Investor focus shifted to Waaree Energies' Odisha project after the company reaffirmed its commitment to the state amid realignment plans.
Shares of Waaree Energies fell over 1% on Monday after the company said it would realign parts of its planned 6-gigawatt integrated solar manufacturing capacity across multiple locations. They clarified that it was not exiting its Odisha project.
In a statement, CEO Amit Paithankar said the realignment was intended to accelerate execution and optimize resource use, in line with the company's IPO-linked targets.
Waaree added that the construction activity in the state was ongoing, and previously awarded contracts were being executed. The company also said Odisha was part of its long-term business plans and that it was evaluating additional opportunities in the state.
SEBI-registered analyst Rajneesh Sharma said Waaree Energies stock is nearing a critical technical breakout zone and described it as a "textbook cup and handle" setup on the daily chart.
According to him, the neckline at ₹3,109 is a key level to watch, with the stock having closed at ₹2,989 after a nearly 12% gain in a previous session on high volume.
He highlighted that Waaree is India's largest solar PV module maker, operating at 15 GW capacity with vertical integration from ingot to module.
Sharma also pointed to strong FY25 earnings of ₹14,444 crore in revenue and ₹1,928 crore in net profit, robust capital efficiency (ROCE of 35%), and a debt-to-EBITDA ratio of 0.44.
A breakout above ₹3,109 on volume exceeding 10 million shares could take the stock to ₹3,900, he said, while a pullback toward ₹2,850–₹2,670 would still preserve the bullish structure as long as ₹2,669 holds.
Sharma called Waaree a rare combination of sectoral tailwinds, strong fundamentals, and a technically bullish chart setup.
On Stocktwits, retail sentiment was ‘extremely bullish’ amid ‘extremely high’ message volume.
The stock has risen 3.3% so far in 2025.
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