Waaree Renewable Technologies Ltd(WAAREERTL) is one of India’s leading solar energy companies, primarily engaged in the Engineering, Procurement, and Construction (EPC) of utility-scale solar projects. Incorporated in 2011 and headquartered in Mumbai, the company has rapidly scaled its operations to become a dominant player in India’s booming renewable sector. With strong order inflows, impressive recent financial performance, and a strategic focus on execution excellence, Waaree Renewables has attracted significant investor attention. This article provides a clear, fact-based analysis of its business model, financial health, and future outlook to establish realistic share price targets from 2026 through 2030.
Waaree Renewable Technologies: Company Overview
- Business Model: Primarily a solar EPC contractor, designing and building large-scale ground-mounted solar power plants for developers and government agencies. It also offers Operations & Maintenance (O&M) services.
- Geography: Operates pan-India, executing projects across multiple states with high solar irradiance.
- Key Developments: The company reported a stellar 83% YoY jump in net profit for Q4 FY2025. It has secured major orders, including a ₹740 crore EPC contract as part of a consortium and a standalone ₹232 crore project. It was listed on the NSE on April 9, 2025, enhancing its market visibility.
Waaree Renewable Technologies: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹959.75 |
| Market Capitalization | ₹10,722 Crore |
| 52-Week High/Low | ₹2,515 / ₹740 |
| P/E (TTM) | 26.4 |
| P/B (TTM) | 14.19 |
| ROE (FY2025) | 53.19% |
| Debt/Equity | 0.12 |
| FY2025 Revenue | ₹1,642 Crore |
| FY2025 Net Profit | ₹272 Crore |
Waaree Renewable Technologies Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹1,050 – ₹1,300 |
| 2027 | ₹1,250 – ₹1,600 |
| 2028 | ₹1,500 – ₹1,950 |
| 2029 | ₹1,800 – ₹2,400 |
| 2030 | ₹2,100 – ₹2,900 |
Note: These targets are derived from a synthesis of credible analyst discussions and projections found in the public domain, adjusted for a neutral, educational perspective.
Waaree Renewable Technologies Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹1,050 | ₹1,300 |
- The company’s exceptional FY2025 performance, with a net profit of ₹272 crore, provides a strong earnings base.
- A robust order book ensures high revenue visibility for the current fiscal year.
- Its leadership position in the competitive solar EPC space supports continued market share gains.
Waaree Renewable Technologies Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹1,250 | ₹1,600 |
- Growth will be driven by the execution of its large project pipeline and potential new order wins in a market supported by India’s 500 GW non-fossil fuel target by 2030.
- As a pure-play on solar infrastructure, it is a direct beneficiary of government policy tailwinds and corporate renewable procurement.
- Investor sentiment should remain positive if the company maintains its high execution standards and margin discipline.
Waaree Renewable Technologies Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹1,500 | ₹1,950 |
- By this stage, the company could diversify into adjacent areas like hybrid projects or battery storage integration, creating new revenue streams.
- Its established brand and track record make it a preferred partner for large developers, ensuring a steady flow of new business.
- Market valuation will depend on its ability to scale sustainably without compromising on quality or profitability.
Waaree Renewable Technologies Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹1,800 | ₹2,400 |
- Long-term investors will be watching for the company’s strategy beyond EPC, such as moving into project ownership or international markets.
- Its role in enabling India’s energy transition makes it a strategic player, which could attract premium valuations from ESG-focused funds.
- Sustained high growth in a capital-intensive sector will require careful working capital and debt management.
Waaree Renewable Technologies Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹2,100 | ₹2,900 |
- Sentiment will hinge on Waaree establishing itself as more than just an EPC player—potentially as an integrated renewable solutions provider.
- If it can maintain its leadership while improving return metrics, it could command a significant market premium.
- The stock’s multi-year potential is tied to India’s massive renewable build-out, but execution risk remains a key variable.
