Waaree Co CMD Predicts FY27 Outperformance with 20% EBITDA Growth Continuation

Waaree Energies has announced ambitious financial projections for the upcoming fiscal year, with the company's Co-Chairman and Managing Director outlining strong growth expectations and predicting that FY27 will outperform FY26.

Financial Projections and Growth Outlook

The renewable energy company has set robust targets as it prepares to enter FY27. The Co CMD's latest statements reflect confidence in the company's operational capabilities and sustained growth trajectory in the renewable energy sector.

Financial Metric:	FY27 Projection
Operating EBITDA Range:	₹7,000-7,700 crore
Expected EBITDA Growth:	20% continuation
Performance Outlook:	FY27 to outperform FY26

Management's Growth Strategy

The Co CMD's prediction that FY27 will outperform FY26 demonstrates the company's strategic planning and confidence in maintaining momentum. The expectation of continued 20% EBITDA growth indicates strong operational efficiency and market positioning in the renewable energy space.

This growth projection reflects Waaree Energies' commitment to sustainable expansion and operational excellence. The management's optimistic outlook suggests the company is well-positioned to capitalize on opportunities in the renewable energy market while maintaining its growth trajectory.

Strategic Market Position

The substantial EBITDA target of ₹7,000-7,700 crore, combined with the expectation of continued 20% growth, underscores Waaree Energies' operational scale and revenue generation capabilities. This forward-looking guidance positions the company as a significant player in India's renewable energy sector.

The Co CMD's confidence in FY27 outperforming the previous fiscal year reflects the company's strategic initiatives and market expansion plans, indicating sustained growth momentum in the coming fiscal period.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-10.97%	-9.01%	+0.85%	-10.32%	+16.85%	+33.34%

Waaree Energies has received a Buy rating from Nomura with a target price of ₹3,750, reflecting mixed quarterly results that showed both strengths and challenges for the solar panel manufacturer.

Financial Performance Analysis

The company delivered a strong revenue performance, beating estimates by approximately 12% driven primarily by higher sales volumes. However, profitability metrics presented a different picture, with EBITDA missing expectations by 8-11% due to margin contraction pressures.

Performance Metric	Result
Revenue Beat	~12%
EBITDA Miss	~8-11%
Primary Revenue Driver	Higher volumes
EBITDA Impact Factor	Margin contraction

Future Outlook and Guidance

Despite the current margin pressures, Nomura remains constructive on Waaree Energies' medium-term prospects. The company has provided strong EBITDA guidance for FY27, projecting earnings between ₹70-77 billion, which supports the positive investment thesis.

The solar manufacturer is also planning a significant capital raise of ₹100 billion, which is expected to support its expansion plans and strengthen its market position in the growing renewable energy sector.

Valuation Assessment

Nomura's analysis indicates that Waaree Energies trades at reasonable valuation multiples despite recent market volatility. The company is valued at approximately 16x FY27 EBITDA and 13x FY28 EBITDA, which the brokerage considers attractive given the growth prospects in the solar energy segment.

Valuation Metrics	Multiple
FY27 EBITDA Multiple	~16x
FY28 EBITDA Multiple	~13x
Target Price	₹3,750
Rating	Buy

The combination of strong volume growth, robust future guidance, planned capital infusion, and reasonable valuations forms the basis for Nomura's positive recommendation on the stock.