Waaree Energies (WAAREEENER) Q2 25/26 earnings summary

Executive summary

• Achieved record Q2 FY26 performance with 70% year-on-year revenue growth, 155% EBITDA growth, and 134% PAT growth; total income reached ₹6,227 crore and EBITDA ₹1,567 crore with a 25.2% margin.

• PAT for Q2 FY26 was ₹878 crore, with a 14.1% margin; order book stands at ₹47,000 crore (24 GW), with 60% overseas and 40% domestic orders.

• Module production reached 2.6 GW and cell production 0.6 GW, with total module capacity at 18.7 GW and cell capacity at 5.4 GW, the largest in India.

• Interim dividend of ₹2 per share approved and declared.

• Board approved significant capex for capacity expansion across storage, electrolyser, and inverter segments, and major acquisitions including stakes in Racemosa Energy, Kotsons, and Meyer Burger US assets.

Financial highlights

• Q2 FY26 revenue: ₹6,227 crore, up 70% year-on-year; EBITDA: ₹1,567 crore, up 155% year-on-year; EBITDA margin at 25.2%.

• PAT for Q2 FY26 was ₹878 crore, up from ₹376 crore year-on-year; H1 FY26 revenue: ₹10,824 crore, EBITDA: ₹2,736 crore, up 118%.

• Standalone revenue for Q2 FY26: ₹4,581.84 crore; consolidated revenue: ₹6,065.64 crore; consolidated net profit: ₹878.21 crore.

• Net cash inflow from operating activities in H1 FY26: ₹575 crore; net debt to equity remains negative, indicating strong liquidity.

• Profit from Indosolar OFS divestment: ₹523 crore, classified as other equity.

Outlook and guidance

• FY26 EBITDA guidance reaffirmed at ₹5,500–6,000 crore; expects stronger performance in the second half.

• CapEx program on track, with ₹8,175 crore additional approved; total CapEx of ₹25,000 crore planned over next 24 months, back-end loaded.

• Full benefit of CapEx expected from FY28 onwards, with progressive quarterly contributions.

• Board and shareholders approved project location changes for manufacturing facilities, with costs in line with IPO objectives.

• Robust demand outlook in both domestic and international solar markets, with supportive policy tailwinds.