Waaree Energies Ltd (NSE: WAAREEENER) Q3 2026 Earnings Call dated Jan. 22, 2026
Corporate Participants:
Amit Paithankar — Chief Executive Officer
Sonal Shrivastava — Chief Financial Officer
Analysts:
Nitin Arora — Analyst
Mohit Kumar — Analyst
Dhruv Muchal — Analyst
Kunal Shah — Analyst
Presentation:
operator
Please wait while you are joined to the conference. The conference is now being recorded. Vice President, Investor Relations and Mr. Rohit, General Manager, Investor Relations. Before we proceed with the call, I would like to mention that some of the statements made in today’s call may be forward looking in nature and may involve risk and uncertainties. For a more detailed disclaimer, kindly refer to the investor presentation and other filings that can be found on the company’s website and stock exchanges. Without further ado, I would like to hand over the call to the management for their opening remarks and then we can open the floor for Q and A. Thank you. And over to you, Amit sir.
Amit Paithankar — Chief Executive Officer
Thank you very much. Nikunsh. Very, very good afternoon ladies and gentlemen. Thank you very much for joining us for the Q3 FY26 earnings call of Bari Energies Limited. I shall be referring to the presentation that has been uploaded on the stock exchanges. If you have the presentation handy, it would be helpful to follow the conversation. Before we begin, I would like to briefly highlight the COVID page of our presentation. The facilities showcased here represent the scale and depth of our manufacturing footprint both domestic and international. These are hubs powering our integrated solar and energy transition platform enabling us to deliver consistently at scale, with speed and with precision.
Many of our upcoming facilities are in close vicinity of Wapi which is the first proposed station for the upcoming bullet train. Cutting down the travel time between Mumbai and Wapi to less than 45 minutes. The highway connectivity and bullet train access provides seamless logistics and employee attractiveness. Now I move to the most exciting part of the presentation. Our Q3 results on slide 3. Vadi Energies Limited has reported yet another stellar quarter with a revenue growth of 118.8% year on year and an EBITDA growth of 167.2% year on year. Our path grew 118.4% year on year.
These are record breaking numbers ladies and gentlemen and they stand as a testament to our razor sharp focus on growth and on creating value for all of our stakeholders including all of you who are listening to the call. Going to the slide number four. Our module production increased by 94% on a year on year basis and the cell Production increased by 35% quarter on quarter. This is supported by a solid order book of 60,000 crores healthy order pipeline exceeding 100 gigawatts. This order pipeline gives us visibility for upcoming quarters ahead. The geographical revenue mix remains balanced with 67.4% contribution from domestic market and the remainder overseas.
Retail and APC segments continue to Gain traction further diversifying our revenue streams. On slide number five. I’m delighted to share that Vadi has become the first Indian solar manufacturer to achieve over 1 gigawatt of module production in a single month, producing nearly 52 modules per minute. Just eight more modules to go to hit the next record. This demonstrates our manufacturing excellence driven by advanced automation, strong engineering capabilities and continuous innovation, reinforcing vadi’s leadership in India’s clean energy manufacturing landscape. Furthermore, we have also secured non Chinese fully traceable polysilicon supply chain through our strategic investment in United Solar holding based on Oman.
This further strengthens our position as a reliable partner in the United States of America and other international markets. During the quarter we raised around 1000 crores of equity for 20 GWh advanced lithium ion battery and pack manufacturing facility. Moving to slide number seven. This is one of the most important slides of the deck. This is what keeps us excited. This is what keeps us energized. This is what keeps us coming every day to work. VADI 1.0 represents module and cells but we are now investing in full solar value chain from polysilicon ingots and wafers, cells and modules.
We are also investing across the energy transition ecosystem to build a fully integrated multi energy global platform. Our expansion and investments into battery, battery storage, inverters, transformers, power infrastructure and electrolyzers as a part of green energy ecosystems. We are building what we now call as Wadi 2.0. Moving to slide number 8. Indigenization of inverters is vital for data prediction and for control. India’s market is expected to grow fourfold by 2035. Wadi has already commissioned phase one of its 3 gigawatt inverter facility at Sarodi, Gujarat with phase two comprising of 1 gigawatt addition to be operational by FY27.
