Suzlon, Waaree, Premier, ACME, Clean Max, Emmvee, Vikram: RE stocks to buy ahead of Q2, targets
Anand Rathi suggested 12-month target of Rs 39 for Suzlon, Rs 2,399 for Waaree Energies, Rs 1,392 for Clean Max and Rs 297 for Emmvee Photovoltaic.
- Oct 9, 2026,
- Updated Oct 9, 2026 3:36 PM IST
Anand Rathi has Waaree Energies Ltd and Clean Max Enviro Energy Solutions Ltd as its top two renewable energy (RE) picks ahead of September quarter earnings season. In total, it has 'Buy' calls on four RE stocks including Suzlon Energy Ltd and Emmvee Photovoltaic Power Ltd.
Anand Rathi suggested 12-month target of Rs 39 for Suzlon, Rs 2,399 for Waaree Energies, Rs 1,392 for Clean Max and Rs 297 for Emmvee Photovoltaic.
The domestic brokerage expects Q2FY27 to remain soft for the RE segment, with pressure primarily on volume and non-DCR (domestic content requirement) margin. Within the retail segment, PM-KUSUM and PM Surya Ghar are likely to outperform, supported by relatively better realisation against utility-scale projects, it said.
"For IPPs, Q2 is seasonally a weak, with solar PLFs typically declining sequentially during the monsoon period. Thus, we expect a muted quarter for IPPs, primarily driven by seasonal generation weakness rather than any change in underlying fundamentals," it said.
On stocks Anand Rathi has 'Hold' recommendations on, target for Premier Energies is set at Rs 904, Acme Solar Holdings at Rs 447.
The domestic brokerage said RE capacity addition momentum remained robust, with 7GW of RE capacity added during July-August, taking total installed RE capacity to 296GW. However, the shift in ALMM (approved list of models and manufacturers) applicability timeline for C&I projects to December 2026 has led to some postponement in project execution and module procurement, impacting volume during the quarter, Anand Rathi said.
"At the same time, cost pressures persisted, with cell prices inching up marginally, which are likely to weigh more heavily on non-DCR module segment, where Ebitda/Wp is expected to decline further to below 2 cents, while DCR module profitability should remain relatively stable at 6-7 cents/Wp," Anand Rathi said.
Meanwhile, the domestic brokerage has 'Sell' call on Vikram Solar with a target of Rs 152.
Anand Rathi has Waaree Energies Ltd and Clean Max Enviro Energy Solutions Ltd as its top two renewable energy (RE) picks ahead of September quarter earnings season. In total, it has 'Buy' calls on four RE stocks including Suzlon Energy Ltd and Emmvee Photovoltaic Power Ltd.
Anand Rathi suggested 12-month target of Rs 39 for Suzlon, Rs 2,399 for Waaree Energies, Rs 1,392 for Clean Max and Rs 297 for Emmvee Photovoltaic.
The domestic brokerage expects Q2FY27 to remain soft for the RE segment, with pressure primarily on volume and non-DCR (domestic content requirement) margin. Within the retail segment, PM-KUSUM and PM Surya Ghar are likely to outperform, supported by relatively better realisation against utility-scale projects, it said.
"For IPPs, Q2 is seasonally a weak, with solar PLFs typically declining sequentially during the monsoon period. Thus, we expect a muted quarter for IPPs, primarily driven by seasonal generation weakness rather than any change in underlying fundamentals," it said.
On stocks Anand Rathi has 'Hold' recommendations on, target for Premier Energies is set at Rs 904, Acme Solar Holdings at Rs 447.
The domestic brokerage said RE capacity addition momentum remained robust, with 7GW of RE capacity added during July-August, taking total installed RE capacity to 296GW. However, the shift in ALMM (approved list of models and manufacturers) applicability timeline for C&I projects to December 2026 has led to some postponement in project execution and module procurement, impacting volume during the quarter, Anand Rathi said.
"At the same time, cost pressures persisted, with cell prices inching up marginally, which are likely to weigh more heavily on non-DCR module segment, where Ebitda/Wp is expected to decline further to below 2 cents, while DCR module profitability should remain relatively stable at 6-7 cents/Wp," Anand Rathi said.
Meanwhile, the domestic brokerage has 'Sell' call on Vikram Solar with a target of Rs 152.