Waaree Energies Targets 4x Revenue Growth; Here’s Everything Investors Must Know

Synopsis: Waaree Energies is strengthening its growth plans through capacity expansion, a wider business presence and rising demand in India’s solar market, supported by favourable industry trends and long-term opportunities. 

The shares of this company majorly engaged in manufacturing solar PV modules advanced TOPCon modules such as bifacial monocrystalline, flexible module, passivated emitter, rear cell and many more were in focus after the brokerage sees 35 percent upside potential. 

With the market capitalization of Rs. 82,245 Crores, the shares of  Waaree Energies Ltd were trading at around Rs. 2859 per share which is 26 percent discount from its 52 week high of Rs. 3865 per share and is trading at a P/E of 21 whereas industry P/E stands at 31

Brokerage View 

Motilal Oswal believes Waaree Energies is well placed to benefit from India’s growing solar manufacturing ecosystem due to its scale, expansion plans and diversified business model. Based on these factors,  the brokerage has maintained its ‘Buy’ rating with a target price of  Rs. 3,825, implying an upside potential of around 35 percent  from the current market price of Rs. 2859 per share.

India’s Solar Market Offers Strong Growth Opportunity 

India’s solar sector is entering a new phase of growth as demand continues to rise across utility projects, commercial and industrial (C&I) installations, rooftop solar and government-backed schemes like PM-KUSUM. 

The non-utility segments are now expected to contribute more than 50 percent  of annual solar installations, while India may require around 100GW of integrated solar manufacturing capacity to meet future demand. However, the country’s approved cell manufacturing capacity is still only around 30GW, leaving a large supply gap that could benefit established manufacturers.

Waaree Continues to Expand Its Manufacturing Capacity 

Waaree Energies is moving ahead with its expansion plans to capture this growing opportunity. The company plans to commission an additional 10GW of domestic solar cell capacity and 2.6GW of module manufacturing capacity in the US during the second half of FY27. These additions are expected to improve production capabilities and support future growth as demand for solar equipment continues to increase in both domestic and international markets. 

Diversified Business Supports Long-Term Growth 

Waaree Energies is building multiple avenues for future growth by expanding across different business segments. Its presence in several verticals allows the company to deepen relationships with existing customers while attracting new ones. Businesses such as battery energy storage systems (BESS), EPC, transformers, inverters and green hydrogen are expected to become key contributors, accounting for around 21 percent  of revenue and 17 percent  of EBITDA by FY28. 

The company is also planning to expand into inverters, transformers, glass manufacturing and the independent power producer (IPP) business, which is expected to further strengthen its long-term growth and reduce dependence on any single business segment. 

Strong Financial Growth Outlook

The report estimates Waaree’s revenue CAGR at 37 percent  and EBITDA CAGR at 27 percent  between FY26 and FY28. The company has also set an ambitious target of achieving  Rs.  1 lakh crore in revenue by 2030, which represents nearly four times its FY26 revenue and implies a 39 percent  CAGR over FY26-FY30. This outlook is supported by capacity expansion, rising demand and business diversification.

Conclusion: 

Waaree Energies appears well positioned to benefit from India’s expanding solar industry, supported by rising demand, ongoing capacity additions and a diversified business model. Its focus on expanding manufacturing capabilities and entering new clean energy businesses could support long-term growth. While the company continues to invest heavily for future expansion, its strong market presence, overseas exposure and multiple growth drivers provide a solid foundation to capitalise on the sector’s long-term opportunities.

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