Nuvama Institutional Equities has initiated coverage on Waaree Renewable Technologies with a ‘Buy’ rating and a target price of ₹2,805, highlighting the company’s rapid evolution from a solar module manufacturer to a multi-vertical clean energy player. The brokerage believes Waaree is uniquely positioned to capitalise on the massive renewable energy and green hydrogen opportunity unfolding over the next two decades.
Waaree’s aggressive capacity expansion and strong positioning in the DCR (domestic content requirement) market support Nuvama’s projections of 30% revenue CAGR and 54% EBITDA CAGR over FY24–FY27E. One of the biggest earnings accelerators is expected to be the company’s new solar cell plant, which could contribute as much as ₹20 billion in EBITDA in FY26E alone, although the brokerage conservatively models in only ₹8 billion at this stage.
While margins may moderate slightly over the medium term, Waaree’s deep vertical integration across solar modules, green hydrogen, electrolysers, inverters, battery storage systems, and renewable energy projects is expected to cushion volatility and sustain long-term growth. Nuvama argues that the company’s early-mover advantage in an industry still in its high-growth infancy warrants a premium valuation.
Waaree is among the largest solar panel manufacturers in India and is increasingly diversifying into adjacent segments within the clean energy value chain. Its strategic pivot aligns with government initiatives on energy transition and domestic manufacturing, making it a key beneficiary of India’s push towards energy independence and net-zero targets. Nuvama’s bullish outlook reflects both the company’s internal strengths and its positioning in a structurally favourable sector.
