The move aims to expand Waaree’s presence across the energy value chain beyond its solar manufacturing core.

Waaree Energies shares traded higher on Friday, gaining 0.22 per cent to ₹3,508 in afternoon trading after the company announced its board’s approval for subsidiary Waaree Power Private Limited to acquire a 76 per cent stake in smart meter manufacturer Racemosa Energy (India) Private Limited.

The acquisition, valued at approximately ₹53 crore through cash consideration, will make Racemosa Energy a step-down subsidiary of Waaree Energies once closing conditions are fulfilled. The transaction is subject to execution of definitive agreements, customary closing conditions and regulatory approvals, with completion targeted for FY 2025-26.

Smart meter integration to strengthen energy chain

Racemosa Energy, incorporated in 2018 in Maharashtra, specializes in manufacturing smart meters. Waaree Energies stated the acquisition aims to integrate smart meters to strengthen the company’s presence across the energy value chain, expanding beyond its core solar manufacturing business.

The stock opened at ₹3,510 against the previous close of ₹3,500.40, touching a high of ₹3,533 and low of ₹3,470.20 during the session. Trading volume reached 10.42 lakh shares with a traded value of ₹365.14 crore by afternoon. The company’s total market capitalization stood at ₹1,00,778.95 crore.

Yes Securities bullish on growth, solar expansion

Yes Securities recently initiated coverage on Waaree Energies with a ‘Buy’ rating and target price of ₹4,610, citing the company’s position as India’s largest solar PV module manufacturer with over 13.3 GW module capacity. The brokerage expects aggressive capacity expansion to drive growth, targeting 25.7 GW modules by FY27.

The broader renewable energy sector remains in focus as India’s GDP is expected to grow at 6-6.5 per cent CAGR by 2030, driven by massive energy consumption. Yes Securities noted that while coal and petroleum’s share will decline, renewables are expected to grow at a faster rate, with solar power leading clean energy transition. The government’s ambitious target to reach 900GW renewable capacity by FY32 is expected to benefit large integrated players like Waaree.

Published on September 19, 2025