Waaree Energies share price target amid strategic investment in United Solar Holding
Waaree Energies announced the acquisition of 5.37 million Series B preferred shares of USH for $30 million. This may provide Waaree with an ownership interest in USH’s 100-ktpa polysilicon plant in Oman.
- Dec 22, 2025,
- Updated Dec 22, 2025 10:49 AM IST
Emkay Global in its latest note said Waaree Energies’ proposed investment in United Solar Holding Inc (USH) is a positive strategic step, as the domestic broking firm reiterated its 'Buy' rating on the stock with a target price of Rs 4,260.
The acquisition would backward-integrate Waaree's upstream in the solar PV value chain and support its rapidly expanding US and global footprint, Emkay said while leaving its earnings estimates unchanged. On Monday, the stock was trading 1.09 per cent higher at Rs 3,059 apiece.
Emkay's report came as Waaree Energies announced the acquisition of 5.37 million Series B preferred shares of USH for $30 million. Emkay Global said this would provide Waaree with an ownership interest in USH’s 100-ktpa polysilicon plant in Oman and likely anchor-customer status.
While the exact stake was not disclosed, the brokerage estimated it to be under 5 per cent, based on publicly available information and an estimated project cost of $1.6 billion.
Emkay Global noted that the Oman facility, located in the Sohar Freezone, was expected to have the capacity to support around 40 GW per annum of module production. This could meet a sizable portion of Waaree’s 10 GW Nagpur wafer-ingot requirements. The brokerage added that, although costs could be higher than those of Tier-1 Chinese producers, the plant’s cost curve was likely to be significantly lower than in many other regions, while also complying with US and EU traceability norms.
The brokerage said the project appeared to be nearing commissioning, with ramp-up to full capacity likely within a year, though further clarity from management on volume visibility and Waaree’s effective offtake was awaited. It added that Waaree could secure higher volumes than implied by its equity stake, as most other investors were financial players.
Emkay Global also highlighted that Waaree commissioned 5.1 GW of module capacity in Gujarat during Q3FY26. The transaction, signed through Waaree’s subsidiary Waaree Solar Americas, was expected to be completed by end-January 2026, subject to customary conditions.
Emkay Global in its latest note said Waaree Energies’ proposed investment in United Solar Holding Inc (USH) is a positive strategic step, as the domestic broking firm reiterated its 'Buy' rating on the stock with a target price of Rs 4,260.
The acquisition would backward-integrate Waaree's upstream in the solar PV value chain and support its rapidly expanding US and global footprint, Emkay said while leaving its earnings estimates unchanged. On Monday, the stock was trading 1.09 per cent higher at Rs 3,059 apiece.
Emkay's report came as Waaree Energies announced the acquisition of 5.37 million Series B preferred shares of USH for $30 million. Emkay Global said this would provide Waaree with an ownership interest in USH’s 100-ktpa polysilicon plant in Oman and likely anchor-customer status.
While the exact stake was not disclosed, the brokerage estimated it to be under 5 per cent, based on publicly available information and an estimated project cost of $1.6 billion.
Emkay Global noted that the Oman facility, located in the Sohar Freezone, was expected to have the capacity to support around 40 GW per annum of module production. This could meet a sizable portion of Waaree’s 10 GW Nagpur wafer-ingot requirements. The brokerage added that, although costs could be higher than those of Tier-1 Chinese producers, the plant’s cost curve was likely to be significantly lower than in many other regions, while also complying with US and EU traceability norms.
The brokerage said the project appeared to be nearing commissioning, with ramp-up to full capacity likely within a year, though further clarity from management on volume visibility and Waaree’s effective offtake was awaited. It added that Waaree could secure higher volumes than implied by its equity stake, as most other investors were financial players.
Emkay Global also highlighted that Waaree commissioned 5.1 GW of module capacity in Gujarat during Q3FY26. The transaction, signed through Waaree’s subsidiary Waaree Solar Americas, was expected to be completed by end-January 2026, subject to customary conditions.