Key Financial Performance (Consolidated)

Half Year FY27 (H1FY27) Performance:

  • Revenue from Operations: ₹15,449.5 crores, up 47.3% YoY from ₹10,491.5 crores in H1FY26
  • Operating EBITDA: ₹2,775.1 crores, up 15.5% YoY from ₹2,403.7 crores in H1FY26
  • EBITDA Margin: 18.0% compared to 22.9% in H1FY26
  • PAT: ₹1,645.5 crores, down 0.3% YoY from ₹1,651.1 crores in H1FY26
  • PAT Margin: 10.4% compared to 15.3% in H1FY26
  • Operating Cash Flow: ₹3,483.6 crores, up 506.1% YoY from ₹574.7 crores in H1FY26

Quarter 2 FY27 (Q2FY27) Performance:

  • Revenue from Operations: ₹7,517.7 crores, up 23.9% YoY from ₹6,065.6 crores in Q2FY26
  • Operating EBITDA: ₹1,335.2 crores, down 5.1% YoY from ₹1,406.4 crores in Q2FY26
  • EBITDA Margin: 17.8% compared to 23.2% in Q2FY26
  • PAT: ₹753.6 crores, down 14.2% YoY from ₹878.2 crores in Q2FY26
  • PAT Margin: 9.8% compared to 14.1% in Q2FY26

Operational Highlights

Retail Business Performance:

  • H1FY27 Retail Revenue: ₹5,753.0 crores, up 191.0% YoY from ₹1,976.8 crores in H1FY26
  • Retail Mix: 37.2% of total revenue in H1FY27 vs 18.8% in H1FY26
  • Q2FY27 Retail Mix: 46.1% of total revenue

Production Metrics:

  • Module Production H1FY27: 6.3 GW vs 4.9 GW in H1FY26
  • Module Production Q2FY27: 3.0 GW
  • Cell Production H1FY27: 1.9 GW vs 0.8 GW in H1FY26
  • Cell Production Q2FY27: 1.1 GW (CUF 81%) vs 0.6 GW in Q2FY26

Strategic Developments and Expansion

US Manufacturing Expansion:

  • Board approved ~$37 million expansion of Meyer Berger facility at Arizona, USA
  • Additional 0.6 GW capacity taking total USA capacity to 4.8 GW by March 2027

Merger Activity:

  • Board resolution dated September 23, 2026 approved Scheme of Amalgamation of subsidiary Indosolar Limited with Waaree Energies Limited
  • Exchange ratio: 1 share of Waaree Energies against 11 shares of Indosolar Limited
  • Merger scheme subject to approval in accordance with applicable regulatory requirements

New Manufacturing Capabilities:

  • Commenced advanced 5.15 GWh of automated BESS container manufacturing in Rola, Gujarat

Order Book and Future Outlook

  • Current Orderbook: Approximately ₹59,200 crores

Management Commentary (Jignesh Rathod, Whole Time Director & CEO):

The H1 FY27 performance reflects strength of business fundamentals and consistent execution of growth strategy. The company highlighted strong momentum in retail business (191% growth) and domestic US manufacturing (113% growth).

Future growth expected from Battery Energy Storage System (BESS), Transformers, Inverters, EPC T&D, and Green Hydrogen businesses.

Future Capacity Plans for FY28:

  • Solar PV: ~29 GW
  • Solar Cell: 15.4 GW
  • BESS Pack & Container: ~5 GWh
  • Battery Cell manufacturing: ~3.5 GWh
  • Inverter: 4 GW
  • Transformers: 20,000 MVA
  • Larger integrated EPC entity (Projects + T&D)

Company Profile

Waaree Energies Limited is described as a leading integrated new-energy manufacturing, services and infrastructure company serving both India and world markets. Current manufacturing capacities include Solar PV 25.8 GW and Solar Cell 5.4 GW with ongoing investments across vertical and horizontal integration including Ingot-Wafer, BESS, Transformers, Inverters and Green Hydrogen.

Investor Relations Contact

MUFG Intime India Private Limited: Mr. Nikunj Jain / Mr. Prathmesh Parab