Despite heightened uncertainty around recent US solar duties, a majority of analysts covering Waaree Energies Ltd. continue to maintain a positive stance on the stock, even after it has corrected nearly 40% from its peak.
Waaree Energies shares declined 10% on Wednesday after the United States imposed a 126% duty on certain solar product imports. The move raised concerns across the renewable energy sector. However, the company clarified that it is not impacted by the measure and that its existing order book remains insulated.
The company stated that it does not use solar cells manufactured in India for its US supplies. As a result, it does not anticipate any significant effect from the newly imposed duties.
Majority of Analysts Maintain Buy Ratings
Out of the 15 analysts tracking Waaree Energies, 11 have assigned a buy rating, while the remaining four have a sell recommendation. This means 73% of analysts continue to back the stock despite recent volatility.Nomura has maintained its buy rating on Waaree Energies with a target price of ₹2,709. The brokerage said the impact of the countervailing duties is expected to be limited due to the company’s diversified supply chain.
Nomura also highlighted the company’s expansion plans in the United States. Waaree’s module manufacturing capacity in the US is projected to reach 4.2 GW by the first half of 2026, up from the current 2.6 GW. With price pass throughs to end customers, margins are unlikely to witness significant erosion.
Motilal Oswal has reiterated its buy rating with a target price of ₹3,514, based on a SOTP valuation methodology.
Nuvama Securities also remains bullish on the stock, maintaining a buy rating with a target price of ₹3,867. The brokerage noted that the company has signed a 15 year Energy as a Service deal for a 2.5 MW alkaline electrolyser as part of its GH2 expansion in Uttar Pradesh.
Stock Performance in 2026
Shares of Waaree Energies were trading 1.4% higher on Thursday at ₹2,747.1. The stock has declined 7.2% so far in 2026, even as analyst sentiment remains largely constructive amid sector level concerns.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
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