Financial Performance Highlights
Waaree Energies Limited reported exceptional FY26 financial results with consolidated revenue surging 83.72% to ₹26,536.77 crores and profit after tax growing 101.45% to ₹3,884.15 crores. Standalone revenue reached ₹20,990.51 crores (64.44% YoY growth) with net profit of ₹3,762.46 crores. Key metrics included Operating EBITDA of ₹5,908.64 crores (117.10% growth), RoCE of 29.09%, RoE of 31.57%, debt-to-equity of 0.21x, and EPS of ₹129.10. The board recommended a total dividend of ₹4 per share (₹2 interim + ₹2 final).
Operational Expansion and Capacity
The company achieved record module production of 12.6 GW in FY26 with total manufacturing capacity expanding to ~25.8 GW across 13 plants in India and the US. Significant expansions included commissioning ~4.9 GW module capacity at Chikhli, 3 GW at Samakhiali, and commencing construction of India's largest 10 GW integrated ingot-wafer facility in Nagpur with ₹6,200 crore capex. The company maintained BNEF Tier-1 status for 40 consecutive quarters and achieved EcoVadis Gold Medal recognition.
Strategic Acquisitions and Diversification
Waaree executed multiple strategic acquisitions including 64% stake in Kotsons Private Limited (transformers, ₹192 crores), 76% stake in Racemosa Energy (smart meters, ₹53.20 crores), 55% stake in Associated Power Structures Pvt. Ltd. (T&D), and Meyer Burger manufacturing assets in Arizona, USA. The company also advanced green hydrogen electrolyser facility at Dungri, Gujarat (1 GW capacity) and commissioned 5.15 GWh of BESS container capacity.
Regulatory Matters and Provisions
The company recognized a provision of ₹294.78 crores for the ongoing U.S. Customs and Border Protection investigation under the Enforce and Protect Act (EAPA) regarding origin of components in solar modules exported to USA since January 2021. Credit ratings were maintained at CARE AA- (Stable) for long-term facilities and CARE A1+ for short-term facilities. The company paid minor penalties for delayed filings but maintained overall regulatory compliance.
Corporate Governance and Shareholding
The board comprised 8 directors (4 independent) with 13 meetings held during FY26. Promoters held 64.19% stake with 100% dematerialization and 692,661 shareholders as of March 31, 2026. Senior management changes included appointment of Abhishek Pareek as CFO and Jignesh Rathod as Whole-time Director & CEO in March 2026.
Subsidiaries and Investments
The group had 59 subsidiaries including key entities like Indosolar Limited, Waaree Solar Americas Inc., and Waaree Renewable Technologies Limited. Investments included $30 million in United Solar Holding Inc., Oman for polysilicon supply and significant loans to subsidiaries (₹4,140.27 crores) for expansion. Capital work-in-progress increased to ₹3,476.15 crores reflecting ongoing expansion projects.
Sustainability and CSR Commitments
The company committed to Net Zero (Scope 1 & 2) by 2030 and total Net Zero (Scope 3) by 2040, with 100% renewable energy sourcing target by 2030. CSR spending of ₹38.32 crores benefited 43,700+ beneficiaries focusing on education, healthcare, and empowerment. The company achieved significant environmental savings including ~39,000 KL water saved and became the first Indian company with cradle-to-grave lifecycle assessment.
Forward Outlook and Guidance
For FY27, the company provided Operating EBITDA guidance of ₹7,000-7,700 crores and targets achieving ₹100,000 crores revenue in less than 5 years. Continuing strategic capex of ₹30,000+ crores across the energy value chain is planned, supported by a strong order book of ~₹61,500 crores (60% overseas). The 36th AGM is scheduled for September 24, 2026, through video conferencing.