Waaree Energies (WAAREEENER) Q3 25/26 earnings summary

Executive summary

• Achieved record revenue growth of 118.8% year-on-year and EBITDA growth of 167.2% year-on-year for Q3 FY26, with PAT up 118.4% year-on-year; module production reached 3.5 GW, up 94% YoY, and cell production rose 35% sequentially.

• Nine-month revenue surpassed ₹18,000 crores, with operating EBITDA at ₹4,332 crores and margin expansion to 24% from 17% year-on-year.

• Order book reached ₹60,000 crores, with a pipeline exceeding 100 GW, providing strong visibility for future quarters.

• Expansion into the full solar value chain and energy transition ecosystem, including batteries, inverters, transformers, and electrolyzers.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 21, 2026.

Financial highlights

• Q3 revenue from operations: ₹7,565 crores, up 118% year-on-year; nine-month revenue: ₹18,057 crores, up 72.95% YoY.

• Q3 operating EBITDA: ₹1,928 crores, up 167% year-on-year; Q3 PAT: ₹1,107 crores vs ₹507 crores last year.

• Standalone net profit for Q3 FY26 was ₹1,009.48 crore, compared to ₹471.39 crore in Q3 FY25; consolidated net profit for Q3 FY26 was ₹1,106.79 crore.

• Operating EBITDA margin improved to 25.5% in Q3 FY26 from 20.9% in Q3 FY25.

• Earnings per share (consolidated, basic) for Q3 FY26 was ₹36.95, up from ₹18.41 in Q3 FY25.

Outlook and guidance

• Clear visibility to surpass FY26 EBITDA guidance of ₹5,500-₹6,000 crores, driven by robust order book and execution.

• All major projects (modules, cells, ingots, wafers, inverters, BESS, electrolyzers) progressing as planned, with full operationalization expected by FY27.

• The company continues to invest IPO proceeds in line with project objectives, with unutilized funds temporarily in fixed deposits.