Waaree Energies (WAAREEENER) Q4 25/26 earnings summary

Executive summary

• Achieved record revenue growth of INR 26,537 crores for FY26, up 84% year-on-year, with operating EBITDA up 117% to INR 5,908 crores and PAT doubling to INR 3,884 crores; Q4 revenue reached INR 8,480 crores, up 111% year-on-year.

• Module manufacturing capacity reached 26 GW, the largest non-Chinese globally; cell capacity at 5.4 GW, largest in India; module production for FY26 was 12.6 GW.

• Robust order book of INR 53,000 crores, with a pipeline exceeding 100 GW.

• Strategic acquisitions and backward integration, including United Polysilicon, APSL, PV glass, and Waaree Semicon, to secure supply chain and expand into T&D, glass, and semiconductors.

• Waaree 2.0 transformation underway, targeting full integration across the energy value chain, including batteries, inverters, transformers, and green hydrogen.

Financial highlights

• FY26 consolidated revenue from operations: INR 26,536.77 crores, up 83.7% year-on-year; operating EBITDA: INR 5,908 crores (22.27% margin), up 117%; PAT: INR 3,884 crores, up 101% year-on-year.

• Q4 revenue: INR 8,480 crores, up 111% year-on-year; Q4 operating EBITDA: INR 1,576 crores, up 70%.

• ROE at 29%, ROCE at 32.4%.

• Net debt to equity improved to -0.85, reflecting a strong balance sheet.

• Earnings per share (consolidated, basic) for FY26 was INR 129.10.

Outlook and guidance

• FY27 operating EBITDA guidance: INR 7,000–7,700 crores, implying 20–25% growth.

• Major CapEx of INR 30,000 crores planned across verticals to fuel growth.

• Full integration of cell, module, and new verticals (battery, glass, inverters) expected to drive margin expansion from H2 FY27 and beyond.

• Waaree 2.0 to deliver 28 GW module, 15.4 GW cell, 10 GW ingot wafer, 20 GWh battery, and more by FY28.

• Board approved capital raise up to INR 10,000 crores to support expansion.