Based on current analysis, Waaree Energies Ltd., India’s largest solar PV module manufacturer with 21% domestic market share, is projected to reach a share price between ₹7,849 and ₹9,547 by 2030, with a consensus estimate of approximately ₹8,600.
The company benefits from strong growth fundamentals including 113% 5-year profit CAGR and exceptional capital efficiency (ROCE: 34.9%). These projections assume continued execution of expansion plans and favorable renewable energy policies.
Waaree Energies Share Price Target 2030: Waaree Energies Ltd. (NSE: WAAREE) is India’s largest solar PV module manufacturer. Founded in 1990, it holds a dominant 21% domestic market share with a 12 GW production capacity and a significant international order book exceeding 19,928 MW as of March 2024. The company is a direct beneficiary of global and Indian renewable energy transitions, a key driver for any long-term Waaree Energies share price target 2030 model.
Key Data (as of Sept 11, 2025):
- Current Share Price: ₹3,705.40
- Market Capitalization: ₹99,928 Crore
- 52-Week Range: ₹1,809 – ₹3,743
- P/E Ratio: 45.0
- ROCE: 34.9% | ROE: 27.4%
- Promoter Holding: 64.3%
2030 Price Target Outlook:
Analyst consensus, based on projected earnings growth, sector tailwinds, and capacity expansion plans, suggests a potential price range for Waaree Energies shares by 2030.
- Minimum Target: ₹7,849
- Maximum Target: ₹9,547
- Consensus Estimate: ~₹8,600
These projections for the Waaree Energies share price target 2030 are contingent on the company maintaining its high growth trajectory, ROCE, and market leadership without significant external disruptions.
Waaree Energies Business Overview
Waaree Energies Ltd, established in 1990, is the largest solar PV module manufacturer in India. The company has achieved a 12 GW installed capacity and commands a 21% market share within the domestic sector. Its international presence is substantial, with a reported order book of over 19,928 MW as of March 2024. Waaree operates five manufacturing facilities across India and has a growing export network serving global markets, positioning it as a critical player in the worldwide renewable energy supply chain.
Fundamental Analysis of Waaree Energies
Waaree Energies demonstrates strong performance in growth and profitability metrics. However, its current high valuations and lack of dividend history are factors potential investors must evaluate. This analysis forms the foundation for evaluating its long-term potential and the Waaree Energies share price target 2030.
| Metric | Value | Assessment |
| Market Cap | ₹99,928 crore | Large-cap, high-growth company |
| Stock P/E | 45.0 | Above sector median, indicating premium valuation |
| Book Value | ₹330 | |
| Dividend Yield | 0.00% | Earnings are reinvested into expansion |
| ROCE | 34.9% | Signifies exceptional capital efficiency |
| ROE | 27.4% | High return on shareholder equity |
| Debt | ₹513 crore | Manageable level of leverage |
| Sales Growth (5 yrs) | 49% CAGR | Rapid top-line expansion |
| Profit Growth (5 yrs) | 113% CAGR | Exceptional bottom-line improvement |
| Promoter Holding | 64.3% | High confidence from insiders |
Recent Financial Performance
Waaree Energies has shown remarkable financial and operational growth over the past several years, a critical factor for investors considering the Waaree Energies share price target 2030.
| Year | Sales (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | ROE (%) | Share Price (₹) |
| 2021 | 1,953 | 48 | 2.50 | 22 | 1,808 |
| 2022 | 2,854 | 80 | 3.84 | 23 | 2,295 |
| 2023 | 6,751 | 500 | 24.49 | 24.5 | 2,910 |
| 2024 | 11,398 | 1,274 | 62.76 | 28 | 3,265 |
| 2025 | 14,444 | 1,928 | 65.00 | 27.4 | 3,705 |
• Stock CAGR (3 years): ~62%
- Profit CAGR (5 years): 113%
Profit Growth
The company’s net profit has grown at a compounded annual rate of 113% over five years, a testament to its operational scaling and margin improvement. This profitability is a primary input for financial models determining the Waaree Energies share price target 2030.
| Year | Net Profit (₹ Cr) | YoY Growth (%) |
| 2023 | 1,274 | 155% |
| 2024 | 1,928 | 51% |
| 2025 | 2,300 (TTM est.) | 19% |
Sales Growth
Waaree’s revenue growth has been aggressive, supported by increased manufacturing output and successful market penetration.
| Period | Compounded Sales Growth (%) |
| 3 Years | 72 |
| 5 Years | 49 |
Return on Equity (ROE) and Capital Employed (ROCE)
Consistently high ROE and ROCE percentages highlight management’s efficiency in using shareholder capital and overall corporate assets to generate profits, a key quality for long-term value creation.
| Year | ROE (%) | ROCE (%) |
| 2023 | 24.5 | 44 |
| 2024 | 28 | 34.9 |
| 2025 | 27.4 |
Waaree Energies Share Price Targets: 2025 to 2050
Long-term price targets, including the widely discussed Waaree Energies share price target 2030, are derived from financial modeling that incorporates expected earnings growth, industry P/E multiples, and macroeconomic factors. These are forward-looking projections, not guarantees.
