Waaree Energies Targets Rs 1 Trillion Revenue by 2030; Motilal Oswal Sees Upside
Waaree Energies, India’s largest solar panel maker, has set a big goal. It wants to reach Rs 1 trillion in revenue by 2030. That is Rs 1,00,000 crore in a single year. Brokerage Motilal Oswal likes the plan. It has put a “buy” rating on the stock with a target price of Rs 3,850, which points to healthy upside from current levels. Revenue simply means the total money a company earns from selling its products in a year.
This is a story about ambition. Waaree already leads the Indian solar market. Now it wants to grow many times bigger and move into new clean-energy products. Here is what the plan looks like, and why it matters.
What is the Rs 1 trillion plan?
Waaree calls its long-term roadmap “Waaree 2.0”. The idea is simple to say but hard to do. The company wants to scale its yearly revenue to Rs 1 trillion by 2030. To get there, it will not just make solar panels. It plans to build a full chain of clean-energy products.
Today Waaree is famous for solar modules. A solar module is the flat panel that turns sunlight into electricity. Going forward, the company wants to make many more parts itself. This includes solar cells, ingots and wafers (the building blocks inside a panel), batteries to store power, inverters, transformers, and even polysilicon (the raw material used to make solar cells). Making more parts in-house can lower costs and protect profit margins.
The big capacity targets
Under Waaree 2.0, the company has shared large capacity goals. “Capacity” means how much it can produce. The plan is spread across many products, from panels to batteries to green hydrogen gear. To fund all this, Waaree plans to spend about Rs 320 billion (Rs 32,000 crore) over two years. “Capex” is short for capital expenditure, the money a company spends to build factories and equipment.
| Product | Planned capacity |
|---|---|
| Solar modules | 28 GW |
| Solar cells | 15 GW |
| Ingot–wafer | 10 GW |
| Battery storage (BESS) | 20 GWh |
| Inverters | 4 GW |
| Transformers | 20,000 MVA |
| Electrolysers (green hydrogen) | 1 GW |
| Solar glass | 2,500 TPD |
BESS stands for battery energy storage system. These are large batteries that store solar power so it can be used at night or when the grid needs it. Electrolysers are machines that split water to make green hydrogen, a clean fuel. By adding these, Waaree is trying to become a one-stop clean-energy company, not just a panel seller.
What Motilal Oswal said
Motilal Oswal Financial Services is a well-known Indian brokerage. A brokerage studies companies and tells investors whether to buy, hold, or sell a stock. It has a “buy” rating on Waaree with a target price of Rs 3,850. The current market price is around Rs 3,227. A target price is the level an analyst thinks the share can reach in about a year.
The brokerage values Waaree using a “sum-of-the-parts” method. This means it values each business separately, then adds them up. The domestic modules business is valued at 13 times its expected FY28 EBITDA. EBITDA is a simple measure of operating profit, before interest, tax, and other costs. The US modules business is valued at 12 times FY28 EBITDA, and the new businesses such as batteries at 10 times EBITDA.
| Key fact | Detail |
|---|---|
| Rating | Buy (Motilal Oswal) |
| Target price | Rs 3,850 |
| Current price (approx.) | Rs 3,227 |
| Revenue goal by 2030 | Rs 1 trillion |
| Two-year capex plan | ~Rs 320 billion |
| FY26 estimated revenue | Rs 265.4 billion |
| FY28 estimated revenue | Rs 431.8 billion |
| Sustainable EBITDA margin | ~20% |
| FY26 return on equity | ~33% |
The US expansion
Waaree is also growing in the United States. Its US factory capacity is around 1.6 GW today. The company aims to raise this to about 4.6 GW within roughly six months. The US is a big solar market, and having factories there helps Waaree serve American customers and avoid trade barriers.
What about the profits?
Numbers from Motilal Oswal show steady growth. Revenue is estimated to rise from Rs 265.4 billion in FY26 to Rs 431.8 billion in FY28. Adjusted profit after tax (the money left after paying all costs and taxes) is seen growing from Rs 39.4 billion to Rs 54.4 billion over the same period. The brokerage expects a sustainable EBITDA margin of about 20% and a strong FY26 return on equity of around 33%. Return on equity shows how well a company uses shareholders’ money to make profit.
Solar is one part of India’s bigger push in advanced industries. The country is also chasing leadership in other high-tech fields, such as its bold bid to supercharge its rocket and space technology. Clean energy and deep tech together signal where India wants to invest.
The risks to watch
Big plans come with big risks. Motilal Oswal points to three main worries. First, overcapacity: if too many companies build solar factories, there may be more supply than demand. Second, pricing pressure: extra supply can push panel prices down and hurt profits. Third, high capex intensity: spending Rs 320 billion is a lot, and the returns must come through on time. Investors should weigh these risks against the growth story.
FAQ
What is Waaree Energies?
Waaree Energies is India’s largest maker of solar panels. It builds the equipment used to turn sunlight into electricity, and it is now expanding into batteries, inverters, and other clean-energy products.
What is the Rs 1 trillion revenue target?
It is Waaree’s goal to earn Rs 1 trillion (Rs 1,00,000 crore) in revenue in a single year by 2030. Revenue is the total money earned from selling products. The plan is part of its “Waaree 2.0” roadmap.
What is Motilal Oswal’s target price?
Motilal Oswal has a “buy” rating with a target price of Rs 3,850 per share. That is the level the brokerage believes the stock can reach, compared with a current price of around Rs 3,227.
Why it matters (especially for India / founders)
India wants to be a clean-energy giant. A homegrown company aiming for Rs 1 trillion in solar revenue shows how large this opportunity is. It can create jobs, cut India’s reliance on imported panels, and support the country’s climate goals.
For founders, the lesson is about going deep into the value chain. Waaree did not stop at panels. It is building cells, wafers, batteries, and even raw materials. Owning more of the chain can protect profits and create a stronger moat. The story also reminds founders that big growth needs big capital, and that markets reward clear, ambitious roadmaps.
This momentum runs across many Indian sectors. Even the auto market is buzzing with new launches, such as the Maruti Brezza facelift set to arrive in July with a turbo-petrol option. Strong manufacturing ambition is becoming a common thread.
The takeaway
Waaree Energies has laid out one of the boldest plans in India’s clean-energy space. A Rs 1 trillion revenue goal by 2030, backed by huge capacity targets and a Rs 320 billion spend, is a major bet on solar power. Motilal Oswal’s “buy” call and Rs 3,850 target add confidence, but real risks like overcapacity remain. If Waaree delivers, it could become a flagship for India’s energy future.
Sources
- Financial Express — Waaree Energies targets Rs 1 trillion revenue by 2030; Motilal Oswal sees upside
- TopNews — Waaree Energies share price target at Rs 3,850: Motilal Oswal research
