07/07/26, LODHA DEVELOPERS Bullish

07/07/26, South Korea's Markets Plunge

South Korea's benchmark Kospi index plunged more than 8 percent on Tuesday amid renewed selling in technology stocks, as investors continued to pare exposure to AI-linked shares.

The Kospi fell 8.18 percent to 7,392.04 in Seoul, weighed down by sharp losses in heavyweight chipmakers Samsung Electronics and SK Hynix.

The broader weakness came amid growing concerns that the rally in artificial intelligence-related stocks may have run ahead of fundamentals.

The MSCI Asia Pacific Index declined 1.7 percent, while futures for the tech-heavy Nasdaq 100 Index fell 1 percent, indicating that Monday's rebound on Wall Street was losing momentum. European markets were also set to open lower.

The chip sector remained under pressure, with Samsung Electronics, whose shares have more than doubled this year, falling 9.3 percent despite reporting a 19-fold rise in profit. SK Hynix declined 9.5 percent after launching the marketing process for its proposed US listing.

AI-related stocks have remained volatile amid concerns that valuations have risen too sharply, raising questions over whether heavy investments in AI chips and data centres will generate sufficient gains in productivity and profits.

SK Hynix is also set to test investor appetite for AI investments this week as it seeks to raise USD 28 billion through a share sale for its proposed Nasdaq listing in the United States.

Elsewhere in Asia, Japan's Nikkei 225 declined 1.8 percent to 68,493.52. Chip equipment maker Tokyo Electron fell 3.4 percent, while Kioxia Holdings dropped 10.7 percent.

Hong Kong's Hang Seng index slipped 0.4 percent to 23,517.70, while China's Shanghai Composite Index lost 1 percent to 3,999.03. Taiwan's Taiex declined 1.8 percent.

On Monday, the S&P 500 rose 0.7 percent to 7,537.54, moving to within 1 percent of its record high despite most of its constituent stocks ending lower.

Report by Paras Bisht(With inputs from agencies)

Source: Network18 

Disclaimer: The views and investment tips expressed by investment experts here are their own and not of us.  We advises readers  to check with certified experts before taking any investment decisions.

07/07/26, Rupee Slipped Again

The rupee slipped to a three‑week low on Monday as a stronger dollar pinched the currency, with maturing contracts in the non-deliverable forward adding to the pressure. The rupee fell to 95.40 against the dollar, down 18 paise from the previous close, according to Bloomberg.

“While equities and oil prices showed some positive signs, the rupee’s movement has largely been driven by sentiment, with dollar demand remaining elevated. As a result, many currencies, including the rupee, continue to weaken against the dollar,” said Dilip Parmer, research analyst, HDFC Securities.

The dollar index, which measures the US currency against a basket of six major currencies, rose 0.26% to 101.12 on Monday. Most Asian currencies ended lower. Over the past one month, the index has risen nearly 2% on growing expectations of a hawkish stance from the Federal Reserve.

Oil prices, which had previously weighed heavily on the rupee, is now trading at around $71 a barrel. There has been a 26% fall in oil prices over the past month.

So far in 2026, the rupee has declined 6.15% and over the past year, it fell 10%.

If the dollar index keeps climbing, it would threaten the rupee stabilisation, Parmer said. “Provided the rupee remains below 96, the outlook is not immediately worrisome. In the near-term, I expect the rupee to trade in the range of 94.45-95.80.”

Currency dealers said the Reserve Bank of India carried out modest dollar interventions, capping further weakness.

“The kind of one-sided response of the rupee to the dollar index movement shows that the underlying mood is fragile. In addition, persistent dollar buying from oil companies also pressured the currency during the day,” said Amit Pabari, managing director, CR Forex.

A fresh negative trigger could push the rupee towards 95.80- 96.00, while support holds near 94.80-95.00, Pabari said.  

SOURCE : Financial Express

07/07/26, NIFTY BANK INDEX seems Bullish with the support levels formed at 58000 & 57000

 

07/07/26, SENSEX JULY FUTURE Bullish only above 78490

 

06/07/26, The Indian real estate sector seems to be entering positive phase.

 In  every market cycle, a small group of sectors lay the groundwork for their next phase of wealth creation, often unnoticed, while most investors remain focused on yesterday’s winners. The Indian real estate sector seems to be entering such a phase.

Real estate stocks were out of favour for years after a long period of underperformance. But the fundamentals improved and investors who had suffered the pain of the previous cycle preferred to stay away.

