Waaree Energies Share Price Target 2026, 2027, 2028, 2029, 2030

Waaree Energies share price today

Waaree Energies (NSE: WAAREEENER) is the largest solar module manufacturer outside China — 12 GW of installed capacity across five Indian plants plus a US facility. In FY26 it grew sales 84% and profit 101%. It trades at 19 times earnings with a PEG of 0.19.

Hyper-growth at a value multiple only happens when the market doubts the growth’s durability. With Waaree the doubt has a specific name — policy — and this article takes it as seriously as the numbers deserve.

Why this business exists at this scale

Indian solar manufacturing is a created industry: ALMM rules (an approved-manufacturer list that excludes Chinese modules from most Indian projects), basic customs duty on imports, PLI subsidies, and US tariffs on Chinese-linked supply chains. Inside those walls, Waaree is the scale leader with the export beachhead — its US plant sells into a market that pays premium prices for non-Chinese modules.

The bear’s rejoinder writes itself: profits granted by policy can be repealed by policy. China’s module overcapacity is so extreme that world prices sit below Indian cash costs — remove the walls and margins halve. That is why 100% three-year profit CAGR trades at 19×.

The numbers

From Screener.in, consolidated:

Year	Sales (₹ Cr)	OPM	Net profit (₹ Cr)	EPS (₹)
FY24	11,398	14%	1,274	62.76
FY25	14,444	19%	1,928	65.00
FY26	26,537	22%	3,884	129.02
TTM	30,043	21%	4,003	132.68

Sales up 84% in FY26 with margins expanding — backward integration into solar cells (rather than assembling imported ones) is doing the margin work. ROCE of 39% on a manufacturing business is exceptional by any standard.

Quarterly review

Quarter	Sales (₹ Cr)	OPM	Net profit	EPS (₹)
Sep 2025	6,066	23%	878	29.29
Dec 2025	7,565	25%	1,107	36.94
Mar 2026	8,480	19%	1,126	36.89
Jun 2026	7,932	18%	892	29.56

June profit rose 15% year-on-year but dipped sequentially with margin easing to 18% — module prices soften as Indian capacity (everyone is building) comes online. Order flow continues: a 740 MW supply order landed on 1 August, and a new subsidiary for green hydrogen/ammonia was incorporated the same week. Growth is not the question; the price of growth is.

Balance sheet and cash flow — read this part carefully

• Equity ₹14,438 Cr, borrowings just ₹3,213 Cr (D/E 0.22) — the IPO war chest funds the buildout, not debt.
• Fixed assets + capex-in-progress have tripled in two years (₹10,800 Cr combined) — cells, wafer plans, the US fab, batteries and electrolyser ventures.
• FY26 free cash flow: negative ₹3,209 Cr. Operating cash conversion fell to 47% as working capital and capex swallowed profits. This is what an aggressive buildout looks like — acceptable while growth delivers, dangerous if the cycle turns mid-spend.

Shareholding review — the register is upgrading

Holder	Mar 2025	Jun 2026
Promoters	64.31%	64.12%
FIIs	0.70%	8.57%
DIIs	2.46%	4.08%
Public	32.53%	23.23%

Since listing (October 2024), foreign institutions have gone from nearly nothing to 8.6% — buying, quarter after quarter, from exiting IPO retail. A 30%-off-the-high price with institutions accumulating is a pattern worth respecting.

Waaree Energies share price target 2026 to 2030

EPS base ₹132.68 (TTM). The scenarios must be wider than usual because the driver is policy, not execution. Bear: protection cracks or Indian oversupply bites — EPS shrinks 10% a year at 10×. Base: 15% growth at 18× (capacity ramp offsets price declines). Bull: 25% growth at 24× (US fab + cells + storage scale on schedule).

That bear column — a two-thirds loss — is not decoration. It is what happened to solar manufacturers worldwide every time supply outran protection. The base case returns ~55% by 2030 on assumptions well below the current run-rate. This is a position-sizing stock: the expected value is attractive, the tail is real, and the tail decides how much you own, not whether the story is good.

Reasons to own Waaree Energies

1. Largest non-Chinese module maker on earth — the strategic asset every de-risking supply chain needs.
2. 84% sales growth, 39% ROCE, 33% ROE — hyper-growth with genuine capital efficiency.
3. PEG 0.19 — the market charges almost nothing for the growth because it doubts the policy.
4. Backward integration (cells, then wafers) converting policy protection into structural cost position.
5. US manufacturing footprint — the one hedge that works if Indian policy softens.
6. FIIs accumulating relentlessly since listing while the price consolidates.

Risks, plainly ranked: policy reversal (ALMM dilution, duty cuts) > Indian oversupply compressing margins (already visible: OPM 25%→18% in two quarters) > negative FCF during the buildout > technology shifts (perovskite, etc.) > promoter-group related-party breadth (the listed EPC arm, group ventures).

What to weigh at the current price

Waaree’s growth and manufacturing scale are real, but so are policy dependence, negative free cash flow and the risk of global module oversupply. The tension is whether capacity expansion can preserve margins once protection and industry pricing become less favourable.

FAQ

What is the Waaree Energies share price target for 2030? The table above presents bear, base and bull scenarios for every year to 2030; the arithmetic follows the stated growth and valuation assumptions.

Why is Waaree Energies cheap at 19× despite 100% profit growth? Because its margins exist inside policy protection (ALMM, duties, US tariffs). Markets refuse to capitalise policy-granted profits at growth multiples — reasonably.

Is Waaree Energies profitable without subsidies? It is profitable inside the current tariff/ALMM framework; at open-market Chinese module prices, industry margins would compress severely. That gap is the entire bear case.

Who owns Waaree Energies? Promoters hold 64.1%; FIIs have built an 8.6% stake since the October 2024 listing while IPO-era retail has reduced.

When are Waaree’s next results? Q2 FY27 would ordinarily be expected around late October 2026; confirm the announced date through the results calendar and exchange filing.

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This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises — policy, commodity and market shocks can push prices outside every band shown, and in this stock the bands are wide by design. Do your own research and consult a registered adviser before acting.