Waaree Energies (WAAREEENER) Q1 25/26 earnings summary

Executive summary

• Approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025.

• Board approved major capex for new manufacturing plants and several auditor appointments.

• Acquisition of Voltshift Energy Transition Private Limited to expand into transformer manufacturing.

Financial highlights

• Consolidated revenue from operations for Q1 FY26 was ₹4,425.83 crore, up from ₹3,408.90 crore year-over-year.

• Consolidated net profit for Q1 FY26 was ₹772.89 crore, up from ₹401.13 crore year-over-year.

• Standalone revenue for Q1 FY26 was ₹3,369.92 crore, with net profit at ₹659.89 crore.

• Basic EPS (consolidated) for Q1 FY26 was ₹25.94, up from ₹14.98 year-over-year.

Outlook and guidance

• Capex of ₹2,754 crore approved for 4 GW cell plant in Gujarat and 4 GW ingot wafer plant in Maharashtra, to be executed via subsidiary over FY26-27.

• IPO proceeds are being utilized for manufacturing expansion, with project location shifted from Odisha to Gujarat and Maharashtra, pending shareholder approval.