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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal Financial Services has reiterated a ‘Buy' rating on Waaree Energies Ltd., citing strong execution momentum, favorable industry tailwinds and robust demand visibility across India's solar ecosystem. The brokerage has set a target price of Rs 3,825, implying an upside potential of around 26% from current levels.
According to the brokerage Waaree Energies remains well-positioned to benefit from the structural transformation that is underway in India's solar ecosystem, supported by strong demand visibility.
The key highlights include:
As adoption across C&I, rooftop solar, and PM-KUSUM segments accelerates to contribute more than 50% of annual demand (~24–28GW from FY27), utility-scale solar installations (where bidding has experienced a slowdown) now account for less than 50%.
Motilal Oswal estimates that to adequately meet annual solar module demand, the industry would require at least 100GW of integrated solar manufacturing capacity, compared with the current ALMM-II cell manufacturing capacity of 30GW.
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