Waaree Energies Shares Rise 2% As Management Eyes Rs 1 Lakh-Crore Topline Growth By 2031

Shares of Waaree Energies rose nearly 2% on Friday after the renewable energy major laid out its long-term aggressive growth roadmap, "Waaree Energies 2.0", at its Investor Day on May 7. D-Street brokerages, analysts and investors who attended the event believe that the management's ambitious target reflects a massive leap from current levels, signaling strong confidence in the global solar transition. The company's roadmap involved scaling up revenue to the Rs 1 lakh crore mark by 2031.

Shares of the solar photovoltaic (PV) modules manufacturer opened at Rs 3,250 against a previous close of Rs 3,226.60 and gained nearly 2% to hit an intraday high of Rs 3,288 apiece on the NSE. The stock has gained nearly 5% in a week, 4.5% in one month, 10.5% on a year-to-date basis, and 25% in the last one year. It currently trades with a relative strength index of 25, which suggests the stock may be undervalued and could see an upward price reversal. The company commands a market cap of Rs 94,177.05 crore.

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Waaree Energies share price intraday
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Why are Waaree Energies shares rising in trade?

The management's target reflects a massive leap from current levels, signaling strong confidence in the global solar transition. Markets reacted positively to "Waaree 2.0" strategy, which includes heavy backward integration and expansion into battery storage and green hydrogen. At the Waaree Energies Investor Day, the company unveiled its big shift in business plans. transitioning from a solar module manufacturer to a fully integrated energy platform spanning EPC, storage, power electronics, and green hydrogen.

This evolution towards its target is based on the management eyeing approximately Rs 1 lakh crore in revenue by FY31.To support this, the company is aggressively scaling its solar manufacturing to 28.4 GW for modules and 15.4 GW for cells, while strategically entering the Ingot and Wafer segment (10 GW) to curb import dependence. The company's growth is further bolstered by a massive Rs 53,000 crore order book and a high-potential US market strategy, where Waaree plans to expand its domestic manufacturing to 4.2 GW by FY27.

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Beyond solar, the company is positioning Battery Energy Storage Systems (BESS) as a major value driver with a 20 GWh target by 2028, backed by over Rs 100 billion in planned capex. Rounding out its ecosystem, Waaree is tapping into green hydrogen with a 1 GW electrolyzer plant slated for FY27, aligning with India's goal of 5 MMTPA of green hydrogen by 2032. Combined, these initiatives lead the Street to expect a robust 29% revenue CAGR through FY28, driven by volume growth and margin expansion.

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