WAAREE Energies Ltd. announced record-breaking results for Q2 FY26, with revenue growing by 70% year-over-year to INR 6,227 crores. EBITDA increased by 155% and PAT grew by 134%. The company’s module capacity has reached 18.7 gigawatts. Looking ahead, WAAREE aims to further expand its module, cell, and battery storage capacities, along with strategic acquisitions to solidify its position in the renewable energy sector.
Exceptional Financial Performance
WAAREE Energies Ltd. has reported outstanding financial results for Q2 FY26. Key highlights include:
- Revenue of INR 6,227 crores, a 70% increase year-over-year.
- EBITDA of INR 1,567 crores, reflecting a 155% growth.
- Profit After Tax (PAT) of INR 878 crores, up 134% from the previous year.
- EBITDA margin expanded to 25.17%.
In the first half of FY26, WAAREE recorded revenue of INR 10,823 crores and an EBITDA of INR 2,736 crores. This performance demonstrates the company’s continued strong growth trajectory.
Capacity Expansion and Order Book
WAAREE Energies has significantly expanded its manufacturing capabilities:
- Module capacity has reached 18.7 gigawatts.
- Cell capacity is fully operational at 5.4 gigawatts, making it the largest such facility in India.
- Strong order book of approximately INR 47,000 crores as of September 30, 2025, equivalent to ~24 gigawatts.
The company is on track with its capex program, maintaining a healthy ROCE of 41.8% and ROE of 34.8%.
Strategic Initiatives and Outlook
WAAREE Energies is undertaking several key initiatives to capitalize on industry momentum:
- Commenced an additional 2.75 gigawatts of module manufacturing capacity at the Chikhli facility.
- Approved additional capex of INR 8,175 crores.
- Augmenting battery energy storage system capacity from 3.5 gigawatts hour to 20 gigawatts hours.
- Increasing electrolyser manufacturing capacity to 1 gigawatt and inverter manufacturing facility from 3 gigawatts to 4 gigawatts.
- Board has approved an interim dividend of INR 2 per share.
WAAREE reaffirmed its FY26 EBITDA guidance in the range of INR 5,500 crores to INR 6,000 crores.
Source: BSE