Strong Start to FY26: Waaree Energizes Q1 with Profitable Growth and Clean Energy Expansion

Waaree Energies Limited, India’s leading clean energy transition company, today announced its unaudited consolidated financial results for the quarter ended June 30, 2025 (Q1 FY26). Building on its record FY25 performance, the company reported strong financial growth and unveiled key expansion plans, reinforcing its commitment to driving India’s clean energy future and strengthening its global presence.

The company reported total income of ₹4,597.18 crore for Q1 FY26, a 31.48% increase from ₹3,496.41 crore in the same quarter last year. EBITDA for the quarter stood at ₹1,168.67crore reporting growth of 82.61% YOY. While net profit grew 92.68% YoY to ₹772.89 crore. Earnings per share (Basic) rose to ₹25.94 from ₹14.98.

Waaree continues to gain market share as a vertically integrated player and has maintained its EBITDA guidance of ₹5,500–₹6,000 crore for FY26, supported by a robust project pipeline, enhanced production capacity, and operational efficiencies.

Commenting on the results Dr. Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd said: “Waaree Energies Ltd. continues to deliver strong operational performance in Q1 FY26, building on the momentum of the previous fiscal. On the demand side we have a robust order book of ~₹49,000 crore and a global pipeline of 100+ GW, reflecting positive market sentiments across key geographies.

This quarter, Waaree achieved its highest-ever production of modules at 2.3 GW, underscoring the success of our efforts to improve production efficiency. Our factory build-out projects in India and the U.S. remain on track.

A strong and sharp focus on costs and profitability is reflected in our financials.We maintain our FY26 EBITDA guidance of ₹5,500 to ₹6,000 crore”.

Key Performance Highlight for Q1 FY26:
 Achieved highest ever quarterly module production of 2.3 GW in Q1 FY26, driven by
strong operational focus; Cell production continues to ramp up
 Reported quarterly revenue of ₹4,597.18 Cr, marking a 31.48% YoY growth
 EBITDA for the quarter stood at ₹1,168.67 Cr, reporting a growth of 82.61% YoY with
margins of 25.42%
 Profit After Tax (PAT) of ₹772.89 Cr, a 92.68% YoY growth

Other Key Highlights:

• IPO object clause change put up for shareholders’ approval for shifting manufacturing location from Odisha to Gujarat and Maharashtra
• On track for commissioning of additional module manufacturing of 1.6 GW in Texas (USA) and 3.2 GW in Chikhli (Gujarat)
• Green hydrogen, inverter, and battery energy storage system facilities under construction and on track
• Order inflow of ~2.23 GW at Waaree Solar Americas Inc.
• The Board of Directors have also approved an additional capex of ₹2,754 Cr for expansion of cell capacity by 4 GW in Gujarat and Ingot-wafer by 4 GW in Maharashtra