Waaree Energies shares plunged nearly 10 per cent in early trade on Thursday as margin concerns and a miss on profitability overshadowed strong earnings growth and an upbeat outlook. The stock dropped to ₹3,165.20 from the previous close of ₹3,502.90 and was trading at ₹3,203.10 around 9.34 am on the NSE, even as the company reported robust y-o-y gains in both profit and revenue.

The company posted a 71 per cent y-o-y rise in consolidated net profit to ₹1,061 crore for the fourth quarter of FY26. Revenue from operations surged 112 per cent y-o-y to ₹8,480 crore, driven by higher volumes. On a q-o-q basis, however, investor sentiment appeared weighed down by pressure on margins.

Waaree Energies also announced a strategic foray into the semiconductor space, alongside approving a ₹10,000 crore fundraising plan aimed at supporting its next phase of expansion and diversification.

Brokerage firm Nomura maintained a buy rating on the stock with a target price of ₹3,750. It noted that revenue beat both its and consensus estimates by 12 per cent, aided by strong volume growth. However, EBITDA missed estimates by 11 per cent and 8 per cent versus Nomura and consensus expectations respectively, due to a sharp contraction in gross margins. The management has guided for EBITDA in the range of ₹70,000 crore to ₹77,000 crore for FY27E and the board has approved a ₹100,000 crore fundraise. Nomura added that the stock is currently trading at 16x and 13x FY27F and FY28F EBITDA, respectively.

Published on April 30, 2026