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Shares of Waaree Energies fell as much as 1.8% to Rs 3,670.05 on BSE on Friday, as investors booked profits following a sharp three-day rally that had lifted the stock 17.65%. Despite the pullback, the Mumbai-based renewable energy company’s shares are up nearly 30% over the past three months and have more than doubled over six months, reflecting strong market momentum driven by robust earnings growth.

The sharp rally also lifted the company’s market capitalization above Rs 1 lakh crore on Thursday, prompting some investors to take profits.

The stock’s retreat comes after it hit a fresh 52-week high of Rs 3,749.70 on Thursday, which pushed Waaree Energies’ market capitalization past the Rs 1 lakh crore mark. Investors seized the opportunity to book profits, while trading volumes jumped 3.6 times amid sustained buying, marking the third consecutive session of gains.

Recent earnings

Waaree Energies reported a sharp 89.1% jump in consolidated net profit to Rs 745.20 crore in Q1 FY26, on revenue from operations of Rs 4,425.83 crore, up 29.8% from Q1 FY25. Sequentially, PAT rose 20% from Rs 619 crore in the preceding quarter, while revenue increased nearly 11% from Rs 4,004 crore in Q4 FY25.

The company’s growth was driven across its three business verticals – solar photovoltaic modules, power generation, and engineering, procurement & construction (EPC) – reflecting continued demand for solar solutions, including rooftop systems and large-scale project development.

Technical indicators signal caution

Technical charts suggest room for caution. Waaree Energies shares are trading below their 50-day and 200-day simple moving averages of Rs 3,143 and Rs 2,729, respectively, highlighting that the recent surge may have temporarily outpaced longer-term trends.Also read | Explained: What is China’s anti-involution shift and how it impacts Indian stocks

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