Waaree Renewable share price surges 15%, reclaims ₹1000 mark ahead of Q1 results this week. Where is it headed?
The renewable energy stock reclaimed the ₹ 1000 mark, but remains far away from the 52-week high level of ₹ 2,074.95.
Waaree Renewable Technologies in an exchange filing on Monday, post-market trading hours, said its board will meet on Thursday, July 17, to consider the unaudited standalone and consolidated financial results of the company.
Commenting on the earnings expectations for the renewable industry, Kotak Institutional Equities said that FY2025 has been a record year for solar capacity additions of 23.8 GW. However, solar manufacturing capacity has kept pace with demand; 91 GW of ALMM modules and 27 GW of solar cells give us confidence that the industry is on track to reach supply-demand parity by the latter part of FY2027. The US module demand outlook remains uncertain given multiple changes in regulations.
In the March quarter of the financial year 2024-25 (Q4FY25), Waaree Renewable Technologies consolidated net profit stood at ₹ 93.76 crore, marking a sharp 83% increase compared to ₹ 51.31 crore in the same quarter last year.
This strong profit growth was supported by a substantial rise in revenue from core operations, which climbed 74% year-on-year to ₹ 476.57 crore. The corresponding figure for Q4FY24 stood at ₹ 273.31 crore.
According to the company's quarterly disclosures, revenue from the EPC segment rose sharply by 76% year-on-year to ₹ 469.72 crore, compared to ₹ 266.44 crore reported in the same quarter last fiscal.
However, the company's power sales business remained relatively flat. For the quarter ended March 31, 2025, revenue from power sales came in at ₹ 6.85 crore, showing a marginal decline of 0.14% from ₹ 6.86 crore in the corresponding period a year earlier.
Waaree Renewable Technologies share price rallied 14.82% to touch a high of ₹ 1,120 apiece over the last close of ₹ 975.40. The total traded quantity on the BSE surged to 6.43 lakh shares on the BSE as against the two-week average of 0.39 lakh shares.
Anshul Jain, Head of Research at Lakshmishree Investment, said, Waaree Renewable has broken out of its consolidation zone above 1,030 with volumes surging over 500% of its 50-day EMA — a strong sign of aggressive buying and renewed bullish interest.
"This powerful breakout indicates that the stock could bounce back sharply in the near term. The next key resistance zone to watch is around 1,268, which could act as an immediate target for this move. Traders should monitor volumes on follow-through sessions to ensure the momentum sustains and use trailing stops to lock in gains," Jain added.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
14 minutes ago
- Time of India
'Sumitomo Mitsui Banking Corp awaiting RBI call to buy 25% in Yes Bank'
Mumbai: Sumitomo Mitsui Banking Corp (SMBC) has already applied to India's banking regulator to buy up to a 25% stake in Yes Bank , giving the Japanese lender sufficient headroom to immediately increase its ownership, one person directly aware of the details told ET. In May SMBC had said it will buy 20% from a clutch of local banks for which it had signed an agreement. "The SMBC application pending with the Reserve Bank of India seeks to buy up to a 25% stake in Yes Bank. That is different from the binding agreement it had signed in May to buy a 20% stake from the State Bank of India (SBI) and others," said this person, on the condition of anonymity. "It means that if the RBI approval comes through, SMBC can go up to 25% after buying stakes from other investors in the bank," this person said on the condition of anonymity. Emails sent to Yes Bank , SMBC and the RBI did not elicit any response until the publication of this report. Yes Bank shares rose 2.40% to ₹20 apiece on the BSE on Tuesday. Earlier on Tuesday, news outlets citing unnamed sources had said that SMBC sought RBI approval to acquire an additional 4.9% stake in Yes Bank to take its total ownership in the bank to just under 25%. SMBC is exploring an additional investment of $1.1 billion in Yes Bank, media reports said. The person cited above told ET that SMBC always had plans to buy 25% in the Indian lender . In May, SMBC had entered into a binding agreement to take 20% ownership in Yes Bank from SBI (13.19%), and Axis Bank , Bandhan Bank , Federal Bank , HDFC Bank , ICICI Bank , IDFC First Bank and Kotak Mahindra Bank (together, 6.81%).
