Waaree Energies stock climbed nearly 22% in a month; is there more upside ahead?

Waaree Energies Ltd shares were trading 1.79 per cent up at Rs 2,967.60 in Wednesday's trade. At this price, the stock has climbed 21.50 per cent in the past one month. 

The company's Board has recently approved a proposal to acquire Kamath Transformers Private Ltd for around Rs 293 crore for business expansion. Kamath Transformers manufactures transformers.

For the January-March 2025 quarter, the company reported a 36.4 per cent year-on-year (YoY) rise in revenue, which came at Rs 4,003.9 crore, up from Rs 2,935.8 crore in the same period last year. Net profit climbed 34.1 per cent to Rs 618.9 crore from Rs 461.5 crore a year ago.

Market experts largely remained positive on the counter. Technically, Rs 3,100 would act as near-term resistance and a decisive breach above the said level is required for further upside potential. Support could be seen in the Rs 2,900-2,800 range.

"Waaree Energies has come into our radar as it is the largest solar PV module producer in India. Almost 44 per cent of the exports from India in the select space is taken care of by the company and 21 per cent of the domestic consumption is taken care of by it. Waaree's capacity expansion has been humongous, from 2 GW to 13.2 GW. With improving margins and RoE (Return on Equity), we expect this company to do fairly well. From a one-year perspective, Rs 3,600 is the target price and it's a buy-and-hold for us. In addition, the quarterly numbers were excellent," Dharmesh Kant, Head of Equity Research at Cholamandalam Securities, told Business Today.

Near-term immediate resistance will be at Rs 3,100, said Ravi Singh, SVP - Retail Research at Religare Broking, adding that Rs 2,900 will be the support level.

"Rs 3,100 seems a crucial zone for the counter and an authoritative breach could only ignite fresh momentum in the counter. On the lower end, the Rs 2,800-2,650 zone is likely to provide a cushion in case of any shortcomings," said Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One.

"Waaree Energies has strong resistance at Rs 3,086 level and a daily close below the support of Rs 2,850 could lead to a downward target of Rs 2,600 in the near term," Sebi-registered independent research analyst AR Ramachandran suggested.

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.