER TO BE 500 RUPEES PER SHARE

Source text: ID:nBSE1XsRQD

Further company coverage: WAAN.NS

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By Sudarshan Varadhan and Sethuraman N R

SINGAPORE/NEW DELHI, Aug 28 (Reuters) - High U.S. tariffs and potential anti-dumping duties on Indian solar panel exports will exacerbate a supply glut in India next year as domestic project bidding slows, according to industry officials and analysts.

U.S. President Donald Trump's 50% tariffs on shipments from India will choke panel sales to its top overseas market, which accounts for 90% of module exports, they said.

The situation could deteriorate further if anti-dumping duties are imposed on some manufacturers following a petition filed on July 17 by U.S. solar companies with the Commerce Department seeking duties on imports from India, Indonesia, and Laos.

"The 50% tariff will squeeze margins, and potential anti-dumping duties will make competing in the U.S. even tougher," said Raj Prabhu, CEO of clean energy consultancy Mercom Capital.

India's awards of solar generation projects and new tenders slowed dramatically in the quarter ended June, with an adviser to the federal power ministry urging renewable developers to bid cautiously in line with demand growth projections.

"We expect that India will enter overcapacity stage already in 2026, which will feel even worse with the loss of the U.S. market," said Wood Mackenzie analyst Yana Hryshko.

New Delhi's incentives — including import duties and domestic manufacturing mandates — helped double module production capacity annually to 74 gigawatts by March. State Bank of India Capital Markets projects this will reach 190 GW by 2027.

India's solar module factories are already running at only 25% of total capacity on average, said Vinay Rustagi, chief business officer of manufacturer Premier Energies PEME.NS.

"Some companies are running at 80%-85% like us, others are running at much lower capacity," he said.

CHINA CELL IMPORTS

If anti-dumping duties are imposed, Indian manufacturers must either find alternative markets or supply domestically, Hryshko noted.

Finding new markets will be challenging. Indian solar modules made using Chinese cells are 48% more expensive than China-made modules, while those using Indian cells are roughly 143% more expensive, Mercom data shows.

India has capitalised on an 82% decline in prices of Chinese cells since late 2022 and steadily boosted exports of modules, energy think-tank Ember said.

The local solar module manufacturing push has helped companies such as Waaree WAAN.NS and Adani ADEL.NS increase lucrative U.S. exports. But it has also pushed up solar generation costs, which are passed on to debt-laden power retailers.

India plans to mandate domestic cell use from June 2026, despite these costing over three times more than Chinese alternatives, according to Fei Chen, an analyst at consultancy Rystad Energy.

Analysts say the move may trigger increased Chinese imports before the rules take effect.

"Reliance on cell imports is likely to increase in the short term, potentially leading to stockpiling, price spikes, and supply chain pressures," Mercom's Prabhu said.

(Reporting by Sudarshan Varadhan in Singapore and Sethuraman NR in New Delhi; Editing by Saad Sayeed)

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** India's Waaree Energies WAAN.NS falls 4.7% to one-month low of 2,940 rupees

** U.S. initiates anti dumping duty and countervailing duty investigations of crystalline silicon cells imported from India, Indonesia and Laos

** U.S. International Trade Commission to issue preliminary determination on September 2

** WAAN got 68% of its revenue from overseas customers, primarily U.S., during the April-June quarter

** Premier Energies PEME.NS also down 2.1% at 996.2 rupees

** Average rating of four analysts on WAAN "sell"; median PT at 2,397.5 rupees, as per LSEG data

** YTD, WAAN up 3%

(Reporting by Vivek Kumar M)

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Adds charts, gives more details in paragraph 4 and paragraph 6 onwards

By Vivek Kumar M

Aug 8 (Reuters) - MSCI will add four Indian stocks, including retailer Vishal Mega Mart VSSL.NS and online delivery platform Swiggy SWIG.NS, to its flagship MSCI Global Standard index .MIEF00000PUS, setting them up for potential total inflows of $1 billion.

Hitachi Energy India HITN.NS and Waaree Energies WAAN.NS will be the other two additions to the index, while Sona BLW SONB.NS and Thermax THMX.NS will be dropped, the index provider said in a statement dated August 7.

The changes will take place as of the close of August 26, MSCI said.

Swiggy is expected to get inflows worth up to $289 million, while Vishal Mega Mart can get $258 million in passive fund flows as a result of the addition, IIFL Alternate Desk said. They added that Hitachi Energy is likely to draw $230 million of inflows, and Waaree Energies $233 million.

