Waaree Energies (WAAREEEN IN) – Analyst Meet Update – From Module Maker to Integrated Energy Player

We attended Waaree Energies’ (WAAREEEN) analyst meet (Waaree Unbound 2.0), where the management outlined an ambitious multi-year roadmap to transform the company from India’s largest solar module manufacturer into a fully integrated clean energy platform spanning modules, cells, ingots/wafers, BESS, inverters, transformers, green hydrogen electrolyzers, and T&D infrastructure. Targeting INR1trn of revenue by FY31 (implying ~30% CAGR over FY26 revenue), the company plans to invest ~INR300bn of organic capex over the next 2-3 years to build scale across the RE value chain and materially expand its TAM from US$1trn to US$4trn from CY25-35. The strategy focuses on deeper backward integration, localization of critical supply chains, and creating a diversified clean-energy ecosystem spanning manufacturing, EPC, retail distribution, storage and emerging energy-transition technologies. The company also outlined aggressive capacity expansion plans across solar modules, cells, ingots/wafers, BESS, solar glass, inverters and electrolyzers, while leveraging strong domestic demand, US export opportunities and favorable policy tailwinds to position itself as a globally integrated RE player. We estimate revenue/EBITDA/PAT CAGR of 21.9%/21.7%/17.3% over FY26-28E. We maintain ‘BUY’, with TP of INR3,713 (same as earlier) valuing at 12x EV of Mar’28E EBITDA with PE of 18x FY28E.