The Nifty Realty Index is offering one of the best long-term technical setups that an investor could hope for today, a multi-year breakout with a successful retest.

In technical analysis it is popularly known as “Ceiling Turns Floor.” The previous strong resistance zone has turned into a long-term support base.

History has shown that respecting such breakouts often lays the groundwork for the next multi-year bull market. Investors who want to get through short-term volatility and focus on opportunities till 2030 should consider investing in the Realty sector.

Nifty Realty Index: Ceiling Turns Floor

The weekly chart of the Nifty Realty Index has an interesting story to tell. Between 2009 and 2023 the index repeatedly failed to get above the 550-620 zone. Every rally to this region was met with selling pressure. This price band was an unbreakable ceiling for almost 15 years.

Nifty Realty Index

Then came the break-out. In 2023, the index finally broke through this long-standing resistance and signalled that buyers are now clearly in charge. Such multi-year breakouts are rare, for they are not simply temporary price moves, but rather a structural shift in market psychology.

But the first breakout is only half the story. The confirmation is when prices come back to the breakout area. In the recent correction, the Nifty Realty Index has retraced towards the same 550-620 support area. Instead of breaking lower buyers stepped in hard. The confirmation of the breakout was the previous resistance turning into support. This is the classic “Ceiling Turns Floor” principle.

Those retests are good. They take out weak hands, restore confidence among investors and set the stage for the next leg up in the trend.

The positive outlook is enhanced by the momentum indicator. The weekly RSI is back above the 50 level, suggesting momentum is returning to bullish territory. In strong uptrends, RSI tends to stay above 50 for long periods of time, signals buying interest.

When you see a rising price structure and an RSI above 50, that usually means institutional participation is slowly increasing, not fading.

Here are two stocks from the Realty sector which could potentially lead the index.

DLF: Leading the Real Estate Industry in India

In the large-cap Realty space, DLF continues to be structurally differentiated. The Realty Index is showing an almost identical pattern on the weekly chart.

For almost 14 years, DLF struggled to break the resistance zone of Rs.420-500. But sellers emerged at those levels and each attempt eventually failed. The stock eventually broke through this resistance, confirming the beginning of a new structural uptrend.

The recent correction has not ruined the trend, but rather brought the stock back to this very breakout region.

What followed is exactly what long-term investors like to see.

The stock has held the previous resistance as support and has started turning north again. The successful retest shows that demand keeps coming in at lower levels. Investors seem to be more inclined to add to the stock rather than panic selling near the breakout zone.

The weekly RSI has recovered near the 60 level well above the critical 50 level. This indicates bullish momentum is slowly building after the correction.

In a longer-term perspective DLF continues to make higher highs and higher lows on the weekly time frame and thus is maintaining the broader trend.

If the Realty sector enters another phase of expansion in the coming years, DLF has the potential to be one of the key leaders in the sector.

Lodha: Long Term Bullish Trend

Lodha Developers is another interesting opportunity for investors looking for long term play in the Realty space.

Compared to DLF, Lodha is relatively young in terms of listed history, but the weekly chart clearly shows the same technical price. 

The stock corrected sharply after a strong rally and came back to the crucial support zone of Rs.680-730, which was a strong resistance zone earlier. Buyers strongly defended the zone and did not allow prices to break below this level.

“The recent trend shows that long term demand is solid.”

Such successful retests are typically the hallmark of quality leadership stocks. Typically, strong companies don’t go bust after testing major support, instead they resume their primary trend after the selling pressure has subsided.

Another positive sign comes from momentum.

The weekly RSI has again crossed above 50, indicating improving buying strength after several months of consolidation. The price action is also a sign of renewed optimism as the stock has started to make higher weekly closes after holding support.

If the broader Realty Index maintains its structural uptrend, Lodha can potentially participate in the next leg of the sector’s journey.

Why the Realty Cycle Could Be Different This Time

In the past, Indian investors have associated real estate with physical property. The safest way to get into the sector has often been to buy a house. But there’s another way to be part of the growth of the industry, through listed real estate companies. The surge in housing demand, premium developments, infrastructure expansion and urbanisation provides leading developers with the opportunity to create significant shareholder value in the long term.

Markets rarely ring a bell at the beginning of a big cycle. Instead, they quietly laid solid technical foundations before gaining widespread attention.

The present chart structure of Nifty Realty Index suggests that this base may be already in place. It’s not every day you see a successful retest of a multi-year breakout. This is the example of changing market behaviour whereby what were former sellers slowly become buyers.

Such structural shifts can be the catalyst for meaningful wealth creation for investors with a five-year investment horizon.

