Waaree Energies — Boosting Growth With Expansion, Backward Integration, Says DRChoksey

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Deven Choksey Report

We believe that the expansion of module manufacturing capacity announced by multiple players over the next two years should lead to a supply-demand ratio of 1.5-2 times for modules, potentially resulting into moderation in price realization for solar modules.

Waaree Energies Ltd. being the largest module manufacturer in India, supported by underlying backward integration up to the ingot stage, Waaree should be well-equipped to sustain itself through evolving industry dynamics in a relatively favorable manner and take advantage of operating leverage due to its sheer size and scale.

With these expansions, we believe Waaree is expected to deliver revenue/Ebitda/PAT CAGR of 31%/48%/40% during FY24 to FY27E.

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