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Madhusudan Kela signals potential exit from this multibagger stock; what's next for it?

Madhusudan Kela signals potential exit from this multibagger stock; what's next for it?

Seasoned Dalal Street investor Madhusudan Kela has signaled his exit from recently listed Waaree Energies according to the latest shareholding pattern of the company.

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Jul 11, 2025 1:50 PM IST
Madhusudan Kela signals potential exit from this multibagger stock; what's next for it?

Seasoned Dalal Street investor Madhusudan Kela has signaled his exit from recently listed Waaree Energies according to the latest shareholding pattern of the company as his name went missing from key shareholders list of the company as of June 30, 2025. Interestingly, Kela held this stock even before the IPO.

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As per the Sebi's norms, all the listed entities need to mandatorily announce their shareholding pattern on a quarterly basis, including the names of shareholders who own 1 per cent or more stake in the company. It means tha Kela's holding would have slipped below a per cent and his exit is partial or complete, can not be ascertained.

According to the red herring prospectus (RHP) of the Waaree Energies, Kela held 33,41,700 equity shares, or 1.16 per cent stake in the company as of March 31, 2025. He owned the same number of stock even before the IPO of the company was launched in October 2024, but his percentage was marginally diluted.

However, Madhuri Madhusudan Kela was allotted 7,25,000 equity shares at a price of Rs 550 per share on June 13, 2023. His stake in the company was valued more than 500 crore at the time of IPO, when it raised a total of Rs 4,321.44 crore via IPO selling its shares for Rs 1,503 apiece.

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Shares of Waaree Energies settled at Rs 3170.10 on Thursday, up 110 per cent from its IPO price, but dropped 3 per cent to Rs 3,070.80 on Friday. The stock is down 18 per cent from its 52-week high at Rs 3,740.75 hit in November 2024. The stock has gained nearly 45 per cent in the last three months.

Waaree is executing a strategy to de-risk earnings concentration by becoming a horizontally, vertically integrated New Energy player; its foray into manufacturing of green hydrogen, electrolysers, inverters and BESS, shall enable Waaree to sustain long-term growth, margin and provide a mammoth multi-decadal growth opportunity, said Nuvama with a 'buy' rating a target price of Rs 3,622.

Kotak Institutional Equities expects a growth in revenue driven by higher utilization of solar module facility, production scale-up from 5.4GW cell facility and strong yoy growth from EPC business. We model Ebitda margin at 20.9 per cent; however, 220 bps weaker on a QoQ basis driven by normalization of EPC margins.

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"Margin improvement on a yearly basis can be attributed to economies of scale, favorable customer mix and contribution from higher margin cell segment," said Kotak. It has a 'sell' rating on the stock with a target price of Rs 2,620.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jul 11, 2025 1:04 PM IST
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