Waaree Energies vs Premier Energies vs Vikram Solar; Which Renewable Energy Stock To Shine In Q4? Target Price

Q4 Preview: Waaree Energies, Premier Energies and Vikram Solar are likely to report robust growth in the fourth quarter of the financial year 2025-26, driven by module cell production and comprehensive integration in operations. Higher production is likely to boost Q4 aggregate EBITDA margins by nearly 38% on an annual basis for module manufacturers, as per experts.

Waaree Energies share price has jumped close to 11% since the beginning of the year. Premier Energies share price has surged around 14.79% in the year 2026. Contrastingly, Vikram Solar share price has delivered 9.61% of negative returns in the same duration.

Solar Stocks Q4 Preview

India's renewable energy companies are expected to deliver a measured yet resilient Q4 performance, with earnings growth primarily led by disciplined project execution.

"As the country's solar capacity approaches 140 GW and FY26 records close to 50 GW of incremental renewable additions, the quarter is likely to reflect strong revenue recognition from recently commissioned assets. An estimated 65 to 75 percent of earnings expansion should be driven by capacity additions, supported by stable plant load factors and long-term contracted tariffs, reinforcing the annuity nature of these businesses," explained Tushar Badjate, Director of Badjate Stock Shares Pvt Ltd.

Waaree Energies Q4 Preview

Waaree Energies is likely to report its highest-ever quarterly revenue of around Rs 80 billion. The solar module manufacturer will see around 100% year-on-year jump in its revenue, and around 6% quarter on quarter (QoQ) jump in its revenue. The company's EBITDA may see a 62% annual jump in Q4FY26, but may see some drop on a sequential basis.

"Waaree's EBITDA to rise 62% YoY to INR15bn on 3.8GW (+83% YoY) module production; EBITDA to fall 22% QoQ on 15% fall in cell output due to switchover to G12R; EBITDA margin down 445bp YoY/690bp QoQ to 19%," stated Nuvama in its report.
Waaree Energies Share Price Target

The brokerage has given a 'Buy' rating to the stock with a target price of Rs 3,737 per share on a long-term basis. "Waaree started its 3GW inverter facility while GH2, electrolyser facility, advanced Li-ion cells and BESS capacities would start in FY27E". The solar energy stock has delivered 47% return in one year duration.

Premier Energies Q4 Result Preview

Premier Energies' revenue is expected to expand by 29% and EBITDA may see a 13% jump on an annual basis. The company's revenue growth is likely to be driven by solar module/cell production.

"EBITDA is likely to inch up 1% QoQ on the back of a rise in input cost, driving a 401bp YoY/204bp QoQ decrease in EBITDA margin to 29% in Q4FY26. We estimate PAT at INR3.7bn (+34% YoY/-5% QoQ) with depreciation at INR772mn (-56% YoY/+10% QoQ), other income at INR300mn (-50% YoY) and interest cost at INR508mn (+18% YoY)," as per Nuvama report.

Premier Energies Target Price

Nuvama has given Premier Energies a 'Buy' rating with a target price of Rs 1,082 per share in the long-term. The stock value has surged nearly 4% in one year.

Vikram Solar Q4 Result Review

Vikram Solar may see a single digit revenue growth and flat EBITDA on an annual basis. However, the company may see a boost in its production. "We estimate EBITDA margin shall likely moderate to 18% (-113bp YoY/-92bp QoQ) on a rise in input cost. We estimate PAT at INR1.2bn (+37% YoY/+19% QoQ) with depreciation at INR383mn (-9% YoY/+5% QoQ), other income at INR223mn (+195% YoY/10% QoQ) and interest cost at INR422mn (-12% YoY)," stated Nuvama.

Vikram Solar Stock Target Price

Nuvama has given a 'Buy' recommendation for Vikram Solar stock with a target price of Rs 267 per share. The stock has declined 39% in one year.