Waaree Energies (WAAREEENER) Q3 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹7,565 crore in Q3 FY26, up 118.8% year-on-year, with operating EBITDA of ₹1,928 crore (167.2% YoY growth) and PAT of ₹1,106 crore (118.4% YoY growth); nine-month revenue surpassed ₹18,000 crore.

• Module production reached 3.5 GW in Q3 FY26, a 94% increase YoY, with cell production up 35% sequentially; order book stands at ₹60,000 crore, pipeline exceeds 100 GW.

• Achieved over 1 GW of module production in a single month, a first for an Indian manufacturer.

• Balanced revenue mix: 67.4% domestic, remainder overseas; retail, EPC, and overseas segments contributed to diversification.

• Board approved unaudited standalone and consolidated results for Q3 and nine months ended December 31, 2025.

Financial highlights

• Consolidated Q3 FY26 revenue: ₹7,565.05 crore (up from ₹3,457.29 crore YoY); nine-month revenue: ₹18,056.52 crore (up from ₹10,440.57 crore YoY).

• Consolidated net profit for Q3 FY26: ₹1,106.79 crore (vs ₹506.88 crore YoY); nine-month net profit: ₹2,757.89 crore (vs ₹1,283.67 crore YoY).

• Q3 operating EBITDA: ₹1,928 crore, up 167% YoY; Q3 EBITDA margin at 25.5%.

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

• ROCE at 40.0% and ROE at 36.8% for the trailing 12 months; net debt to equity at -0.85.

Outlook and guidance

• Expected to surpass FY26 EBITDA guidance of ₹5,500–6,000 crore, driven by robust order book and execution.

• Capacity expansions in battery, solar cells, ingot-wafers, inverters, BESS, and electrolyzers progressing as scheduled.

• All new manufacturing facilities expected to be operational by FY27.

• Ongoing evaluation of acquisition of Enel Green Power India and expansion into smart meters and energy storage.

• India’s solar market expected to grow fourfold by 2035, supporting healthy growth across the value chain.