Waaree Energies Ltd. was listed on the National Stock Exchange (NSE) on October 28, 2024. It is the leader in the solar energy sector. In this article, we will explore Waaree Energies future growth potential and Waaree Energies share price target from 2025 to 2050.
About Waaree Energies
Waaree Energies is an Indian solar company started in 1989. It makes solar panels and provides solar energy solutions. The company helps install solar systems for homes and businesses. Waaree also sells solar water pumps and other renewable energy products. It operates in India and exports to many countries. The company focuses on clean and sustainable energy.
Waaree Energies Business Model
- Solar Panel Manufacturing & Exports: Waaree produces solar panels for homes, businesses, and large power plants, selling them both in India and internationally.
- Solar Project Development: The company builds large solar power plants, rooftop solar systems, and solar-powered water pumps for industries, governments, and farmers.
- EPC & Maintenance Services: Waaree provides complete solar project solutions, from setup to long-term maintenance, ensuring efficient performance.
Waaree Energies Fundamental Analysis
| Stock Name | Waaree Energies Ltd. |
|---|---|
| NSE Symbol | WAAREEENER |
| Market Cap | ₹ 73,702 Cr. |
| 52W High | ₹ 3,743 |
| 52W Low | ₹ 1809 |
| Stock P/E (TTM) | 39.4 |
| Book Value | ₹ 330 |
| Dividend Yield | 0.00% |
| ROCE | 35.1 % |
| ROE | 27.6 % |
| Face Value | ₹ 10.00 |
| Industry PE | 47.6 |
| Price to book value | 4.45 |
| Debt to equity | 0.13 |
| PEG Ratio | 0.34 |
| Quick ratio | 1.23 |
| Share holders | March 2025 |
|---|---|
| Promoters | 64.31% |
| Flls | 0.70% |
| Dlls | 2.46% |
| Public | 32.53% |
| No. of Shareholders | 8,51,028 |
Key Factors Driving Waaree Energies Future Growth
- Growing Solar Demand: More homes, businesses, and industries are switching to solar power, which will boost Waaree Energies’ sales.
- Government Support: Subsidies from the Indian government will help Waaree Energies to grow more.
- Expanding Production: Waaree is building new solar cell factories in Gujarat. By March-April 2025, most of its 5.4 GW capacity will be ready, and its total solar panel-making capacity will reach 13.3 GW.
- Ready for Policy Changes: Even if the U.S. government changes rules on imports, Waaree is confident that demand for its products will remain high and it can adjust its business accordingly.
- Growing in Other Countries: The company is entering new markets in the Middle East, Africa, and Australia. This will help it earn from different regions and reduce risk.
Pros of Waaree Energies
- Strong Sales Growth: Waaree Energies revenue has grown with a CAGR of 80% over the last 3 years.
- Strong Profit Growth: Waaree Energies’ profit has grown with a CAGR of 180% over the last 3 years.
- High ROE: Waaree Energies has a good return on equity (ROE) track record with a 3 years average ROE of 34.7%.
- Increasing Cash Reserves: Waaree Energies is continuously increasing its cash reserves from just ₹231 crores in March 2022 to ₹4583 crores in September 2024, these reserves will help the company to expand further.
- Strong Order Book: The company’s current order book is 26.5 gigawatts, equivalent to approximately ₹50,000 crores.
- Strong Sales Growth: Waaree Energies sales have grown at 72% CAGR over the last three years.
- Strong Profit Growth: Waaree Energies profits have grown at 192% CAGR over the last three years.
- High Return on Capital Employed (ROCE): Waaree Energies 5yrs average ROCE is 33.4% which shows that it is utilizing its capital effectively to generate profits.
- High Return on Equity (ROE): Waaree Energies 5-year average is 30.0% which shows that the company is using its shareholders funds well to generate profits.
- Low PE Ratio Compared to Peers: Waaree Energies’ PE ratio is 39.4, which is lower than the industry average of 47.6, making it relatively undervalued and potentially a good investment opportunity.
- Low Debt Levels: Waaree Energies debt to equity ratio is 0.13, which indicates that the company is less dependent on debt, which reduces its financial risk.
Cons of Waaree Energies
- Too Dependent on the U.S. Market: Almost 99% of Waaree’s exports go to the U.S. If U.S. policies change or demand drops, Waaree’s business could suffer.
- Policy Changes Can Hurt Sales: The U.S. government has paused climate-related spending and stopped new offshore wind projects. If they reduce support for solar energy, Waaree’s sales could go down.
- Tough Competition: Waaree faces competition from big companies like Tata Power Solar, Vikram Solar, and Adani Mundra Solar. Competing with such giants can affect Waaree’s profits.
- Stock Price is Unstable: Waaree’s stock launched at ₹2,500, jumped to ₹3,741, but then started falling. Such big ups and downs make it risky for investors.
- High Price to Book Value: Waaree Energies is trading at a Price-to-Book Value (P/B) ratio of 7.78, which indicates that its stock is significantly overvalued compared to its book value.
- Decrease in Institutional Confidence: DIIs have reduced their holding to 2.46% in March 2025 from 2.70% in December 2024 while FIIs have reduced their holding to 0.70% in March 2025 from 1.40% in December 2024, indicating a decline in institutional confidence in the company’s future growth prospects.
