Waaree Energies Limited delivered a stellar performance for the full fiscal year 2026, with revenue from operations growing 84% year-on-year to INR 26,537 crore. Operating EBITDA surged by 117% to INR 5,909 crore, while profit after tax (PAT) more than doubled, increasing 101% to INR 3,884 crore. The company remains a global leader in non-Chinese module manufacturing, backed by a robust order book of INR 53,000 crore and ambitious plans for vertical integration.
Record Financial Growth
Waaree Energies Limited has reported significant growth for the financial year ending March 31, 2026. The company’s revenue reached a record INR 26,537 crore, while operating EBITDA margins improved to 22.27%. This performance highlights the company’s strong operational execution and market demand, with the reported total EBITDA of INR 6,617 crore successfully surpassing the earlier guidance range of INR 5,500 crore to INR 6,000 crore.
Strategic Leadership and Capacity
With a total module manufacturing capacity of 26 gigawatts, Waaree has solidified its status as the world’s largest non-Chinese module manufacturer. The company is actively pursuing a Waaree 2.0 transformation, focusing on a fully integrated energy transition ecosystem. This includes significant investments in ingot wafers, solar cells, batteries (BESS), inverters, transformers, and PV glass manufacturing to de-risk its supply chain and enhance cost competitiveness.
Future Outlook and Expansion
Waaree is aggressively expanding its footprint with a planned capex of approximately INR 30,000 crore. Key initiatives include a 10-gigawatt ingot wafer facility in Nagpur and a 2,500 TPD PV glass manufacturing unit. The company is also scaling its US operations, with a target of reaching 4.2 gigawatts of local module capacity in the US market within the next six months. Management remains confident in future growth, providing an operating EBITDA guidance of INR 7,000 crore to INR 7,700 crore for FY27.
Retail and Market Diversification
The company continues to capitalize on its deep B2C retail network, which saw 84% year-on-year revenue growth in FY26. By building a unified distribution engine across 27 states and over 200 districts, Waaree is well-positioned to roll out advanced energy products, including storage solutions and smart meters, without incremental go-to-market costs. This diversified revenue mix across utility, IPP, C&I, and retail segments significantly minimizes concentration risk.
Source: BSE
