Archive · 23 Jan 2026
Waaree Energies Maintains Buy Ratings Amid Strong Q3 Performance
Waaree Energies is a company that makes solar panels and other renewable energy solutions.
Recently, they did really well in the last three months of the year, making a lot more money than expected.
This made some experts who study the stock market very happy, and they decided to keep recommending that people buy Waaree Energies' stocks.
The company is also planning to make even more solar panels and other related products, which could help them grow even bigger in the future.
They are also investing a lot of money to become a complete solar energy company, from making the basic materials to the final products.
This could help them make more money and be more successful in the long run.
Waaree Energies delivered a strong Q3 performance with revenue and Ebitda up 2x and 3x YoY, respectively, beating Street expectations.
Brokerages Emkay Global, Nuvama Institutional Equities, and MOFSL maintained 'Buy' ratings on the stock.
Module production rose to 3.51 GW and cell production to 0.75 GW, with utilisation expected to rise to 85-90%.
The company is transitioning to a fully integrated solar player with investments across the value chain.
Waaree Energies plans a capex of Rs 25,000 crore for backward and forward integration, aiming for multi-decadal growth opportunities.
- Who
- Waaree Energies Ltd, Emkay Global, Nuvama Institutional Equities, MOFSL
- What
- Maintained 'Buy' ratings on Waaree Energies after strong Q3 performance
- When
- After the December quarter performance
- Where
- India
- Why
- Strong revenue and Ebitda growth, expansion in module and cell production, and rising order book
- Company
- Waaree Energies Ltd
- Brokerages
- Emkay Global, Nuvama Institutional Equities, MOFSL
- Q3 Revenue Growth
- 2x YoY
- Q3 Ebitda Growth
- 3x YoY
- Module Production
- 3.51 GW
- Cell Production
- 0.75 GW
- Gross Margin
- 44%
- Ebitda Margin
- 25%
- Target Price (Nuvama)
- Rs 3,867
- Target Price (Emkay Global)
- Rs 4,260
- US Revenue
- Rs 2,000 crore
- Q3 IRA Benefit
- Rs 80 crore
- Capex Plan
- Rs 25,000 crore
- Module Capacity Target (FY27)
- 28.4 GW