A Multi-Bagger Theme For The Next 5 Years

All long-term bull markets begin with disbelief. The memory of past corrections is still fresh in the minds of investors and many investors are still reluctant to enter sectors after years of consolidation. But those same times of indecision can be the most tempting opportunities.

The Nifty Realty Index has now crossed one of its crucial technical milestones- a multi-year breakout and a successful retest, highlighting the principle that the ceiling has now become the floor.

Within the sector, DLF and Lodha Developers have shown similar technical behaviour, successfully defending their long-term breakout zones and demonstrating improving momentum. If this trend persists, both stocks have the potential to be key beneficiaries in the next phase of the Realty cycle.

All investments involve risk and corrections are part of every bull market. However, from a long-term technical analysis perspective, the current setup is a compelling risk-reward equation.

For investors looking for the next 5 years opportunity, Realty should be on the watchlist. If history is any guide, today’s breakout retest could be the foundation for the next breed of potential multi-bagger Realty stocks to embark on the journey towards 2030.

Disclaimer: This article is strictly for educative purposes only.

Written by Brizesh  Bhatia

Source: Financial Express

Brijesh Bhatia is an Independent Research Analyst and is engaged in offering research and recommendation services with SEBI RA Number – INH000022075. He has two decades of experience in India’s financial markets as a trader and technical analyst.

06/07/26: Market Strategy

 The Nifty 50 turned stronger after rising for the third consecutive session, closing 0.4 percent higher on July 3 despite intraday profit booking near the 24,400 level. A breakout above the falling resistance trendline, improving momentum indicators, sustained trading above the 20-, 50-, and 100-day EMAs, along with a lower India VIX and subdued crude oil prices, supported market sentiment. Going ahead, the index needs to surpass the 24,400 hurdle to trigger a rally toward the 24,500–24,600 zone (previous swing highs). Until then, consolidation may continue, with immediate support placed at 24,200–24,100, followed by the key support level of 24,000, according to experts.

1) Key Levels For The Nifty50(24,271): Resistance formedon pivot points: 24,349, 24,378, and 24,426

Support based on pivot points: 24,252, 24,223, and 24,175

Special Formation: The Nifty 50 formed a bearish candle above the 24,200 resistance level (which also coincides with the falling resistance trendline) after approaching the 24,400 mark intraday, as profit booking emerged at higher levels. This signalled a lack of strength in the breakout above the crucial resistance. However, the overall trend remains positive, as the index continues to trade above its short- and medium-term moving averages, as well as the 100-day EMA. The RSI rose to 60.95 and witnessed a bullish crossover, while the MACD histogram strengthened further with an expansion in the green bars. Additionally, the MACD remained above both the signal line and the zero line. All these indicators suggest sustained positive momentum despite the intraday profit booking.

2) Key Levels For The Bank Nifty (57,938)

Resistance based on pivot points: 58,235, 58,363, and 58,571

Support based on pivot points: 57,819, 57,691, and 57,483

Resistance based on Fibonacci retracement: 59,195, 61,678

Support based on Fibonacci retracement: 57,332, 56,465

Special Formation: The Bank Nifty, which declined 0.16 percent on Friday, formed a bearish candle with a minor lower shadow on the daily charts and underperformed the benchmark Nifty 50. However, it continued to sustain well above all key moving averages, all of which maintained their upward trajectory. Among them, the 10-day EMA has been acting as a reliable support over the past couple of weeks, signalling that the broader trend remains strong despite minor profit booking near higher levels. The RSI remained above the 60 mark at 62.12 but stayed below its signal line. Meanwhile, the MACD is on the verge of a bearish crossover, as the histogram's green bars have continued to shrink for the tenth consecutive session, approaching the zero line. All these indicators suggest that momentum has weakened slightly, although the broader trend remains positive.

3) Nifty Call option Data:

According to the weekly options data, the 24,500 strike holds the maximum Call open interest (with 1.14 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,400 strike (1.13 crore contracts) and 24,300 strike (1.08 crore contracts).

Maximum Call writing was observed at the 24,300 strike, which saw an addition of 59.35 lakh contracts, followed by the 24,350 and 24,400 strikes, which added 54.49 lakh and 49.42 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,200 strike, which shed 25.99 lakh contracts, followed by the 24,100 and 24,150 strikes, which shed 25.32 lakh and 18.36 lakh contracts, respectively.

4) Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 24,000 strike (with 1.39 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,900 strike (95.8 lakh contracts) and the 24,200 strike (83.11 lakh contracts).