Leveraging our retail reach, we are offering secure localized and advanced inverter solutions strengthening India’s energy ecosystem. Moving on to slide number nine. Transformer is an extremely important component in the overall solar as well as transmission and distribution value chain. India continues to see huge supply gap and to address this Wadi is expanding its capacity to 20,000 MVA with a planned capex of 192 crores. This will expand our product portfolio across distribution, inverter duty and extra high voltage transformers. We have already secured an order book of 245 crores including large order from a global multinational major validating our quality benchmarks.
Moving to slide number 10. Battery energy storage system is going to be extremely important component of the entire value chain to ensure that we have 24. 7 renewable power supply, Wadi is building its 20 GWh facility to be ready by FY28. We aim to indigenize a large part of the value chain catering to utilities, CNI customers, residential demand and data centers. This will include anode, cathode and electrolyte facilities in India. Moving to slide number 11 we are playing our part to solve land and connectivity related issues that at times show renewable power adoption in India that at times slow.
I’m sorry Renewable power adoption in India. We have already signed PPA worth 713megawatts with credit worthiness of utilities backing us up global CNIS and have already secured connectivity of 6.1 gigawatts with land of 3,500 secured acres and 13,500 acres tied up under acquisition. Moving to slide number 12 we are taking early steps in green hydrogen market through setting up a 1 gigawatt electrolyzer facility with planned CAPEX of 1 INR 676 crores. The capacity is expected to be operationalized by FY27 and for that we have a PLI of 444 crores. On slide number 13 the outlook for solar industry continues to be buoyant and will support the very healthy growth of the entire solar value ecosystem from manufacturing to deployment.
This is also aided by strong policy from the government. We see similar tailwind in the broader international market also. Slide number 14 we continue to expand on stated timelines for our modules, cells and ingots and wafers plant. We expect to operationalize all of these by FY27. Moving to slide number 15 our our modules continue to rank among the highest achievers globally with VADI being recognized as Tier 1 PV module maker for the 39th consecutive quarter. All these awards recognitions stand as our testament to highest quality standards and performance benchmarks. On slide number 17 our CSR initiatives are of immense importance to us.
Wadi continues to contribute meaningfully to society through educational support, replantation drives, cyclone relief efforts, health care initiatives and partnership with IIT Bombay. Moving to slide 18 we reaffirm our sustainability commitment. Wari is progressing towards net zero scope 1 and scope 2 emissions by 2030 and scope 3 by 2040. We are proud to be the first Indian model manufacturer to receive EPD certification and have secured gold medal in ecovirest Sustainability rating with this absolutely brilliant news ladies and gentlemen, I now hand it over to Sonal, our Chief Financial Officer for her remarks.
Sonal Shrivastava — Chief Financial Officer
Thank you Amit and a good afternoon to all of you and welcome to our Q3 earnings call. It is really a pleasure to share that VADI has delivered yet another quarter of exceptional performance. Clearly reflecting the strength of our strategy, team commitment and consistent execution. Now let me take you through the result for the quarter. We have reported revenues from operation of rupees 7565 crores. Reflecting a robust growth of on year on year basis. Our operating EBITDA for the quarter stood at rupees 1928 crores. Again reflective a massive 167% growth on. Year on year basis. Profit after tax came in at about 1,107 crores versus 507 last year. Looking at the nine months number, the revenue has crossed 18,000 crores already. And operating EBITDA has reached 4,332 crores approximately. And the margin of course has expanded to almost 24% versus 17% last year in the same period. Profit after tax for nine months stood at 2,757 crores. So a great performance from Team Vahri. And now over to you, Amit.
