Waaree Energies Share Price Target 2025, 2026, 2028, 2030, 2035

Waaree Energies Share is in a bullish trend in the share market. During the ups and downs, you should know all about the share details before investing. In this blog, we will discuss the Waaree Energies Share Price Targets for 2025, 2026, 2028, 2030, and 2035. We will try to analyze the share base in the company’s overall performance.

We also examine the company’s profit growth over the last 5 years, its sales growth over the same period, and its return on equity (ROE) percentage over the same period. Similarly, we also compare the share growth, the share price return, and whether the share has increased or decreased over the last 5 years. We also take advice from experts about when we should invest in the share, which may be helpful for you. Let’s have a look at the Waaree Energies Share Price Target from 2025 to 2035.

Overview About Waaree Energies Limited

Waaree Energies Limited was founded in 1990 and is headquartered in Mumbai, India. It is the country’s largest solar module manufacturer, with an aggregate installed capacity of 13.3 GW as of June 30, 2024. The company’s manufacturing facilities are located in Chikhli, Surat, Tumb, Nandigram in Gujarat, and Noida. Additionally, the company operates a 5.4 GW cell manufacturing facility in Gujarat and a 1.6 GW module manufacturing facility in the USA.

Fundamental Analysis Of Waaree Energies Limited

Company Name	Waaree Energies Limited
Market Cap	₹85,707.83 Crore
Book Value	₹327.48
Face Value	₹10
P/B	9.15
P/E	48.96
52 Week High	₹3,745.32
52 Week Low	₹1,808.65
DIV. YIELD	0%
ROE	38.50%
ROA	12.86%
Current Ratio	1.52

Last Few Years’ Performance Of Waaree Energies Limited

Profit Growth

• In the last 5 years, 98.01%
• In the last 3 years, 183.96%
• In the last 1 year, 150.29%

The company’s Net Profit was ₹461.82 Crore in March 2024, increasing to ₹ 1,151.87 Crore in March 2025. The company’s Operating Profit was ₹759.82 Crore in March 2023, which increased to ₹1,378.29 Crore in March 2024.

Sales Growth

The company’s sales growth percentage over the last 5 years is described below.

• In the last 5 years, 46.95%
• In the last 3 years, 76.12%
• In the last 1 year, 64.29%

The Net Sales amount of the company was ₹3,083.64 Crore in December 2024, which increased to ₹3,326.37 Crore in March 2025.

ROE Percentage

The ROE percentage growth of the company in the last 5 years is described below.

• In the last 5 years, 26.12%
• In the last 3 years, 32.57%
• In the last 1 year, 39.46%

ROCE Percentage

The ROCE percentage growth of the company in the last 5 years is described below.

• In the last 5 years, 31.64%
• In the last 3 years, 36.29%
• In the last 1 year, 47.81%

Total Expenditure Amount

The company’s Total Expenditure was ₹5,782.39 Crore in December 2024 and increased to ₹9,415.29 Crore in March 2025.

The Net Cash Flow Amount

The Net Cash Flow amount of the company was ₹123.68 Crore in March 2024, which decreased to ₹-176.29 Crore in March 2024.

Waaree Energies Share Price Target 2025

Waaree Energies Share Price Target for 2025 forecast may vary from ₹2,858.32 to ₹3,410.61.

Influencing Key Factors of Waaree Energies Share Price Target 2025

• Renewable Energy Sector
• Waaree Energies stands as a prominent leader in India’s renewable energy sector, particularly in solar PV module manufacturing. The company has established itself with a reputation for innovation, technological excellence, and sustainability. The company’s state-of-the-art manufacturing facilities and advanced production capabilities enable it to produce high-quality solar modules that meet both domestic and international standards.
• Background Of The Company
• Waaree Energies Limited is a prominent solar PV module manufacturer in India, with the country’s largest total installed capacity, reaching 12 GW as of June 2024. The company has a strong market presence, ranking second in terms of operating income among domestic solar PV module manufacturers during the year 2024. The company has over 16 years of experience in the solar energy industry and provides comprehensive energy solutions for utility-scale, commercial, and residential sectors.
• Manufacturing Solar Modules
• Waaree Energies’ primary revenue driver is the scale of solar PV modules, which form the core of its business. These modules, utilizing technologies like monocrystalline, polycrystalline, and TopCon, are used in a wide range of applications, including utility-scale projects, rooftop installation, and off-grid solutions. To cater to diverse client needs, Waaree offers various types of PV modules and has a backward integration strategy aimed at producing its solar cells, reducing reliance on suppliers from Southeast Asia and China.

