Waaree Energies share price soars to fresh peak, up nearly 50% since listing
Solar power stock Waaree Energies sees a seven-day rally, reaching an intraday high of Rs 3,743 as market cap climbs to over Rs 1 lakh cr
Waaree Energies' stock has been on an impressive rally since its October 28 debut on the NSE, where it listed at Rs 2,500—about 66 per cent above the IPO price of Rs 1,503. The solar panel manufacturer has continued to surge, with shares hitting a fresh peak at Rs 3,743 in today’s trading, marking nearly a 50 per cent increase in just over a week. Today alone, the stock rose by 7.78 per cent, with a trading volume of 7.53 lakh shares and a turnover of Rs 271.59 crore.
This sharp rise has lifted Waaree’s market capitalization past the Rs 1 lakh crore mark, a notable jump from its initial valuation of Rs 67,866 crore on listing day. Investors’ enthusiasm reflects confidence in the company’s robust position within India’s solar energy sector, where it leads in PV module manufacturing with a total installed capacity of 12 GW as of mid-2023. Waaree operates five manufacturing plants across Gujarat and Uttar Pradesh and is currently expanding internationally with a 3 GW facility in the United States.
For FY24, Waaree reported a significant 69 per cent YoY revenue increase to Rs 11,398 crore, with profit after tax more than doubling to Rs 1,274 crore. The company’s strong financials, coupled with its ambitious growth strategy, make it attractive to investors, especially amid favourable government policies and production-linked incentives for the solar industry.
Prashanth Tapse, Senior VP at Mehta Equities, noted that demand for Waaree shares could remain high due to the expanding solar sector and Waaree’s strategic plans to capitalize on this momentum.
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