Waaree Energies Ltd. share price target

Domestic integration: The 5.4 GW cell base and planned 10 GW expansion can improve sourcing control and domestic-content participation. We expect a gradual margin recovery as production yields and captive integration improve. Distribution advantage: Retail revenue more than doubled YoY in Q1FY27. A national installer and franchise network broadens demand and provides a route to market for inverters, kits and storage. US localisation: Texas manufacturing diversifies delivery routes, while planned US additions create further growth potential. Local production improves strategic...

PAT rose 13% YoY to 892 Cr, though profitability was impacted by lower operating margins and higher depreciation and finance costs. Other Income remained stable at 171 Cr, while Interest and Depreciation increased due to ongoing capacity expansion. Order Book: The company maintained a healthy order book of 61,500 Cr,...

Waaree’s reported quarterly performance was complemented by Rs3.5bn reciprocal tariff reversal, masking a weak operational quarter characterised by subdued utilisation and softer exports.

Waaree Energies (WEL) remains well-positioned to benefit from the structural transformation that is underway in India’s solar ecosystem, supported by strong demand visibility.

manufacturing capacity of 5.4GW as of FY26. Established in 1989 and headquartered in Mumbai, the company operates manufacturing facilities across India...

We believe Waaree Energies is well-positioned to benefit from India’s long-term clean energy transition.

Targeting INR1trn revenue by FY30 through expansion across solar, storage and energy infrastructure Total capex of ~INR300bn planned over next 2-3 years across...

We attended Waaree Energies Limited’s (WEL) investor day, wherein management laid out an aggressive roadmap to scale revenue to INR1t by 2030, supported by a sharp acceleration across C&I, KUSUM, and rooftop solar segments.

Waaree reported consolidated EBITDA/APAT of Rs15.8/10.6bn in Q4FY26, an 11%/4% miss, due to a 12%/7% QoQ contraction in GPM/EBITDAM.

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.

Waaree Energies announced acquisition of 5.37mn Series B Preferred Shares of United Solar Holding Inc (USH) for USD30mn, which would provide it stake in USH’s major advanced 100ktpa polysilicon plant in Oman, along with likely anchor customer status, thereby backward integrating it upstream in the PV value chain.

Play on India’s solar scale-up; indigenization of clean power generation: WEL encapsulates the India module story, with national installed solar capacity set to rise from 100GW in 1QFY26 to 160GW by FY28.

Waaree Energies Limited Issue Snapshot: Issue Open: October 21 October 23, 2024 Price Band: Rs. 1427 1503 *Issue Size: Up to Rs 4321 cr (Fresh issue of up to Rs 3600 cr + Offer for sale of Up to 4,800,000 eq sh) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 10 Book value: Rs 169.94 (June 30, 2024) Bid size: - 9 equity shares and in multiples thereof 100% Book built Issue

Issue Snapshot: Issue Open: October 21 October 23, 2024 Price Band: Rs. 1427 1503 *Issue Size: Up to Rs 4321 cr (Fresh issue of up to Rs 3600 cr + Offer for sale of Up to 4,800,000 eq sh) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 10 Book value: Rs 169.94 (June 30, 2024) Bid size: - 9 equity shares and in multiples thereof 100% Book built Issue IPO Note Waaree Energies Limited

IPO NOTE