Waaree Energies
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Waaree Energies is navigating a pivotal phase characterized by aggressive capacity expansion and a strategic shift towards vertical integration. Management's commitment to increasing internal cell-to-module capacity aims to enhance margins, despite current pressures from raw material costs and market volatility. The company's robust order book and ambitious capital expenditure program signal strong revenue potential, aligning with Vista's forecast of moderated growth and margin recovery. However, execution risks related to large-scale capital deployment and global commodity price sensitivity remain critical watchpoints. The favorable policy environment in India and the U.S. further supports Waaree's long-term growth trajectory, although competitive pressures and potential oversupply could challenge its market position. Over the next 12-24 months, successful capacity commissioning and operational efficiency will be essential for achieving management's EBITDA targets and sustaining investor confidence
Why We Like This Stock
- Strong order book and ambitious capacity expansion plans support revenue growth
- Strategic focus on vertical integration aims to improve margins and operational efficiency
- Favorable government policies in India and the U.S. enhance market opportunities
Things To Watch Out For
- Current margin pressures due to raw material inflation and market volatility
- Execution risks associated with large-scale capital deployment and operational ramp-ups
- Competitive pressures and potential oversupply could impact market share
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 11,398 | 14,444 | 26,537 | 28,730 | 36,345 |
| Profit Before Tax (Cr.) | 1,361 | 2,555 | 5,347 | 5,339 | 6,735 |
| PBT Margin | 11.9% | 17.7% | 20.1% | 18.6% | 18.5% |
| Net Profit (Cr.) | 937 | 1,947 | 4,071 | 4,071 | 4,917 |
| Earnings Per Share | 31.3 | 65.6 | 135.5 | 135.5 | 170.9 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Moneycontrol | ► Equalweight | nan | 01-Sep-2026 |
| Anand Rathi | ▲ Buy | 3,333 | 31-Jul-2026 |
| Elara Capital | ► Accumulate | 2,960 | 31-Jul-2026 |
| Prabhudas Liladhar | ▲ Buy | 3,280 | 31-Jul-2026 |
| Nomura | ▲ Buy | 3,750 | 30-Jul-2026 |
| Bernstein | ► Hold | 2,539 | 14-Jul-2026 |
| UBS | ► Hold | 3,100 | 14-Jul-2026 |
| Kotak Securities | ▼ Sell | 2,900 | 06-Jul-2026 |
| Motilal Oswal | ▲ Buy | 3,825 | 22-Jun-2026 |
| JMFinancials | ► Hold | 3,509 | 09-Jun-2026 |
| Emkay Global | ▲ Buy | 4,260 | 01-May-2026 |
Company Overview
Show Company Profile
Waaree Energies Limited manufactures and trades in solar photovoltaic modules in India and internationally. It operates through Solar Photovoltaic Modules; Generation of Power; and Engineering, Procurement and Construction Contract segments. The company offers PV modules, such as HJT, N Type, mono PERC, flexible, and special modules; single and three phase on-grid inverter; solar kits; battery energy storage system; electrolyzer stacks; smart meter; transformer; and Waaree lights. It also provides engineering, procurement, and construction services; asset management; and solar systems for emerging, hybrid, and niche formats, including tracker-integrated systems, agrovoltaics, BIPV, and repowering legacy plants. The company serves engineering, procurement and construction companies; power production companies; power generation utilities; and individual consumers. The company was founded in 1989 and is based in Mumbai, India.