Shares of Waaree Energies Ltd fell 2.88% to ₹2,758 in early trade on April 25 as nearly 15 crore shares became eligible for trading following the end of the shareholder lock-in period. These shares account for approximately 53% of the company’s outstanding equity.
While the lock-in expiry does not imply an immediate sell-off, it does raise concerns about potential supply pressure, as early investors now have the option to liquidate their holdings.
Despite the stock pressure, Waaree Energies reported a strong set of Q4 FY25 earnings. Net profit surged 34.1% year-on-year (YoY) to ₹618.9 crore compared to ₹461.5 crore in the same quarter last year. Revenue from operations rose 36.4% to ₹4,003.9 crore from ₹2,935.8 crore.
EBITDA more than doubled to ₹922.6 crore from ₹418.3 crore, while margins improved significantly to 23% from 14.3%. Solar module production during the quarter stood at 2.06 GW, up from 1.35 GW in Q4 FY24.
For the full fiscal year FY25, revenue climbed 27.62% YoY to ₹14,846.06 crore and net profit jumped 107.08% to ₹1,932.15 crore.
According to Trendlyne, analysts remain cautious on the stock. The average target price stands at ₹2,352, indicating a potential downside of around 17% from current levels. Of the four analysts tracking the stock, the consensus rating is ‘Sell’.
Meanwhile, shares were trading at ₹2,758, down ₹81.90 or 2.88% on the NSE as of 9:36 a.m.
