Waaree Energies shares set for 40% upside post Q4 earnings; here's why
Nuvama called the renewable energy stock as a 'multi-decadal opportunity'. The brokerage expects high potential returns along with a strong balance sheet for Waaree Energies.
- May 4, 2026,
- Updated May 4, 2026 3:47 PM IST
Shares of Waaree Energies Ltd are set to see an upside of 40% in a year post Q4 earnings. According to brokerage Nuvama, the stock can be bought for a price target of Rs 4,375. In fact, Nuvama called the renewable energy stock as a 'multi-decadal opportunity'. The brokerage expects high potential returns along with a strong balance sheet for Waaree Energies. It has retained a 'BUY' call on the green energy stock.
"We expect strong Operating Cash Flow (OCF) to take care of higher capex of Rs 33000 crore over two years. With net cash of Rs 4900 crore, Rs 6000 crore plus p.a. EBITDA, balance sheet stays strong. We raise FY27/28E PAT by 4/7% to factor earnings from new businesses," said Nuvama.
The brokerage guided for a notably 25% higher FY27 EBITDA of Rs 7000 crore-Rs 7700 crore.
West Asia war hit overseas sales, causing inventory build-up. US module capacity to rise from 1.6GW to 4.2GW in six months. The company has approved Rs 3900 crore capex for 2,500TPD glass unit. The board also approved fund raise of Rs 10000 crore.
"We expect module EBITDA share to fall from 69% in FY26 to 19% by FY30E as backward integration drives wafer+cell EBITDA contribution to 49% and BESS/inverters/transformers to add 20% (from nil), boosting earnings and providing a mammoth multi-decadal opportunity. Q4 cell output 7% QoQ at 0.7GW due to upgrade shutdowns. Order book at Rs 53000 crore (35/65% India/overseas)," said the brokerage.
Waaree Energies posted a 71.44% rise in its consolidated net profit at Rs 1,061.1 crore for Q4 FY26 against Rs 618.91 crore in the year-ago quarter. Operating EBITDA rose 70.91% to Rs 1,576.76 crore compared to Rs 922.57 crore a year ago. Operating EBITDA margin came at 18.59% in Q4 against 23.04% a year ago.
The board of Waaree Energies recommended a final dividend of Rs 2 per share of Rs 10 each at the rate of 20% for FY26, subject to approval of the members at the upcoming annual general meeting (AGM).
Shares of Waaree Energies Ltd are set to see an upside of 40% in a year post Q4 earnings. According to brokerage Nuvama, the stock can be bought for a price target of Rs 4,375. In fact, Nuvama called the renewable energy stock as a 'multi-decadal opportunity'. The brokerage expects high potential returns along with a strong balance sheet for Waaree Energies. It has retained a 'BUY' call on the green energy stock.
"We expect strong Operating Cash Flow (OCF) to take care of higher capex of Rs 33000 crore over two years. With net cash of Rs 4900 crore, Rs 6000 crore plus p.a. EBITDA, balance sheet stays strong. We raise FY27/28E PAT by 4/7% to factor earnings from new businesses," said Nuvama.
The brokerage guided for a notably 25% higher FY27 EBITDA of Rs 7000 crore-Rs 7700 crore.
West Asia war hit overseas sales, causing inventory build-up. US module capacity to rise from 1.6GW to 4.2GW in six months. The company has approved Rs 3900 crore capex for 2,500TPD glass unit. The board also approved fund raise of Rs 10000 crore.
"We expect module EBITDA share to fall from 69% in FY26 to 19% by FY30E as backward integration drives wafer+cell EBITDA contribution to 49% and BESS/inverters/transformers to add 20% (from nil), boosting earnings and providing a mammoth multi-decadal opportunity. Q4 cell output 7% QoQ at 0.7GW due to upgrade shutdowns. Order book at Rs 53000 crore (35/65% India/overseas)," said the brokerage.
Waaree Energies posted a 71.44% rise in its consolidated net profit at Rs 1,061.1 crore for Q4 FY26 against Rs 618.91 crore in the year-ago quarter. Operating EBITDA rose 70.91% to Rs 1,576.76 crore compared to Rs 922.57 crore a year ago. Operating EBITDA margin came at 18.59% in Q4 against 23.04% a year ago.
The board of Waaree Energies recommended a final dividend of Rs 2 per share of Rs 10 each at the rate of 20% for FY26, subject to approval of the members at the upcoming annual general meeting (AGM).