Waaree Energies Share Price Drops 8.7% Post Lock-In Expiry: Time to Buy, Hold or Exit?

Waaree Energies share price slipped sharply by 8.7% to an intraday low on Friday, April 25th, as investor concerns surrounded the expiration of the six-month lock-in period for pre-IPO shareholders. The stock fell today as over 15 crore shares, 53% of the company's outstanding equity, became eligible for trading on the stock exchanges.

Why Waaree Energies Shares Fell Today?

According to a report by Nuvama Alternative & Quantitative Research, the end of the lock-in period now allows early investors to legally trade their holdings in the open market. While this doesn't imply immediate selling pressure, the mere availability of such a large volume of shares has raised fears of potential dilution in the near term.

Waaree Energies Share Price Performance

Waaree Energies shares currently are trading around 5.27% lower at Rs. 2709.89 at the time of writing. The stocks opened 8.7% lower than the previous close of Rs. 2839. In the past 5 days the stock has gained 13.80%. However, in the last month Waaree Energies shares fell 10.21% and about 15.02% in the past 6 months. Waaree shares are down 6% so far this year, and the stocks are down 28% from the 52-week high range. Waaree Energies as of 25th April has a market capitalization of Rs. 77.38 thousand crore.

Waaree Energies Q4 FY25 Earnings & Analyst View

As per Nuvama Institutional Equities, Waaree Energies delivered its best-ever quarterly performance in Q4 FY25. Both EBITDA and PBT soared by 121% and 132% YoY, beating consensus expectations significantly.

In light of this, Nuvama has raised its DCF-based target price by 29% to Rs. 3,622 and reiterated a 'Braveheart BUY' rating due to confidence in Waaree's long-term potential.

A separate research report by KR Choksey said, "The evolving dynamics in the Indian solar module market. With multiple players ramping up module manufacturing capacity, the supply-demand ratio for solar modules may rise to 1.5-2x, potentially pressuring pricing power.

"However, Waaree Energies, being India's largest solar module manufacturer, is expected to navigate these headwinds effectively. Thanks to its deep backward integration-all the way up to the ingot stage-the company is uniquely positioned to leverage scale and cost efficiencies."

About Waaree Energies

Waaree Energies Ltd., headquartered in Mumbai and founded in 1989, is India's largest solar photovoltaic (PV) module manufacturer with a production capacity exceeding 12 GW. The company operates across more than 68 countries and offers end-to-end solar solutions, including module manufacturing, EPC services, rooftop installations, and solar water pumps. Known for its strong backward integration up to the ingot stage, Waaree plays a key role in India's renewable energy growth, particularly under the National Solar Mission. Recently listed on Indian stock exchanges, Waaree has demonstrated robust financial performance and is rapidly expanding its capacity to 20 GW by 2026.

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