Solar Module Price Drop Puts Waaree, Premier in Focus

: Waaree Energies & Premier Energies Solar module prices are under pressure after an SECI tender for 870 MW of TOPCon modules for 2027 delivery discovered a price of around 18 US cents/W, significantly below prevailing market prices of roughly 21–25 US cents/W and the 25 US cents/W level seen in the Tata Power-SECI tender in February 2025. This represents a sharp price decline versus recent market levels. The development is negative for domestic solar module manufacturers such as Waaree Energies and Premier Energies, particularly if lower tender prices translate into broader market pricing pressure. The concern is higher because input costs such as wafer, silver and aluminium remain relevant, while the tender price reportedly does not provide a mechanism to pass through potential input-cost increases. Lower realisations could therefore put pressure on module margins and earnings visibility if the trend persists. Stock Commentary – Waaree Energies WAAREEENER – NEGATIVE (8/10): TOPCon module prices falling to ~18 US cents/W versus current market levels of 21–25 cents/W raises realisation and margin concerns. Input-cost risks from wafers, silver and aluminium could further pressure profitability. Stock Commentary – Premier Energies PREMIERENE – NEGATIVE (8/10): The sharp decline in discovered solar module prices increases concerns over pricing and margin pressure for domestic manufacturers. Limited input-cost pass-through could make profitability more sensitive if lower module prices become a broader market trend.