Waaree Energies (WAAREEEN IN) – Q2FY27 Result Update – US Footprint & Backward Integration to Unlock growth – BUY
Published on 29 Oct 2026
Domestic US manufacturing revenue grew 113% YoY in H1FY27, with US module manufacturing capacity expected to reach 4.8GW by Mar’27, including an additional 1.6GW capacity scheduled to become operational in Q3FY27. The company reiterated its FY27 operating EBITDA guidance of INR70-77bn and remains on track with its ~INR300bn capex Programme, including the 10GW cell expansion, 5GWh BESS containerization facility, 3.5GWh battery cell manufacturing, 4GW inverter capacity and 20,000 MVA transformer capacity. These investments are expected to strengthen backward integration, improve operating leverage and support margin expansion over the medium term. we estimate revenue/EBITDA/PAT CAGR of 22.5%/16.4%/8.9% over FY26-29E. We maintain ‘BUY’, with TP of INR3,111 (same as earlier) valuing at 10x EV of Sep’28E EBITDA with an implying PE of 19x Sep’FY28E
