Quick Summary: Waaree Energies Ltd reported consolidated revenue of ₹4,597.18 crore in Q1 FY26, a growth of 31.48% YoY. The company’s PAT surged 92.68% to ₹772.89 crore, and EBITDA grew 82.61% YoY to ₹1,168.67 crore. The quarter also marked the highest-ever module production of 2.3 GW. Capex of ₹2,754 crore has been announced for new solar manufacturing capacity expansion in India.
Full Article: Waaree Energies Limited kicked off FY26 with a strong performance, reporting consolidated revenue of ₹4,597.18 crore and a net profit of ₹772.89 crore in Q1. Backed by its highest-ever quarterly module production of 2.3 GW and a robust order book valued at approximately ₹49,000 crore, the company showcased sharp operational execution and sustained demand momentum. With EBITDA rising over 82% YoY and major capacity expansions underway in India and the U.S., Waaree continues to scale its position as a leading player in the global renewable energy market.
Financial Highlights (Q1 FY26 – Consolidated)
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Total Revenue: ₹4,597.18 crore
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Up 31.48% YoY (₹3,496.41 crore in Q1 FY25)
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Up 11.02% QoQ (₹4,140.92 crore in Q4 FY25)
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EBITDA: ₹1,168.67 crore
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Grew 82.61% YoY from ₹639.99 crore
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EBITDA margin improved to 25.42% from 18.30% last year
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Profit After Tax (PAT): ₹772.89 crore
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Increased by 92.68% YoY from ₹401.13 crore
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PAT margin rose to 16.81% from 11.47% YoY
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EPS:
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Basic EPS: ₹25.94
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Diluted EPS: ₹25.84
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Standalone Results Snapshot
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Revenue: ₹3,567.10 crore
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PAT: ₹659.89 crore (77.4% YoY growth)
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Total Expenses: ₹2,684.14 crore
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EPS (Standalone):
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Basic: ₹22.97
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Diluted: ₹22.88
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Operational Achievements
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2.3 GW of solar modules produced in Q1 FY26 — the highest ever for a quarter.
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Order Book: ~25 GW, valued at approximately ₹49,000 crore.
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Waaree Solar Americas Inc. secured new orders totaling 2.23 GW.
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Cell manufacturing capacity continues to ramp up with a focus on efficiency.
Capex & Capacity Expansion
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The Board approved a capital expenditure of ₹2,754 crore to:
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Set up 4 GW solar cell plant in Unn, Gujarat.
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Build 4 GW ingot-wafer plant in Nagpur, Maharashtra.
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Capex will be executed via Sangam Solar One Pvt Ltd, a wholly owned subsidiary.
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Funding will be through a mix of internal accruals and borrowings, spread across FY26–27.
Ongoing Projects (India & International)
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Texas, USA: 1.6 GW module manufacturing capacity under commissioning.
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Chikhli, Gujarat: 3.2 GW additional module capacity being added.
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Green hydrogen, inverter, and battery storage system facilities are also under development.
IPO Fund Utilization and Project Update
Waaree Energies raised ₹3,600 crore through its IPO, of which ₹1,039.72 crore has been utilized as of June 30, 2025. This includes ₹275 crore allocated to the establishment of ingot-wafer, cell, and module manufacturing facilities, ₹697.70 crore towards general corporate purposes, and ₹67.02 crore in offer-related expenses. An unutilized balance of ₹2,560.28 crore remains, including ₹60.28 crore earmarked for pending offer expenses.
The company has proposed a change in the manufacturing project’s location from Odisha to Gujarat and Maharashtra. This change, currently under shareholder review, is expected to optimize operations while remaining within the original cost framework.
Corporate Actions and Strategic Initiatives
As part of its broader growth strategy, Waaree has acquired Voltshift Energy Transition Pvt Ltd for ₹1 lakh. This entity will focus on transformer manufacturing and operate as a separate strategic business unit.
The Board has also reappointed M/s VJ Talati & Co. as Cost Auditor and M/s Mahajan & Aibara as Internal Auditor for FY26. Additionally, M/s Makarand M. Joshi & Co. has been appointed as Secretarial Auditor for a five-year term, subject to shareholder approval.
Management Commentary
Dr. Amit Paithankar, Whole-Time Director and CEO of Waaree Energies, stated that the company delivered its highest-ever module production of 2.3 GW during the quarter, reflecting strong operational performance. He emphasized that Waaree’s current order book stands at approximately ₹49,000 crore, supported by a global project pipeline exceeding 100 GW. Reaffirming confidence in the company’s growth trajectory, he confirmed that the FY26 EBITDA guidance remains between ₹5,500 crore and ₹6,000 crore.