Financial Performance Highlights

Q2 FY27 Consolidated Results (₹ Crore):

  • Revenue from Operations: ₹7,517.74 (up 23.94% YoY from ₹6,065.64 in Q2 FY26)
  • Operating EBITDA: ₹1,335.20 (down 5.06% YoY from ₹1,406.40)
  • Operating EBITDA Margin: 17.76% (vs. 23.19% in Q2 FY26)
  • Profit Before Tax: ₹1,029.75 (down 16.38% YoY from ₹1,231.46)
  • Profit After Tax: ₹753.64 (down 14.18% YoY from ₹878.21)
  • PAT Margin: 9.83% (vs. 14.10% in Q2 FY26)

H1 FY27 Consolidated Results (₹ Crore):

  • Revenue from Operations: ₹15,449.53 (up 47.26% YoY from ₹10,491.47 in H1 FY26)
  • Operating EBITDA: ₹2,775.12 (up 15.45% YoY from ₹2,403.72)
  • Operating EBITDA Margin: 17.96% (vs. 22.9% in H1 FY26)
  • Profit Before Tax: ₹2,240.13 (up 3.00% YoY from ₹2,174.82)
  • Profit After Tax: ₹1,645.51 (down 0.34% YoY from ₹1,651.10)
  • PAT Margin: 10.44% (vs. 15.25% in H1 FY26)

Balance Sheet Position (H1 FY27 vs. FY26)

  • Shareholders' Fund: ₹17,300.35 Cr (vs. ₹15,010.89 Cr)
  • Total Liabilities: ₹37,830.18 Cr (vs. ₹30,115.37 Cr)
  • Fixed Assets: ₹14,202.67 Cr (vs. ₹9,522.81 Cr)
  • Current Assets: ₹19,351.68 Cr (vs. ₹17,577.00 Cr)
  • Cash and Cash Equivalents at End of Period: ₹1,086.43 Cr (vs. ₹556.90 Cr in H1 FY26)

Cash Flow Statement (H1 FY27)

  • Net Cash From Operating Activities: ₹3,483.56 Cr (vs. ₹574.73 Cr in H1 FY26)
  • Cash Flow From Investing Activities: -₹4,456.77 Cr (vs. -₹2,377.62 Cr)
  • Cash Flow From Financing Activities: ₹1,275.76 Cr (vs. ₹1,856.83 Cr)
  • Net Increase in Cash: ₹302.55 Cr (vs. ₹53.94 Cr)

Operational and Business Updates

Manufacturing Capacity Expansion:

  • Waaree Solar Americas Inc. to invest US$37 million to upgrade Arizona module manufacturing facility, increasing capacity from 1.0 GW to 1.6 GW, taking total US capacity to 4.8 GW
  • Commissioned additional 1.10 GW of inverter capacity at Sarodhi, Gujarat, taking total inverter capacity to 4.15 GW
  • Total solar module manufacturing capacity stands at 25.8 GW as of October 26, 2026

Order Book:

  • Total order book remains robust at ₹59,200 Cr as of Q2 FY27
  • Solar module orders received include 2 GW and 739.71 MW, taking total solar module order book to 25.6 GW
  • Order book mix: Modules (89.5%), T&D - Renewable (3.7%), EPC - Renewable (5.6%), Other (1.2%)
  • Geographical mix: Domestic - India (48.6%), Domestic - US (43.9%), Export - India (7.5%)

RE-Power Infrastructure Business:

  • Received LOA for development of 700 MW of solar capacity and 2,800 MWh of BESS, taking total PPA portfolio to 1,778 MW of solar and 2,800 MWh of BESS
  • Commissioned 118.8 MW (out of 170 MW) capacity of solar park in Neemuch, MP

Strategic Guidance:

  • Reaffirmed Operating EBITDA guidance for FY27: ₹7,000 - 7,700 Cr
  • Capital allocation strategy focused on five pillars: Asset Allocation, Partnership & Tech Tie-ups, Policy-Led Growth, Phased Capex, and Funding
  • Asset allocation: Solar (51%), Services (14%), BESS (31%), Others (4%)
  • Phasing of balance capex: FY27 (30%), FY28 (40%), FY29 (30%)

Manufacturing Utilization (Q2 FY27):

  • Module Capacity Utilization - India: 45% (annualized)
  • Cell Capacity Utilization - India: 81% (annualized)
  • Module Capacity Utilization - USA: 71% (annualized)

Revenue Mix (Q2 FY27):

  • Utility/IPP/C&I: 22.9%
  • Retail: 46.1%
  • Overseas: 18.5%
  • EPC, O&M and T&D: 12.5%

Modules sold: 3.0 GW in Q2 FY27 (vs. 2.4 GW in Q2 FY26)

Corporate Structure and Leadership

  • The presentation includes detailed information on the Board of Directors and Senior Management team with their experience and roles
  • Company emphasizes its integrated business model spanning manufacturing, EPC services, and infrastructure platform

Forward-Looking Statements

The document contains forward-looking statements regarding market opportunity, business prospects, and growth strategies, subject to risks and uncertainties including economic performance, industry competition, technological changes, and market risks.