Waaree Energies — Solar Play with 40% Upside

India's solar capacity addition target of 100 GW by 2030 makes Waaree an obvious beneficiary. Order book at ₹28,000 Cr — 3.2x trailing revenue. Debt-free with 22% ROCE. At CMP ₹2,180 the stock is still 28% below its 52-week high despite no change in fundamentals. My 18-month target: ₹3,050.