Hindustan Times
32 minutes ago
- Hindustan Times
India's rebel franchise golf league likely to start in January
New Delhi: The inaugural edition of the rebel Indian Golf Premier League (IGPL) will take place next January in a six-team, home and away format, league director Manav Jain announced on Tuesday. The league will be played across four weeks and will involve 60 golfers -- 10 in each team. The launch of the Indian Golf Premier League. (IGPL) The franchises are expected to be based in Delhi, Chandigarh, Ahmedabad, Bengaluru, Kolkata, and Mumbai, although a formal announcement is expected in October- November. Each franchise will have an icon player. Indian stalwarts Shiv Kapoor, Gaganjeet Bhullar, Jyoti Randhawa, Jeev Milkha Singh and SSP Chawrasia are expected to don the role. 'We will have a home and away concept for the first three weeks, which will eventually lead to the grand finale week,' Jain said. The players will be picked from a 'strategic auction' that will be held later this year,. The league will be played in a no cut, three-day stroke play format. 'There will be no financial exchange to get the players. For the first three years, all the players have been contracted by us and they are part of the package that we offer to the franchise owners. The franchises will have notional money to build the best team,' Jain said. The auction pool will comprise golfers drawn from the IGPL Tour, Indian Golf Union (IGU) and Women's Golf Association of India (WGAI). The IGPL Tour, a proposed entity parallel to the official Professional Golf Tour of India (PGTI), is expected to take off in September. Spread across six cities and 10 weeks, it will also be held in a three-day, no-cut format. PGTI president Kapil Dev wrote to all its members last month warning of disciplinary action if they participate in the rebel tour. Jain hoped IGPL and PGTI could co-exist. 'There is enough room for two tours to survive. Unfortunately we could not come to any agreement with the PGTI. We waited to work with the PGTI for almost 15 months and once we could not come to an agreement, we had to make good on our promises to our own investors, our own partner ecosystem. We had to pivot and we decided to create the tour in this form,' he said. 'Every week, we will have six invitations that can be extended to anybody who is wishing to play.'
Indian Express
an hour ago
- Indian Express
MTNL defaults on loans worth Rs 8,585 crore from 7 public sector banks
Public sector telecom company Mahanagar Telephone Nigam Ltd (MTNL) has defaulted on loan repayments worth Rs 8,585 crore to seven public sector banks, namely, the Union Bank of India, Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab and Sind Bank, and Indian Overseas Bank. The default amount includes Rs 790.59 crore in overdue interest and Rs 1,868.61 crore in unpaid principal, according to a stock exchange filing. MTNL's total financial liabilities, including both short-term and long-term borrowings, currently stand at Rs 34,484 crore, the company said. The telco's loan default and losses have added to the government's financial burden, especially at a time when Vodafone Idea, in which the government holds a 49 per cent stake, reported a massive loss of Rs 27,442 crore for FY25. The mounting losses at both telecom companies underscore the challenges the government faces in reviving struggling public-sector and semi-public-sector enterprises in the highly competitive telecom sector. MTNL's financial health remains poor. For the financial year ended March 2024, it reported a net loss of Rs 3,302 crore and an operating income of just Rs 728.47 crore. The company acknowledged in its FY24 annual report that it has accumulated heavy losses, its net worth has been fully or substantially eroded, and it has faced net and cash losses in both the current and previous financial years. Additionally, the company's current liabilities exceed its current assets, according to the report. MTNL's shares fell 4.22 per cent to Rs 49.92 on the BSE on Tuesday. The total market value of its shares stood at Rs 3,145 crore and the government holds 56.25 per cent stake in the company. The earlier plan to merge MTNL with Bharat Sanchar Nigam Ltd (BSNL) now appears unlikely. Instead, the government has approved a 10-year service agreement under which BSNL will manage MTNL's operations, especially in Delhi and Mumbai. This arrangement is designed to address the complexities of a full merger, including MTNL's high debt burden. The agreement can be renewed or terminated with mutual consent or by giving six months' notice. BSNL has already taken over the operation and maintenance of MTNL's mobile services, effective from April 1, 2021 in Delhi and from September 1, 2021 in Mumbai. The government has also extended the additional charge of Chairman and Managing Director of MTNL to A. Robert J. Ravi, who is also the CMD of BSNL, for another three months, until October 14, 2025. In an effort to improve its financial position, MTNL has taken steps to better utilise its physical assets. It has signed a Memorandum of Understanding (MoU) with BSNL to share network and infrastructure to enhance service quality. The company is also renting out its buildings in Delhi and Mumbai to generate additional revenue, with potential plans to use these assets for advertising and brand-building, the Annual Report says. MTNL has been mandated to monetise surplus land and building assets to reduce debt and fund capital expenditure, in line with a Cabinet-approved revival plan. To this end, the National Land Monetization Corporation (NLMC), established under the Department of Public Enterprises (DPE), has taken over responsibility for monetising assets of central public sector enterprises (CPSEs), following a government decision to transfer this function from the Department of Investment and Public Asset Management (DIPAM) to the DPE. MTNL has restarted its monetisation programme under NLMC, submitting four properties valued at over Rs 100 crore each, which are now in the process of being monetised. Simultaneously, the company is working to monetise smaller properties — valued below Rs 100 crore — through approvals from its board of directors and the Group of Ministers overseeing the revival of MTNL and BSNL. Transaction advisors have been appointed for the monetisation of seven properties, each valued under Rs 10 crore.
