Whalesbook
So, yeh target achieve kaise hoga? Company ne ab sirf capacity badhane pe nahi, balki ek 'integrated operating model' pe focus kiya hai. Matlab, woh polysilicon se lekar solar cells aur ab toh batteries tak sab kuch khud hi banayenge. Isse baahar ke suppliers par dependency kam hogi aur global supply chain/trade policy ke changes ka bhi zyada asar nahi padega.
Aur bhai, USA mein bhi full power dikha rahe hain. Pehle 1.5 GW capacity thi, ab 6 mahine mein 4.5 GW karne ka plan hai. Isse alag alag revenue sources milenge aur market share bhi badhega.
Chairman Hitesh Doshi ne saaf bola hai ki FY26 mein EBITDA ₹7,000 crore se ₹7,700 crore tak ho sakta hai. Nayi capacities jo batteries, ingots, wafers, aur solar cells ke liye aa rahi hain, woh ismein help karengi. Aur haan, woh margins 20% ke aas paas maintain karne mein successful rahe hain, even jab raw material prices badh rahe the. As of late April 2026, company ki market cap lagbhag ₹90,411.69 crore hai. Stock bhi pichhle saal 20% se upar gaya hai aur ₹3,151 ke aas paas trade kar raha hai.
Yeh strategy competitors se thodi alag hai. Dekho, Adani Green Energy ka P/E ratio 130 se bhi upar hai, jo bahut high hai. Sterling and Wilson Renewable Energy ka P/E 19.14 ke aas paas hai, par unhone FY26 mein loss report kiya hai aur unka stock gira hai. Tata Power, jo ek diversified company hai, uska P/E 36 ke aas paas hai aur woh green energy par focus badha rahe hain (July 2025 tak 65% green capacity thi).
India ka renewable energy sector toh waise bhi bohot fast grow kar raha hai, FY2026 mein 32 GW se zyada naya capacity expect hai. Lekin abhi bhi India mein wafers aur cells jaise critical components ke liye supply chain gaps hain, jise Waaree apni integration se solve karne ki koshish kar raha hai.
Ab challenges ki baat karein toh, US mein trade duties (126% CVD aur 123% anti-dumping duty) ka company ke operations par asar nahi pad raha hai, kyunki unka sourcing method alag hai. Par future mein policy changes se dikkat aa sakti hai. Company ka P/E ratio lagbhag 29.61 hai. Yeh Adani Green se kam hai par Sterling and Wilson se zyada. Matlab, valuation mein growth dikh rahi hai. Commodity prices badhne se margins par pressure aa sakta hai, despite management ka kehna ki woh price adjustments kar lenge. Aur haan, nayi capacities aur international operations ko manage karna bhi ek challenge hai, kyunki Sterling and Wilson jaise competitors ko bhi profitability issues face karne pade hain.
Analysts mostly positive hain. Consensus 'Buy' rating hai aur average price target ₹3,457.54 se ₹4,130 ke beech hai. Nomura aur UBS ne bhi 'Buy' rakha hai aur targets ₹3,750 se ₹4,400 diye hain.
Lekin sabhi positive nahi hain. Jefferies ne April 2025 mein stock ko 'Underperform' kar diya tha, US import trends aur inventory ko lekar chinta dikhate hue, aur target ₹2,100 diya tha. Waaree Energies ne apna EBITDA guidance ₹7,000–7,700 crore for FY26 reaffirm kiya hai, jo management ka confidence dikhata hai.