All the six shares were trading lower on the day in a weak market. Meanwhile, information technology company Coforge COFO.NS was down 4%, among top 3 midcap .NIFMDCP100 losers, as it failed to make it to the MSCI Global Standard index.

MSCI's indexes are used by investors globally, with about $16.9 trillion of assets under management benchmarked to their equity indexes.

The index provider will reduce Swiggy rival Eternal's ETEA.NS weight in the flagship index, leading to outflows of up to $607 million, as per IIFL Alternate Desk.

Eternal's weight was expected to be lowered amid its proposal to convert to Indian owned and controlled company (IOCC), capping foreign ownership to 49.5%.

Apart from Eternal, three other Indian stocks - Asian Paints ASPN.NS, Jindal Steel JNSP.NS and Havells India HVEL.NS will see weight cuts, while CG Power and Industrial Solutions' CGPO.NS weight will be increased.

The index provider also announced the addition of 15 Indian stocks and removal of six from its Global Smallcap index.

(Reporting by Vivek Kumar M; Editing by Ronojoy Mazumdar)

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** Waaree Energies WAAN.NS rises 3.5% to 3,223.5 rupees

** Solar module maker's posts 89% y/y jump in June-quarter consol net profit; rev from ops up 30% y/y

** Stock rated "sell" on avg; median PT is 2,360 rupees, per data compiled by LSEG

** YTD, WAAN 12.5%

(Reporting by Rudra Pratap Singh in Bengaluru)

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July 28 (Reuters) - Waaree Energies Ltd WAAN.NS:

• JUNE-QUARTER CONSOL NET PROFIT 7.45 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 44.26 BILLION RUPEES

• APPROVED CAPEX TO SET UP 4 GW CELL PLANT AND 4 GW INGOT WAFER PLANT FOR 27.54 BILLION RUPEES

Source text: ID:nBSE55PzQJ

Further company coverage: WAAN.NS

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July 16 (Reuters) - Waaree Energies Ltd WAAN.NS:

• PROPOSED DEAL REGARDING KAMATH TRANSFORMERS NOT CONSUMMATED

Source text: ID:nBSE4D7Bsg

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June 30 (Reuters) - ** Shares of Waaree Energies WAAN.NS up 6.6% to 3,111 rupees

** Earlier, stock rose to 3,134 rupees, highest since Dec 18

** Solar module maker's U.S. unit Waaree Solar Americas wins order for the supply of 540 MW solar modules from an unidentified local entity

** WAAN did not disclose financial details of the contract

** Trading volume exceeds 5 mln shares, 2x 30-day moving avg

** YTD, stock up 9.3%

(Reporting by Rudra Pratap Singh in Bengaluru)

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** Shares of Waaree Energies WAAN.NS up 5.6%, NTPC Green Energy NTPG.NS up 4%, Hyundai Motor India HYUN.NS rise 2.6%
** WAAN, NTPG, and HYUN among shares being added to FTSE Russell index via quarterly rejig happening on Friday, leading to inflows
** FTSE rejig is expected to result in a net inflow of ~$150 million into India, Nuvama Alternative and Quantitative Research said
** WAAN shares down 1.3% YTD, while NTPG down 15.2% and HYUN up 8.5%

(Reporting by Sethuraman NR in Bengaluru)

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** Shares of Waaree Energies WAAN.NS rise 3.6% to 2940 rupees

** Solar modules maker's U.S. unit Waaree Solar Americas wins order for the supply of 599 MW solar modules from a U.S. entity

** Co did not disclose the financial details of the contract

** Stock up 2.8% YTD

(Reporting by Aleef Jahan in Bengaluru)

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April 23 (Reuters) - WAAREE ENERGIES EXEC WAAN.NS:

• WAAREE ENERGIES EXEC: SEE FY26, FY27 ORDER BOOK TO BE SOLID

• WAAREE ENERGIES EXEC: CLOSELY WATCHING EVOLVING SITUATION IN US FOR INVESTMENT IN US FACILITY

• WAAREE ENERGIES EXEC: INDIAN CELLS HAVE HUGE POTENTIAL IN US MARKET DUE TO TARIFF ADVANTAGES

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** India's Waaree Energies WAAN.NS falls 3% to 2,205.05 rupees, set for fourth consecutive session of losses

