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

India’s solar component manufacturing capacity (solar modules and cells) has seen exponential growth, well endorsed by the government’s ambitious target to reach 900GW by FY32 (CEA). Large players will drive the energy transition, thanks to their healthy balance sheets, as also the intent to capture significant value both through backward integration and forward integration into storage, and green hydrogen..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.From ICICI Bank, HDFC Bank To CAMS: Motilal Oswal's Top 16 Stock Picks In BFSI Space — Check Full List.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

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

India’s GDP is expected to soar at a CAGR of ~6-6.5% by 2030 on the wings of humungous energy consumption, adds the brokerage.

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