Shares of Waaree Energies remained range-bound on Wednesday after the company announced commencing operations in a new facility in Gujarat.
Waaree Energies stock rose 0.65 per cent to Rs 3349.80 in the early trade but dropped nearly 1.5 per cent from day’s high to Rs 3,299.85 as the session progressed. Its market capitalization slipped below Rs 96,000 crore mark.
“The company has set up 950 MW solar module line manufacturing facility at its factory at Village: Degam, Taluka – Chikli, District Navsari Gujarat, India and has commenced operations at such facility with effect from September 30, 2025, at 10 am,” said Waaree Energies in an exchange filing on Tuesday.
Waaree Energies has attracted consensus positive views from leading brokerage firms, with Anand Rathi, YES Securities, and Chola Securities sharing detailed assessments. The brokerages firms see up to 41 per cent upside in the stock and set distinct target prices, offering investors a range of perspectives on Waaree’s growth prospects.
Anand Rathi noted Waaree’s market leadership with 16.7GW module and 5.4GW cell capacities, targeting 25.7GW and 15.4GW by FY27. The company is transitioning to a fully integrated player through backward integration into 10GW wafer-ingots and diversification into BESS, green hydrogen, and inverters. A record 25GW order book ensures strong revenue assurance, according to the brokerage, which initiated coverage with a buy rating and a target price of Rs 4,654.
YES Securities highlighted Waaree as India’s largest solar PV module manufacturer, with over 13.3 GW of module capacity and 5.4 GW of cell capacity. The company recently inaugurated a 1.8 GW plant in Gujarat and is targeting further expansion by FY27. Internationally, Waaree is scaling up its U.S. operations, doubling Texas capacity to 3.2 GW. YES Securities estimates EBITDA to reach Rs82.4bn in FY28e, up from Rs27.2bn in FY25, with margins expanding to ~24%. Their target price is Rs 4,610.
Chola Securities pointed to Waaree’s operational leverage and manufacturing growth, citing a 3-year revenue CAGR of 71.7 per cent and EBITDA margin expansion from 3.9 per cent in FY22 to 18.8 per cent in FY25. Module manufacturing capacity is expected to rise to 26 GW by FY27, supported by backward integration.
Chola also believes Waaree is well positioned for long-term growth, benefiting from domestic and global tailwinds and integrated capabilities. It has a ‘buy’ rating with a target price of Rs 3,850.
For Q1FY26, Waaree Energies reported an 89 per cent year-on-year increase in net profit to Rs 745 crore, with revenue from operations up 30 per cent YoY to Rs 4,426 crore. Solar photovoltaic modules revenue rose 22 per cent YoY to Rs 3,872 crore, and EPC contracts sales increased 161 per cent YoY to Rs 589 crore.
Brokerages noted sectoral tailwinds, Waaree’s Rs 15,000 crore expansion plan, and its net cash balance sheet as strengths. However, risks include possible execution delays, shifts in the DCR-module mix, and US policy changes.