Amit Paithankar — Chief Executive Officer
Indeed, Sono. Thank you very much. Absolutely brilliant performance. Finally, let’s bring it all together. Wari Energies Limited has delivered yet another record breaking quarter. With the highest ever quarterly module production of 3.5 gigawatts. Highest ever revenue from operations. Best ever quarterly operating EBITDA with margins expanding beyond 25%. Record EBITDA of 2124crores for Q3 2026. Highest ever order book of 60,000 crores and a strong pipeline of over 100 gigawatts. Execution of all projects across modules, cells, ingots and wafers, inverters, battery energy storage systems and green hydrogen electrolyzers are progressing as planned. Ladies and gentlemen, we see a clear visibility of surpassing our ebitda guidance of 5,500 to 6,000 crores for FY2026.
With that I will hand it over back to Nikuj. Yeah. We’ll open the floor for Q and A.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nitin Arora from Axis Mutual Fund. Please go ahead.
Nitin Arora
Hi. Thanks for giving the opportunity. The first question is on your cell utilization. You’re still at about 56%. Correct me if I’m wrong. Can you tell us what challenges are you facing with respect to moving up this utilization? Because it’s been more than a year now and are there some technical challenges? Are the breakages very high? Is it the water effluent system which is creating a problem? Can you throw some light and how do you see trajectory going forward for this? That’s my first question and then I’ll have pick up the second question.
Amit Paithankar
Sure. Well Nitin, thank you very much for the question. So ramping up a cell facility is technically evolved but in terms of the. I would like to give you the current rate of utilization which is hovering at around 80 to 81% and it continues to grow and we have actually planned for some major upgrades to move to G12R cells which will happen in the next three months here after which we expect the capacity utilization to be well above 85% or maybe even 90%. So I think we are on track. The technical issues that you refer to in terms of effluent, in terms of breakages and all of that is a part and parcel of growing up.
And I think most of the teething trouble is behind us and I think it’s performance that we will see now.
Nitin Arora
Sorry, I mean December quarter you are at 56 and then suddenly last 20 days you are at 86 is what you’re trying to say.
Amit Paithankar
80%. We are saying. We are saying we are touching 80% now. That’s correct. It’s a phase ramp up. So if you look at the entire quarter you might see it at 56 but you know at a given day on a given, as you see the running rate it keeps changing.
Nitin Arora
So we’ll see this in the next quarter. Number second question with respect to a lot of concern amongst investors is you know, higher commodity prices, silver and all. And people are thinking this way there’s going to be a collapse in the gross margin for companies who are making cells and modules. How do you looking at it at this aspect because your gross margin has been pretty healthy. But over the next let’s say because what we see both people who are taking more cell and as well as modules at this point in time they are sold out for the next one and a half years now and you can correct me on that.
So just going forward for the next, let’s say a little bit to longer term do you see gross margin coming under pressure? Because order book is very healthy. So you see some efficiency gain that could offset. So first if you can throw some light about this commodity basket, is it going to hurt your gross margin going forward? And second, if that is to some extent it can, can it get offset by operational leverage and efficiency gain? Because we’ve seen these kind of commodity cycle move for Chinese players also, but in their peak cycle for the 10 years, margin actually went up because of the scale.
So can you throw some light on this aspect?
Amit Paithankar
This is another phenomenal question now from a margin perspective. And I’ll also get Sonal to weigh on some of the important numbers. But broadly from a margin perspective, there is a lot of structural stability associated with this margin. And why is that? Number one, because of the fact that our production continues to keep improving every day. Right. Like I said, first of all the cells and the utilization keeps going up on a daily basis. We see substantial change, number one. Number two, the content of DCR in our overall basket keeps increasing. So therefore that helps the margin in a structural manner.
And overall the way in which we go to the market, the mix that we have also lends a certain stability to the market from a commodity pricing and cross margin perspective. I’m just going to have Sonal weigh in on this.