Waaree Energies Ltd Balance Sheet
| Particulars | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Equity Capital | 243 | 263 | 287 |
| Reserves | 1,595 | 3,825 | 9,192 |
| Borrowings | 320 | 553 | 1,199 |
| Other Liabilities | 5,247 | 6,635 | 9,069 |
| Total Liabilities | 7,406 | 11,277 | 19,747 |
| Fixed Assets | 1,105 | 1,450 | 4,051 |
| CWIP | 537 | 1,341 | 1,884 |
| Investments | 31 | 71 | 65 |
| Other Assets | 5,732 | 8,414 | 13,748 |
| Total Assets | 7,406 | 11,277 | 19,747 |
By the end of 2025, the Waaree Energies share price is expected to be around ₹3350 in normal conditions. In a bear market, it might be ₹3210, and in a bull market, it may cross its 52-week high of ₹3980.
| Waaree Energies Share Price Target 2025 | Rupees (₹) |
|---|---|
| 1st Target | 3210 |
| 2nd Target | 3350 |
| 3rd Target | 3980 |
In 2026, the Waaree Energies share price is expected to be around ₹4100 in a normal situation. In a bear market, it might be ₹3850, and in a bull market, it may cross ₹5170.
| Waaree Energies Share Price Target 2026 | Rupees (₹) |
|---|---|
| 1st Target | 3850 |
| 2nd Target | 4100 |
| 3rd Target | 5170 |
According to our analysis, the Waaree Energies share price is expected to be around ₹4780 in 2027. In a bear market, it might be ₹4620, and in a bull market, it may cross ₹6720.
| Waaree Energies Share Price Target 2027 | Rupees (₹) |
|---|---|
| 1st Target | 4620 |
| 2nd Target | 4780 |
| 3rd Target | 6720 |
According to our analysis, the Waaree Energies share price may trade near ₹6020 by 2028; bearish conditions could pull it down to ₹5540, while a strong bull run might lift it to ₹8740.
| Waaree Energies Share Price Target 2028 | Rupees (₹) |
|---|---|
| 1st Target | 5540 |
| 2nd Target | 6020 |
| 3rd Target | 8740 |
In a normal situation, the Waaree Energies share price is projected to be approximately ₹7770 in 2029. In a bear market, the value may be as low as ₹6650, while in a bull market, it may rise to ₹11360.
| Waaree Energies Share Price Target 2029 | Rupees (₹) |
|---|---|
| 1st Target | 6650 |
| 2nd Target | 7770 |
| 3rd Target | 11360 |
In a normal situation, the Waaree Energies share price is projected to be approximately ₹8020 in 2030. In a bear market, the value may be as low as ₹7990, while in a bull market, it may rise to ₹14770.
| Waaree Energies Share Price Target 2030 | Rupees (₹) |
|---|---|
| 1st Target | 7990 |
| 2nd Target | 8020 |
| 3rd Target | 14770 |
By 2035, the Waaree Energies share price is projected to be around ₹17700 under normal conditions. In adverse markets, the price could fall to ₹15980, while favorable conditions might push it up to ₹44300.
| Waaree Energies Share Price Target 2035 | Rupees (₹) |
|---|---|
| 1st Target | 15980 |
| 2nd Target | 17700 |
| 3rd Target | 44300 |
Under normal conditions, the Waaree Energies share price might hit ₹35500 by 2040. A bearish trend could lower it to ₹31950, whereas a bullish surge could raise it to ₹132900.
| Waaree Energies Share Price Target 2040 | Rupees (₹) |
|---|---|
| 1st Target | 31950 |
| 2nd Target | 35500 |
| 3rd Target | 132900 |
In 2050, the Waaree Energies share price is expected to be around ₹150000 in a normal situation. In a bear market, it might be ₹127800, and in a bull market, it may go up to ₹797440.
| Waaree Energies Share Price Target 2050 | Rupees (₹) |
|---|---|
| 1st Target | 127800 |
| 2nd Target | 150000 |
| 3rd Target | 797440 |
| Years | Target Price |
|---|---|
| Waaree Energies Share Price Target 2025 | ₹3210 to ₹3980 |
| Waaree Energies Share Price Target 2026 | ₹3850 to ₹5170 |
| Waaree Energies Share Price Target 2027 | ₹4620 to ₹6720 |
| Waaree Energies Share Price Target 2028 | ₹5540 to ₹8740 |
| Waaree Energies Share Price Target 2029 | ₹6650 to ₹11360 |
| Waaree Energies Share Price Target 2030 | ₹7990 to ₹14770 |
| Waaree Energies Share Price Target 2035 | ₹15980 to ₹44300 |
| Waaree Energies Share Price Target 2040 | ₹31950 to ₹132900 |
| Waaree Energies Share Price Target 2050 | ₹127800 to ₹797440 |
Conclusion
Waaree Energies is one of the top solar panel companies in India and is growing fast. It has strong sales, especially in the U.S., and is expanding its production. However, it depends too much on the U.S. market is risky. Changes in government policies could also affect its business. Despite these risks, Waaree has a bright future in the renewable energy sector. For latest updates, visit Waaree Energies official website.
Disclaimer
This article is for educational purposes only. It is not a stock recommendation and should not be treated as such. Please ask your financial advisor before making any investment decision.
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