The maximum Put writing was placed at the 24,300 strike, which saw an addition of 48.87 lakh contracts, followed by the 24,200 and 24,250 strikes, which added 34.89 lakh and 26.28 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,050 strike, which shed 16.32 lakh contracts, followed by the 24,100 strike, which shed 14.65 lakh contracts.

5) Nifty Bank Call option Data:

According to the monthly options data, the 58,000 strike holds the maximum Call open interest, with 13.76 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 59,000 strike (12.87 lakh contracts) and the 58,500 strike (6.27 lakh contracts).

Maximum Call writing was observed at the 59,000 strike (with the addition of 2.58 lakh contracts), followed by the 58,000 strike (1.12 lakh contracts) and 58,200 strike (74,790 contracts). There was hardly any Call unwinding seen in the 57,100-59,400 strike band.

6) Nifty Bank Put Option Data:

On the Put side, the maximum Put open interest was seen at the 58,000 strike (with 12.38 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 59,000 strike (6.44 lakh contracts) and the 58,500 strike (3.98 lakh contracts).

The maximum Put writing was placed at the 59,000 strike (which added 2.41 lakh contracts), followed by the 58,300 strike (46,260 contracts) and 58,500 strike (43,680 contracts). The maximum Put unwinding was seen at the 57,400 strike, which shed 4,920 contracts, followed by the 57,300 and 59,400 strikes, which shed 2,220 and 1,080 contracts, respectively.

06/07/26, Stocks to Watch

Equity benchmarks maintained their uptrend for the third consecutive session, with the Nifty 50 rising 0.4 percent on July 3. Market breadth slightly favoured the bulls, as about 1,577 shares advanced against 1,416 declining shares on the NSE. Overall, the trend remains positive, though some consolidation cannot be ruled out. Below are some short-term trading ideas to consider.

Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One

Indusind Bank:CMP: Rs 974.35

Following a convincing price breakout after a prolonged phase of consolidation around its previous bearish gap resistance, the technical structure for IndusInd Bank appears to be turning constructive. On the candlestick charts, a bullish crossover on the 14-day RSI, coupled with a breakout above a downward-sloping trendline, adds further weight to the improving technical setup.

The Point & Figure charts also reinforce this view. On the daily 1% × 3 chart, the stock has delivered a bullish Double Top Buy breakout above its 45-degree falling trendline. Additionally, the XO Zone Indicator has moved into bullish territory, suggesting that momentum is gradually shifting in favour of buyers and making the stock a strong candidate for sustained upside in the near term.

Hence, buying is recommended in IndusInd Bank around Rs 973-970.

Strategy: Buy

Target: Rs 1,050, Rs 1,060

Stop-Loss: Rs 903

Zydus Life sciences: CMP: Rs 1,140.6

Following a decisive range breakout from its prolonged consolidation earlier this year, Zydus has spent the past month consolidating its gains. The stock now appears poised to resume its primary uptrend, having delivered a convincing breakout above this recent consolidation.

The Point & Figure charts also reinforce the bullish outlook. On the daily 0.25% × 3 P&F chart, the stock has delivered a follow-through to a Bullish Broadening formation, highlighting the continuation of positive momentum. On the higher-timeframe 1% × 3 P&F chart, the stock is also providing a follow-through to a Bullish Anchor Column (Super Pattern), further strengthening the case for a continuation of the broader uptrend and suggesting the potential for higher levels in the sessions ahead.

Hence, buying is recommended in the stock around Rs 1,140-1,135.

Strategy: Buy

Target: Rs 1,220, Rs 1,225

Stop-Loss: Rs 1,059

Welspun Living: CMP: Rs 170.93

Following the breakout from a year-long consolidation, Welspun Living has now retested the breakout zone on relatively low volumes, suggesting an absence of supply in the stock. Alongside this, a bullish crossover on the 14-day smoothed RSI suggests strong momentum tailwinds.

The bullish structure is further reinforced by the formation of a Bullish Broadening pattern on the daily 0.25% P&F chart, suggesting that buyers remain firmly in control of the stock and that higher prices are likely in the coming days.

Hence, buying is recommended in the stock around Rs 171-168.

Strategy: Buy

Target: Rs 195, Rs 200

Stop-Loss: Rs 158

Mahesh M Ojha, VP- Research and Business Development at Kantilal Chhaganlal Securities

Bharti Airtel: CMP: Rs 1,910.4

Bharti Airtel closed comfortably above its key short- and long-term moving averages, including the 20-day, 50-day, and 100-day SMAs, indicating a bullish setup.

