Ace investor Madhuri Madhusudan Kela, wife of prominent investor Madhusudhan Kela has pared down her holding in solar module maker Waaree Energies to below 1 percent, signaling a quiet exit after backing the company even before its IPO. While her name featured among key shareholders with a 2.07 percent stake at the end of March 2025, she is now absent from the latest shareholding disclosures, indicating her stake has fallen below the reporting threshold.
Kela’s exit comes at a time when the multibagger stock Waaree Energies is actively diversifying its business model to reduce earnings concentration. The company is transitioning into a fully integrated New Energy player, making strides into green hydrogen, electrolyser production, inverters, and Battery Energy Storage Systems (BESS). According to Nuvama, these strategic initiatives provide Waaree a strong foundation for sustained long-term growth, improved margins, and a massive multi-decade growth opportunity. The brokerage has a ‘buy’ rating on the stock with a target price of `3,622.
Mixed Views from Brokerages
However, opinions remain divided. Kotak Institutional Equities has maintained a ‘sell’ rating, despite acknowledging strong revenue prospects. The firm expects growth to be driven by improved utilization of Waaree’s solar module manufacturing facilities and scaling up of its 5.4 GW solar cell plant. Margin gains are likely from economies of scale, favourable customer mix, and the higher-margin cell segment. Kotak has set a lower target price of `2,620.
Robust Order Book and US Expansion
Waaree Energies has recently seen robust international traction. In June 2025, it secured a fresh 599 MW solar module order in the U.S., adding to an earlier 586 MW deal. With these additions, total order inflows for Q1FY26 crossed 1,200 MW. The orders were booked through its wholly-owned subsidiary, Waaree Solar Americas Inc. The company stated, “Waaree Solar Americas Inc secures 599 MW order in the US, surpassing 1,200 MW+ in new deals for FY25-26 Q1, underscoring resilience and growing momentum in the American market.”
Strong Financial Performance
The company posted stellar results for Q4FY25. Net profit more than doubled to ₹648.49 crore, supported by stronger sales and operational efficiencies. Revenue for the quarter rose 37.69 percent YoY to ₹4,140.92 crore. For the full fiscal year, Waaree Energies reported a net profit of ₹1,932.15 crore, up 107.08 percent YoY, while annual revenue reached ₹14,846.06 crore, a 27.62 percent rise from FY24.
Stock Market Response
Waaree Energies’ stock has given multibagger returns, surging122 percent from its IPO price of ₹1,503 set in November 2024. Year-to-date in 2025, the stock has gained 10 percent, registering positive returns in five out of the first seven months.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
