Renewable Equipments – Sector Report – India’s solar manufacturing in structural upcycle
Published on 26 Dec 2025
We are initiating coverage on three renewable equipment manufacturing companies - Premier Energies (PREMIERE), Waaree Energies (WAAREEEN), and Vikram Solar (VIKRAMSO) - with a positive outlook. Domestic Installed solar capacity (AC) is expected to jump from 106GW in FY25 to 290GW by FY30E growth will be driven by utility-scale additions, government initiatives, as well as rising captive industrial demand. Similarly, manufacturers are well placed to capitalize on export demand, primarily from the US driven by IRA-linked incentives and supply-chain diversification away from China. Companies are undertaking significant capital expenditure over FY24–FY28 to scale up manufacturing capacities and strengthen backward integration. We initiate coverage with a ‘BUY’ rating on PREMIERE/ WAAREEEN and ‘Accumulate’ rating on VIKRAMSO with TP of Rs1,106/Rs4,086/Rs275 based on SOTP, implying PE of 22x/24x/19x FY28E.
