Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. WEL has five solar module manufacturing facilities in India, with international presence.
Q3 FY26 Earnings Results
Waaree Energies Limited delivered record Q3 FY26 results with exceptional growth across key financial metrics, driven by strong execution and capacity ramp‑up.
- Revenue from Operations: ₹7,565.05 crore, up 118.8% YoY from ₹3,457 crore in Q3 FY25 and up 24.7% QoQ from ₹6,065.6 crore in Q2 FY26.
- EBITDA: ₹1,928.15 crore, up 167.2% YoY from ₹721 crore; EBITDA margin expanded to 25.5% from 20.9% YoY.
- Profit After Tax (PAT): ₹1,106.79 crore, up 118.4% YoY from ₹506 crore and up 26% QoQ from ₹842 crore; PAT margin 14.6%.
- Production Metrics:
- Solar Module Production: 3.51 GW (highest ever quarterly).
- Solar Cell Production: 0.75 GW.
- 9M FY26 Performance: Revenue ₹20,394 crore, up ~90% YoY; already exceeding full FY25 performance.
Management Commentary & Strategic Decisions – Q3 FY26
Management attributed the record performance to highest‑ever quarterly production, strategic capacity commissioning, and strong execution amid India’s renewable energy boom.
- Capacity Expansion: Commissioned 2.1 GW solar module facility at Chikhli and 3 GW at Samakhiali (Gujarat); additional 3.05 GW inverter manufacturing capacity at Sarodhi.
- Order Book: Robust unexecuted order book of 2.92 GWp (12–15 months execution); bidding pipeline ~29 GWp.
- Recent Wins: Secured 257.3 MWp projects in Q3, including 217.5 MWp and 39.8 MWp ground‑mounted solar EPC contracts.
- Guidance: Expects to exceed FY26 EBITDA guidance of ₹6,000 crore, reflecting strong visibility and execution confidence.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹6,065.6 crore, up 69.7% YoY from ₹3,574.4 crore and up 37% QoQ from ₹4,597.2 crore in Q1 FY26.
- EBITDA: ₹1,567.3 crore, up 156.5% YoY from ₹610.9 crore (highest in company history); EBITDA margin 25.8%.
- Profit After Tax (PAT): ₹878.21 crore, up 133.8% YoY from ₹375.7 crore and up 13% QoQ from ₹772.9 crore.
- Production: 2.64 GW in Q2 FY26.
Management Commentary & Strategic Directions – Q2 FY26
Q2 FY26 marked sustained momentum with record production and profitability, setting the stage for even stronger Q3 performance. Strategic focus on scaling manufacturing capacity and executing large EPC projects continues to drive exceptional growth.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.