Buy Waaree Energies; target of Rs 4000: Motilal Oswal

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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