Financial Performance Summary

Waaree Energies Limited reported unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27), showing strong growth across key metrics.

Key Financial Highlights (₹ in Crores):

| Particulars | Q1 FY27 | Q1 FY26 | % Change Y-o-Y |

| Revenue from Operations | 7,931.79 | 4,425.83 | 79.22% |

| Operating EBITDA | 1,439.92 | 997.32 | 44.38% |

| Operating EBITDA Margin | 18.15% | 22.53% | |

| PAT | 891.87 | 772.89 | 15.39% |

| PAT Margin | 11.01% | 16.81% | |

Operational Performance

  • Achieved module production of 3.24 GW in Q1 FY27, representing growth of 41.51% YoY
  • Strong operational efficiency and scale advantages supported production growth
  • Record order book of approximately ₹61,500 crore as of the announcement date
  • Added new orders worth approximately ₹16,000 crore during the quarter

Strategic Developments and Expansion

  • 10 GW Cell facility at Unn, Gujarat is progressing as per plan and expected to start production in the current financial year (FY27)
  • Strategic acquisition of 55% equity stake in Associated Power Structures Private Limited, enhancing power infrastructure capabilities and supporting integrated renewable energy project execution
  • Commenced advanced 5.15 GWh of automated BESS (Battery Energy Storage System) container manufacturing in Rola, Gujarat

Management Commentary

Mr. Jignesh Rathod, Whole Time Director & CEO, highlighted:

  • Strong operational and financial performance reflecting resilience of integrated business model and disciplined execution
  • Sustained demand across domestic and international markets
  • Transformation from solar module manufacturer to diversified energy transition enterprise under "Waaree 2.0" strategy
  • Newer businesses beginning to contribute meaningfully to revenue, creating multiple growth levers
  • Expanded international presence with new business opportunities across Europe, Middle East, New Zealand, and Australia
  • Strong balance sheet, phased capital deployment, and expected cash flow generation from core business over next two years
  • Reaffirmed FY27 Operating EBITDA guidance of ₹7,000–7,700 crore

Company Background

Waaree Energies Limited, established in 1990, is India's leading renewable energy company with:

  • State-of-the-art manufacturing facilities with installed capacity of 25.8 GW for solar PV modules
  • 5.4 GW capacity for solar cells
  • Presence across India and 25+ countries worldwide
  • Services include panel manufacturing, EPC services, project development, and rooftop systems