Month	Waaree Energies Share Price Target 2025 (1st Price Target)	Waaree Energies Share Price Target 2025 (2nd Price Target)
June	₹2,858.32	₹3,015.85
July	₹3,008.48	₹3,089.66
August	₹3,078.14	₹3,167.57
September	₹3,160.25	₹3,218.29
October	₹3,217.78	₹3,296.67
November	₹3,292.51	₹3,362.09
December	₹3,348.74	₹3,410.61

Waaree Energies Share Price Target 2026

Waaree Energies Share Price Target for 2026 forecast may vary from ₹3,409.57 to ₹3,898.64.

Influencing Key Factors of Waaree Energies Share Price Target 2026

• Global Solar PV Industry
• The global solar PV industry has been growing rapidly, driven by a combination of climate change mitigation efforts, declining costs, and technological advancements. China continues to dominate the market, accounting for about 43% of the global installed capacity. Major solar markets include the United States, the European Union, and Japan, which together account for a significant share of global capacity additions. The industry’s growth is propelled by policies like the Paris Agreement, Carbon neutrality goals, and various national renewable energy incentives.
• Indian Solar PV Industry
• The Solar Photovoltaic industry in India has witnessed significant growth over the past decade, driven by increasing energy demand, supportive government policies, and the global transition toward cleaner energy sources. India is uniquely positioned as one of the largest consumers of energy in the world, and solar energy has become a critical component of the country’s renewable energy strategy. The Government’s push for reducing reliance on fossil fuels and increasing energy security has made solar power a focal point of India’s energy roadmap.
• Market Growth and Opportunities
• India’s solar PV manufacturing market is set to grow significantly, with capacity expected to reach around 125 GW by the year 2028, driven by the Government Production-Linked Incentive (PLI) schemes. These initiatives aim to enhance domestic manufacturing across the entire value chain. With domestic demand projected at 38 GW to 42 GW, Indian manufacturers can not only meet local needs but also target international markets. Additionally, challenges faced by Chinese manufacturers, such as rising labor costs and trade tensions with the US and EU, provide Indian firms with opportunities to expand their global market share.

Month	Waaree Energies Share Price Target 2026 (1st Price Target)	Waaree Energies Share Price Target 2026 (2nd Price Target)
January	₹3,409.57	₹3,489.79
February	₹3,480.20	₹3,541.17
March	₹3,379.92	₹3,452.27
April	₹3,448.85	₹3,505.15
May	₹3,503.08	₹3,579.87
June	₹3,570.11	₹3,689.05
July	₹3,688.24	₹3,764.45
August	₹3,756.79	₹3,805.36
September	₹3,802.25	₹3,872.92
October	₹3,805.29	₹3,872.50
November	₹3,714.09	₹3,786.97
December	₹3,759.43	₹3,898.64

Also Read – Inox Wind Share Price Target

Waaree Energies Share Price Target 2028

Waaree Energies Share Price Target for 2028 forecast may vary from ₹4,324.09 to ₹4,786.39.

Influencing Key Factors of Waaree Energies Share Price Target 2028

• Competitive Landscape
• India’s Solar PV manufacturing sector is highly competitive, with both domestic and international players vying for market share. Indian manufacturers face stiff competition from Chinese companies, which dominate the global market due to their economies of scale and advanced manufacturing capabilities. Despite protective tariffs such as the Basic customer’s duty on imported modules, Indian companies still struggle to compete with the lower costs offered by their Chinese counterparts.
• Diversify Export Markets
• The company has established a roubst global customer base, exporting to markets like the U.S.. Canada, Italy, Turkey, Hong Kong, and Vietnam. The company’s biggest export market is in US. In the year 2024, module exports hit a record 6,078 MW, an 87% year-on-year increase, driven by higher international prices. Going forward, the company plans to diversify export markets beyond the U.S. to minimize revenue risks and strengthen its revenue stream.
• Comparative Cost of Solar module facilities executed in the past
• The company follows best practices across its manufacturing sites, leveraging the managment team’s expertise in plant operations. The team closely monitors performance against established metrics, taking necessary actions to enhance efficiency. By planning for high utilization rates, the company aims to reduce production costs while expecting economies of scale to improve procurement negotiations.

