WAAREEENER

** Shares of Waaree Energies WAAN.NS jump 7.6% to 2,814 rupees

** Solar energy module maker expects its FY26 EBITDA to nearly double to 55-60 billion rupees

** WAAN on Tuesday reported a 36% rise in Q4 profit on the back of strong demand for its modules

** Analysts tracking stock rate it "hold" on avg, same as smaller rival Premier Energies PEME.NS - data compiled by LSEG

** Day's gain narrows WAAN's YTD losses to 0.7%, while PEME trails with a ~23% decline

(Reporting by Nandan Mandayam in Bengaluru)

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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

Further company coverage: WAAN.NS

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Jan 31 (Reuters) - WAAREE ENERGIES CEO WAAN.NS:

• WAAREE ENERGIES EXEC: NOT SEEING ANY ISSUES IN GETTING EQUIPMENT FROM CHINA

• WAAREE EXEC: SEE ONLY SLIGHT TEMPERING IN DOMESTIC SOLAR CELL PRICES EVEN AS PRODUCTION PICKS UP

• WAAREE EXEC: WILL POTENTIALLY LOOK FOR EQUITY PARTNERS FOR ENEL BUSINESS

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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

Further company coverage: WAAN.NS

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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:]

Further company coverage: WAAN.NS

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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

Further company coverage: WAAN.NS

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

• RECEIVES ORDER FOR 150 MWP SOLAR MODULES

Source text: ID:nNSE5VwQmz

Further company coverage: WAAN.NS

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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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Dec 11 (Reuters) - Waaree Energies Ltd WAAN.NS:

• GETS LOA FOR DEVELOPMENT OF 170 MW SOLAR POWER PLANT IN MADHYA PRADESH

Source text: ID:nBSE519zkk

Further company coverage: WAAN.NS

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Adds context of government projects in headline and paragraph 1, analyst comment in paragraph 9

By Sethuraman N R

Dec 10 (Reuters) - Indian clean energy firms will only be allowed to use locally made solar cells supplied by an approved list of companies in government projects from June 2026, the country's renewable energy ministry said, in a move aimed at curbing Chinese imports.

India already requires the use of locally made photovoltaic (PV) modules in government projects from an approved list of domestic manufacturers, and authorities have now extended this rule to solar cells as well.

The government plans to increase its non-fossil fuel capacity to 500 gigawatts (GW) by 2030 from about 156 at present.

Currently, India has a solar PV module-making capacity of about 80 gigawatts, while its cell-making capacity is slightly more than 7 GW, with companies largely relying on Chinese cells to make modules.

The government will issue a list of approved cell manufacturers as the installed capacity of solar PV cells in the country is expected to increase substantially next year, the ministry said on Monday.

Several Indian companies have already set up or are in the process of establishing solar cell-making plants.

Tata Power TTPW.NS recently commissioned a 4.3 GW cell making plant in southern India. Reliance Industries RELI.NS aims to commission its first phase of a 20 GW integrated solar cell and module production facility before the end of this year in the state of Gujarat, where the Adani Group already has a 4 GW cell and module-making plant.

Companies such as Waaree Energies WAAN.NS, Vikram Solar VIKO.NS and Solex Energy SOEX.NS have also lined up cell manufacturing pipelines.

"There is a possibility that the prices of modules using domestically made cells will be higher than the imported cells and that's where scaling up the cell capacity and improvement in cost economics for cell manufacturing in India will be important," said Vikram V, vice president of corporate ratings, ICRA.

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

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Dec 9 (Reuters) - Waaree Energies Ltd WAAN.NS:

• GOT ORDER FOR SUPPLY OF SOLAR MODULES UPTO 1 GW

Source text: ID:nBSE7ybcbp

Further company coverage: WAAN.NS

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** Waaree Energies Ltd WAAN.NS rises ~3% to 2,926.3 rupees ($34.55)

** Co secures accredition from NABL, globally recognized body, for a Gujarat-based advanced photo-voltaic module testing lab

** Accredition affirms lab's ability to perform safety and durability tests on PV modules, a critical component of solar energy systems

** Co made its trading debut on Oct. 28

** Stock has risen 25% since then after closing 6.4% below listing price on debut day

($1 = 84.6020 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

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Dec 5 (Reuters) - Waaree Energies Ltd WAAN.NS:

• SECURES NABL ACCREDITATION FOR ADVANCED TESTING LAB

Source text: ID:nBSE9z8KcM

Further company coverage: WAAN.NS

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

• RECEIVED ORDERS FOR SUPPLY OF MODULES UPTO 364 MWP AND 160 MWP

Source text: ID:nNSE8ytWJY

Further company coverage: WAAN.NS

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Adds quote in paragraph 3, updates details on bids in paras 6-7, anchor investment in para 9

By Manvi Pant

Nov 22 (Reuters) - NTPC Green Energy, the renewable energy arm of state-owned NTPC NTPC.NS, garnered bids worth 154.06 billion rupees ($1.83 billion) on Friday for its $1.2 billion initial public offering, as investors bet on the country's growing clean energy needs.

