waaree energies , through its wholly-owned step-down subsidiary Waaree Forever Energies Four Private Limited, has executed a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India Limited (SECI). The agreement is for the development of a 300MW wind power project located in Dwarka, Gujarat. The PPA was officially executed on May 06, 2026, following an initial intimation dated February 24, 2026.

Key Details of the Agreement

The PPA between Waaree Forever Energies Four Private Limited and SECI covers a wind energy capacity of 300MW. The project site is established in Dwarka, Gujarat. The following table summarises the key parameters of the agreement:

Significance of the Development

The execution of this PPA with SECI represents a key milestone for Waaree Energies in the wind energy sector. SECI, a central public sector enterprise under the Ministry of New and Renewable Energy, plays a pivotal role in facilitating renewable energy procurement across India. The 300MW wind project in Dwarka, Gujarat, adds to the company's growing portfolio of clean energy assets through its subsidiary.

Waaree Energies has come under pressure following a brokerage note from Jefferies, which has assigned an Underperform rating on the stock with a target price of ₹2,395. The assessment reflects a combination of a significant quarterly earnings miss, deteriorating margins, and a weakening order book, painting a cautious near-term picture for the solar energy manufacturer.

Sharp Q4 Miss on EBITDA and PAT

Jefferies flagged a notably sharp miss in Waaree Energies' Q4 financial performance, with EBITDA and PAT falling short of estimates by approximately 26% and 25%, respectively. The underperformance was driven by two key factors: input cost inflation and an adverse product mix, both of which weighed heavily on the company's profitability during the quarter.

The following table summarises the key highlights from Jefferies' assessment:

Margin Outlook Remains Weak in the Near Term

Beyond the Q4 miss, Jefferies indicated that near-term margins are expected to stay weak, suggesting that the pressures from input costs and mix headwinds are not likely to abate quickly. This outlook has prompted the brokerage to cut its FY27 estimates for the company, reflecting a more conservative view of earnings recovery in the medium term.

Order Book Declines 12% QoQ

Adding to the concerns, Waaree Energies' order book declined by 12% on a quarter-on-quarter basis, signalling a potential softening in near-term demand visibility. A contracting order book, combined with margin pressures, forms the core basis for Jefferies' cautious stance on the stock.

Company Guides for 18–30% EBITDA Growth

Despite the near-term challenges, Waaree Energies has guided for 18–30% EBITDA growth at a later stage. However, Jefferies' Underperform rating and reduced FY27 estimates suggest the brokerage views this guidance with caution, given the current operating environment characterised by cost inflation and an adverse revenue mix.

The combination of a sharp Q4 earnings miss, weakening margins, a declining order book, and downward estimate revisions underscores the headwinds facing Waaree Energies in the near term, as reflected in Jefferies' Underperform call and target price of ₹2,395.