Waaree Energies Ltd (NSE: WAAREEENER, BSE: 544277) shares closed at ₹2,608.60 on the National Stock Exchange on Thursday, up about 12 % on the day, after the company reported sharply higher quarterly results. The stock traded in a range of approximately ₹2,560–₹2,740 during the session.
Market Capitalization
At the closing price on January 22, Waaree Energies’ market capitalization stood near ₹75,000 crore.
Latest Quarterly Results
For the third quarter of fiscal year 2026 ended December 31, 2025, Waaree Energies reported the following consolidated results compared with the year-ago quarter:
- Revenue from operations: ₹7,565.05 crore, up 118.8 % YoY (Q3 FY25: ~₹3,457.29 crore).
- Net profit (Profit After Tax): ₹1,106.79 crore, up 118.4 % YoY (Q3 FY25: ~₹506 crore).
Segment Revenue Highlights (Q3 FY26 vs Q3 FY25):
- Solar photovoltaic modules: ₹6,989.56 crore (Q3 FY25: ₹3,108.29 crore).
- Generation of power: ₹9.24 crore (Q3 FY25: ₹7.52 crore).
- EPC contracts: ₹838.21 crore (Q3 FY25: ₹351.16 crore).
Reported EBITDA for the quarter was ₹1,928.15 crore, up 167.2 % YoY, with EBITDA margin expanding to 25.49 %.
M&A / Strategic Investment Comments
Polysilicon Supply Investment
- Management confirmed that Waaree’s ongoing capital expenditure program includes a USD 30 million strategic investment in United Solar Holding Inc., a polysilicon producer in Oman, intended to secure upstream material supply for its expanding manufacturing footprint.
Operational & Financial Targets
- CEO Amit Paithankar stated that with “disciplined execution, prudent capital allocation and strategic diversification,” Waaree is “on track” to achieve its **FY26 EBITDA target of ₹5,500 crore to ₹6,000 crore,” tying this guidance directly to the results announcement.
Performance Summary
Waaree Energies stock closed up 7.55% at ₹2,601.60. The company reported a 118.8% jump in Q3 revenue to ₹7,565.05 crore and a record order book of ₹60,000 crore. Growth was underpinned by massive capacity additions in Gujarat and strong demand for solar modules.