BENGALURU, Jan 26, 2026, 07:45 IST — Market has closed.
- Waaree Energies ended at 2,599.30 rupees, slipping 1.6% just before India’s market reopened after the holiday.
- Jefferies lowered its target price to 2,185 rupees but maintained an underperform rating despite the Q3 beat.
- Order execution, export challenges, and the company’s large capex commitments are all under investor scrutiny.
Waaree Energies shares face a crucial test as Indian markets open, following a downgrade by Jefferies that clashed with the stock’s recent pause near its breakout. The stock ended Friday at 2,599.30 rupees, slipping 1.6%, after bouncing between 2,586 and 2,693. 1
The halt in trading hits both bulls and bears at a tricky time. Waaree’s Q3 results and its upcoming project pipeline have pushed the stock back into the spotlight within solar manufacturing, but the next move is shaping up to be more complicated than the initial earnings-driven surge.
Jefferies cut its target price to 2,185 rupees from 2,295 while sticking with an “underperform” rating, despite noting a volume-driven earnings beat. The broker flagged a steep drop in exports following U.S. tariffs and cautioned that anti-dumping and countervailing duties—import taxes that can squeeze shipments and margins—might weigh on the stock as its order book increasingly focuses on the U.S. 2
Waaree reported revenue from operations of 7,565 crore rupees for the quarter ending December, alongside a profit after tax (PAT) of 1,106 crore rupees. Operating EBITDA, which excludes interest, tax, depreciation, and amortisation, stood at 1,928 crore rupees. The company’s order book sits at around 60,000 crore rupees. It also revealed plans for capital expenditure exceeding 25,000 crore rupees. During the quarter, Waaree commissioned new module capacity in Gujarat and launched a 3.05-gigawatt inverter production line. Key order wins included 5.3 GW of module contracts and a 100 crore rupee transformer supply deal. 3
During the earnings call, CEO Amit Paithankar told analysts, “We are negotiating with various suppliers across geographies to ensure equipment availability.” Abhishek Pareek, group head for finance, added, “Our renewable power infrastructure offers turnkey solutions, including land acquisition and connectivity, for large institutions and private equity players.” 4
There’s a sharper downside risk if export conditions and regulations tighten. An exchange filing flagged uncertainty stemming from a U.S. Customs and Border Protection probe related to exports to the U.S., along with mentioning an ongoing income tax investigation at the company’s India operations since November. No further financial adjustments have been made until these investigations conclude. 5
The sector mood hasn’t eased jitters. Waaree surged over 13% Thursday post its quarterly results, fueling a wider rally in renewables that lifted Suzlon, Premier Energies, and Vikram Solar too—before buying grew more cautious. 6
Traders will be watching closely to see if post-break flows position Waaree as a growth and capex play or view it more as a proxy for export risks. Early moves in response to brokerage notes will be key, along with whether buyers jump in during dips or hold back until the U.S. trade and duty outlook becomes clearer.
Investors will zero in on execution—how quickly new lines scale up, if the domestic mix can offset international swings, and whether order conversion matches the pace of capacity expansion. Any delays will hit margins and working capital before they affect headline revenue.
India’s stock markets remain closed Monday for Republic Day. Trading resumes Tuesday, Jan. 27, and Waaree’s initial post-holiday numbers are expected to influence the week’s direction. 7
