Financial Performance Highlights (Consolidated Q1 FY27)

  • Revenue from operations: ₹7,932 crore, up 79.2% YoY
  • Operating EBITDA: ₹1,440 crore, up 44.4% YoY
  • Operating EBITDA margin: 18.2%
  • Profit After Tax: ₹892 crore, up 15.4% YoY
  • PAT margin: 11%
  • Net debt to equity: -0.08x (net cash position)
  • ROCE: 28.5%
  • ROE: 24.8%

Operational Metrics

  • Module volumes sold: 3.6 GW, up 89% from 1.9 GW in prior period
  • Module capacity: 26 GW (largest non-Chinese module manufacturer globally)
  • Cell manufacturing capacity: 5.4 GW, with 10 GW additional capacity planned

Revenue Mix Analysis

  • Utility IPP & C&I: 39.7%
  • Retail: 30.2% (₹2,289 crore, up 130% YoY)
  • Overseas: 21.2% (₹1,609 crore)
  • Domestic US business: ₹1,322 crore
  • Direct export: ₹287 crore
  • EPC and O&M services: 8.9%

Order Book Position

  • Total order book: ₹61,500 crore (highest in company history)
  • Quarterly movement: Added ₹16,000 crore new orders, executed ₹7,300 crore
  • Module order book: 25.2 GW
  • Geographical mix: Domestic India ~40%, Domestic US ~36%, Exports from India ~24%

Capacity Utilization

  • Modules in India: 24.2 GW capacity at 50% utilization
  • Cell manufacturing India: 5.4 GW capacity at 62% utilization
  • US modules: 1.6 GW capacity at 59% utilization (expected to reach 75-80%)
  • Current cell production: ~400 MW monthly

Strategic Initiatives and Expansion Updates

  • Commissioned additional 3 GW module capacity at Samakhiali, Gujarat in April 2026
  • Waaree Energy Storage Solutions commenced automated BESS container production at 5.15 GWh (vs originally planned 3.5 GWh)
  • Waaree Transpower commenced commercial production of 17.6 MVA inverter duty transformer
  • WRTL acquired 55% stake in Associated Power Structures for ₹1,225 crore
  • WRTL won 1.5 GWh BESS EPC orders and signed ECI agreement for utility-scale solar+BESS projects in Australia/New Zealand
  • US subsidiary secured 125 MW HJT module order for Arizona plant

Capacity Expansion Plans

  • Announced capex programs: ₹31,500 crore total
  • Already deployed: ₹9,450 crore as of June 30, 2026
  • Phasing: ~30% in FY27, ~40% in FY28, ~30% in FY29

FY27 Capex Components

  • 2.6 GW module capacity in Waaree Americas
  • 10 GW solar cell capacities in India
  • 100 KTPA of T&D EPC (already acquired)
  • 20 GVA of transformer capacity
  • 4 GW of inverter capacity
  • 1 GW of electrolyzer capacity

Margin Drivers and Outlook

  • Cell integration ratio expected to rise from ~20% currently to ~65% in next 2-3 quarters
  • US local manufacturing scaling up with new 1.6 GW capacity
  • Export dispatches expected to resume from Q2
  • Non-DCR market offtake expected to increase with 6-month government extension window
  • US IRA incentives: ~$0.07 per watt peak basis

Guidance Reaffirmation

  • FY27 Operating EBITDA guidance: ₹7,000-7,700 crore
  • Retail segment target: ₹9,000-10,000 crore for FY27

Market Outlook

  • Global solar additions expected to grow from 698 GW in 2025 to 993 GW by 2035 (4-5% CAGR)
  • India additions expected to grow from 38 GW in 2025 to 100 GW by 2035 (10% CAGR)
  • Policy tailwinds: PLI incentives, ALMM lists, 20% customs duty on imports, PM Surya Ghar Yojana, PM-KUSUM Yojana

Management Commentary

  • Raw material costs rose globally, compressing margins across the industry
  • Export mix was softer due to shipment and clearance delays
  • Some capacity ran ahead of dispatch-ready orders as FY27 book is weighted to second half
  • Inventory build in Q1 mapped into firm dispatch schedules for second half
  • Company maintains strong balance sheet with net cash position