Month	Waaree Energies Share Price Target 2028 (1st Price Target)	Waaree Energies Share Price Target 2028 (2nd Price Target)
January	₹4,324.09	₹4,395.34
February	₹4,388.27	₹4,467.73
March	₹4,225.55	₹4,296.02
April	₹4,289.21	₹4,350.67
May	₹4,348.81	₹4,464.92
June	₹4,462.49	₹4,575.52
July	₹4,570.19	₹4,646.37
August	₹4,642.35	₹4,726.70
September	₹4,720.18	₹4,801.36
October	₹4,712.20	₹4,786.29
November	₹4,601.26	₹4,659.37
December	₹4,615.59	₹4,786.39

Waaree Energies Share Price Target 2030

Waaree Energies Share Price Target for 2030 forecast may vary from ₹5,248.23 to ₹5,569.32.

Influencing Key Factors of Waaree Energies Share Price Target 2030

• Focus On Technology Upgrades
• The company is committed to upgrading technology in its manufacturing facilities, gradually phasing out multicrystalline module production to focus on higher-efficiency options like Mono PERC and emerging technologies such as TopCon. Its Chikhil facility utilizes advanced technologies for large-sized PV silicon wafers and produces bifacial modules with Mono PERC and TopCon technology, alongside semi-flexible solar panels for both domestic and global markets. In addition to enhancing manufacturing technology and infrastructure, the company invests in modernizing facilities to reduce operating costs, improve capacity utilization, and optimize plant performance.
• Increasing EBITDA Amount
• The company’s EBITDA amount also increased. In the year 2023, the company’s EBITDA amount was ₹8,348 Crore, which increased to ₹15,746 Crore in the year 2024.
• Extensive Pan-India Retail Network
• The company has invested significantly in training and support for its franchisees, establishing a pan-India retail network that enhances product visibility and creates barriers for competitors. As of March 31, 2022, 2023, and 2024, this network comprised 373, 253, and 335 franchisees, respectively. This strategic, bottom-up approach focuses on empowering franchisees with training in installation, maintenance, and post-sales support. The ” Waaree Prime” program rewards franchisees for increasing sales, fostering a supportive ecosystem that boosts customer satisfaction. Additionally, supply chain assistance through credit lines from banks enables franchisees to expand operations.

Year	Waaree Energies Share Price Target 2030
1st Price Target	₹5,248.23
2nd Price Target	₹5,569.32

Waaree Energies Share Price Target 2035

Waaree Energies Share Price Target for 2035 forecast may vary from ₹7,193.80 to ₹7,596.29.

Influencing Key Factors of Waaree Energies Share Price Target 2035

• Business Verticals and Sales Channels
• Waaree operates across several business verticals, focusing on utilities, enterprises, and retail customers, particularly through its rooftop solar solutions for the Micro, Small, and Medium Enterprises sector. The company has established a wide distribution network, comprising over 369 franchisees and distributors across India, allowing it to penetrate the retail market extensively. This franchise model also emphasizes end-to-end services, including product installation and maintenance.
• Retail Sales and Franchising
• Waaree Energies has a significant retail presence with a vast network of franchisees across India, focusing on small and medium enterprises and residential solar installations. The company operates an E-Commerce platform offering solar solutions with financing options for consumers, broadening its reach to the retail market. The company provides an EPC solution for large-scale solar power projects. These services include designing, building, and maintaining solar power systems.
• Outlook and Valuation
• The company’s backward integration strategy, ranging from solar cells to ingots and wafers, along with its exploration into green hydrogen, enhances its operational efficiency and cost control. Waaree’s strong global presence is marked by a new 1.6 GW manufacturing facility in the U.S., further solidifying its leadership position. Financially, the company has delivered impressive growth, with revenue increasing at a CAGR of 80%, EBITDA growing by 154%, and PAT growing by a CAGR of 203% over the past 3 years, reflecting improved margins and operational effectiveness.

