PL Capital has reiterated its 'Buy' rating on Waaree Energies Ltd, following the company’s latest analyst meet.  According to the brokerage, Waaree is eyeing a revenue target of Rs 1 lakh crore by FY31, implying a 30% compound annual growth rate (CAGR) over its FY26 revenue. 

To fuel this, the Waaree management has mapped out an organic capital expenditure (capex) of approximately Rs 30,000 crore to be deployed over the next two to three years.  

PL Capital said, "The management outlined an ambitious multi-year roadmap to transform the company from India’s largest solar module manufacturer into a fully integrated clean energy platform spanning modules, cells, ingots/wafers, BESS, inverters, transformers,green hydrogen electrolyzers, and T&D infrastructure.”

The brokerage noted that the company’s strategy focuses on deeper backward integration, localization of critical supply chains, and creating a diversified clean-energy ecosystem. Waaree expects to quadruple its addressable market from US$1 trillion to US$4 trillion between 2025 and 2035, it said.

“The company plans to expand cell manufacturing capacity from 5.4GW to 15.4GW over the next 2 years, with phased commissioning of new facilities and a calibrated execution strategy supporting the scale-up,” PL Capital said.

Waaree Energies share price target

The brokerage firm maintained its target price of Rs 3,713 per share, a potential upside potential from its current market price of Rs 3202.

“We estimate revenue/EBITDA/PAT CAGR of 21.9%/21.7%/17.3% over FY26-28E. We maintain ‘Buy’, with TP of INR3,713 (same as earlier) valuing at 12x EV of Mar’28E  EBITDA with PE of 18x FY28E,” PL Capital said.

“WAAREEEN is developing a 20GWh integrated advanced chemistry cell and pack manufacturing facility at Rola, Gujarat, with a planned capex outlay of ~INR100bn: Phase I capacity of 3.5GWh by 2026 and Phase II capacity of 16.5GWh by 2028,” the brokerage added.