Waaree Energies reported a quarter that was weaker than expected, with lower plant utilisation and softer export sales. A Rs3.5 bn reciprocal tariff reversal helped offset some of the decline in earnings.
Management anticipates a stronger second half of FY27, driven by higher DCR cell production, normalisation of US shipments and the commercialisation of its BESS business. However, the company still faces execution challenges that could affect results.
Given the shift from capacity creation to earnings delivery, Anand Rathi has trimmed its revenue and valuation estimates for FY27/28. Despite the lower multiples, the outlook remains positive.
The firm retains a BUY rating and a target price of Rs3,333. This is supported by Waaree’s integrated manufacturing platform, a record Rs615 bn order book, and long‑term structural growth drivers.
Investors should monitor execution and market dynamics as the company works to meet its targets.