Waaree Energies shares can rise another 75% in a year, here's why
In the current session, Waaree Energies stock was trading on a flat note at Rs 3383.35. Market cap of the firm stood at Rs 97,318 crore.
- Nov 6, 2025,
- Updated Nov 6, 2025 9:38 AM IST
Shares of Waaree Energies have received a buy rating from domestic brokerage Motilal Oswal. The brokerage has initiated coverage on the green energy stock with a base price target of ₹4,000 per share, a 18% upside from the previous close of Rs 3368.95. However, its bull case price target of Rs 5,895, amounts to a potential upside of 75% from Tuesday's closing levels.
In a note, the brokerage remarked that Waaree Energies commands a significant position in the market with a 5.4 GW cell and 16.1 GW module capacity, in addition to a 2.6 GW plant in the United States.
Furthermore, Waaree Energies holds a substantial India capacity market share of 21.6% in modules and 13.3% in cells. The company’s swift response to regulatory and macroeconomic shifts, such as establishing domestic cell capacity ahead of rivals in accordance with the Centre's approved list, has been considered positively by Motilal Oswal. The brokerage observed that the company was also expanding its US capacity from 2.8 GW to 4.2 GW by the end of this fiscal year.
In the current session, Waaree Energies stock was trading on a flat note at Rs 3383.35. Market cap of the firm stood at Rs 97,318 crore. The stock has shown a 30.5% rise over the past six months and climbed more than 130% from its IPO price of ₹1,503 per share. Trading volumes have remained robust, reflecting persistent investor interest.
Compared to major indices, Waaree's returns outperform the Sensex over the same period. As an integrated player across the solar value chain, Waaree Energies retains a ₹47,000 crore order book and has provided EBITDA guidance between ₹5,500 crore and ₹6,000 crore for the fiscal year.
Motilal Oswal has estimated a compound annual growth rate (CAGR) of 43% for its EBITDA and 40% for its profit after tax (PAT) over FY25-28.
The company is projected to see earnings from new business lines comprise 15% of EBITDA by FY28. In its bull case scenario, Motilal Oswal is projecting a 5% higher average realisation for both the domestic and US module business between financial year 2026-2028.
The company’s effective capacity utilisation is also expected to be higher by 5%. However, risks include intensifying competition from domestic players and US policy changes affecting tariffs.
Shares of Waaree Energies have received a buy rating from domestic brokerage Motilal Oswal. The brokerage has initiated coverage on the green energy stock with a base price target of ₹4,000 per share, a 18% upside from the previous close of Rs 3368.95. However, its bull case price target of Rs 5,895, amounts to a potential upside of 75% from Tuesday's closing levels.
In a note, the brokerage remarked that Waaree Energies commands a significant position in the market with a 5.4 GW cell and 16.1 GW module capacity, in addition to a 2.6 GW plant in the United States.
Furthermore, Waaree Energies holds a substantial India capacity market share of 21.6% in modules and 13.3% in cells. The company’s swift response to regulatory and macroeconomic shifts, such as establishing domestic cell capacity ahead of rivals in accordance with the Centre's approved list, has been considered positively by Motilal Oswal. The brokerage observed that the company was also expanding its US capacity from 2.8 GW to 4.2 GW by the end of this fiscal year.
In the current session, Waaree Energies stock was trading on a flat note at Rs 3383.35. Market cap of the firm stood at Rs 97,318 crore. The stock has shown a 30.5% rise over the past six months and climbed more than 130% from its IPO price of ₹1,503 per share. Trading volumes have remained robust, reflecting persistent investor interest.
Compared to major indices, Waaree's returns outperform the Sensex over the same period. As an integrated player across the solar value chain, Waaree Energies retains a ₹47,000 crore order book and has provided EBITDA guidance between ₹5,500 crore and ₹6,000 crore for the fiscal year.
Motilal Oswal has estimated a compound annual growth rate (CAGR) of 43% for its EBITDA and 40% for its profit after tax (PAT) over FY25-28.
The company is projected to see earnings from new business lines comprise 15% of EBITDA by FY28. In its bull case scenario, Motilal Oswal is projecting a 5% higher average realisation for both the domestic and US module business between financial year 2026-2028.
The company’s effective capacity utilisation is also expected to be higher by 5%. However, risks include intensifying competition from domestic players and US policy changes affecting tariffs.