Waaree Energies’ Board of Directors has approved the unaudited financial results for the third quarter of fiscal year 2026, ended December 31, 2025. Consolidated revenue from operations reached ₹7,565.05 crores. The company has made a provision of ₹294.78 crores related to an investigation by U.S. Customs and Border Protection. The financial results reflect the company’s ongoing expansion and strategic investments, including acquisitions and ventures in energy storage and international markets.
Financial Performance Highlights
For the quarter ended December 31, 2025, Waaree Energies reported consolidated revenue from operations of ₹7,565.05 crores. The standalone revenue from operations was ₹6,290.95 crores. These results reflect robust activity across the company’s key segments. The Board of Directors officially approved these results at a meeting held on January 21, 2026.
Key Strategic Moves and Investments
Waaree Energies is actively expanding its footprint through strategic investments. During the quarter, the company subscribed to 64% of the equity shares of Kotsons Private Limited for ₹192.00 crores. Additionally, Waaree Power Private Limited, a subsidiary, acquired 76% of Racemosa Energy (India) Private Limited for ₹53.20 crores. Further, Waaree Energy Storage Solutions Private Limited (WESSPL), a subsidiary, raised funds of ₹965.36 crores through private placement.
Impact of U.S. Customs Investigation
The company has made a provision of ₹294.78 crores in its financial results related to an ongoing investigation by U.S. Customs and Border Protection (CBP) regarding the origin of components used in solar modules exported to the United States. Waaree Energies is cooperating with the CBP investigation and is taking measures to address potential liabilities.
Segment Performance
The company’s segment information reveals the performance of its key business areas. The solar photovoltaic modules segment delivered revenue of ₹6,989.56 crores for Q3 2026. The Engineering, Procurement, and Construction (EPC) contracts segment also contributed significantly, with revenue of ₹838.21 crores.
Changes in Project Location
The company’s Board had previously approved a change in the location of its manufacturing projects, moving from Odisha to Gujarat for solar cell and module manufacturing, and to Maharashtra for ingot wafer manufacturing. This change has been approved by shareholders.
Source: BSE
