Waaree Energies Q1 Results: Net profit soars 89% YoY to ₹745 crore, achieves record module output
The growth was driven by a sharp rise in solar photovoltaic (PV) module sales, with the company achieving its highest-ever quarterly module production of 2.3 GW in Q1 FY26, supported by strong operational focus. Cell production also continued to ramp up during the quarter, according to the company's earnings' report.
The revenue from solar PV modules rose to ₹ 3,872.35 crore, up from ₹ 3,178 crore in Q1 FY25, while revenue from the EPC segment jumped 160.50% YoY to ₹ 589.27 crore in Q1FY26.
Overall, the company's consolidated revenue from operations improved 31.48% YoY to ₹ 4,597.18 crore. On the operating front, EBITDA surged 82.61% YoY to ₹ 1,168.67 crore, with EBITDA margins expanding by 712 basis points to 25.42%.
The company stated it remains on track to commission additional module manufacturing capacities of 1.6 GW in Texas (USA) and 3.2 GW in Chikhli (Gujarat). It is also increasingly focusing on green hydrogen, making significant investments in the sector, with green hydrogen, inverter, and battery energy storage system facilities under construction and progressing as planned, the company said.
In late January, the company's wholly owned subsidiary, Waaree Clean Energy Solutions, received a Notification of Award (NOA) from Solar Energy Corporation of India Limited (SECI) to set up a production facility with a capacity of 90,000 MT per annum for green hydrogen.
The Board of Directors has additionally approved a capex of ₹ 2,754 crore to expand cell manufacturing capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra.
Commenting on the results, Dr. Amit Paithankar, Whole Time Director & CEO of Waaree Energies said, 'Waaree continues to deliver strong operational performance in Q1 FY26, building on last year's momentum. He highlighted a robust order book of ₹ 49,000 crore and a global project pipeline exceeding 100 GW, reflecting positive market sentiment across key geographies.'
Paithankar noted that achieving record module production of 2.3 GW underscores the company's operational efficiency improvements, with factory build-out projects in India and the U.S. remaining on schedule. He added that cost discipline and profitability focus are clearly visible in the financial results, and the company maintains its FY26 EBITDA guidance of ₹ 5,500–6,000 crore.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Time of India
2 days ago
- Time of India
Waaree Energies planning to invest ₹14,700 cr to boost solar manufacturing capacity
New Delhi: Mumbai-based Waaree Energies is planning to invest around ₹14,700 crore over the next two years as part of a plan to boost its solar equipment manufacturing capacity multifold, Chief Executive Officer (CEO) Amit Paithankar and Chief Financial Officer (CFO) Sonal Shrivastava told ET Energyworld in an interview. "Our current module manufacturing capacity is 15 Gigawatt (GW) and by the end of 2027 we expect it to go up to 26 GW. Similarly, we currently have solar cells manufacturing capacity of 5 GW and that is likely to go up to 16 GW," Paithankar said. He said the company is concentrating on three major thrust areas - sales, production and projects. In the last quarter, its order book grew by ₹2,000 crore and it received a few good orders, worth around 2 GW, from the US. Production also jumped 64 per cent year on year. The company reported an 89 per cent jump in profit at ₹745 crore while revenue from operations grew 30 per cent to ₹4,426 crore in the June quarter. "On the projects side, we have a 10 GW cell factory coming up in Gujarat, another 10 GW ingots and wafers factory coming up in Maharashtra, and a 6 GW module factory coming up in Gujarat. All of these projects are moving ahead at full speed. Also, our new cell factory of 5.4 GW capacity in Gujarat is also ramping up well," Paithankar said. As part of its quarterly financial results last Monday, Waaree Energies had announced a capex of ₹2,754 crore to set up two plants -- including a 4 GW cell plant in Navsari, Gujarat, and a 4 GW Ingot Wafer Plant in Nagpur, Maharashtra -- which will be funded via a combination of internal accrual and debt. "We have done our capital planning well. We have planned capital expenditure of over ₹12,000 crore, in addition to the capex of ₹2,700 odd crore just announced, and all of this is planned to be deployed in the next two years," Shrivastava said during the interaction. She informed Waaree already has ₹7,500 crore of cash on its balance sheet, including around ₹2,700 crore that came from the recent IPO, along with zero debt. That means the company has enough balance sheet strength to look at cheap capital sources. "In addition, over the next two years, we are going to have additional internal accruals. So, we are very comfortable as far as the capital is concerned, for our expansion plans," Shrivastava said. Waaree Energy operates in two key markets including India and the US, and both of them are in the middle of a major growth cycle from an energy perspective. India deployed 24 GW of solar power last financial year and in the last quarter itself, the nation deployed 10.6 GW capacity, indicating a major pickup in growth momentum.
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Business Standard
2 days ago
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Madhusudan Kela and Family sells entire Waaree Energies, Samhi Hotels stake
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Business Standard
3 days ago
- Business Standard
Waaree Energies gains after Q1 PAT jumps 89% YoY to Rs 745 cr
Waaree Energies added 3.78% to Rs 3,228.45 after the company's consolidated net profit jumped 89.1% to Rs 745.20 crore on 29.8% increase in revenue from operations to Rs 4,425.83 crore in Q1 FY26 over Q1 FY25. Profit before tax (PBT) climbed 77.8% YoY to Rs 943.36 crore in Q1FY26. EBITDA stood at Rs 1,168.67 crore, registering the growth of 82.61% compared with Rs 639.99 crore in Q1 FY25. EBITDA margin stood at 25.42% in Q1 FY26 as against 18.30% in Q1 FY25. Module production increased 64% to 2.3 GW in Q1 FY26 compared with 1.4 GW in Q1 FY25, driven by strong operational focus. Amit Paithankar, whole time director & CEO, Waaree Energies, said: Waaree Energies continues to deliver strong operational performance in Q1 FY26, building on the momentum of the previous fiscal. On the demand side we have a robust order book of approximately Rs 49,000 crore and a global pipeline of 100+ GW, reflecting positive market sentiments across key geographies. This quarter, Waaree achieved its highest-ever production of modules at 2.3 GW, underscoring the success of our efforts to improve production efficiency. Our factory build-out projects in India and the U.S. remain on track. A strong and sharp focus on costs and profitability is reflected in our financials. We maintain our FY26 EBITDA guidance of Rs 5,500 to Rs 6,000 crore." Mumbai-based Waaree Energies is a renewable energy company. It offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
