Waaree Energies shares jump 8% in two sessions; how strong is this upside?

Shares of Waaree Energies Ltd extended their upmove for the second consecutive session on Thursday, climbing 5.77 per cent to touch an intraday high of Rs 3,448. The stock was last seen trading 3.94 per cent higher at Rs 3,393.80, marking a total gain of 7.71 per cent over the past two sessions.

The solar PV module maker reported a significant 89 per cent year-on-year (YoY) rise in its consolidated net profit to Rs 745 crore for the quarter ending June 30, 2025, compared to Rs 394 crore in the same period last year. Revenue from operations rose 30 per cent to Rs 4,426 crore in Q1 FY26, up from Rs 3,409 crore in Q1 FY25.

Some analysts remain optimistic on Waaree Energies shares. One suggests that medium-term investors could book profits on rallies, while long-term investors may continue holding. Another highlights the potential for a bullish breakout as the stock crossed Rs 3,300 level. A third expects the stock to trade in a range of Rs 3,300–3,400 in the near term, with a move above Rs 3,400 likely opening the path toward Rs 3,500.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said Waaree Energies is currently trading in a strong momentum zone. He advised that investors with a medium-term horizon may look to book partial profits on rallies, while long-term investors can continue to hold the stock.

Drumil Vithlani, Technical Research Analyst at Bonanza, noted that the stock has been consolidating within a wide range of Rs 2,750–3,300 over the past few months. A breakout above this zone would confirm a bullish continuation pattern. He highlighted that prices are trading comfortably above the 50-day exponential moving average (EMA) at Rs 2,739, which should act as a strong support on any pullback. Vithlani recommends buying on a breakout retest near Rs 3,280–3,300, with targets of Rs 3,850 and Rs 4,200, while maintaining a stop loss at Rs 3,050.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, highlighted support at Rs 3,300 and resistance at Rs 3,400. A move above Rs 3,400 may open the door for Rs 3,500, while the stock is expected to trade within the Rs 3,300–3,400 range in the short term.

Founded in December 1990, Waaree Energies is an Indian manufacturer of solar PV modules. As of June 2025, 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.