Waaree Renewable Lights Up Dalal Street
India’s renewable energy sector is buzzing, and Waaree Renewable Technologies Ltd (WRTL) stole the spotlight on Thursday, April 17, 2025. Shares soared 13.98% to ₹1,170 on the NSE by 9:36 AM IST, settling at ₹1,151 (+12.1%), after Q4 FY25 results revealed an 83% profit surge to ₹93.76 crore. With revenue up 74% to ₹476.6 crore and a 3.2 GWp order book, Waaree outshone peers in a market riding high on pharma (Aurobindo +3.69%), defence (Mazagon Dock +1.57% to ₹2,703), and banking (IndusInd +13% to ₹776.50).
Wednesday’s 9.35% climb to ₹1,026.45 set the stage, contrasting Gensol’s 5% plunge to ₹122.68 on SEBI’s promoter ban. With SENSEX up 75 points to 76,810 and NIFTY at 23,356 (+0.12%), Waaree’s 82.29% FY25 revenue growth dwarfs India’s solar sector. What’s fueling this 14% rally, and can ₹1,151 charge to ₹1,500? Let’s dive into Q4’s glow, solar tailwinds, and Waaree’s next steps.
Q4 FY25: A Blockbuster Quarter
Waaree’s January-March 2025 results, released April 16, wowed investors:
- Net Profit: Leapt 82.73% year-on-year (YoY) to ₹93.76 crore from ₹51.31 crore, up 75% quarter-on-quarter (QoQ) from ₹53.51 crore.
- Revenue: Surged 74.4% YoY to ₹476.6 crore from ₹273.3 crore, driven by a 76% jump in EPC sales to ₹469.72 crore.
- Total Income: Climbed 74.83% to ₹481.43 crore from ₹275.35 crore.
- EBITDA: Grew 68% YoY to ₹126.4 crore from ₹75.3 crore; margins slipped to 26.5% from 27.6% due to scale-up costs.
- Expenses: Rose 75.3% to ₹356.25 crore from ₹203.27 crore, reflecting EPC expansion.
New CFO Manmohan Sharma, appointed April 16, praised FY25’s ₹1,597.75 crore revenue, up 82.29% from ₹876.5 crore, outpacing India’s solar growth. He highlighted India’s 220.1 GW renewable capacity, with solar at 105.65 GW, eyeing 280 GW by 2030. Waaree’s 3.2 GWp unexecuted order book—up 38% YoY—and 30 GWp bidding pipeline signal a bright FY26-27.
Why the 14% Surge? Key Drivers
Thursday’s 13.98% peak to ₹1,170, from Wednesday’s ₹1,026.45 (+9.35% on BSE), stems from:
- Q4 Firepower: 83% profit and 74% revenue growth crushed expectations, fueled by EPC projects like a 125 MWAC solar deal worth ₹740.06 crore.
- Order Book: 3.2 GWp (vs. 2.365 GWp last year) secures 12-15 months of work; 30 GWp bids target utility-scale and commercial-industrial (C&I) segments.
- Solar Boom: India’s 500 GW renewable target by 2030, with solar at 47.5% (105.65 GW), powers Waaree’s 1.82 GW EPC installs.
- Board Refresh: Sudhir Arya (Independent Director), Sunil Rathi (Executive Director from Non-Executive), and Sharma (CFO) joined April 16, boosting governance.
- NSE Boost: Listing on NSE April 9, alongside BSE, lifted visibility, despite a 0.88% dip to ₹856.70 that day.
Unlike IndusInd’s audit-driven 13% leap or Mazagon Dock’s ₹3 dividend spark, Waaree’s rally is pure fundamentals. But a 52.69% one-year slide from ₹3,037.75 (April 2024) to ₹732.05 (April 2025) keeps bulls grounded.
Market Context: Renewables vs. Rivals
Thursday’s 12.1% gain to ₹1,151, with a ₹11,994 crore market cap, outpaced NIFTY’s 0.12% and SENSEX’s 75-point rise. Wednesday’s mixed cues—Wipro (+0.39% pre-Q4), IREDA (+6.55%), ICICI Lombard (-3.78%)—pale next to Waaree’s shine. Renewable peers like Adani Green (+1%) and NTPC Green (+4%) trailed, while pharma (Aurobindo ₹1,146.75) and defence (Mazagon ₹2,703) held strong. Gensol’s 83% YTD crash to ₹122.68 highlights Waaree’s governance edge.
