Waaree pulls ahead of Premier in solar race, but faces US headwinds

India's solar manufacturing industry is benefiting from strong demand, maturing capacities, and supportive policies. Even as the sector scales up, the fortunes of listed module producers have diverged sharply, reflecting investor caution amid global policy shifts and pricing pressures.

- Dipti Sharma

Among the largest players, Waaree Energies has outperformed its closest rival Premier Energies this year in terms of share price. Its stock has risen 16% so far in 2025, compared with a 25% decline in the latter's. Other listed firms, such as Vikram Solar and Websol Energy System, have declined by 11% and 22%, respectively, so far this year.

On valuations, too, Waaree looks more grounded at 26.79 times earnings, compared with Premier's steeper 34.11x.