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YES Securities noted that India’s GDP is projected to grow at a 6–6.5% CAGR by 2030, driven by rising energy demand. Renewables, particularly solar, are expected to gain share at the expense of coal and petroleum products. Installed solar capacity has surged from 17GW in 2017 to more than 106GW by March 2025, with government targets pegging 280GW by 2030. Domestic manufacturing is expanding rapidly, supported by Production-Linked Incentive (PLI) schemes and import substitution policies.
Waaree: Larger scale, global edge
Waaree Energies currently operates 13.3GW of module and 5.4GW of cell capacity, and has laid out plans to reach 25.7GW modules, 15.4GW cells, and 10GW wafers by FY27. The company is also doubling its U.S. Texas capacity to 3.2GW, tapping premium margins from Inflation Reduction Act-linked incentives.
“By FY28, Waaree Energies is poised to achieve a phenomenal 25.7GW module capacity and 15.4GW cell capacity, ably backed by 14GW ingot-wafer facilities, 3.2GW U.S. modules, adjacencies in inverters, BESS, and green hydrogen,” the brokerage said.
Waaree’s EBITDA is forecast to rise threefold to Rs 82.4 billion in FY28 from Rs 27.2 billion in FY25, with margins expanding by about 500bps to 24%. YES Securities has a target price of Rs 4,610, valuing the stock at 22x FY28 earnings.
The company reported an order book of 25GW worth Rs 490 billion as of Q1 FY26, with 41% from India and 59% overseas. Its retail presence spans 388 franchise partners, supporting its push into rooftop and SME solar markets.
Premier: Domestic focus with steady growth
Premier Energies has 5.1GW module and 3.2GW cell capacity, targeting 11.1GW modules and 8.4GW cells by mid-2026. It is also adding 10GW ingot-wafer capacity, 3GW inverter production, and 12GWh of battery storage systems by FY28.“By FY28, Premier Energies intends to hike module manufacturing capacity from 5.1GW to 11GW, and cell capacity from 3.2GW to 10GW, and ingot–wafer capacity to 10GW, which will make it a premier fully integrated Indian player, befitting its name,” YES Securities observed.Premier’s revenue doubled to Rs66.5 billion in FY25. EBITDA is projected to increase to Rs48.3 billion in FY28 from Rs17.8 billion in FY25, with margins expanding slightly to 27.8%. The brokerage has a target price of Rs 1,310, also based on 22x FY28 earnings.
Unlike Waaree, Premier has capped exports at about 4.2% of FY25 revenues, prioritising domestic execution. Its order book stood at 5.5GW (Rs86bn) in June 2025, providing 12–15 months of visibility, with nearly 100% domestic mix and firm-backed advances.
Why Waaree looks stronger
YES Securities highlighted several reasons why Waaree is expected to grow faster than Premier. These include larger capacity targets, deeper backward integration into wafers, a significant U.S. manufacturing base, and a substantially bigger orderbook.
“WEL EBITDA is growing at a CAGR of ~46% for FY25-28e while Premier Energies EBITDA at a CAGR of ~39% for the same period,” the brokerage said.
The brokerage also pointed to Waaree’s stronger retail footprint, which allows it to capture fragmented rooftop demand and expand bundled services, giving it a first-mover advantage over Premier’s utility-scale focus.
On Thursday, shares of Waaree Energies fell 2.6% to Rs 3,509.90 on the BSE, while Premier Energies slipped 2.3% to Rs1,053.05.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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