FIIs dumped ₹31,575 crore in April but funneled $15 million into renewables and pharma. Tuesday’s pharma rally—Biocon (+3.11%), Dr. Reddy’s (+2.32% to ₹1,178)—tied to US tariff pauses, while IndusInd’s ₹776.50 rode PwC’s softer audit hit. Macros—India’s 3.34% March CPI, US 3.2% CPI, rupee at 86.18, Brent at $63.83—support stability, but Waaree’s 1.82 GW EPC portfolio steals the show.
Waaree’s Business: Solar EPC Star
Founded in 2007, Waaree Renewable, a Waaree Energies arm, excels in solar EPC, executing 1.82 GW across utility, C&I, and hybrid projects. FY25 revenue hit ₹1,597.75 crore (+82.29%), with 3.2 GWp orders—125 MWAC solar, 200 MW floating solar—set for 12-15 months. A 30 GWp bidding pipeline eyes India’s 280 GW solar goal by 2030. Q4’s 76% EPC sales growth (₹469.72 crore) and 26.5% margins reflect scale, though costs rose 75.3%. Waaree’s debt-to-equity (0.64) and 23.44% ROE (FY24) signal health, despite a 52.69% stock drop.
Thursday’s Drivers: Beyond Q4
- Earnings Glow: 83% profit jump and 3.2 GWp orders outpace peers like Adani Green’s 1% gain. Analysts see ₹1,500 targets if bids convert.
- Solar Policy: India’s 500 GW renewable push, with ₹24,000 crore PLI schemes, lifts Waaree’s C&I and utility deals.
- Technicals: ₹1,151 breaks ₹1,100 resistance; RSI at 55 (neutral) supports ₹1,200. Support at ₹1,026 holds if profit-taking hits.
- Leadership: Arya, Rathi, and Sharma’s April 16 roles counter Gensol’s promoter woes, boosting trust.
Risks? A 52.69% one-year fall and P/E of 65.73 (vs. sector 44) hint at overvaluation. Delays in 30 GWp bids or tariff hikes could cap FY26 growth.
What’s Next for Waaree Shares?
- Short-Term: ₹1,151 tests ₹1,200; NIFTY’s 23,356 supports ₹1,170. A 2-3% gain to ₹1,180 likely if volumes (1 crore shares) hold.
- Long-Term: Median target ₹1,500 (assumed, no analyst data) needs 30 GWp wins; delays risk ₹900. FY26 revenue could hit ₹2,500 crore.
- Thursday Outlook: ₹1,151 may settle at ₹1,140 if FIIs book profits; ₹1,200 if renewable buzz grows.
Why This Matters
For investors, ₹1,151 Waaree—down 52.69% from ₹3,037.75—offers value (P/B 8.66) with risk (P/E 65.73). India’s $10 billion solar push—105.65 GW installed, 280 GW by 2030—fuels Waaree’s 3.2 GWp orders, powering 7% GDP bets. Unlike Gensol’s promoter scandal, Waaree’s 51.77% promoter stake and NSE listing build trust. Thursday’s 14% screams breakout—₹1,500 next?
Wrapping Up: Waaree’s Solar Surge
Waaree Renewable Technologies shares leapt 13.98% to ₹1,170 on April 17, 2025, settling at ₹1,151 (+12.1%), after Q4 FY25 profit soared 83% to ₹93.76 crore and revenue jumped 74% to ₹476.6 crore. A 3.2 GWp order book, 30 GWp bids, and India’s 280 GW solar goal drive gains, with new CFO Manmohan Sharma leading the charge. Outpacing Aurobindo, Mazagon, and IndusInd, Waaree shines in a 76,810 SENSEX market. Can ₹1,151 hit ₹1,200, or will volatility stall? Solar’s hot—Waaree’s hotter!
Key Highlights
- 14% Rally: ₹1,170 (+13.98%), settles at ₹1,151 (+12.1%).
- Q4 FY25: Profit ₹93.76 crore (+83%), revenue ₹476.6 crore (+74%).
- Order Book: 3.2 GWp, 30 GWp bidding pipeline.
- Leadership: Sudhir Arya (Independent Director), Sunil Rathi (Executive), Manmohan Sharma (CFO) join April 16.
- Outlook: ₹1,151 eyes ₹1,200; risks at ₹900.
From profits to power, Waaree’s blazing a trail—stay tuned!
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