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Investing.com - UBS initiated coverage on Waaree Energies (NSE:WAAREEEN) with a Buy rating and a price target of INR4,400.00 on Monday.
The investment bank views Waaree as one of the largest solar original equipment manufacturers by capacity and expects its integrated capacity expansion to provide an edge against competitors.
UBS projects India will add 220GW of solar power generation capacity in FY25-30, compared to 71GW in FY20-25, which should drive strong domestic demand for Waaree’s products.
The firm forecasts robust growth for Waaree, with 31% revenue CAGR and 44% EBITDA CAGR from FY25-28, supported by the company’s U.S. investments and domestic market expansion.
UBS expects Waaree’s EBITDA margin to expand by 620 basis points in FY25-28, driven by vertical integration into cells, ingots, and wafers, a higher share of domestic content requirements in revenue, and significant operating leverage.
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