Motilal Oswal's research report on Waaree Energies
WEL encapsulates the India module story, with national installed solar capacity set to rise from 100GW in 1QFY26 to 160GW by FY28. A strong pickup in utility-scale bids (from 20 GW in FY23 to 69GW in FY24) and accelerating demand from PM Kusum/Suryaghar Yojana will drive growth for the bread-and-butter domestic module business in FY26-27. Union government has displayed a strong intent to indigenize India’s green power generation via regulations mandating domestically manufactured modules/cells.
Outlook
The valuation of WEL has been derived through a sum-of-the-parts (SoTP) methodology, resulting in a TP of INR4,000/share.
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