Waaree, Premier Energies Gets Yes Securities 'Buy' Rating As It Initiates Coverage — Check Target Price

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Yes Securities Report

We initiate coverage on Waaree Energies and Premier Energies with Buy ratings.

Waaree Energies Ltd. is India’s largest solar PV module manufacturer with over 13.3 GW of module capacity and 5.4 GW of cell capacity. It continues to expand aggressively, having inaugurated a 1.8 GW plant in Gujarat and targeting 25.7 GW modules, 15.4 GW cells, and 10 GW wafer capacity by FY27. Internationally, Waaree is scaling up its U.S. operations, doubling its Texas capacity to 3.2 GW.

Based on our estimates, we expect Waaree’s Ebitda to increase to Rs 82.4 billion in FY28e which is 3x from its FY25’s Rs 27.2 billion, exhibiting a margin expansion of ~500 bps to ~24%. We assign a PER multiple of 22x to arrive at a target price of Rs 4,610 and initiate coverage on the stock with a Buy Rating.

Premier Energies Ltd. is fast emerging as a vertically integrated solar manufacturer in India, with current capacities of 5.1 GW modules and 3.2 GW solar cells. The company is aggressively scaling up, targeting capacities of 11.1 GW modules and 8.4 GW cells by mid-2026, along with ingot/wafer (10GW by FY28) integration, 3 GW inverter production, and 12 GWh BESS by FY28.

FY25 revenue more than doubled to Rs 66.5bn over the previous year. Based on our estimates, we expect Premier’s Ebitda to increase to Rs 48.3 billion in FY28e which is 2.7x from its FY25’s Rs 17.8 billion, exhibiting a margin expansion of ~50bps to ~27.8%.

We assign a PER multiple of 22x to arrive at a target price of Rs 1,310 and initiate coverage on the stock with a Buy Rating.

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