Waaree Energies share price jumps 10% after Q3 results. Should you buy or sell?

Waaree Energies share price jumped 10% on Thursday, January 22, after Q3 results and strength in the Indian stock market.

The renewable energy firm reported a net profit for the December quarter that increased by 118.35% year-over-year (YoY) to ₹1,106.79 crore, up from ₹506.88 crore last year. The revenue from operations in the quarter under review soared by 118.81% to ₹7,565.05 crore, compared to ₹3,457.29 crore during the same timeframe last year.

In an exchange filing, the company reported that its EBITDA for the quarter reached ₹1,928.15 crore, reflecting a YoY growth of 167.16% with margins at 25.49%. The firm stated it accomplished 3.51 GW of module production in Q3 FY26, attributed to strong operational focus. It also achieved 0.75 GW of cell production in Q3 FY26, again driven by robust operational focus.

The company has successfully launched an additional solar module manufacturing facility with a capacity of 2.1 GW in Chikhli, Gujarat, along with another 3 GW facility in Samakhiali, Gujarat. Furthermore, it has installed 3.05 GW of inverter capacity at Sarodhi, Gujarat.

The firm raised approximately ₹1,003 crore to establish a 20 GWh advanced lithium-ion cell and battery pack manufacturing plant, as part of its announced capital expenditure plan of around ₹10,000 crore.

Waaree Group's investment of USD 30 million in United Solar Holding Inc., a prominent polysilicon producer based in Oman, ensures a fully traceable supply chain and bolsters our growing manufacturing presence in the U.S.A. and global markets.

"Waaree Energies has delivered another exceptional quarter, with Q3 FY26 marking record revenue and profitability. Over the nine months, we have achieved significant growth in both topline and EBITDA, reflecting the resilience of our business model and the trust our customers place in us. I am pleased to share that Waaree is the first Indian Manufacturer to achieve 1 GW+ of module production and sales in a single month with 52 modules produced per minute. We have secured a record order inflow, strengthening our order book of ~ ₹60,000 Crores ensuring sustained visibility for the years ahead, also we have secured bankable PPAs backed by land and connectivity," said Amit Paithankar, Whole Time Director & CEO of the company.

Waaree Energies share price today

Waaree Energies share price today opened at an intraday low of ₹2,550.05 apiece on the BSE; the stock touched an intraday high of ₹2,740.75 per share.

According to Anshul Jain, Head of Research at Lakshmishree, Waaree Energies has formed a classic kicker pattern on the daily chart, marked by a sharp gap-up above the prior support-turned-resistance zone near 2,530.

Jain explained that this sudden price shift reflects an abrupt change in market sentiment and a strong demand takeover. The move is backed by a volume surge of nearly 300% above the 50-day average, clearly signalling institutional participation rather than short covering, he said.

“The stock is now trending toward its 50-day moving average near 2,895, which acts as the next immediate magnet and resistance zone. Momentum indicators have turned sharply positive, supporting continuation. Risk remains favourable as long as the gap zone holds, while any failure back below 2,530 would invalidate the kicker setup and weaken the bullish thesis,” added Jain.

Meanwhile, Emkay Global said that Waaree Energies' investment provides it with anchor customer status, enabling upstream backward integration to support its 10GW Nagpur wafer–ingot needs.

"Waaree has stated this is a strategic investment for supporting the rapidly expanding US and global footprint. The plant may be near commissioning and ramp-up to full capacity may happen in 1 year. We await more details from the management, but view this positively. Waaree also commissioned 5.1GW of module capacity in Gujarat in Q3FY26. We retain our estimates and reiterate BUY with TP of ₹4,260," it added.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.