Broker’s Call: Waaree Energies (Buy)

SENSEX 74,151.04

+ 905.01

NIFTY 22,936.75

+ 237.90

CRUDEOIL 9,590.00

 -208.00

GOLD 143,134.00

 -571.00

SILVER 191,126.00

 -3,199.00

SENSEX 74,151.04

+ 905.01

NIFTY 22,936.75

+ 237.90

NIFTY 22,936.75

+ 237.90

CRUDEOIL 9,590.00

 -208.00

CRUDEOIL 9,590.00

 -208.00

GOLD 143,134.00

 -571.00

'; } document.getElementById("lgdv").innerHTML = htmlElements; } function numberformat(i) { return Number(parseFloat(i).toFixed(2)).toLocaleString('en', { minimumFractionDigits: 2 }) } async function gatherResponse(response) { const { headers } = response; const contentType = headers.get('content-type') || ''; if (contentType.includes('application/json')) { return await response.json() } return response.text(); } function getWidth() { if (Math.max(document.body.scrollWidth,document.documentElement.scrollWidth,document.body.offsetWidth,document.documentElement.offsetWidth,document.documentElement.clientWidth) > 991) { document.getElementById("mob").style.display = "none"; document.getElementById("lgdv").style.display = "block"; } else { document.getElementById("mob").style.display = "block"; document.getElementById("lgdv").style.display = "none"; } } getWidth(); THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.

Anand Rathi Research

By Anjana C Shriram

Updated - October 29, 2026 at 07:12 PM.

Section 232 tariffs prompted the cancellation of about 3 GW of US export orders, reducing India-origin exports to 7.8 per cent of Waaree’s ₹59,200-crore order-book from about 24 per cent in Q1FY27

Target: ₹3,244

CMP: ₹2,322

Waaree Energies’ cell utilisation rose to 90 per cent in Q2FY27 from 67 per cent in Q1FY27, while module production remained subdued at 52 per cent utilisation. Module output was held back by delayed project offtake amid deferment in ALMM-II implementation and geopolitical disruptions to US shipments.

Retail contributed 46.1 per cent to Q2FY27 revenue, indicating a structurally higher contribution from distribution. Asset-light business leverages Waaree’s established nationwide distribution network to drive incremental growth and operating leverage. The company targets ₹10,000-11,000 crore revenue from this vertical in FY27e.

Section 232 tariffs prompted the cancellation of about 3 GW of US export orders, reducing India-origin exports to 7.8 per cent of Waaree’s ₹59,200-crore order-book from about 24 per cent in Q1FY27. Meanwhile, the US facility’s capacity utilisation improved to 71 per cent from 59 per cent in Q1FY27, supporting growth in orders serviced through local manufacturing.

We revise our revenue estimates by 2.8/(2.3) per cent for FY27/28e, reflecting lower domestic module sales and US order cancellation. However, higher retail contribution and MIP regulations should aid realisation and margin. Higher depreciation and finance cost from capacity addition could moderate PAT growth, while rising capital intensity increases execution risks. We maintain Buy on the stock with a revised TP of ₹3,244, valuing it at 10x FY29e EV/EBITDA.

Published on October 29, 2026

THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.Sign into Unlock benefits!

• Access 10 free stories per month
• Get notified by email for early preview to new features, discounts & offers