** 54% of co's 26.5 GW order book from the U.S., as per ICICI Direct Research

** U.S. imposes 26% reciprocal tariffs on India as part of Wednesday's fresh levies

** ICICI Direct Research says WAAN set up 1.6 GW solar module manufacturing plant in U.S. this year, but not enough to cater to U.S. export demand

** Among other cos, Premier Energies PEME.NS up 1.3%, Apar Industries APAR.NS down 1.2%

** As tariffs imposed across countries, it could be a neutral event for Indian solar exporters: Vikram V, vice-president and co-group head of corporate ratings at ICRA

** WAAN down 23% YTD, while PEME and APAR down 33% and 48%, respectively

(Reporting by Vivek Kumar M)

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** India's Waaree Energies WAAN.NS drops 3.4% to 2,297.25 rupees and Premier Energies PEME.NS sheds 2% to 892.85 rupees

** Bernstein starts coverage on solar module makers with "underperform", citing over supply and risk of higher competition

** Sets PT of 1,902 rupees for WAAN and 693 rupees for PEME

** Globally, demand is ~600 GW, with capacity in excess of 1,200 GW, brokerage estimates

** Adds, in this sector "good return on equity does not last beyond 2 years"

** Moreover, key competitors for WAAN and PEME, have "much bigger wallets", says Bernstein

** Avg rating of three analysts on PEME and WAAN at "hold" - data compiled by LSEG

** WAAN and PEME down 19% and 34% YTD, respectively,

(Reporting by Kashish Tandon in Bengaluru)

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** Waaree Energies WAAN.NS rises as much as 3.1% to 2,323 rupees

** Nuvama initiates with "buy" and TP of 2,805 rupees, 24.5% higher than Thursday's close

** Says renewable energy co's strategy of scaling up operations by entering green hydrogen production, electrolysers, advanced li-ion cells, inverters and battery energy storage systems will tie up multi-decadal growth

** Expects WAAN's FY24–FY27 rev/EBITDA to gallop at a 30%/54% CAGR, driven by 25%/8x/6GW surge in module/cells/new wafer capacity

** Adds, "We feel India's solar sector is on the cusp of J-curve breakout, which shall usher in an even larger green hydrogen prospect"

** Stock falls 7.8% since listing on October 28, 2024

(Reporting by Ashish Chandra in Bengaluru)

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** Shares of Waaree Energies WAAN.NS rise 2% to 2,165.55 rupees apiece

** Jefferies initiates the coverage of the renewable energy company at "hold" rating

** Brokerage sees WAAN as a key beneficiary of the potential 24% growth in India's solar installations over fiscal years 2024 and 2030

** Indian government's policy in favour of domestic solar modules makers and U.S. policy shunning Chinese modules have created attractive economics for WAAN, according to Jefferies

** WAAN shares are down 24% in 2025 so far, according to data compiled by LSEG

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Waaree Energies WAAN.NS rise 5% to 2,213.95 rupees, set to snap four-session losing streak

** Company on Friday announced new initiatives - electrolyser manufacturing, battery energy storage systems, inverters and renewable power infrastructure - at its investor day

** Kotak Institutional Equities says company would benefit from these initiatives in medium-term

** Inverter business and acquisition of Enel pipeline to potentially add to earnings over next two-three years, Kotak says

** Brokerage, however, flags uncertainties from U.S. President Donald Trump's tariff plans, which may weigh on WAAN

** Kotak retains "reduce" rating on stock, cuts PT to 2,280 rupees from 2,550 rupees

** WAAN down ~22% in 2025

(Reporting by Vijay Malkar)

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** Shares of renewable energy equipment maker Waaree Energies WAAN.NS down 2.3% at 2216.5 rupees

** WAAN says tax authority initiated search at registered office of the company and its unit on February 25

** Tax authorities have not issued any official document and company's normal operations have not been impacted - WAAN

** Stock set to fall for a second straight month

** Waaree shares down ~11% since their listing on October 28, 2024

(Reporting by Anuran Sadhu in Bengaluru)

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Feb 26 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - STATE TAX AUTHORITY INITIATES SEARCH AT WAAREE ENERGIES AND SUBSIDIARY

• WAAREE ENERGIES LTD - NORMAL OPERATIONS NOT IMPACTED BY SEARCH

Source text: ID:nNSE4xQZ97

Further company coverage: WAAN.NS

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Feb 25 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - RECEIVES ORDER FOR 410 MWP SOLAR MODULES

