Summary:
Waaree Energies' proposed ₹15,000 crore green ammonia project in Kakinada has received Andhra Pradesh government approval, but the investment still requires internal committee and board clearance. The proposed 1.2 million-tonne plant could diversify the business, subject to funding, execution and demand.
Waaree Energies (NSE: WAAREEENER) had a loud day on 11 November. A news report said the company plans to spend about ₹15,000 crore on a green ammonia plant in Andhra Pradesh, and the shares jumped almost 7% at their peak. Then the exchanges stepped in and asked Waaree to explain the report. Its answer hadn't arrived yet. When an exchange asks about a news item, a company usually replies with a short statement saying whether the report is accurate, so the figures in circulation should be treated as reported and not as confirmed.
The Kakinada Green Ammonia Plan, as Reported
Here's what the report says. The plant would sit in the Kakinada Special Economic Zone on the coast and turn out 1.2 million tonnes of green ammonia a year. Waaree has reportedly taken about 300 acres near the proposed Kakinada Gateway Port, and the state is said to have approved the project and its incentives under its 2024 clean energy policy.
None of this has come from Waaree itself. A formal announcement is expected at the Andhra Pradesh Investment Summit in Visakhapatnam this week, possibly with an agreement signed with the state. There's no word yet on when building would start.
Why Kakinada Is Attracting Green Ammonia Projects
Green ammonia starts as hydrogen made with renewable power. Turn that hydrogen into ammonia and it travels far more easily by ship, which is why plants like this want a port next door. Kakinada already has company. John Cockerill and AM Green have an electrolyser factory planned there, and ReNew has talked about a 300,000 tonne ammonia plant. Waaree's reported 1.2 million tonnes would be four times that size. Ammonia is already used widely in fertiliser, while cleaner ship fuel and power generation are newer uses being tried.
It would also be a big step away from solar panels. The group does make electrolysers, among other equipment, so it isn't starting from zero. A chemical plant of this scale is still a different game.
Waaree Energies Q2 FY27 Results: Sales Up, Profit Down
The September quarter numbers came out on 27 October. Sales were ₹7,518 crore, up about 24%. EBITDA, a measure of operating profit, was ₹1,335 crore, which is 17.8% of sales. Net profit slipped 14% to ₹754 crore. The reason is cost: materials alone jumped from ₹3,199 crore to ₹4,715 crore, and total expenses grew by roughly a third. Profit before tax came down to ₹1,030 crore from ₹1,231 crore, and earnings per share to ₹24.98 from ₹29.33.
Against the June quarter, sales fell about 5% from ₹7,932 crore and profit dropped around 15.5% from ₹892 crore. Look at the half-year and it reads differently. Sales for six months were about ₹15,450 crore, up 47%, but profit of roughly ₹1,646 crore is no higher than last year. Some of that revenue, about ₹360 crore, is refunded duty. Management still expects EBITDA of ₹7,000 crore to ₹7,700 crore for the full year.
The mix changed too. Exports brought in about ₹3,464 crore, up from ₹982 crore a year ago, and retail sales grew from ₹732 crore to ₹1,300 crore. A few other numbers help fill in the picture:
· The order book stood at ₹59,200 crore on 26 October, covering modules, transformers, batteries, inverters and electrolysers.
· Module capacity is about 26 GW, with 5.4 GW of cells. A new 1.10 GW addition in Gujarat takes inverter capacity to 4.15 GW.
· In the US, Waaree has 4.8 GW of capacity, and the Arizona module plant is being expanded from 1.0 GW to 1.6 GW for about $37 million.
How Other Renewable Stocks Traded on 11 November
Peers didn't follow. ACME Solar rose around 3%, KPI Green about 2% and NTPC Green about 1.4%. Premier Energies was flat and Adani Green slipped 1.5%. So the move in Waaree looked specific to its own news.
Open Questions: The US Customs Probe and a Data Centre Deal
A US customs probe into where parts in exported modules come from is still unresolved. Waaree set aside ₹294.78 crore for it last year and hasn't changed that figure, which leaves the final cost open.
There's also a data centre move. The board has agreed to buy Waaree Green Data Centers and its two subsidiaries from another group company for ₹1 lakh, with completion expected this year. The company says it's looking at large, AI-ready and edge facilities, which would be another new direction beyond solar manufacturing.
Waaree Energies Share Price and Valuation Snapshot
| Metric | Value |
| Share price (11 November 2026, afternoon) | About ₹2,557, up about 5.6% |
| Day high | ₹2,613.30 |
| Market capitalisation | About ₹73,500 crore |
| Price to earnings (trailing) | About 19 times |
| Price to book | About 4.6 times |
| Return on equity | 32.5% |
Lately the stock has moved between ₹2,162 and ₹3,557, so even after the jump it's well under the top. Promoters own about 64%. Foreign funds hold 8.6% and domestic institutions 4.1%. Borrowings were ₹5,293 crore in September, and the dividend yield is 0.16%. For scale, a ₹15,000 crore plan is roughly twenty times the profit the company earned in the latest quarter, so how it would be funded is still an open question.
Waaree Energies Developments to Track After the Green Ammonia Report
· Whether Waaree's reply to the exchanges confirms the ₹15,000 crore cost and the 1.2 million tonne capacity.
· Any agreement signed with Andhra Pradesh at the summit.
· How the plant would be paid for, given that borrowings are already above ₹5,000 crore.
· Any news on the US customs probe and the ₹294.78 crore provision.
· Whether full-year EBITDA stays on course for the guided range.
For now the plant is a report and not an announcement. The business itself grew sales by about a quarter in the September quarter while profit slipped, and the group keeps stretching into new areas, from ammonia to data centres. Until the company or the state confirms the details, the size and timing of the plan remain open.
