Waaree Energies Retained with 'Buy' Call by Nuvama Institutional Equities, Target Price of Rs 3,867

The solar and renewable power sector is seeing renewed focus, and the spotlight is on key players like Waaree Energies . Nuvama Institutional Equities retained its ‘Buy’ call with a target price of Rs 3,867. This translates to an upside of 21.4% from the current market price. This recommendation follows analysts’ visits to Waaree Energies’ five plant sites—solar module, cell, BESS, electrolyser and inverter giga-scale factories and the real-time understanding of the expansion initiatives. The company’s strong execution of its giga-scale facilities is underway. The 10GW solar cell plant is progressing well, with trial production by September 2026, and ramp-up to be over in 4–6 months. Waaree Energies had recently announced the ground-breaking ceremony of its 10GW integrated solar ingot and wafer manufacturing facility at Butibori, Nagpur, spread across 300 acres. This facility is likely to be completed by FY28. The brokerage house said that the company is seeing “no impact of USA CVD.” To explain, the US Countervailing Duties (CVD) are trade import taxes imposed by the US government to offset foreign subsidies on goods imported into the US. The company has seen a breakthrough in indigenous electrolyser manufacturing using base metals. It expects the commercial output by FY27 and has received offers from global majors for tie-ups. The order book for it stands at Rs 150 crore. Despite having received offers from several global majors for a technology tie-up, Waaree is well-positioned to independently bring in manufacturing scale. Phase I, which is of 3.5GW at the Rola (Gujarat) BESS facility, shall be operational by FY27. The company’s machinery is expected next month, with Phase II of 16.5GW to be set up at another location, with land discussions ongoing. Waaree shall manufacture LFP-based prismatic battery cells, which are more stable, cheaper and scalable. It is also exploring other upcoming technologies like sodium-ion. “The platform is being built on indigenous intellectual property, with an offering spanning LFP cells, battery packs, and containerised solutions, alongside plans for further backward integration to localise a significant portion of the value chain,” said the report. Waaree Energies is the first Indian solar manufacturer to surpass 1GW of module production in a month, implying a production run-rate of roughly 52 modules per minute. In Q3, the company commissioned additional module capacity of 2.1GW at Chikhli and 3GW at Samakhiali, Gujarat. The company has also established a long-term, fully traceable, polysilicon supply chain through its strategic investment of approximately $30 million in United Solar Holding, Oman. This investment secures the company’s polysilicon supplies to the US and India markets. Moreover, Nuvama pointed out that the company has signed PPAs for 713MW/1,069MW with creditworthy utilities and global C&I counterparties, providing strong revenue visibility for its renewable energy platform. It has also secured connectivity for the development of 6.1GW of projects, supporting a sizable future pipeline. Nuvama anticipates the expansion pipeline to drive growth for Waaree Energies . They estimate Waaree’s “EBITDA would surge at a 40% CAGR over FY25–FY28,” increasing to Rs 7,500 crore from Rs 2,700 crore, driven by a “robust 33% CAGR in revenue.” Nuvama has pegged growth on the basis of the company’s strong 25 GW+ order book at the end of Q3FY26. This is valued at over Rs 60,000 crore.