Waaree Energies shares gained 0.80% to ₹3,001.40 following the announcement of a major solar module order and significant management changes. The company secured a substantial 1,500 MW solar module order from a renowned domestic client engaged in power generation, transmission and distribution.

Major Solar Module Order Details

The comprehensive order encompasses 1,500 MW of solar modules scheduled for delivery during FY 2026-27. The company disclosed this significant business development through regulatory filings to stock exchanges, providing detailed contract specifications.

Stock Performance and F&O Listing

Waaree Energies shares were trading 0.80% higher at ₹3,001.40 on Wednesday, reflecting positive market sentiment following the order announcement. The stock has corrected approximately 23% from its post-listing high of ₹3,865.00. Additionally, the company entered the Futures and Options segment with F&O contracts for the January series and subsequent expiries becoming available for trading.

Leadership Transition and Management Changes

The company announced significant management changes with the resignation of Whole Time Director and Chief Executive Officer Amit Paithankar on December 29. Paithankar has decided to step down to pursue opportunities outside the organization, with his relief effective from May 15, 2026, or an earlier mutually decided date.

Strategic Implications

The board has approved the appointment of Jignesh Rathod, currently Director Operations, as Chief Executive Officer designate with immediate effect. Rathod will formally assume charge as Chief Executive Officer and key managerial personnel from May 16, 2026, or earlier, subject to Paithankar being relieved sooner. The substantial solar module order demonstrates the company's capability to serve large-scale projects while meeting both DCR compliance requirements and standard module specifications, providing clear visibility for production planning and capacity utilization through FY 2026-27.

Waaree Energies announced a significant leadership transition following its board meeting held on December 29. The board has accepted CEO Amit Paithankar's resignation and appointed Jignesh Rathod as CEO-Designate with immediate effect, as disclosed in its regulatory filing under Regulation 30 of SEBI Listing Regulations.

Leadership Transition Details

The board accepted the resignation of Amit Paithankar, who serves as Whole Time Director and Chief Executive Officer. According to the official resignation letter dated November 15, Paithankar submitted his resignation to pursue opportunities outside the organization, specifically joining Saarv Solutions Private Limited as a cofounder. The board has agreed to relieve him with effect from May 15, 2026, or an earlier date as may be mutually decided.

Jignesh Rathod's Appointment and Background

Based on the recommendation of the Nomination and Remuneration Committee, the board approved Jignesh Rathod's appointment as CEO-Designate. Currently serving as Director – Operations, Rathod will work closely with the outgoing CEO during the transition period and formally take charge as Chief Executive Officer from May 16, 2026, or an earlier date, subject to Paithankar's earlier relieving.

Rathod brings extensive qualifications and experience to the role. He holds a Bachelor's degree in Engineering from Gujarat University, a Master's degree in Business Administration from NMIMS Mumbai, and a Doctorate in Business Administration from XIBMS.

Board Recognition and Strategic Vision

The board placed on record its deep appreciation for Paithankar's leadership, commitment, and valuable contributions during his tenure. Under his leadership, the company strengthened its operational capabilities, expanded its footprint, and built a robust foundation for long-term growth. The board wished him success in his future professional endeavours.

Rathod has been instrumental in overseeing end-to-end operations across the company's manufacturing facilities. His responsibilities include scaling production capacities, driving operational efficiencies, strengthening quality systems, and supporting expansion and modernization initiatives.

Regulatory Compliance and Future Outlook

The company has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. The announcement was made to both BSE Limited and National Stock Exchange of India Limited.

The board expressed strong confidence in Rathod's ability to lead the company through its next phase of growth, citing his deep operational expertise, people-centric leadership approach, and strong alignment with the company's values and strategic priorities. The planned internal succession ensures leadership continuity, operational stability, and strategic momentum while reaffirming the company's commitment to strong governance and sustainable growth for all stakeholders.