Sonal Shrivastava
So basically I’ll answer it in two parts. One is really, I think the question you asked about say silver and the other commodities and the other one is really the overall philosophy of managing gross margin. You know, let me take the first, second one first. So you know we’ve been constantly saying that gross margin is what we manage at Bari and there are multiple levers that we look into do and we don’t like to take commodity risk. When I have an order book which I book ahead, there are, we do a back to back sell tying which we have been doing for the last many years.
And whether it is the high cost traceability cells for us or it is the cell for the domestic market, or it is my own wafer and silver procurement for my own cell production. Yeah, all of this is very much tied in. Now coming to very specific. So we have a lever, you know, we’ve already done that purchase against, let’s say however there are certain parts of the order like the retail etc. Which is DCR essentially where we have to manage let’s say wafer and silver cost on an ongoing basis. And this is again very much managed with the pricing we do in the market.
And as far as commodity price is concerned or silver impact is concerned, you know, it’s less than 9% on a module basis. And you know there are other levers which can compensate and they have compensated in the last quarter, which is the operating leverage which you rightly mentioned. So we continue to look at all these baskets and it’s a dynamic actions that we’re taking in.
Nitin Arora
Okay, thank you. Thanks for asking that. Just lastly on the same topic because, and you know, just starting the context that you already sold out, I mean all the samplers and module for blocking a lot for next one and a half years. I’m sure you must be tying up orders now for FY28. In that context, do you see anyone creating a pricing pressure for both? And I’m assuming 28 people are looking for more DCR tying up of sales. Do you see any pricing pressure getting created? Because at the ground level we don’t see any new capacities coming up.
So people are writing but the ramp up has been very slow.
Amit Paithankar
So if you can throw some light.
Nitin Arora
On that on the pricing part.
Amit Paithankar
Again a good question. So from a pricing perspective, we will have to closely observe the way in which it works out. At this point in time, we are seeing that the pricing is kind of stable. Coupled with that, what is happening is that because of the efficiencies of manufacturing and we talked about margins coming thereof to your last question, there could be a bit of a room for price movement as well as we move forward. But we’ll have to observe it as, as it, as it unfolds.
Nitin Arora
Thank you very much. I’ll come back in the queue. Thank you.
operator
Thank you. Ladies and gentlemen, please limit your questions to two per participants. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Hi, good afternoon sir and thank you for taking my question and congratulations on a very, very good quarter. My question comes primarily from the risk. On the risk side, have you had anything on the anti dumping duty case which was pursued on Indonesia, Indian lawyers and how are we trying to insulate from it? Yeah.
Amit Paithankar
So overall, you know, we are observing all of these events as they are holding. Right. So I think it will be preliminary at this stage to really comment on because you know, something concrete really needs to come out of all this. So you know, we continue to be transparent as an organization. We continue to make sure that we are abiding by laws of all the countries that we operate in. And then you know, any requirement from our side, we make sure that we are, we are fulfilling that. That’s the first one. The second very important aspect is the way in which we deal with this.
Mohit Kumar
Right.
Amit Paithankar
So if you have to be a global multinational player, we also want to make sure that in our key markets we are actually manufacturing as well. So US happens to be a very important market for us. And we are manufacturing in the United States. And not only manufacturing, but we are doubling down on the investments as well. So we have in the last quarter itself reported that we are assets of Mayor Burger and we continue to look out for those kind of opportunities as well as organically increasing the capacity that we have understood.
Mohit Kumar
The second question is on the polysilicon tie up which you’ve done in the Oman. What are the kinds, when do you expect the first product, silicon to be manufactured? Can you give some tentative timelines?
Amit Paithankar
So the plant is already at a very advanced stage. In fact, the production expectation is to start from the current contract itself. The Nasha closure was already done. With our investment coming in and optic agreements in place, you can expect the production starting from this cost.
Mohit Kumar
Understood. Thank you. And all the best. Thank you.
Amit Paithankar
Thank you.
operator
Thank you. The next question is from the line of Dhruv Muchal from HDFC amc. Please go ahead.