Price action remains bullish as long as the stock sustains above its key support zones. The daily RSI, at 60.80, supports the ongoing bullish trend and reflects underlying strength in the stock.

Immediate resistance levels are placed at Rs 1,920 and Rs 1,948, while strong support is seen at Rs 1,880 and Rs 1,840. Buying is advised in the range of Rs 1,900-1,910.

Strategy: Buy

Target: Rs 1,948, Rs 1,975, Rs 1,990

Stop-Loss: Rs 1,840

ICICI Bank: CMP: Rs 1,411.4

ICICI Bank has delivered a positive breakout by closing above the previous resistance level of around Rs 1,410, indicating strengthening price momentum and a continuation of the bullish structure.

The stock remains technically strong as long as it sustains above its weekly 5-, 10-, 20-, and 50-day Simple Moving Averages (SMAs), reinforcing the prevailing uptrend.

The weekly RSI, at 61.37, is a bullish indicator of a medium- to long-term positive setup, reflecting strong underlying momentum.

Immediate resistance levels are positioned at Rs 1,448, Rs 1,480, and Rs 1,521, while strong support is seen at Rs 1,370 and Rs 1,340. Buying is recommended in the stock in the zone of Rs 1,400-1,410.

Strategy: Buy

Target: Rs 1,448, Rs 1,475, Rs 1,520

Stop-Loss: Rs 1,358.

Skipoer:  CMP: Rs 574.95

Skipper continues to exhibit strong bullish momentum, trading comfortably above all key short-term Simple Moving Averages (SMAs). The stock has closed above the Rs 570 mark, indicating sustained buying interest and a positive price structure.

Price action remains bullish as long as the stock sustains above its key support zones. Immediate resistance levels are placed at Rs 590, Rs 610, and Rs 660, while strong support is seen at Rs 548 and Rs 528.

The MACD remains in positive territory, signalling continued upward momentum. The RSI, at 66.44, also supports the ongoing bullish trend, reflecting underlying strength in the stock.

Hence, buying is advised in the stock in the zone of Rs 565-575.

Strategy: Buy

Target: Rs 590, Rs 620, Rs 660

Stop-Loss: Rs 524

Disclaimer: The views and investment tips expressed by experts are their own and not those of us. We advise readers and investors to check with certified experts before taking any investment decisions

You May Lik

06/07/26, Insurance companies and the National Pension System (NPS) have emerged as the key drivers of domestic liquidity in Indian equities, together investing a record amount in the first half of 2026 since data became available. The buying has continued despite muted returns from Indian markets through the year and sustained selling by foreign institutional investors (FIIs).

 During January-June 2026, insurance companies bought equities worth around Rs 45,929 crore while NPS bought around Rs 42,922 crore, taking combined six-month buying to Rs 88,852 crore, a record since data became available in 2021, NSE data showed. Both insurance and NPS have seen robust, continued investment in Indian markets since the start of 2025, with combined buying of Rs 69,900 crore in the first half of the year and Rs 74,413 crore in the second half.

Raj Gaikar, Equity Research Analyst at SAMCO Securities, said the key driver behind these inflows is the nature of the capital itself. Unlike foreign portfolio flows, insurance premiums and NPS contributions are long-term and recurring, meaning investments continue irrespective of short-term market movements. Insurance companies receive a steady stream of premium income, while NPS benefits from regular monthly contributions from a rapidly expanding subscriber base, so neither is attempting to time the market.

In January-June 2026, India's benchmark Sensex and Nifty fell 10 percent and 8.66 percent respectively, while the broader BSE MidCap 150 and BSE SmallCap 250 indices gained 1.4 percent and 5.5 percent respectively. The year saw significant volatility on account of stretched valuations, continued FII selling, and trade tensions. The recent conflict involving the US, Iran and Israel triggered a surge in crude oil prices and weakened macroeconomic conditions.

Though Indian markets have recovered since the start of April, returns for the year remain muted, creating what some see as an attractive opportunity for these institutions to accumulate quality companies at more reasonable valuations. A gradual shift in household savings away from traditional assets such as bank deposits and gold towards market-linked investment products has further strengthened this domestic liquidity.

Behind the steady flows lie two structural reasons why this money keeps coming regardless of returns. From a regulatory standpoint, insurers operate under prudent investment norms that require a significant portion of their traditional funds to remain invested in government and other approved securities, with diversification limits on individual companies.