Waaree Renewable Technologies: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters | 73.5% |
| Foreign Institutions (FII/FPI) | 1.38% |
| Domestic Institutions (DII) | 1.2% |
| Public (Retail & Others) | 24.11% |
Waaree Renewable Technologies: Strengths vs Risks
- Strengths:
- Market Leadership: One of the top solar EPC players in India with a strong brand and execution track record.
- Strong Order Book: Recent large contract wins provide clear revenue and earnings visibility for the next 12–18 months.
- Policy Tailwinds: Directly benefits from India’s aggressive renewable energy targets and supportive government schemes.
- Clean Promoter Holding: No pledged shares is a major red flag for investors.
- Risks:
- High Volatility: The stock has shown extreme price swings, correcting over 58% in the past year from its peak, reflecting its speculative nature.
- Intense Competition: The solar EPC segment is highly competitive, with pressure on margins from players like Tata Power Solar and Adani Green.
- Working Capital Intensity: EPC businesses require significant upfront capital and are vulnerable to payment delays from clients.
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Very High (recently listed small-cap with high volatility) |
| Time Horizon | Long-term (5+ years) – high-growth story |
| Volatility | Very High – subject to sharp price swings based on order wins, results, and market sentiment |
| Ideal Investor | Aggressive, high-risk investors with a strong conviction in India’s solar infrastructure build-out and the ability to withstand significant short-term volatility. |
Waaree Renewables is a pure-play bet on India’s solar capex cycle. It is best suited for investors seeking high growth potential who can tolerate substantial risk.
FAQs
Is it good to buy Waaree Renewables’ share?
Waaree Renewables is a high-growth, high-volatility stock. It is suitable only for aggressive investors with a long-term horizon who believe in India’s solar expansion. It carries significant risk due to competition and market sentiment swings.
Which is the best share in renewable energy?
There is no single “best” share. Large-caps like NTPC and Tata Power offer stability and dividends, while pure-plays like Waaree Renewables, ACME Solar, and KP Energy offer higher growth potential with much higher risk. The choice depends on your risk profile.
Is Waaree Solar a listed company?
Yes, Waaree Renewable Technologies Ltd is listed on both the BSE and NSE. It was newly listed on the NSE on April 9, 2025.
What is the target price for Waaree renewable shares?
Based on our analysis of its fundamentals and sector outlook, we estimate a 2026 range of roughly ₹1,050 – ₹1,300. This “model-based” target reflects projected earnings and order book strength—it is not guaranteed.
Which solar is best, ADANI or Waaree?
Adani Green Energy is an asset-heavy Independent Power Producer (IPP) with a large operational portfolio and long-term PPAs, offering more stable cash flows. Waaree is an EPC contractor that builds projects for others, making its business more cyclical and dependent on new orders. They serve different roles in the value chain.
What is the future target price?
Our 2026–2030 price targets for Waaree Renewable Technologies range from ₹1,050 in 2026 to ₹2,900 by 2030, assuming successful execution of its strategy and sustained policy support for solar energy.
Final Verdict
Waaree Renewable Technologies(WAAREERTL) stands at the heart of India’s solar revolution as a leading EPC player. Its recent financial performance and strong order book paint a picture of a company in a high-growth phase. However, its stock is characterized by extreme volatility and operates in a fiercely competitive segment. For investors with a high risk appetite and a long-term view on India’s clean energy infrastructure, Waaree offers a direct and scalable opportunity. Our 2026–2030 price targets (₹1,050–₹2,900) are contingent on flawless execution, margin sustainability, and a favorable policy environment. Caution and thorough due diligence are strongly advised.
Sources
- Screener.in – Waaree Renewable Technologies Ltd. Consolidated Financials (FY2025)
- Tickertape – Waaree Renewable Stock Analysis & News
- Groww – WAAREERTL Company Profile & Ratios
- BSE/NSE Announcements – Q4 FY2025 Results & Order Wins (March-April 2025)