Source text: ID:nBSEJfnrw

Further company coverage: WAAN.NS

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** Shares of Waaree Energies WAAN.NS rise 3.4% to 2,295 rupees

** The renewable energy equipment maker says it received order for supply of solar PV modules for 362.5 Megawatt peak from Khaba Renewable Energy

** Co did not specify the financial terms of the deal

** Stock up 9% so far this week, eyes best week since Dec. 9

(Reporting by Ashna Teresa Britto in Bengaluru)

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Feb 19 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES - RECEIVES ORDER FOR 362.5 MWP SOLAR MODULES

Source text: ID:nNSEBYwGt

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By Sethuraman N R

Jan 31 (Reuters) - Indian solar module maker Waaree Energies WAAN.NS is confident of U.S. demand and is positioned to manage possible import tariffs under President Donald Trump, thanks to its operations in the state of Texas, CEO Amit Paithankar said on Friday.

Last week, Trump ordered a pause on spending from his predecessor's climate and infrastructure laws and tax credits in clean industries, as well as suspension of new offshore wind power leasing.

The United States, a key market for Indian solar module makers, accounted for nearly one-fifth of Waaree's revenue in the past nine months. However, concerns over Trump's clean energy stance have weighed on Waaree's stock, which has lost about 36% since hitting a peak soon after its October listing.

Waaree's shares rose 10% on Friday, a day after it reported about three-fold jump in its third-quarter profit.

"In the last month or so, we have been in touch with all of our key customers. Our order book remains to be strong... Our pipeline for the U.S. orders has only increased," Paithankar told Reuters in an interview.

"And we'll be closely monitoring the tariff regime as it is rolled out," he said.

Paithankar said Waaree will decide based on any new tariffs whether to manufacture more in India or scale up capacity at its recently commissioned 1.6 gigawatts (GW) module manufacturing plant in Brookshire, Texas, to as much as 3 GW.

Outside the U.S., Waaree is looking at new export markets including the Middle East, Africa and Australia, Paithankar said.

In India, Waaree expects most of its 5.4 GW solar cell manufacturing capacity in the western state of Gujarat to be operational by March-April this year. The company has about 13.3 GW of module-making capacity in the country.

(Reporting by Sethuraman NR; Editing by Eileen Soreng)

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Jan 23 (Reuters) - WAAREE SOLAR AMERICAS:

• WAAREE SOLAR AMERICAS BEGINS COMMERCIAL PRODUCTION WITH 1.6 GW CAPACITY AT TEXAS FACILITY - STATEMENT

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Jan 22 (Reuters) - Waaree Energies Ltd WAAN.NS:

• UNIT STARTS COMMERCIAL PRODUCTION OF 1.6 GW SOLAR MODULE LINE

Source text: ID:nNSE7qpRgK

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Jan 20 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - GETS LETTER OF AWARD FOR SUPPLY OF SOLAR MODULES

Source text: [ID:]

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Jan 10 (Reuters) - Waaree Energies Ltd WAAN.NS:

• TO ACQUIRE ENEL GREEN POWER INDIA FOR 7.92 BILLION RUPEES

• DEAL WITH ENEL GREEN POWER DEVELOPMENT S.R.L

Source text: ID:nBSEbcNyLX

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Jan 2 (Reuters) - Waaree Energies Ltd WAAN.NS:

• RECEIVES ORDER FOR 150 MWP SOLAR MODULES

Source text: ID:nNSE5VwQmz

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Dec 23 (Reuters) - Waaree Energies Ltd WAAN.NS:

• APPROVES 20.73 BILLION RUPEES CAPEX FOR LITHIUM ION STORAGE PLANT

• APPROVES 5.51 BILLION RUPEES CAPEX FOR ELECTROLYSER PLANT

• APPROVES 1.30 BILLION RUPEES CAPEX FOR INVERTOR BUSINESS

Source text: ID:nBSE825DQt

Further company coverage: WAAN.NS

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Dec 16 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - RECEIVES ORDERS FOR 398 MW SOLAR MODULES

Source text: ID:nBSE7TFZ76

Further company coverage: WAAN.NS

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** Waaree Energies WAAN.NS rises ~2.9% to 3,266 rupees, its highest pct gain since Nov 8

** The solar panel maker's unit Waaree Forever Energies gets order for development of 170 MW solar power plant in Madhya Pradesh state

** Stock set to rise for seventh straight session

** Co has gained ~35% since its trading debut in Oct this year

(Reporting by Yagnoseni Das in Bengaluru)

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