Summary of Key Information:
Reporting Period: Quarter ended June 30, 2026 (Q1 FY27)
Nature of Filing: Outcome of Board Meeting and Quarterly Unaudited Financial Results
Audit Opinion:
Limited Review Report - Unqualified conclusion with emphasis of matter paragraphs
Key Financial Highlights [Amount in ₹ Crores]:
Standalone Results:
Revenue from Operations: ₹6,221.67 crore (Q1 FY27) vs ₹3,369.92 crore (Q1 FY26) - 84.6% YoY growth
Total Income: ₹6,416.59 crore (Q1 FY27) vs ₹3,567.10 crore (Q1 FY26)
Net Profit: ₹739.10 crore (Q1 FY27) vs ₹659.89 crore (Q1 FY26) - 12.0% YoY growth
EPS: ₹25.69 (Basic) and ₹25.65 (Diluted) for Q1 FY27
Other Equity: Not specifically disclosed in standalone results
Cash and Cash Equivalents: Not disclosed
Debt: Not disclosed
Consolidated Results:
Revenue from Operations: Not separately quantified in provided data
Total Income: ₹26,536.77 crore for quarter ended June 30, 2026
Net Profit: ₹3,711.30 crore attributable to owners of parent
EPS: Not specifically calculated in provided data
Other Equity: Not disclosed
Cash and Cash Equivalents: Not disclosed
Debt: Not disclosed
Segment-wise Performance:
The company has identified "Manufacturing & Trading of Solar Photovoltaic Cell / Modules" as its only primary reportable segment. No separate segment information provided.
Corporate Actions:
- The company infused ₹150.00 crores into Waaree Energy Storage Solutions Pvt. Ltd on July 8, 2026 towards rights issue of 60,00,00,000 partly paid equity shares of ₹2.5 each as final call
- No dividend declared in this quarter
- No share split, bonus issue, or buyback announced
US Customs Investigation (Note 5):
- US Customs and Border Protection investigation ongoing regarding origin of components in solar modules exported to USA since January 2021
- Company has received notice of determination of evasion during the quarter
- CBP affirmed company position about not using Chinese cells but highlighted certain entries requiring further review
- Company has recognized provision of ₹294.78 crores during FY 2025-26
- Company is evaluating legal remedies against certain highlighted entries
Income Tax Investigation (Note 7):
- Income tax authorities conducted investigation in November 2025 at company offices and facilities
- Company has submitted requested information and responding to further queries
- Company received summons under section 131(1A) of Income Tax Act
IPO Proceeds Utilization:
- IPO completed on October 28, 2024 with fresh issue of ₹3,600.00 crores
- Utilization as of June 30, 2026:
- Project investment: ₹1,660.29 crores utilized out of ₹2,775.00 crores allocated
- General corporate purpose: ₹697.70 crores fully utilized
- Offer expenses: ₹90.69 crores utilized out of ₹127.30 crores allocated
- Total utilized: ₹2,448.68 crores, Unutilized: ₹1,151.32 crores
Other Significant Information:
- Project location changed from Odisha to Gujarat (solar cell/module) and Maharashtra (ingot-wafer) approved June 20, 2025
- Share Purchase Agreement with Enel Green Power Development S.r.l for acquisition of Enel Green Power India Private Limited for upto ₹792.00 crores (arbitration proceedings initiated by seller)
- Waaree Renewable Technologies Limited acquired 55% stake in Associated Power Structures Private Limited for ₹1,225.00 crores on June 18, 2026
- Company recognized income of ₹349.28 crores (net) from refund of reciprocal duties under IEEPA tariffs
- The results include financial results of 53 subsidiaries reviewed by their auditors and 5 subsidiaries not reviewed by their auditors