Buy Waaree Energies; target of Rs 4260: Emkay Global Financial

Emkay Global Financial is bullish on Waaree Energies has recommended buy rating on the stock with a target price of Rs 4260 in its research report dated February 26, 2026.

Broker Research

February 26, 2026 / 12:48 IST

Buy

Emkay Global Financial' research report on Waaree Energies

The US Department of Commerce imposed a preliminary CVD on solar PV imports from India, Indonesia and Laos, with India rate at 126% leading to significant negative sentiment for Indian players, with sharp stock correction. However, Waaree’s management has clarified that this is unlikely to impact the company, as the US CVD/ADD measures are determined by the country of origin of solar cells rather than the module assembly; Waaree does not use Indian or any affected country’s cells for its US supplies, and instead sources from other countries where US duty is lower, at ~10%. The company has ramped up its US supplies, supported by diversified, FEOC-compliant sourcing while expanding its US capabilities including 1GW in Arizona (acquired) and 1.6GW expansion in Texas; this is likely to take total US capacity to ~4.2GW by mid-CY26, sufficient to meet its current order book.

Outlook

With its diversified non-China sourcing (right from polysilicon), Waaree is well placed in the US, which is a key long-term focus market. We retain our estimates; reiterate BUY with TP of Rs 4260.

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