Waaree Energies share price: Brokerage firm Joindre Capital has initiated coverage on Waaree Energies share price, giving ‘buy’ rating to the renewable energy stock.
The firm has given the target price of ₹3,112 per share, seeing an upside potential up to 21.8%, based on EV/EBITDA valuation of 7.6X FY29E EBITDA of ₹1,13,752 million.
“We are positive on strong growth over the medium term, supported by a strong order book and a growing contribution from retail, overseas markets and newer businesses such as BESS and T&D,” the firm said.
According to the brokerage firm, the key earnings driver over the next few quarters will be higher capacity utilisation and increasing captive cell integration, with cell production expected to rise from 800MW in Q1FY27 to 1.2GW in Q2 and 1.5GW in Q3, while module utilisation is expected to reach 70–75% in Q3/Q4.
It further added that the company is also targeting 15.4GW of cell capacity, 28GW of module capacity, 4GW of inverter capacity, 20,000 MVA of transformers and 1GW of electrolyzer capacity by the end of FY27, which should create a larger earnings base from FY28 onwards.
“Retail is another important growth lever, with ₹90,000–100,000 Mn of FY27 revenue targeting from this segment,” it said.
Waaree Energies Q1 results 2026
For the quarter ended June 2026, net profit rose 14% year-on-year to ₹850 crore, compared with ₹745 crore in the corresponding period a year earlier. Revenue from operations surged 79% to ₹7,932 crore from ₹4,426 crore in the year-ago quarter.
At the operating level, EBITDA grew 44% YoY to ₹1,440 crore, against ₹997 crore in the same quarter last year. Despite the growth in operating profit, the EBITDA margin contracted to 18.2% from 22.5% a year earlier.
The quarterly results also reflected income recognised following a legal development in the US. Following the US Supreme Court’s ruling that reciprocal duties imposed on exporters were unlawful, and based on the status of refund claims accepted by the US Customs and Border Protection (CBP), Waaree Energies recognised ₹349.18 crore as other operating revenue towards refunds of reciprocal duties levied under tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
The company also recognised ₹25.13 crore as a reduction in the cost of assets and inventory.
Waaree Energies share price performance
Waaree Energies shares have remained under pressure in the near term, declining 0.96% over the past week. The stock has also slipped 5.51% over the last one month, indicating continued weakness in recent trading sessions.
On a year-to-date basis, Waaree Energies shares have fallen 14.37%, reflecting a negative trend so far in 2026. Over the past year, the stock has declined 26.75%, highlighting the broader correction from its previous levels.
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