Highlights

• Emkay Global Financial Services has issued a buy rating on Waaree Energies with a target price of INR 4,260.
• The company has incorporated a new wholly-owned subsidiary, Solaris Horizon Energy Private Limited.
• Waaree Solar Americas secured a major 288 MW solar module supply order in the United States.

Waaree Energies Ltd (NSE:WAAREEENER) has attracted renewed attention from the market after Emkay Global Financial Services Ltd issued a buy rating on the company, setting a target price of INR 4,260.

Subsidiary Expansion Strengthens Domestic Structure

In a move that reinforces its corporate structure and project execution capabilities, Waaree Energies announced that its wholly owned subsidiary, Waaree Forever Energies Private Limited, has incorporated an additional wholly owned subsidiary. The new entity, named Solaris Horizon Energy Private Limited, was formally established on 10 December 2025.

The creation of Solaris Horizon Energy is expected to support the company’s long-term plans within the renewable energy ecosystem

Recent U.S. Order

Waaree Energies has also made notable progress internationally through its U.S. arm, Waaree Solar Americas. On 5 December 2025, the subsidiary secured a substantial order for the supply of 288 MW of solar modules. The order was placed by a prominent customer recognised as a developer and owner-operator of utility-scale solar and energy storage projects across the United States.

This development marks another milestone for Waaree’s global expansion strategy. 

The buy rating and INR 4,260 target price issued by Emkay Global have placed Waaree Energies firmly in the spotlight.