For insurance, a parallel effect plays out through product mix — ULIPs and market-linked pension plans are taking share from traditional endowment products, and equity allocation follows the product design automatically. Nobody at an insurer is making a market call in this process; the policyholder picks the plan, and the fund manager simply executes it.

For NPS, the Active Choice option permits equity allocation of up to 75 percent, while the Multiple Scheme Framework introduced in October 2025 allows eligible non-government subscribers to opt for schemes with equity exposure of up to 100 percent, depending on their investment preference. That marks a meaningful shift from a few years ago, when the scheme was structurally debt-heavy. Combined with a growing subscriber base contributing every month through payroll, this produces equity buying that is largely indifferent to how the index performed the previous week — it is contractual rather than discretionary in nature.

Set against a year in which FIIs have remained on the sidelines, selling nearly $29 billion so far in 2026, these two sources of demand have created something Indian markets have not had before at this scale — a genuinely domestic, contribution-driven demand base that is not performance-chasing. Mutual funds have added over Rs 2.88 lakh crore so far in 2026, taking total domestic institutional investor (DII) investment to around Rs 4.64 lakh crore so far this year. That, market participants say, is the real support level under Indian equities right now.

Atish Jain, CEO of Choice Connect, a partner-led financial distribution platform, said anyone building a five-year thesis on India should stop treating FII flows as the swing factor they once were. NPS penetration remains low relative to the size of the workforce, insurance's share of savings is still growing, and neither trend depends on stock returns to keep expanding. A flat year like this one, he said, is a stress test that the structure is passing quietly.

written by Ravindra Sonavani, 

Source: Network18 

05/07/26, Battery Energy Storage Systems

India’s renewable energy story is entering a new phase as building solar and wind capacity is no longer enough. The next challenge is storing that power when the sun sets and the wind slows. That is where Battery Energy Storage Systems (BESS) are becoming indispensable.

According to the Central Electricity Authority, India will require 236 gigawatt (GWh) of battery storage by FY32. This will take the country’s total energy storage requirement to 411 GWh, a sharp jump from just 34.7 GWh in FY27E.

The policy backdrop is equally compelling. The government has introduced viability gap funding for grid-scale BESS, extended transmission charge waivers for eligible storage projects, and mandated at least 2 hours of energy storage alongside new renewable energy projects to improve grid reliability.

The numbers reflect this shift. India’s BESS market is expected to expand from around 1.1 GWh in 2025 to 236 GWh by FY32, making it one of the world’s fastest-growing storage markets. For companies building large-scale BESS capacity, this is no longer just an emerging opportunity; it is a multi-year structural growth cycle.

Against this backdrop, this article examines three companies with some of the largest BESS capacities currently under construction in India.

#1 Waaree Energies: Scaling up India’s First 20 GWh Integrated Advanced Cell Gigafactory

Waaree Energies is not only India’s largest solar module manufacturer but also the nation’s leading solar retail brand. The company accounts for nearly one in every six solar installations across the country. The company’s module manufacturing capacity stands at 25.8 GW.

The ‘Waaree Unbound’ Shift: Vertical Supply Chain Integration

Currently, the company is undergoing a strategic transformation termed “Waaree Unbound 2.0”. This initiative aims to shift Waaree from a solely solar module manufacturer to a fully integrated energy transition ecosystem.

This expansion relies on two main pillars. Waaree is taking control of its entire supply chain to improve cost competitiveness and ensure supply reliability. This involves integrating backwards into manufacturing solar cells, ingots, wafers, and even polysilicon. Through this, Waaree expects its Total Addressable Market to expand by 4x to US$4 trillion by 2035.

To support this, it recently acquired a stake in a polysilicon company in Oman to secure a fully traceable, non-Chinese supply chain. Waaree is expanding its clean energy portfolio to include adjacent infrastructure. This includes manufacturing solar inverters, grid transformers, BESS, and green hydrogen electrolyzers.

Scaling up the BESS Gigafactory in Gujarat to 20 GWh Capacity

To capture BESS demand, Waaree is building India’s first fully integrated Advanced Cell Chemistry cell-and-pack gigafactory in Gujarat. It is investing ₹10,000 crore for this build-out. The company is targeting a total BESS capacity of 20 GWh by FY28.

Of this, 3.5 GWh of capacity (Phase 1) is expected to be commissioned in the current financial year. A further 16.5 GWh of capacity will be added by FY28. The plant will produce Lithium Iron Phosphate cells, battery packs, and fully containerized BESS solutions.