Dhruv Muchal
Yeah, thank you so much. Congrats on the strong set of numbers. So first question is on the 5.4 GHz cell capacity. Now there are different ways in which companies, you know, are quoting capacity. So if you can help us, at what level, you know, what peak levels is this capacity quoted at? And how does the shift to G12, I believe you mentioned about G12. How does the shift to G12 help in ramping up the productivity?
Amit Paithankar
So essentially, you know, you look at a cell and you look at the output and you multiply that per cell output by the number of cells that you produce and that’s where you get your total, what pig that you manufacture. Right? That’s the way. So we should, that’s, that’s the way we should be looking at it. The efficiency is a different parameter altogether. Right. And so if it’s a lower efficiency, you’ll have to produce more cells. With the higher efficiency you’ll have to produce less cells. Right. So, and so that efficiency equation keeps changing as you keep maturing your supply. Having said that, directionally it is in the region of around 24, 24.5% from a cell efficiency perspective. That’s, that’s, that’s where we are hovering. Right.
Dhruv Muchal
Sorry. Sorry to interrupt. I, I think I was trying to understand. Some companies are quoting code capacities at say 11 watt peak at a single cell level or some code at 8 watt peak. So what’s our, what’s our benchmark? And when we say 5.4, what does it indicate and, and hence the question most not from.
Amit Paithankar
Yeah, yeah, yeah, no, no, I understand that. See I think you know, each cell now G12R is a bigger cell.
Dhruv Muchal
Right.
Amit Paithankar
So it’s what take is per cell is going to be higher. A smaller cell will have a lower watt peak. So we can have a separate discussion technically on this. But the important part here to understand is each cell multiplied by the total what you know what peak per cell multiplied by total number of cells is equal to the production capacity that you have. That’s the basic equation. And when we say 5.4 gigawatts it comes from there. Sure.
Dhruv Muchal
Perfect. I’ll probably have this offline. The second question is on the us, US market for us, is it possible to share the volumes that we did in US and also the amount of IRA that we might have booked in the 3Q.
Amit Paithankar
Refer this to Sonal to get the exact numbers.
Sonal Shrivastava
Yeah, we did roughly of 275 megawatts in U.S. this quarter.
Dhruv Muchal
This is the local U.S. production.
Amit Paithankar
That’s right.
Dhruv Muchal
And what is the IRA that we might have booked? I think last quarter you had mentioned about 162 odd crores.
Sonal Shrivastava
Yes. So this quarter we booked roughly 80 crores. And it is booked really at you know, the cost of IRA as you know is $0.07 per what week. But we book 90% of that. So. 90% of that.
Dhruv Muchal
Yeah, sure. Great. Thank you so much and all the best.
Sonal Shrivastava
Thanks.
Amit Paithankar
Thank you very much, Guru.
operator
Thank you. The next question is from the line of Kunal Shah from Dam Capitals. Please go ahead.
Kunal Shah
Yeah. Sir, first I just wanted to understand that you mentioned about overachieving our ebitda guidance for F26. But now could you provide some color on how we see the EBITDA growth or absolute numbers sort of shaping up for F27 or any medium term guidance?
Amit Paithankar
Well, I’d love to give you that guidance if I had that guidance in my mind. Well, maybe I have it in my mind, but I think it’ll be premature to talk about it right now.
Kunal Shah
Understood.
Amit Paithankar
I can tell you one thing. The margin stability question, which was asked a couple of questions ago from a pretty perspective, there are structural reasons why we should be buoyant about it.
Kunal Shah
Understood. Secondly, on the order book, now could you just on a bookkeeping basis, but could you please provide a split between the domestic and overseas on the 60,000 crores and now within domestic a split between modules and cells if possible.
Amit Paithankar
So that’s roughly 35, 65 split with 65 overseas. And 35 is domestic and you know, we consume almost all of the cells that we use, and so therefore, they go into our own module production so that, you know, that split in our overall.
Kunal Shah
Hello.