Waaree Energies shares: Nuvama hosts management; key takeaways, target price
Waaree Energies is investing across the solar value chain, from polysilicon to modules, while also expanding into inverters, transformers, battery energy storage systems and electrolysers.
- Feb 11, 2026,
- Updated Feb 11, 2026 8:11 AM IST
Nuvama Institutional Equities on Wednesday said it hosted Waaree Energies’ Director Hitesh Mehta and the company’s senior management. The brokerage reiterated its ‘Buy’ rating on the stock with a target price of Rs 3,867, citing confidence in the company’s transition to an integrated solar platform, strong execution on capacity expansion and improving margin profile.
At the prevailing price, Nuvama said the stock is trading at 17.6 times FY27E earnings and 16.4 times estimated FY28 earnings. It has a 'Buy' rating on the stock with a target price of Rs 3,867 apiece. The stock settled at Rs 3,156 on Tuesday.
Waaree 2.0 Nuvama said the management highlighted Waaree’s ongoing transition to 'Waaree 2.0', marking a shift from being primarily a module and cell manufacturer to a fully integrated renewable energy player.
The domestic brokerage noted that Waaree Energies is investing across the solar value chain, from polysilicon to modules, while also expanding into inverters, transformers, battery energy storage systems and electrolysers. Management said the US remained a key growth pillar, while favourable domestic policies were expected to support demand over the medium term.
Expansion plans Waaree, as per Nuvama, said its expansion plans remained on track. The company plans to scale up solar module capacity to 28 GW, cell capacity to about 15 GW and ingot and wafer capacity to 10 GW by FY27. Transformer capacity is expected to rise to 20 GVA, while Phase I of the 3 GW inverter facility had already been commissioned. The brokerage added that cell utilisation was ramping up and was expected to reach 85-90 per cent, enabling a higher mix of domestic content requirement modules, which typically carry better margins.
Waaree FY26 guidance On demand visibility, Nuvama said the Waaree management guided that the FY26 Ebitda guidance remained within reach. The brokerage highlighted that the nine-month FY26 order book stood at about Rs 60,000 crore, with nearly 65 per cent coming from overseas markets.
US remains key market Management said US revenues in Q3 FY26 were around Rs 2,000 crore, accounting for about 35 per cent of consolidated revenue, supported by module production and sales of 275 MW and 313 MW, respectively. The brokerage added that management also flagged emerging traction from the Middle East and Italy.
BESS opportunity Nuvama said Waaree Energies also outlined opportunities in battery energy storage systems, noting that increasing minimum storage duration requirements made BESS a critical enabler for round-the-clock power. Management said the company planned to commission a 20 GWh integrated BESS facility, initially starting with a battery cell-to-pack assembly line.
China dependency The brokerage further said Waaree aimed to reduce dependence on China for raw materials, with plans to source polysilicon from its Oman facility and ingots and wafers from the upcoming Nagpur plant. Nuvama added that forward and backward integration, expected to commence over FY26 and FY27, should help de-risk earnings, reduce execution delays and improve coordination across offerings.
Nuvama Institutional Equities on Wednesday said it hosted Waaree Energies’ Director Hitesh Mehta and the company’s senior management. The brokerage reiterated its ‘Buy’ rating on the stock with a target price of Rs 3,867, citing confidence in the company’s transition to an integrated solar platform, strong execution on capacity expansion and improving margin profile.
At the prevailing price, Nuvama said the stock is trading at 17.6 times FY27E earnings and 16.4 times estimated FY28 earnings. It has a 'Buy' rating on the stock with a target price of Rs 3,867 apiece. The stock settled at Rs 3,156 on Tuesday.
Waaree 2.0 Nuvama said the management highlighted Waaree’s ongoing transition to 'Waaree 2.0', marking a shift from being primarily a module and cell manufacturer to a fully integrated renewable energy player.
The domestic brokerage noted that Waaree Energies is investing across the solar value chain, from polysilicon to modules, while also expanding into inverters, transformers, battery energy storage systems and electrolysers. Management said the US remained a key growth pillar, while favourable domestic policies were expected to support demand over the medium term.
Expansion plans Waaree, as per Nuvama, said its expansion plans remained on track. The company plans to scale up solar module capacity to 28 GW, cell capacity to about 15 GW and ingot and wafer capacity to 10 GW by FY27. Transformer capacity is expected to rise to 20 GVA, while Phase I of the 3 GW inverter facility had already been commissioned. The brokerage added that cell utilisation was ramping up and was expected to reach 85-90 per cent, enabling a higher mix of domestic content requirement modules, which typically carry better margins.
Waaree FY26 guidance On demand visibility, Nuvama said the Waaree management guided that the FY26 Ebitda guidance remained within reach. The brokerage highlighted that the nine-month FY26 order book stood at about Rs 60,000 crore, with nearly 65 per cent coming from overseas markets.
US remains key market Management said US revenues in Q3 FY26 were around Rs 2,000 crore, accounting for about 35 per cent of consolidated revenue, supported by module production and sales of 275 MW and 313 MW, respectively. The brokerage added that management also flagged emerging traction from the Middle East and Italy.
BESS opportunity Nuvama said Waaree Energies also outlined opportunities in battery energy storage systems, noting that increasing minimum storage duration requirements made BESS a critical enabler for round-the-clock power. Management said the company planned to commission a 20 GWh integrated BESS facility, initially starting with a battery cell-to-pack assembly line.
China dependency The brokerage further said Waaree aimed to reduce dependence on China for raw materials, with plans to source polysilicon from its Oman facility and ingots and wafers from the upcoming Nagpur plant. Nuvama added that forward and backward integration, expected to commence over FY26 and FY27, should help de-risk earnings, reduce execution delays and improve coordination across offerings.