India's solar story just got a fresh price tag.
₹3,825.
That's where Motilal Oswal thinks Waaree Energies is headed next.
A cool 26% upside from where the stock sits today (~₹3,033).
And the brokerage isn't whispering it… they're doubling down on 'Buy'.
Because the entire shape of India's solar demand is quietly flipping.
For years, the headline was utility-scale — giant solar farms, mega tenders, government bids.
That game is slowing.
The new growth engines are smaller, faster, stickier:
Together, these are projected to deliver more than 50% of annual demand from FY27 onwards.
That's roughly 24–28 GW a year of new appetite.
India needs at least 100 GW of integrated solar manufacturing capacity to meet this demand.
Today's ALMM-II cell capacity?
Just 30 GW.
A 70 GW hole. Waiting to be filled.
And Waaree — already India's largest module maker — is standing right at the edge of that hole with a shovel.
That's a stock that has nearly doubled off its lows… and Motilal Oswal is saying the run isn't done.
Consensus across the Street agrees — the average target floats near ₹3,941, implying close to 30% upside.
India isn't just adding solar.
It's restructuring who uses it.
From mega-corp bids → to rooftops, shop floors, and farms.
That shift rewards companies with scale, integration, and distribution — not just manufacturing muscle.
Waaree ticks all three boxes.
The solar trade in India is maturing.
The easy hype is fading. The structural demand is just beginning.
And in that quieter, longer game…
Motilal Oswal is betting Waaree is the name to own.
₹3,825 isn't just a target.
It's a thesis on where India's energy future actually plugs in.
That's all for now!
