Waaree Energies shares rise as Indosolar OFS kicks off; target prices

Shares of Waaree Energies Ltd gained nearly 2 per cent in Thursday's trade after its offer for sale (OFS) for 2.4 per cent Indosolar stake kicked off. Waaree Energies, the promoter of Indosolar, proposed to sell 10,00,000 equity shares, representing 2.40 per cent of its issued and paid-up capital, in order to comply with the minimum public shareholding requirement. Only non-retail investors can apply in the OFS on Thursday. The floor price is set at Rs 265 apiece.

Waaree Energies share price today

Shares of Waaree Energies Ltd gained 1.95 per cent to hit a high of Rs 3180.50 on BSE. The stock was later trading at Rs 3,137.45, up 0.57 per cent. 

Indosolar was acquired by Waaree Energies after the company faced insolvency proceedings initiated by lenders in October 2018 under the Insolvency and Bankruptcy Code, 2016, due to financial losses. The company reported a net profit of Rs 55 crore in FY25, compared to a loss of Rs 15.44 crore in FY24.

Shares of Indosolar resumed trading from Thursday, June 19, 2025. They were suspended due to procedural reasons. 

Waaree Energies target prices

In the case of Waaree Energies, Nuvama expects the company's Q1 revenue and Ebitda to grow 31 per cent and 88 per cent YoY, respectively. Production is likely to rise to 2.3GW, up 40 per cent YoY or 9 per cent QoQ. Ebitda margin is seen improving to 23 per cent, up 702 bps YoY or 19 bps QoQ. 

Nuvama reiterated ‘BUY’ on Waaree Energies with a target of Rs 3,622. 

"We revise our EPS estimates by 1-7 per cent for FY2026-28E, baking in better-than-expected profitability due to higher share of cell and retail segments. We  increase our FV to Rs 2,620 (Rs 2,600 earlier) and retain SELL rating," said Kotak Institutional Equities. 

India’s solar capacity addition saw a strong start in Q1FY26: 5.2 GW capacity addition during the first two months. This was on the back of 60 per cent YoY surge to 23.8 GW in FY2025 compared to 15 GW in 
FY2024—nearly four times solar capacity added in FY2021. 

"With the country’s current installed solar  capacity at 111 GW as of May 2025 and the government targeting 500 GW of renewable energy, including  approximately 300 GW from solar, we expect annual additions to accelerate to 35-40 GW over the next  5-6 years," Kotak said while suggesting a fair value target of Rs 2,620 on Waaree Energies..