New Delhi, Sept. 22 -- Brokerage firm Joindre Capital has initiated coverage on Waaree Energies share price, giving 'buy' rating to the renewable energy stock.

The firm has given the target price of Rs.3,112 per share, seeing an upside potential up to 21.8%, based on EV/EBITDA valuation of 7.6X FY29E EBITDA of Rs.1,13,752 million.

"We are positive on strong growth over the medium term, supported by a strong order book and a growing contribution from retail, overseas markets and newer businesses such as BESS and T&D," the firm said.

According to the brokerage firm, the key earnings driver over the next few quarters will be higher capacity utilisation and increasing captive cell integration, with cell production expected to rise from 800...