India has been scrambling to meet its clean energy targets and has ramped up investments in renewable energy and expanded capacity. It has to spend $385 billion by 2030 to meet its targets after falling short in 2022, per Moody's Ratings.

The IPO has done reasonably well for itself and the fact they have achieved 2.41 times the overall share subscription is creditable, said Arun Kejriwal, founder of brokerage Kejriwal Research.

About three-quarters of the 593.2 million shares on offer were set aside for institutional investors, which were oversubscribed by 3.3 times. Most of these bids came during the final few hours of trading on Friday.

Meanwhile, the portion reserved for retail investors was oversubscribed by 3.4 times, after being fully subscribed on the first day of bidding on Tuesday.

At the upper end of its price band of 102-108 rupees apiece, NTPC Green is valued at $10.8 billion rupees. Its IPO trails behind only Hyundai Motor India HYUN.NS and Swiggy SWIG.NS in size this year.

However, Indian stock markets -- which hit multiple record highs earlier this year -- have cooled off since September, falling over 8% from its last peak and causing some near-term concerns for the IPO, Prashanth Tapse, Senior Vice President of Research at Mehta Equities, said.

The IPO only includes fresh issue of shares, with NTPC not diluting its stake, according to the draft papers in the filing.

Anchor investors, including the Government of Singapore, the Abu Dhabi Investment Authority and the New World Fund, had also bought shares worth about $469 million ahead of the bidding date.

Trading on the stock exchanges is expected to begin on Nov. 27.

($1 = 84.3970 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza, Janane Venkatraman, Abinaya Vijayaraghavan and Krishna Chandra Eluri)

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Updates throughout with valuation, analyst comments, industry and company background

By Nandan Mandayam

Nov 13 (Reuters) - NTPC Green Energy set a price band on Wednesday for its initial public offering (IPO), targeting a valuation of as much as $10.8 billion in what is set to be India's third-largest IPO this year, though analysts raised concerns on the "aggressive" pricing.

The company set a price band of 102-108 rupees per share, aiming to raise 100 billion rupees ($1.19 billion) in the IPO, which trails only Hyundai Motor India HYUN.NS and Swiggy SWIG.NS in size this year.

At the upper end of the range, NTPC Green, a unit of state-owned power company NTPC NTPC.NS, will be valued at 910 billion rupees ($10.78 billion), per Reuters calculations.

The IPO comes as India bets big on renewable power and is ramping up capacity. However, its red-hot IPO market has cooled in the past month due to underwhelming corporate earnings and an exodus of foreign funds.

NTPC Green, which mostly produces solar power and has a few wind energy projects, follows solar panel makers Waaree Energies WAAN.NS, Premier Energies PEME.NS and ACME Solar ACMO.NS to the stock market this year.

Some analysts flagged concerns over NTPC Green's valuation, including on a price-to-earnings (PE) basis.

"The issue appears to be steeply priced for a company that trails its peers on various valuation metrics," said Arun Kejriwal, founder of brokerage Kejriwal Research.

NTPC Green's PE ratio of 148, based on last fiscal year's earnings, is higher than its smaller peers but lags bigger rival Adani Green Energy ADNA.NS (260).

Kranthi Bathini, director of equity strategy at Wealthmills Securities, said the valuation was "aggressive" but the profit growth was attractive.

NTPC Green's profit nearly doubled to 3.45 billion rupees last financial year, per its draft filing.

It will sell all the shares in the IPO -- which will be open for bids from Nov. 19-22 -- and plans to use the proceeds to repay its unit NTPC Renewable Energy's debt.

($1 = 84.4050 Indian rupees)

(Reporting by Nandan Mandayam and Manvi Pant in Bengaluru; Editing by Savio D'Souza)

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** Shares of solar panel maker Waaree Energies WAAN.NS fall as much as 8.8% to 3,315.20 rupees

** More than 428,000 shares traded in 19 block deals at 3,391.95 - 3,610.35 rupees each -LSEG data

** Prices at a discount to stock's last close of 3,636.60 rupees

** Stock on track to snap-session winning run

** Since listing on Oct. 28, stock is up 36.3%

(Reporting by Ashish Chandra in Bengaluru)

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Nov 6 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - RECEIVED ORDER FOR SUPPLY OF MODULES UPTO 180 MWP

Source text: ID:nBSEVxvDt

Further company coverage: WAAN.NS

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