Emkay Global Recommends 'BUY' Waaree Energies After Strategic Oman Investment; Target Rs 4260

• Waaree Energies acquired 5.37 million Series B Preferred Shares of United Solar Holding Inc (USH) for USD30 million.
• This investment provides a stake in USH's 100ktpa polysilicon plant in Oman, enabling backward integration and anchor customer status.
• The Oman plant, located in Sohar Freezone, offers cost advantages and meets US/EU traceability requirements for global expansion.
• Emkay Global Financial maintains a 'BUY' rating on Waaree Energies, setting a target price of Rs 4,260.
• Waaree also commissioned 5.1GW of module capacity in Gujarat in Q3FY26, reinforcing its growth strategy.

Why It Matters: Emkay Global recommends 'BUY' Waaree Energies, citing strategic Oman investment and strong growth.