Waaree Energies share price: Stock down nearly 30% from record high; here's why

On Monday, the stock declined 2.62% to ₹2,634.35 on the National Stock Exchange (NSE). The company's market capitalisation stands at ₹75,680.45 crore.

Waaree Energies share price down nearly 30% from record high

Since then, it has declined 29.61%.

The stock has been declining since US President-elect Donald Trump's victory speech, in which he mentioned that he would stop renewable projects on his "day one" in the Oval Office. Presently, several Indian companies, including Waaree Energies, export solar modules to the United States.

Waaree Energies Q2 results

Waaree Energies reported a 14.7% year-on-year (YoY) increase in its consolidated profit after tax to ₹361.6 crore in the latest September quarter from ₹315 crore a year back.

Revenue from operations rose 1% to ₹3,574.3 crore in Q2 FY25 compared to ₹3,537.2 crore in the year-ago period.

The company's total income surged 2.9% to ₹3,663.4 crore in the quarter ended September 2024, compared to ₹3,558.5 crore in Q2 FY24.

Waaree Energies board also approved ₹600 crore in its wholly-owned subsidiaries to set up infrastructure for renewable energy projects and a building pipeline.

Furthermore, the board discussed the possibility of manufacturing electrolysers for green hydrogen, advanced lithium-ion chemistry storage cells, and energy storage systems. The exchange filing said a detailed plan in this regard will be shared in the next two months.

Waaree Energies is a key solar energy player in India, focusing on the manufacturing of PV modules. The company, which has a presence in more than 25 nations, provides solar solutions, such as panel manufacturing, EPC services, project development, and rooftop systems.