Waaree Energies shares tank 43% from all-time high amid market fall

Waaree Energies Ltd shares opened higher and hit a high of ₹2,183 per piece, up by 2.71%, on the NSE over the previous close.

The stock has, however, tanked around 43.55% from its all-time high level of ₹3,743 per share hit on November 6, 2024. The stock was listed on exchanges on October 28, 2024, and it has given attractive returns against the issue price of ₹1,503 per share since listing.

Waaree Energies Ltd shares are trading above the issue price though the returns have receded after hitting their peak amid the heavy selloff in the broader market in the past few weeks.

Renewable energy sector shares have declined in recent months on fears of tariff hikes by US President Donald Trump on solar equipment imports from Southeast Asian countries.

The potential rollback of legislation supporting renewable energy projects and Trump’s focus on boosting the production of fossil fuels was another setback for renewable energy shares.

To counter US tariffs on solar imports, some Indian renewable energy companies like Waaree Energies have set up facilities in the US. Waaree Energies recently launched production at its plant in the US. However, experts have projected a supply glut by 2027 and the US market reaching self-sufficiency by then, hitting demand.

The US market is likely to reach self-sufficiency by then as the US has been encouraging local manufacturing of solar installations and discouraging Chinese imports, according to experts.

Waaree Energies reported a 260% jump in its net profit to ₹507 crore for the December quarter compared to the same quarter of the previous financial year. Its revenue jumped 117% year-on-year to ₹3,458 crore in the October-December quarter.

The company management had stated that the growth catalysed by a favourable macro condition in the global as well as the Indian solar market.

Worldwide solar capacity is expected to reach nearly triple, and in 2030, it is expected to be 5.8 terawatts, from 2.1 currently, according to the company. In 2024, the company was at 98 gigawatts overall solar capacity and it aims to be at 280 gigawatts in 2030, as per the company management.

Waaree Energies Ltd shares closed 0.58% higher at ₹2,112.9 apiece on the NSE on Monday.