Waaree Energies Shares: Jefferies Downgrades Stock, Nuvama Ups Target Price; What's Next?

Shares of Waaree Energies person remained astatine nan spotlight of investors arsenic nan banal has zoomed much than 70 per cent successful little than 3 weeks. The renewable power patient announced a beardown group of numbers successful nan March 2025 4th pinch affirmative guidance, and was buzzing amid US imposed steep anti-dumping duties connected star instrumentality imports from 4 Southeast Asian countries.

However, brokerage firms proceed to stay divided connected nan stock. While overseas brokerage patient Jefferies has downgraded nan banal pursuing nan crisp upmove successful nan caller times, Nuvama Institutional Equities has accrued its target value connected nan banal citing its affirmative outlook for nan future.

Waaree Energies clocked a 34.1 per cent year-on-year (YoY) jump successful its nett profit astatine Rs 618.9 crore, while reported a 36.4 per cent YoY emergence successful its gross successful nan March 2025 quarter. The renewable power player's Ebitda zoomed much than 120 per cent YoY to Rs 922.6 crore, while Ebitda margins expanded to 23 per cent for nan quarter.

Waaree Energies reported gross successful statement pinch estimates, pinch Ebitda/PAT 29 per cent/31 per cent up connected beardown measurement and rising Ebitda. Orderbook fell 5 per cent QoQ but it guided for a much than 100 per cent Ebitda maturation YoY successful FY26 and capacity increases successful nan US and India, said Jefferies successful its report.

"While profits should inflect complete FY26-27E we spot little imports into US successful FY26 connected precocious inventories and anemic non-DCR economics successful India 2HFY27 onwards," it added, downgrading nan banal to 'underperform' pinch target value Rs 2,100 aft a 25 per cent rally successful nan past month. It saw a 30 per autumn successful nan banal from its erstwhile close.

Waaree is ramping up capacity, pinch a 6 GW ingot/wafer installation expected to beryllium fresh by FY27. In its module segment, nan existent capacity of 15 GW whitethorn turn by an further 4.8 GW complete FY26–27. Its bid book stands astatine Rs 47,000 crore for 25 GW, marginally little than ₹50,000 crore successful nan past quarter, pinch 57 per cent of nan orders coming from world markets.

"Waaree Energies reported its strongest-ever quarter. The banal has tally up 30 per cent since our initiation, we now raise DCF-based target value by 29 per cent to Rs 3,622 fixed beardown prospects and guidance. We reaffirm our contrarian Braveheart ‘buy’ rating," said Nuvama Institutional Equities.

Nuvama reckons Waaree’s free rate travel would move affirmative from FY27E fixed stronger operating rate flow, which shall mostly return attraction of its higher capex requirements. With Rs 15,500 crore of costs astatine its disposal, Waaree’s equilibrium expanse remains strong, said nan brokerage.

Ahead of its Q4 results, Waaree Energies surged much than 70 per cent successful little than 3 weeks from its 52-week debased astatine Rs 1,808.65 to Rs 3,100 connected Wednesday, earlier settling astatine Rs 3006.15 for nan day. However, nan banal saw immoderate profit booking to Rs 2,830 connected Thursday, falling astir 6 per cent connected Thursday. The institution commanded a full marketplace capitalization of much than Rs 80,000 crore.

Amid nan rising request of nan star products, Waaree Energies will spot nan extremity of its six-month shareholder lock-in connected April 25, which makes it different important day for nan stock.