New Delhi, Nov. 11 -- India's solar manufacturing industry is benefitting 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.

Among the largest players, Waaree Energies has outperformed its closest rival Premier Energies this year in terms of share price. Its stock has increased by 16% so far in 2025, compared to a 25% decline in the latter.

Other listed companies in the sector, 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,...