Is Waaree India’s most promising renewable energy stock?

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Editor's note: There’s just no slowing down Waaree Energies. India’s largest maker of solar modules, with a manufacturing capacity that just hit 12 gigawatts, is already larger than rivals Adani Solar and Vikram Solar put together.  It is also amongst the largest beneficiaries of the latest tranche of the government’s production-linked incentive, or PLI, scheme for manufacturing solar equipment, bagging 6 GW worth of the total 39.6 GW awarded. The stock of its listed subsidiary, Waaree Renewable Technologies, has gone up over 8,600% in the last three years, making it among the best-performing energy stocks. The share has seen a rise of over 167% in just a year. In fact, such has been its momentum that even Waaree Energies’s failed IPO did little to dampen investors’ interest. Between September 2021 (when the parent filed its draft papers with SEBI) and October 2022 (when it announced a private fundraise and postponement of the IPO), the stock rose nearly 200%. After the IPO was shelved, the shares have continued their upward trajectory, up over 80% between October and close of trading on Monday. So, …