The shares of the leading solar module manufacturer plummeted by 6 percent despite reporting robust Q4 results, as Jefferies has downgraded to underperform.
Price movement
With a market capitalization of Rs 82,336.80 crore, the shares of Waaree Energies Ltd were trading at Rs 2,856.25 per share, decreasing around 5 percent as compared to the previous closing price of Rs 3,006.15 apiece.
Brokerage Recommendations
Jefferies, one of the well-known brokerage globally, downgraded this solar module manufacturer to ‘underperform’ from its earlier rating of ‘Hold’ with a target price of Rs 2,100 apiece, indicating a potential downside of 26 percent from Thursday’s price of Rs 2,856.25 per share.
Brokerage Rational
Foreign brokerage notes Waaree Energies’ orderbook declined to 25 GW from 26.5 GW sequentially, with 57 percent from overseas, mainly the US. However, management sees overseas contributing just 17–22 percent of FY26 revenue, highlighting growing US influence on FY27 performance. Meanwhile, Waaree’s six-month shareholder lock-in period ends tomorrow, April 25.
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Financial Result
In Q4 FY25, the company posted revenue of Rs 4,140.92 crore, up 37 percent year-on-year from Rs 3,007.44 crore and 17 percent quarter-on-quarter from Rs 3,545.27 crore in Q3 FY25, reflecting consistent business growth and strong operational momentum across successive quarters.
Net profit rose 36 percent year-on-year to Rs 644.47 crore, up from Rs 475.16 crore in the same quarter last year. On a sequential basis, it increased 27 percent from Rs 506.88 crore in Q3 FY25, reflecting strong earnings momentum and consistent quarterly growth.
Order Book
Waaree Energies has a 25 GW order book and leads with a 14.1 percent share in India’s module shipments. Overseas share rose to 57 percent of the Rs 47,000 crore order book in FY26 Q1. Strong policy support, surging demand, and focus on domestic manufacturing underpin India’s solar capacity growth beyond 105 GW.
Future Guidance
Waaree Energies is scaling its energy transition investments with a 5.4 GW cell line operational and a 6 GW ingot-wafer facility planned for 2027. Projects include green hydrogen, battery storage, and renewable power infrastructure. The ENEL acquisition is underway. FY26 EBITDA is guided between Rs 5,500 and Rs 6,000 crore.
Company profile
Waaree Energies Limited product portfolio includes various types of PV modules, such as multicrystalline, monocrystalline, and TopCon modules, which include flexible, bifacial (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.
Written by Abhishek Singh
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