Year	Waaree Energies Share Price Target 2035
1st Price Target	₹7,193.80
2nd Price Target	₹7,596.29

Discussion About Shareholding Pattern Of Waaree Energies Limited

Waaree Energies Limited mainly has four types of shareholding patterns, such as promoter holding, public holding, DII, and FII. Depending on the shareholding pattern, we can majorly influence the company’s growth.

Investor Type	Percentage
Promoter Holding (Owned by the company’s promoter)	64.30%
Public Holding (Held by the public)	32.60%
FII (Invest by Foreign Institutional Investor)	0.60%
DII (Invest money by Domestic Institutional Investor)	2.50%

What Is The Expert Advice About The Investment In Waaree Energies Share

Positive Sides

• The company had a good profit growth in the last 3 years, which was 183.96%.
• In the last 3 years, the company’s revenue was good, which was 75.29%.
• The company has significantly decreased its debt amount, which was ₹506.39 Crore.
• The company is also maintaning a good ROE ratio, which was 32.57%.
• The company has been maintaning a good ROCE ratio, which was 36.29%.
• The company has a good interest cover ratio of 12.70.
• The company’s PEG ratio is 0.38.
• The company has an efficient cash conversion cycle of 45.03 days.
• The company has a good cash flow managment, PAT stands at 2.41.
• The company has a good promoter holding capacity of 64.30%.
• In the last 3 years, the company had a good sales growth of 76.12%.

Negative Sides

The company has a high PE ratio of 48.96.

Peer’s Company Of Waaree Energies Limited

Company Name	Market Cap (Crore)
ABB India Limited	₹1,25,294.38
Siemens Limited	₹1,17,943.87
Bharat Heavy Electricals Limited	₹86,025.93
Suzlon Energy Limited	₹84,926.72
CG Power & Industrial Solutions Limited	₹1,02,990.36

The Last Few Years’ Share Price Updation Of Waaree Energies Share

Waaree Energies’ shares have consistently provided good returns to investors, as described in the section below.

• The last 1 month’s share growth was +11.10 (0.37%).
• The share growth over the last 6 months was +75.55 % (2.58%).
• The last 1 year’s share growth was +669.10 (28.61%).

• The last 5 years’ share growth was -125.70 (-4.01%).
• The maximum share growth was -125.70 (-4.01%).

Also Read – Bharat Dynamics Share Price Target

What are the strengths and weaknesses of Waaree Energies Limited

Strengths

• The Indian Government set a goal of 100 GW of solar energy, with 40 GW from rooftop systems, but only 12.5 GW was installed by May 2024.
• Targeting high-potential states like Delhi and Gujarat, the company aims to capitalize on favorable policies driving rooftop solar interest. Additionally, it is training local electricians to support installations, leveraging its localized approach as a competitive advantage.
• From the year 2018 to 2024, about 70 GW of solar capacity was commissioned, exceeding expectations. The company plans to expand its franchise network to enhance market penetration. Franchisees serve as end-to-end service providers, and the company invests in training and support.

Risks

• The solar energy sector is evolving rapidly, with constant technological advancements. Failure to adapt to new technologies in adopting advanced processes may cause Waaree to lose its competitive edge.
• A substantial portion of Waaree revenue comes from export sales, particularly to the United States, contributing 58% of the exports of company during the year 2024. The company’s operations are subject to the risks and uncertainties of international markets.
• Waaree relies on key suppliers for raw materials like silicon wafers and other components. Disruptions in the supply chain, whether due to market shortages or supplier issues, could affect production.

FAQ

Conclusion

This website is written to help the investor gain some basic knowledge about the market strategy of Waaree Energies Share. For making this blog, we take consultation from experts and research the company. It is expected that the Waaree Energies Share Price Target will be a good choice to invest in on a long-term basis. The demand for the solar module manufacturer sector in India and outside of the country always increases, as a result of which the company and its share may increase rapidly.

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