Waaree Energies targets 2026: broker calls, FY31 plan

What changed after the latest analyst updates

Waaree Energies Ltd has remained in focus after fresh brokerage notes and an analyst meet highlighted management’s growth ambitions and a pipeline of new businesses. PL Capital reiterated its ‘Buy’ rating following the company’s latest analyst meet and kept its target price unchanged. Nuvama also retained its ‘BUY’ call after the company’s Q4-related commentary, while Emkay Research reiterated its BUY view in a separate note.

Across reports, the common thread is a view that Waaree’s execution, scale-up plans and diversification are driving multiple price targets for the stock. The updates also arrive against a backdrop of policy support for the broader infrastructure and renewable energy ecosystem.

PL Capital: Buy reiterated, FY31 revenue ambition in focus

PL Capital said Waaree is eyeing a revenue target of Rs 1 lakh crore by FY31, implying a 30% compound annual growth rate over its FY26 revenue. In normalized terms, the FY31 revenue ambition is Rs 100,000 crore.

To support this, PL Capital highlighted management’s plan for organic capital expenditure of about Rs 30,000 crore, to be deployed over the next two to three years. PL Capital also shared its growth estimates, stating it expects revenue/EBITDA/PAT CAGR of 21.9%/21.7%/17.3% over FY26-28E.

On valuation, the brokerage maintained a target price of Rs 3,713 per share, and referenced valuation at 12x EV of Mar’28E EBITDA with P/E of 18x FY28E. In the same note, PL Capital cited a current market price of Rs 3,202, indicating potential upside versus that level.

Nuvama: higher PAT estimates and FY27 EBITDA range

Nuvama maintained a ‘BUY’ call and gave a price target of Rs 4,375. It also said it raised FY27/28E PAT by 4%/7% to factor in earnings from new businesses.

Nuvama guided to a notably higher FY27 EBITDA range of Rs 7,000-7,700 crore. The brokerage also described the opportunity as long-duration and highlighted expectations of strong potential returns along with a strong balance sheet.

Most-searched query: Waaree share price target 2026

The “Waaree share price target 2026” has been a frequently searched query, with one snapshot in the provided data placing the stock at Rs 2,250 against a 52-week high of Rs 3,500 and a 52-week low of Rs 1,650. In that context, the analyst consensus 12-month share price target was stated at Rs 2,700-3,100, implying 20-38% upside from Rs 2,250.

The same dataset also flagged key technical reference points, stating support near Rs 1,650, and framed scenarios where a PAT beat with positive FY27 guidance could trigger a re-rating toward Rs 3,100.

Policy backdrop: Budget capex and scheme support

A supportive policy backdrop was also cited, including Union Budget 2026-27 infrastructure capex of Rs 11.21 lakh crore, continued PLI scheme support, and consumption-demand incentives. The context presented was that these factors create a positive policy environment for Waaree Energies’ solar modules business.

US tariff headline risk and brokerage view on impact

One section referenced the US decision to impose a 126% tariff on solar imports from India. Despite the headline, the content stated that Waaree management indicated there is no likelihood of impact on the company.

Motilal Oswal Financial Services (MOSFL) was cited as saying concerns around an initial 126% countervailing duty (CVD) are not expected to have a major impact, noting that Waaree does not use India-made solar cells for its US supply. MOSFL set a target price of Rs 3,514, with the stock price mentioned at Rs 2,709.60 in that context.

Emkay Research: Rs 4,260 target and US capacity expansion details

Emkay Research reiterated a BUY recommendation and maintained a target price of Rs 4,260 against a current market price of Rs 2,709, implying upside of over 57% as stated. Emkay also described Waaree’s US buildout, including 1 GW in Arizona (acquired) and a 1.6 GW expansion in Texas.

In a trading update included with the Emkay-linked excerpt, Waaree shares were noted at Rs 2,720.50 on BSE, up 0.44%, with a market capitalisation of Rs 78,252.71 crore at 1:35 pm. The intraday low and high were stated as Rs 2,705 and Rs 2,759.95.

Other street snapshots: ETPrime analyst recommendations

An ETPrime snapshot listed the stock last traded at Rs 3,109.80, after moving up 0.56% from a previous close of Rs 3,092.60. It also referenced “Mean Recos by 13 analysts” and a ratings table showing counts including Strong Buy (4) and Buy (5) in the “Current” column.

Key numbers at a glance

Market impact: why the spread in targets matters

The provided data shows multiple “current market price” references (for example, Rs 2,250, Rs 2,709, Rs 3,202 and around Rs 3,110), reflecting different publication snapshots rather than a single live quote. Even so, the direction of brokerage commentary is consistent: targets cluster meaningfully above the cited CMP levels in each note.

From a fundamentals lens, the key market-relevant inputs in these updates are the FY31 revenue ambition, the planned capex quantum and timeline, and the forward EBITDA and PAT expectations for FY26-28E. Policy commentary and the stated limited impact from the US tariff headline are also positioned as important variables for investor sentiment.

Conclusion

Brokerage updates on Waaree Energies have reiterated Buy calls while spotlighting a FY31 revenue ambition of Rs 100,000 crore and an organic capex plan of about Rs 30,000 crore over the next two to three years. Near-term focus, as reflected in the notes, remains on FY27 earnings delivery, management guidance and execution on capacity and new-business ramp-ups that brokerages are already building into their estimates.