India's Waaree Energies rises; Nuvama starts with 'buy'

Waaree Energies

21/03/2025 08:09

** Waaree Energies WAAN.NS rises as much as 3.1% to 2,323 rupees

** Nuvama initiates with "buy" and TP of 2,805 rupees, 24.5% higher than Thursday's close

** Says renewable energy co's strategy of scaling up operations by entering green hydrogen production, electrolysers, advanced li-ion cells, inverters and battery energy storage systems will tie up multi-decadal growth

** Expects WAAN's FY24–FY27 rev/EBITDA to gallop at a 30%/54% CAGR, driven by 25%/8x/6GW surge in module/cells/new wafer capacity

** Adds, "We feel India's solar sector is on the cusp of J-curve breakout, which shall usher in an even larger green hydrogen prospect"

** Stock falls 7.8% since listing on October 28, 2024

 (Reporting by Ashish Chandra in Bengaluru)

 ((ashish.chandra@thomsonreuters.com (+91 7982114624))