These energy storage solutions will target multiple end users, including large-scale utilities, data centers, semiconductor companies, commercial and industrial clients, and residential rooftops. They can also be deployed alongside their solar modules and inverters to provide a complete, one-stop ecosystem.

Management is optimistic about the financial viability of the BESS segment. It expects the business to generate healthy margins of 18% to 20% based solely on current market conditions, without factoring in any additional government policy support or production-linked incentives.

FY26 Financials: Net Profit Doubles to ₹3,884 Crore

Turning to its financials, revenue grew by 83.7% year-on-year to ₹26,536.8 crore, driven by robust order execution. Operating EBITDA grew by 117% to ₹5,908.6 crore. The operating EBITDA margin improved significantly to 22.27%, up from 18.84% in the previous financial year. Consequently, net profit more than doubled (up 101.45%) to ₹3,884.2 crore.

Waaree currently boasts an order book of approximately ₹53,000 crore. It is worth noting that this figure does not even include their retail business, which accounts for roughly 20.8% of total revenues. Additionally, the company has an active project pipeline of over 100 GW. It has guided to ₹7,000-7,700 crore in EBITDA in FY27, with margins of 20-25%.

Waaree Share Price

#2 Pace Digitek: How In-House Integration Saves 30% on Import Overheads

Pace Digitek is an end-to-end integrated infrastructure platform, primarily serving two major sectors: Energy and Telecom & Information and Communication Technology. Pace’s business spans manufacturing, Engineering, Procurement, and Construction (EPC) execution, operations and maintenance, and Build-Own-Operate (BOO) services.

The company has established a strong presence in the renewable energy integration and energy storage markets. It manufactures Lithium-Ion batteries, containerized BESS, Power Conversion Systems, and Energy Management Systems (EMS). Pace holds a competitive edge.

It claims to be one of the select Indian firms offering manufacturing, EPC execution, and EMS capabilities under one roof. Additionally, through its Network Operating Center, around 200 engineers monitor field operations remotely. This capability enabled it to secure a 250 MWh order from L&T in January 2026. L&T previously sourced BESS components from China.

Scaling up the Bidadi Plant to 10 GWh BESS Capacity

Pace currently operates a BESS manufacturing capacity of 2.5 GWh at its facility in Bidadi, Karnataka. In FY26, the plant’s capacity utilization stood at approximately 80%. The company is rapidly expanding its operations to 10 GWh to meet growing demand.

BESS capacity is expected to rise to 5 GWh by July 2026. Furthermore, infrastructure work has already been completed to reach an operational capacity of 10 GWh by October 2026. The company is further backward-integrating this capacity by adding a container-fabrication facility and battery-chemistry capabilities.

In-House Integration to Lift Efficiency by 5%

It has built an in-house container fabrication facility, which will be operational from July 2026. This move mitigates the logistical challenges of importing containers by sea. It is expected to save around 30% in import overheads, improving overall operating efficiencies by 4% to 5%.

Currently, the company primarily imports lithium iron phosphate cells from China, but it plans to announce its own cell manufacturing operations soon. At present, cells account for 60-65% of the total BESS system cost of US$48-50 per kWh. And for assembled battery containers, they get about $82-$84 per kWh.

Order Book Analysis: The ₹8,855 Crore Energy Pipeline

As of 25 May, 2026, the Energy and BESS segment constitutes 78.1% (₹8,855 crore) of Pace’s total order book (₹11,338 crore). The BESS business is executed through three main channels: BOO (50.1% of the order book), EPC (49.8%), and Product Supply (0.1%).

Notably, in FY26, Pace set a national record by manufacturing and delivering 178 grid-scale BESS containers within India. It aims to expand its BESS footprint, both domestically and globally. Pace is developing kilowatt-scale prototype solutions for the Commercial & Industrial sector.

This is driven by state policies in Maharashtra, Gujarat, and Rajasthan, which mandate BESS installations for solar grids exceeding 50 MW. In the export market, the company has signed an exclusive agreement with Japan’s NEC group to supply BESS solutions to several African regions. It expects this partnership to generate 300-500 MWh of orders during FY27.

Margin Pressures: FY26 Profit Rises Despite EBITDA Compression

Turning to its financials, revenue grew by 8.3% year-on-year to ₹2,641.3 crore, driven by a larger contribution from energy-sector orders. EBITDA dipped by 5.5% to ₹455.2 crore, while margins contracted 260 bps to 17.2%. Nonetheless, net profit grew 10.1% year-on-year to ₹307.3 crore. It has guided to ₹3,200-3,400 crore in revenue in FY27 and ₹4,000-4,200 crore in FY28.

