INSUBCONTINENT EXCLUSIVE:
Shares of Waaree Renewable Technologies have staged a sharp comeback, rising over 17% in a single session on Tuesday, drawing renewed
interest from traders and analysts
The stock is showing signs of a fresh technical breakout following a year-long consolidation and correction.Once considered one of the most
explosive multibaggers on the bourses, Waaree RTL has delivered returns of over 65,000% since its 2020 lows, 1,800% in the last three years,
and 340% in the past two years
However, it also corrected 41% over the past 12 months, reflecting both profit-booking and a cooling-off after a historic rally.Hardik
Matalia, Derivative Analyst at Choice Broking, noted that the stock has broken out of a Symmetrical Triangle pattern, signaling the
sustained close above Rs 1,170 could confirm the breakout and trigger the next leg higher
While short-term traders can look to buy above that level or on dips, Matalia suggests that long-term investors may consider partial
The company reported an 83% YoY jump in net profit to Rs 93.76 crore, while revenue from operations surged 74% to Rs 476 crore
EBITDA grew 68% YoY to Rs 126 crore, indicating sustained margin strength.The company has also secured several EPC contracts in recent
months:- In June, it revised the scope of an existing solar EPC contract, raising the value by Rs 246.92 crore to Rs 1,480.40 crore.- Around
the same time, it bagged a Rs 346 crore project from CESC Ltd
for a 300 MW AC solar power plant in Rajasthan.- In March, it received a Rs 232.30 crore EPC project from Waaree Energies, its promoter
offer near- to medium-term revenue visibility.What's Next for the Stock?After a year of underperformance, the recent breakout and bullish
sustainable rally or short-lived bounce will likely depend on follow-through volumes, broader market sentiment, and continued order
inflow.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own
These do not represent the views of the Economic Times)
