Waaree Energies gets a thumbs up from analysts despite uncertainties; Check price targets

73% of the analysts who have coverage on Waaree Energies Ltd. continue to have a “buy” rating on the stock, despite the US solar duty uncertainty and concerns surrounding the sector, due to which, the stock has already corrected nearly 40% from its peak.Waaree Energies shares fell 10% on Wednesday, after the US imposed a 126% Solar products import duty, to which the company clarified that it is not impacted by this measure and that its current executable order book is insulated from this duty.

The company said that it does not use the solar cells manufactured by them in India for its US supplies and therefore is unlikely to have any material impact.
Nomura has maintained its “buy” rating on Waaree with a price target of ₹2,709. The brokerage said that Waaree will see a limited impact due to these Countervailing duties imposed by the US due to its diversified supply chain.
Waaree is also ramping up its footprint in the US and module manufacturing capacity there can rise to 4.2 GW by the first half of calendar year 2026, compared to 2.6 GW currently. With price pass throughs to the end customer, margins are unlikely to see any meaningful erosion as well, Nomura said.Motilal Oswal also has a “buy” rating on Waaree Energies with a price target of ₹3,514, based on a SOTP valuation methodology.

Nuvama too remains bullish on Waaree Energies, maintaining its “buy” rating with a price target of ₹3,867. It has signed a 15-year EaaS deal for a 2.5MW alkaline electrolyser for its GH2 expansion in Uttar Pradesh.

15 analysts have coverage on Waaree Energies, of which 11 have a “buy” rating, and the other four have a “sell” recommendation.

Shares of Waaree Energies are trading 1.4% higher on Thursday after Wednesday’s sell-off at ₹2,747.1. The stock is down 7.2% so far in 2026.