In the past decade, India has made remarkable progress in the solar energy sector. Today, India has become one of the world’s top renewable energy markets. By mid-2025, the country’s total solar capacity surpassed 116 GW—a milestone driven by aggressive government targets, falling technology costs, and rising demand for clean energy.
The Foundation of India’s Solar Success
Large-scale solar parks, rapid rooftop solar adoption, and off-grid solutions have expanded solar energy across all sectors.
Government policies such as the National Solar Mission and Production-Linked Incentive (PLI) schemes have significantly boosted domestic manufacturing and innovation.
India is moving toward a 280 GW solar capacity target by 2025, which will strengthen sustainable development, improve energy security, and generate major employment opportunities.
Government Schemes Driving Solar Power Growth
The government has introduced several schemes to promote solar adoption across rural and urban India:
- PM-KUSUM Scheme: Helps farmers install solar pumps and ground-mounted solar systems.
- PM Surya Ghar Free Electricity Scheme: Aims to bring solar power to every home.
Alongside these, incentives supporting domestic manufacturing are building India’s self-reliant solar ecosystem. The recent announcement of a 1.6 GW solar cell factory in Mathura is a major step in this direction.
Premier Energies: Strength and Performance
As of 30 September 2025, Premier Energies has an order book of ₹13,249.6 crore, representing a total capacity of 9,114 MW.
Notably, 100% of its orders are domestic, reflecting strong demand from within India.
The company’s order book value has surged from ₹8,602.7 crore in June 2025 to ₹13,249 crore now.
In Q2 FY26:
- Sales: ₹1,837 crore (20% growth)
- EBITDA: ₹561 crore (47% growth)
- Net Profit: ₹353 crore (72% growth)
- EPS: Increased from ₹4.57 to ₹7.80
These numbers highlight excellent operational efficiency and rising profitability.
Waaree Energies: Global Expansion and Leadership
Waaree Energies has become India’s largest solar module manufacturer with a massive ₹47,000 crore order book.
The company’s production capacity stands at 24 GW.
Unlike Premier, Waaree’s order mix is 59.5% domestic and 40.5% international, reflecting rapid global expansion.
In Q2 FY26:
- Sales: ₹6,066 crore (70% YoY growth)
- EBITDA: ₹1,406 crore (168% growth)
- Net Profit: ₹878 crore (133% growth)
- EPS: Increased from ₹13.73 to ₹29.29
These numbers show explosive growth across all financial metrics.
Share Performance
- Premier Energies: Closed at ₹1,029.80, slightly higher than the previous day.
- Last 1 year: -11% return
- YTD: 22% decline
- Last 1 month: 2% improvement
- Waaree Energies: Closed at ₹3,276.20
- Last 1 year: 40.85% return
- YTD: 19.94% return
Clearly, Waaree has outperformed Premier Energies in terms of stock returns.
Expansion and Capex Plans
Premier Energies
Under its Mission 2028, the company is expanding solar cell manufacturing capacity at Naidupeta (Andhra Pradesh) from 4.8 GW to 7.0 GW.
- 4.8 GW to be operational by June 2026
- Remaining 2.2 GW by September 2026
Waaree Energies
Waaree has added 2.75 GW to its production capacity and approved a fresh capex of ₹8,175 crore.
The expansion focuses on:
- Storage batteries: 3.5 GWh → 20 GWh
- Electrolyzers: 300 MW → 1 GW
- Inverters: 3 GW → 4 GW
Waaree has also strengthened its portfolio through strategic acquisitions such as Kotsons Transformers and Racemosa Energy Meters. Additionally, by acquiring Meyer Burger’s assets in the US, Waaree has taken a major step toward global expansion.
Conclusion
India’s solar sector is no longer just about power generation—it is evolving into a story of self-reliance and innovation.
Companies like Premier Energies and Waaree Energies are raising India’s position in the global solar market.
In the coming years, India’s solar journey could become a model for the world, with these companies leading the charge.
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