Archive · 7 Nov 2025
Motilal Oswal Initiates Waaree Energies Coverage with Buy Rating, ₹4,000 Target
A financial analyst firm named Motilal Oswal thinks Waaree Energies, a company that makes solar parts, is a good investment.
They gave it a 'Buy' recommendation and set a goal price of ₹4,000 for its stock, suggesting it could go up by about 19%.
The analysts believe that the prices for solar parts will stay steady for a while because there won't be too many new factories being built.
Waaree is also expanding into new areas like storing energy, building solar projects, and making green fuel, which are expected to boost profits significantly by 2028.
The Indian government is also helping by creating policies to encourage the use of solar energy made in India.
Waaree has a lot of existing orders, which means they are likely to make good money in the next couple of years.
However, after 2028, as more solar factories open, there might be more competition, which could affect prices.
Motilal Oswal initiated coverage on Waaree Energies with a 'Buy' rating and a price target of ₹4,000, indicating an approximate 19% upside potential.
The firm anticipates resilient cell margins and pricing through FY27 due to limited supply additions and industry capacity stabilization timelines.
Emerging verticals such as Battery Energy Storage Systems (BESS), EPC, and green hydrogen are projected to contribute significantly to EBITDA by FY28, enhancing business diversification.
Supportive government policies, including ALMM and proposed ALCM/ALWM, aim to boost domestic renewable energy manufacturing and component production.
Waaree Energies has a strong order book of ₹47,000 crore, providing high earnings visibility for FY26-FY27, with projected annual EBITDA and profit growth of 43% and 40% respectively over FY25-FY28.
- Who
- Motilal Oswal and Waaree Energies
- What
- Motilal Oswal initiated coverage on Waaree Energies with a 'Buy' rating and a price target of ₹4,000, citing strong growth drivers and supportive government policies.
- When
- Coverage initiated recently; stock has seen a 26% jump in the last 6 months. Proposed ALCM from June 2026.
- Where
- India (primary operations and policy focus) and global markets (implied by US market sensitivity).
- Why
- Expected resilient cell margins through FY27, diversification into BESS, EPC, and green hydrogen, supportive government policies for domestic manufacturing, and high earnings visibility due to a large order book.
Potential Upside Factors
Potential Downside Factors
Capacity and Demand Dynamics
Potential Upside Factors
Cell margins and pricing are expected to remain resilient through FY27 due to limited new supply additions and longer stabilization times for industry capacity.
Potential Downside Factors
Potential margin pressure beyond FY28 as incremental cell capacity aligns with demand.
Diversification and New Verticals
Potential Upside Factors
Emerging verticals like BESS, EPC, and green hydrogen are set to become key growth drivers, contributing an estimated 15% of EBITDA by FY28, enhancing business diversification.
Potential Downside Factors
Expansion into capital-intensive new businesses carries execution and stabilization risks that could impact timelines, costs, and financial performance.
Policy Support
Potential Upside Factors
Government policies like ALMM and proposed ALCM/ALWM, along with a vision for 500 GW RE capacity by 2030 using domestic components, provide strong support.
Potential Downside Factors
Sensitivity to US market policy, tariff, and geopolitical shifts due to reliance on international markets for some aspects of operations.
- Company
- Waaree Energies
- Brokerage Firm
- Motilal Oswal
- Rating
- Buy
- Price Target
- ₹4,000
- Implied Upside
- 19%
- Recent Stock Performance
- Over 26% jump in last 6 months
- EBITDA Guidance FY26
- ₹5,500-6,000 crore
- Order Book
- ₹47,000 crore
Sources
Waaree Energies CEO aims to make firm a one stop clean energy hub, drives push into BIPV for high rises
IPO-bound Emmvee Photovoltaic Bets on India's Solar Boom With $625.75 Million Expansion
Broker’s call: Waaree Energies (Buy)
