Kotak Institutional Equities initiated coverage with a ‘Sell’ rating and set a target price of Rs 2,550.
Kotak expects Waaree to see a 12% compound annual growth rate (CAGR) for its module capacity, which is expected to reach 40 GW by 2035. Additionally, Kotak projects a 14% volume CAGR for Waaree’s modules until FY2035, driven by strong capacity addition and utilization rates.
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