Waaree Energizes FY26 With Q1 Profit Growth And Major Clean Energy Expansion Moves

Waaree Energies Limited, one of India’s leading clean energy transition companies, has announced its unaudited consolidated financial results for the quarter ended June 30, 2025 (Q1 FY26). The company delivered strong financial growth during the quarter, following a record performance in FY25, and also unveiled several major expansion initiatives aimed at supporting India’s clean energy goals and growing its global footprint. For Q1 FY26, Waaree reported a total income of ₹4,597.18 crore, reflecting a 31.48% year-on-year increase compared to ₹3,496.41 crore in Q1 FY25.

EBITDA stood at ₹1,168.67 crore, marking an 82.61% increase from the same period last year, with an EBITDA margin of 25.42%. Net profit for the quarter rose sharply by 92.68% to ₹772.89 crore. Earnings per share (Basic) also improved significantly, reaching ₹25.94 compared to ₹14.98 a year earlier. Waaree’s operational performance remained strong, achieving its highest-ever quarterly module production of 2.3 GW. The company also continued to ramp up its solar cell production, contributing to improved vertical integration and cost efficiency.

Dr. Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd, said in a statement, “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.”

Waaree has maintained its EBITDA guidance of ₹5,500–₹6,000 crore for FY26, supported by a growing order book, capacity expansion, and enhanced operational capabilities. Among other key developments, the company has proposed a change in the use of IPO proceeds, seeking shareholder approval to shift its planned manufacturing facilities from Odisha to Gujarat and Maharashtra. Waaree is also on track to commission 1.6 GW of additional module manufacturing capacity in Texas, USA, and another 3.2 GW at its Chikhli plant in Gujarat.

Further, Waaree is advancing its diversification into green hydrogen, inverters, and battery energy storage systems, with related facilities currently under construction. Its U.S. subsidiary, Waaree Solar Americas Inc., has secured order inflows of approximately 2.23 GW. In addition, the company’s Board of Directors has approved an additional capital expenditure of ₹2,754 crore for expanding its cell manufacturing capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra. These strategic moves underline Waaree’s commitment to scaling up its clean energy manufacturing base and reinforcing its leadership in both domestic and international markets.