Waaree Energies shares climb 11% in a month; is there more upside on the cards?

Shares of Waaree Energies Ltd jumped 3.94 per cent in Monday's trade to hit a high of Rs 3,235. The stock was last seen trading 2.37 per cent up at Rs 3,197.40. At this price, it has gained 10.73 per cent in the past one month.

Recently, Waaree Solar Americas -- the company's wholly-owned subsidiary -- has secured a 540 MW solar module supply order from a prominent client involved in utility-scale solar and energy storage projects across the US. The order comprises 270 MW of modules to be delivered in 2025 and another 270 MW between 2027 and 2028.

Before this, the subsidiary had received a major order for 599 MW of solar modules from an international client. In line with its growth strategy, the solar PV module manufacturer has also announced plans to expand its manufacturing presence in the US, particularly in Texas, aiming to scale up its capacity to 3 GW by FY26.

A few market experts indicated a bullish outlook for the stock on the charts.

Vaishali Parekh, Vice-President (Technical Research) at Prabhudas Lilladher said the stock is doing quite well and investors can continue to hold it as Waaree Energies can deliver decent returns. "Expected upside levels could be Rs 3,700-3,800," she told Business Today.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, noted that the stock is placed well above its short-term exponential moving averages (EMAs), showcasing near-term strength. "The counter is in formation of higher highs, with the next potential resistance seen around the Rs 3,150-3,200 zone. On the lower end, the Rs 2,900-2820 range is likely to cushion any shortcomings in the near period," he added.

Kunal Kamble, Senior Technical Research Analyst at Bonanza, said Waaree Energies has given a breakout above a falling trend line, signalling a trend reversal from bearish to bullish. "Fresh long positions can be initiated at current levels, with a stop-loss at Rs 2,890. The stock has the potential to move towards Rs 3,360–3,500 levels in the near term," Kamble stated.

Founded in December 1990, Waaree Energies is an Indian manufacturer of solar PV modules. As of March 2025, the promoters held a 64.30 per cent stake in the company. Headquartered in Mumbai, the firm has an installed capacity of nearly 15 GW for solar PV modules and 5.4 GW for solar cells.