Waaree Energies share price target has been updated to ₹3,825 by Motilal Oswal, representing 26% upside potential
Prominent domestic brokerage firm Motilal Oswal Financial Services has issued a strong endorsement for India’s growing renewable energy sector. In its latest research report published late June 2026, the brokerage maintained a definitive “Buy” rating on Waaree Energies Limited. It assigned a fresh target price of ₹3,825 per share.
The projected target price indicates a significant 26% upside potential from the stock’s current market trading levels. Analysts at Motilal Oswal noted that the investment rationale is built upon three core macroeconomic themes. These factors include structural shifts in domestic solar demand, widening localized manufacturing deficits, and the company’s aggressive production expansions.
A primary driver behind this bullish forecast is the notable transformation occurring within India’s broader solar landscape. Historically, large utility-scale setups dominated the sector’s growth. However, a major transition is underway as demand pivots rapidly toward commercial, industrial, residential rooftop installations, and government solar programs like the PM-KUSUM scheme.
Market data reveals that these combined alternative solar segments are accelerating quickly. They are projected to account for more than 50% of the country’s total annual solar demand moving forward. Estimates suggest this will contribute roughly 24 to 28 gigawatts of new installations annually starting from the 2027 fiscal year.
Concurrently, a massive manufacturing supply gap continues to shield domestic solar equipment providers. The brokerage estimates that India requires at least 100 gigawatts of integrated solar manufacturing capacity to fulfill its annual module demands. This stands in sharp contrast to the country’s current domestic solar cell manufacturing capacity, which sits significantly lower at 30 gigawatts.
Furthermore, domestic supply constraints remain highly visible in upstream manufacturing categories. Total announced domestic ingot and wafer production capacity currently trails around 50 to 60 gigawatts, even when excluding Reliance Industries. This persistent shortfall creates an exceptionally favorable pricing landscape for established local manufacturers like Waaree Energies.
To capitalize on this supply deficit, Waaree Energies is aggressively advancing its domestic and international manufacturing footprint. The clean energy player remains fully on track to commission 10 gigawatts of solar cell capacity locally. Additionally, it plans to deploy 2.6 gigawatts of module manufacturing capacity in the United States during the second half of fiscal year 2027.
Financially, the company continues to leverage a well-diversified operating strategy. Nearly 54% of the firm’s total sales mix during the 2026 fiscal year was generated through high-margin retail channels and overseas markets. This geographical and consumer diversification significantly reduces systemic industry risks compared to localized peers.
Looking ahead, management has established a highly ambitious long-term growth roadmap called the “Waaree 2.0” initiative. The company is actively targeting an annual revenue milestone of ₹1 lakh crore by the year 2030. Reaching this milestone implies an aggressive 39% compound annual growth rate over the next four fiscal years.
Investors will continue to closely monitor the ongoing execution of these massive capital expenditure projects. Key trends to watch include the successful integration of its United States facility, raw material price stability, and the overall pace of national rooftop solar adoption.
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