| Year | Minimum Target (₹) | Maximum Target (₹) | Analyst Consensus (₹) |
| 2025 | 3,900 | 4,700 | 4,350 |
| 2026 | 5,400 | 6,100 | 5,800 |
| 2027 | 6,200 | 7,400 | 6,800 |
| 2028 | 6,800 | 8,100 | 7,500 |
| 2029 | 7,800 | 9,100 | 8,400 |
| 2030 | 7,849 | 9,547 | 8,600 |
| 2040 | 15,000 | 20,000 | 17,500 |
| 2050 | 30,000 | 40,000 | 36,000 |
Investment Considerations for Waaree Energies
Waaree Energies is often highlighted as a high-growth stock, capitalizing on India’s clean energy expansion, high profitability ratios, and sector leadership. The investment decision must balance these strengths against its premium valuation, especially for those focused on the Waaree Energies share price target 2030.
Advantages:
- Leading solar manufacturer in India with rapid growth.
- High promoter holding indicates strong insider belief.
- Superior profit, sales, and return metrics (ROE/ROCE).
- Strong presence in both domestic and international markets.
Risks and Considerations:
- Premium valuation (P/E ~45, P/B ~10.5).
- Does not currently pay dividends.
- Inherent stock market volatility.
- Susceptibility to global supply chain and raw material price fluctuations.
Major Factors Impacting Future Performance
Several variables will directly influence the company’s ability to achieve the projected Waaree Energies share price target 2030.
- Government Policy: India’s strong policy support for renewable energy and solar adoption provides a structural tailwind.
- Global Demand: The worldwide transition to renewables expands Waaree’s addressable market.
- Capacity Expansion: Ongoing capital expenditure and production-linked incentive (PLI) schemes are critical for scaling output.
- Raw Material Costs: Prices of polysilicon and other components impact manufacturing margins.
- Competitive Intensity: Competition from domestic and international manufacturers can affect pricing and market share.
Key Market Competitors
Waaree operates in a competitive landscape with several strong players.
| Company | Market Cap (₹ Cr) | P/E | ROCE (%) |
| Premier Energies | 46,956 | 44.9 | 41.1 |
| Apar Industries | 34,106 | 38.7 | 32.7 |
| Vikram Solar | 13,705 | 98.0 | 26.5 |
| Waaree Renewables | 10,996 | 37.8 | 82.1 |
| Genus Power | 9,844 | 25.7 | 19.2 |
Expert Perspectives on Waaree Energies
Optimistic Outlook:
Analysts with a positive view cite Waaree’s first-mover advantage, scalable business model, and alignment with global decarbonization trends as reasons for sustained long-term growth, potentially justifying its valuation and supporting a strong Waaree Energies share price target 2030.
Cautious Outlook:
A more cautious perspective highlights the risks associated with its high valuation multiples. Any slowdown in renewable energy investments, reduction in subsidies, or failure to execute expansion plans could lead to significant price corrections and make the 2030 targets challenging to achieve.
Final Assessment
Waaree Energies represents a pivotal entity in India’s renewable energy sector, characterized by exceptional growth in profits and sales. Its stock is suited for investors seeking growth-oriented exposure to the solar energy theme. However, the investment carries risk due to its premium valuation and the cyclical nature of capital goods and manufacturing sectors. The Waaree Energies share price target 2030 reflects optimism for continued execution but should be viewed as estimates within a high-risk, high-reward framework.
Frequently Asked Questions
Q: What is the Waaree Energies share price target for 2030?
A: Based on current analyst models, the Waaree Energies share price target 2030 ranges from ₹7,849 to ₹9,547, with a consensus around ₹8,600.
Q: Does Waaree Energies pay a dividend?
A: No, Waaree Energies currently reinvests all its earnings back into business expansion and does not pay dividends.
Q: What are Waaree’s ROE and ROCE?
A: For FY25, Waaree Energies reported an ROE of 27.4% and an ROCE of 34.9%, which are above sector averages.
Q: Is Waaree Energies suitable for new investors?
A: It can be considered for those with a high-risk appetite and a focus on long-term growth, but understanding its volatility and valuation is crucial.
Q: Who are Waaree’s main competitors?
A: Key competitors include Premier Energies, Apar Industries, Vikram Solar, Waaree Renewables, and Genus Power.
Q: What are the primary risks of investing in Waaree Energies?
A: Major risks include elevated valuation, market volatility, changes in government policy, intense competition, and global supply chain issues.
Disclaimer
This article and the data within were assembled using research assisted by https://www.perplexity.ai/ for latest information (as of September 2025) and curated with the aid of AI writing tools including Deepseek AI and Claude AI. All content is thoroughly reviewed by the editorial team at sheretarget.com prior to publication.
Important Notice: We are not SEBI-registered investment advisors or financial analysts. The financial markets are inherently risky, and any investment decision can lead to losses. This website and its content are solely for training and educational purposes. You must consult with a certified financial expert or advisor before making any investment decisions. We will not be responsible for any profit or loss resulting from actions taken based on the information provided in this article.
