Waaree Energies shares down 19% from 52-week high - Buying opportunity?

Shares of Waaree Energies Ltd closed the week on a subdued note, declining 10.98 per cent to settle at Rs 3,117.45. The stock now trades 19.33 per cent below its one-year high of Rs 3,864.40, recorded on September 12 last year.

The decline comes even as the renewable energy player delivered a strong operational performance for the March quarter (Q4 FY26). It reported a 74.72 per cent year-on-year surge in consolidated net profit at Rs 1,126 crore, compared with Rs 644.47 crore in the corresponding period last year, according to an exchange filing.

Total income more than doubled to Rs 8,659.98 crore in the January–March quarter, up from Rs 4,140.92 crore in the same quarter of the previous financial year.

An analyst highlighted that the counter appears priced in at current levels. Technically, the near-term support range is seen between Rs 3,100 and Rs 3,000, while a breakout above Rs 3,450 is required for a bullish trend.

Kranthi Bathini, Equity Strategist at WealthMills Securities, said, "Waaree Energies delivered a decent performance in the March 2025 quarter, but noted that much of the optimism appears already factored into the stock price. He advised investors to hold the stock at current levels, adding that it is better suited for those with a higher risk appetite."

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, the stock is currently retesting its breakout neckline, which coincides with the 200-day SMA. While near-term volatility may persist, he noted that the broader structure remains intact.

Krishan expects the Rs 3,100–3,040 zone to act as a strong support base, helping stabilise price action and underpin a constructive medium-term outlook. On the upside, the Rs 3,325–3,450 band remains a key resistance zone, with a decisive breakout above it likely to signal a resumption of the prevailing bullish trend.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, stated that support is seen at Rs 3,000, while resistance is placed at Rs 3,300. A decisive move above Rs 3,300 could push the stock towards Rs 3,400, with the expected short-term trading range between Rs 3,000 and Rs 3,400. 

As of March 2025, promoters held a 64.19 per cent stake in the firm, marginally lower than 64.22 per cent in the previous quarter.

Meanwhile, domestic benchmarks remain closed on Friday for Maharashtra Day.