Waaree Energies shares fell by 11 percent on Thursday, driven by concerns over margins and a miss in profitability that overshadowed significant earnings growth and an optimistic outlook. The stock closed at ₹3,118.80, having reached a low of ₹3,100, down from the previous close of ₹3,502.90.
In the fourth quarter of FY26, the company reported a 71 percent year-on-year increase in consolidated net profit, amounting to ₹1,061 crore. Revenue from operations surged by 112 percent year-on-year to ₹8,480 crore, largely fueled by higher sales volumes. However, quarter-on-quarter performance reflected investor worries regarding margin pressures.
Waaree Energies has also announced a strategic move into the semiconductor sector, coupled with the approval of a ₹10,000 crore fundraising plan designed to facilitate its next phase of expansion and diversification.
Brokerage firm Nomura retained a buy rating on the stock, setting a target price of ₹3,750. Nomura noted that revenue exceeded both its and consensus estimates by 12 percent, bolstered by strong volume growth. However, EBITDA fell short of projections by 11 percent and 8 percent relative to Nomura’s and consensus expectations, respectively, due to a significant contraction in gross margins. The company’s management has projected EBITDA to range between ₹70,000 crore to ₹77,000 crore for FY27E, and the board has sanctioned a ₹100,000 crore fundraising initiative. According to Nomura, the stock is currently valued at 16 times and 13 times FY27F and FY28F EBITDA, respectively.
Published on April 30, 2026.
