Waaree Energies to gain from solar boom: Nomura
Nomura, a global brokerage, just started covering Waaree Energies and Premier Energies.
They gave Waaree a "Buy" rating with a price target of ₹3,710 (about 16% above its last close), while Premier got a "Neutral" rating.
This comes as India's power demand is set to grow fast—about 6% each year through 2030.
Waaree well-positioned to benefit from solar push
India is betting big on renewables, aiming to add 309GW of new power capacity by FY2030—most of it solar.
Nomura thinks solar capacity could nearly triple from 106GW in FY2025 to 293GW by FY2030.
Waaree's strong order book and focus on making things in-house are expected to fuel major growth, with profits potentially rising at an impressive pace.
Premier should hold steady for now
Power demand is being pushed up by everything from new factories and electric vehicles to green hydrogen projects and booming data centers.
This means more solar panels will be needed—Nomura expects demand for them to hit 58GW by FY2028.
While Premier Energies should hold steady for now, competition could heat up later on as the sector expands.