Pace Digitek Share Price

#3 Acme Solar Holdings: Capitalizing on the ₹6 Merchant Power Arbitrage

Acme Solar is one of the largest Renewable Energy Independent Power Producers (IPPs) in India. It operates a diversified energy business that spans solar, wind, BESS, hybrid, and Firm and Dispatchable Renewable Energy (FDRE) projects.

Navigating Rajasthan’s 2.3 GWh Storage Portfolio

At the end of FY26, ACME has an operational generation capacity of about 3.0 GW and a BESS capacity of approximately 2.3 GWh. This BESS capacity is among the largest in India to date. This capacity is spread across three projects in Rajasthan: Acme Surya Power (787 MWh), Acme Sun Power (963 MWh), and Acme Suryodaya (602 MWh).

The company is rapidly expanding its footprint, with a generation portfolio of 5.0 GW currently under development. Acme aims to reach 20 GWh of BESS capacity by 2030. Currently, the 5.0 GW under-construction generation portfolio will require installing 17 GWh of BESS. Of the total, the company plans to commission around 10 GWh of battery capacity in FY27.

From a technical standpoint, the batteries are performing optimally, delivering a Round Trip Efficiency of 88% to 90%, and are slated to run for an impressive 8,000 to 10,000 cycles. A major part of ACME’s strategy is pre-commissioning its batteries ahead of the actual solar generation plants.

Capturing the ₹6 Merchant Power Tariff Arbitrage

ACME is currently monetizing its 2.3 GWh commissioned BESS through the merchant market and short-term contracts. The company purchases conventional power from the grid during cheaper non-peak hours (around ₹2 per unit) and sells it during peak hours (around ₹8 or more per unit). Effectively, Acme captures a tariff arbitrage of approximately ₹6 per unit.

Thus, Acme is deploying batteries at its operational Central Transmission Utility substations (such as Fatehgarh-1/2 and Bikaner 3), providing 2.5 GW of ready-to-sell battery connectivity. This also helps the company save on construction interest costs while generating early cash flow from the batteries.

Financial Review: Net Profit Nears ₹500 Crore Mark

Coming to its financials, total revenue grew by 59.2% year-on-year to ₹2,507 crore, driven by capacity additions and higher capacity utilization. EBITDA grew by 61.2% to ₹2,265 crore with a margin at 90.3%. Consequently, net profit nearly doubled (up 98.5%) to ₹498 crore.

Acme Share Price:

Here’s a summary of where each of these companies is at this juncture:

Particulars Waaree Pace Digitek Acme Solar

BESS Capacity (GWh) 20 10 20

By When FY28 October 2026 FY30

Revenue (₹ crore) 26,536.8 2,641.3 2,507

Net Profit (₹ crore) 3,884.2 307.3 498

Order Book (₹ crore) 53,000 11,338 NA

Revenue Visibility (~) 2 years 4 years NA

Source: Management Commentaries and Investor Presentations

The table shows that Waaree and Acme lead with the largest BESS pipeline at 20 GWh each, while Pace has 10 GWh under development.

Structural Valuation: Returns Analysis vs Peer Averages

With superior profitability, Waaree has higher Return on Capital Employed (ROCE) and Return on Equity (ROE) than Pace and Acme. Valuation-wise, Waaree and Pace are trading at a discount to the industry median P/E multiple, while Acme is trading at a premium.

Peer Comparison (X)

Company Price-to-Earnings Multiple Return Ratios

Company Industry ROCE (%) ROE (%)

Waaree 21.0 31.1 38.8 32.8

Pace Digitek 15.6 16.5 21.3 17.6

Acme 54.5 24.7 8.9 10.4

Source: Screener.in (Data as of 03 July 2026)

To conclude, the battery storage opportunity in India is shifting from policy announcements to on-ground execution.

Among the three companies, Waaree stands out with the largest planned BESS capacity, strong profitability, and a sizeable order book supporting future growth. Pace offers the fastest capacity ramp-up with vertical integration, while Acme is using battery storage to enhance returns from its renewable portfolio.

Their ability to execute projects on schedule, secure cell supply, and manage margin trends will determine who captures the largest share of India’s rapidly expanding BESS market.

Key red flags that can impact these businesses include margin compression from rising silver and copper costs, logistics disruptions, delayed facility execution, regulatory uncertainty slowing domestic demand, and the risk of industry overcapacity. That said, these names could be kept in your watchlist to track their execution.

Report by Madhavendra

Source : Financial Express