Waaree Energies shares zoomed 49% from recent record low level; here's what analysts say

Waaree Energies Ltd shares on Monday settled 0.91 per cent higher at Rs 2,701. At this closing value, the stock has soared 49.34 per cent from its all-time low of Rs 1,808.65, seen earlier this month on April 7.

Bourses BSE and NSE have put the securities of Waaree Energies under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

The solar panel maker recorded a 34.1 per cent year-on-year (YoY) jump in net profit, at Rs 618.9 crore, for the fourth quarter that ended on March 31, 2025 (Q4 FY25). Waaree Energies posted a net profit of Rs 461.5 crore in the corresponding quarter of the last fiscal (Q4 FY24). Its revenue from operations surged 36.4 per cent to Rs 4,003.9 crore in Q4 FY25 as against Rs 2,935.8 crore in the year-ago period.

Technically, support on the counter could be seen at Rs 2,600. On the higher end, Waaree Energies has potential to scale up to Rs 3,000 level in the near term.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 2,600 and resistance at Rs 2,800. A decisive move above Rs 2,800 level may trigger a further upside towards Rs 3,000. The expected trading range will be between Rs 2,600 and Rs 3,000 for the short term."

Kiran Jani, Head of Technical Research at Jainam Broking, suggested investors should consider buying the counter on dips at around Rs 2,600-2,700 levels. "Keep a strict stop loss of Rs 2,500, expecting an upside target price of Rs 3,000," he added.

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