Waaree Energies Ltd shares climbed 2 per cent in Friday's trade after the manufacturer and exporter of solar photovoltaic (PV) modules laid out an aggressive growth roadmap, “Waaree Energies 2.0”, at its Investor Day. MOFSL, which attended the event, said the company’s roadmap involved scaling up revenue to the Rs 1 lakh crore mark by 2030, supported by a sharp acceleration across the C&I, KUSUM and rooftop solar segments.

Waaree expects India’s annual solar demand to rise materially from 50GW in FY27 to 85GW by FY30 and highlighted that agri-solarisation and BESS are major long-term opportunities. 

The management, MOFSL said, emphasized that technology transition, backward integration, and supply chain control will be critical to maintaining competitiveness amid industry overcapacity and pricing volatility.

For now, the brokerage has maintained 'Buy' on the stock with a target of Rs 3,850. On Friday, the stock was trading 1.64 per cent higher at Rs 3,279.60 apiece. The scrip hit a high of Rs 3,288 earlier today.

"The management outlined an ambitious aspiration to scale revenue to Rs 1 lakh crore by 2030, nearly 4 times, and provided granular details across various growth pillars expected to drive this expansion. The company highlighted strong visibility across utility, C&I, and distributed solar segments, alongside a clear strategic roadmap focused on integration, technology leadership, and manufacturing scale-up.

MOFSL said Commercial and Industrial (C&I), KUSUM (Kisan Urja Suraksha evam Utthaan Mahabhiyan), and rooftop solar IS witnessing a sharp acceleration. The domestic brokerage noted a meaningful acceleration is expected in FY27, particularly in the C&I and KUSUM segments 

"The management also highlighted agri-solarisation as a massive long-term opportunity, estimating a potential market size of 191GW assuming full solarization. In rooftop solar, PM Surya Ghar momentum continues to strengthen, with installations expected to rise from 8.7GW in FY26 to 10GW in FY27, while the application pipeline already stands higher at 11.5GW," it noted. 

MOFSL said backward integration is seen critical to long-term competitiveness, adding that the management emphasized that staying relevant will require continuous technology transition. 

"Capex intensity has increased nearly 10 times over the last decade, rising from Rs 150 crore/GW for module-only facilities to Rs 1,600 crore/GW for fully integrated polysilicon-to-module operations. Commodity and overcapacity risks being addressed proactively," MOFSL noted.

To reduce exposure to commodity price volatility and tariff-related risks, Waaree Energies is taking a stake in an Oman-based company with exposure across the polysilicon value chain. The management also believes that continued backward integration and migration toward premium technologies will help counter industry overcapacity risks, MOFSL said.

"Battery energy storage systems (BESS) remain another key growth pillar for WEL. Management highlighted plans to build India’s first fully integrated gigafactory spanning cell manufacturing to containerized BESS solutions, with an aim to become a fully integrated 20GWh player by 2028," it said.