വാരി എനർജീസ് ഓഹരികൾ: രണ്ടാം പാദഫലങ്ങൾക്ക് ശേഷവും 55 വരെ വളർച്ചാ സാധ്യതയെന്ന് വിപണി വിദഗ്ധർ

Following the weak performance, shares of Waaree Energies fell to a 52-week low of Rs 2,162 on Wednesday. The stock subsequently rebounded nearly 7 per cent to Rs 2,309.95, taking its market capitalisation to around Rs 67,000 crore. However, it remains down 35 per cent from its 52-week high of Rs 3,556.10, recorded in April 2026.

According to Bloomberg consensus data, 12 of the 18 brokerages covering Waaree Energies have a 'Buy' rating on the stock. Two have a 'Sell' rating, while the remaining four have a 'Hold' rating.

Kotak Institutional Equities said Waaree Energies' Q2 FY27 profit came in below estimates, owing to weakness in the non-domestic content requirement (non-DCR) market and lower overseas revenue. The company's order book declined 4 per cent quarter-on-quarter (QoQ), while 3 GW of export orders were reportedly cancelled amid uncertainty related to Section 232 in the US.

Describing the quarter as weak, Kotak maintained its 'Reduce' rating on the stock with a target price of Rs 2,350.

JM Financial said Waaree Energies reported a gross margin of 26 per cent, while EBITDA margin stood at 17.8 per cent, supported by 38 per cent QoQ growth in cell production. The company reported an order book of over Rs 5,920 crore following the cancellation of 3 GW of US export orders, it noted.

The brokerage added that the management had reiterated its FY27 EBITDA guidance of Rs 7,000–7,700 crore. JM Financial also outlined its estimates for module sales of 15.6 GW, 16.5 GW and 16.2 GW in FY27, FY28 and FY29, respectively. It expects US module sales to reach 1.7 GW, 3.1 GW and 4.1 GW over the same period.

The brokerage noted that industry-wide cell capacity could reach 60–70 GW by the end of FY27, potentially moderating DCR prices. It also provided estimates for DCR and US module realisations over FY27–FY29. JM Financial retained its 'Add' rating, but its revised target price requires verification, as the draft cites Rs 2,554.

Emkay Global Financial Services said production was affected by supply-chain adjustments following the six-month extension of the Approved List of Models and Manufacturers (ALMM-II) timeline. It expects volumes to recover from the December quarter.

According to the brokerage, the management's EBITDA guidance is supported by higher cell production, the expansion of US manufacturing operations and operating leverage. Earnings are expected to be weighted towards the second half of FY27, particularly the March quarter.

Emkay noted that cell production stood at 1.1 GW in Q2, with utilisation at 81 per cent. Cell utilisation has since improved to 90 per cent, supporting more than 100 MW of incremental quarterly output.

The brokerage also highlighted the retail business as a key growth driver. Retail revenue in the first half of FY27 exceeded the full-year FY26 figure, while the company is targeting retail revenue of Rs 10,000–11,000 crore in FY27. Emkay retained its 'Buy' rating but cut its target price by 13 per cent to Rs 3,300 from Rs 3,800.

Elara Capital highlighted Waaree Energies' capacity-expansion plans, including scaling up module and cell capacity to 28 GW and 15.4 GW, respectively, by FY27. The company also plans to backward-integrate into wafer and ingot manufacturing, with a proposed capacity of 10 GW, while diversifying into battery energy storage systems (BESS), inverters and green hydrogen.

The brokerage also pointed to the company's domestic module and cell capacities of 24.2 GW and 5.4 GW, respectively, and noted that cell utilisation had improved to 81 per cent.

Elara retained its 'Accumulate' rating but lowered its target price to Rs 2,479 from Rs 2,960, citing margin compression, subdued utilisation and industry-wide oversupply of solar modules. The revised target price is based on 11 times its FY28 estimated enterprise value to EBITDA (EV/EBITDA) multiple.

The brokerage also cut its FY27, FY28 and FY29 earnings estimates by 28 per cent, 8 per cent and 7 per cent, respectively.

Waaree Energies: Brokerage ratings and target prices

Centrum Broking has the highest target price among the brokerages cited in this article, at Rs 3,457, implying an upside of 55 per cent from the reference closing price used in its estimate. Nomura has a target price of Rs 3,410, followed by Anand Rathi at Rs 3,244 and Axis Capital at Rs 3,180. All four brokerages have a 'Buy' rating on the stock.

UBS has a 'Neutral' rating with a target price of Rs 2,700, while Jefferies has retained its 'Underperform' rating with a target price of Rs 2,000.