Waaree Energies Reports Record Q2 FY26 Results with ₹6,227 Crore Revenue

Waaree Energies Limited, a leading player in India’s solar energy sector, announced exceptional financial results for Q2 FY26, showcasing robust growth across key metrics and a strong order pipeline.

Financial Highlights

For the quarter ended September 30, 2025, Waaree Energies delivered its highest-ever performance:

• Revenue: ₹6,227 crore, up 70% YoY
• EBITDA: ₹1,567 crore, up 155% YoY
• EBITDA Margin:17%, up from 17%
• PAT: ₹878 crore, up 134% YoY

The significant margin expansion reflects improved operational efficiency and cost optimisation.

Operational Achievements

Waaree Energies achieved record-breaking production levels in Q2:

• Highest-ever module production of 2.6 gigawatts
• Cell production of 0.6 gigawatts

The company’s total module capacity now stands at 18.7 gigawatts, with cell capacity fully operational at 5.4 gigawatts, making it India’s largest cell manufacturing facility.

Strong Order Book and Market Position

The order book remains robust at ₹47,000 crore, equivalent to about 24 gigawatts, with 60% overseas orders and 40% domestic. This diversified mix underscores Waaree Energies’ strong presence in both domestic and international markets.

Strategic Acquisitions and Expansion

To strengthen its market position, Waaree Energies has:

• Acquired a 76% stake in Racemosa Energy India, entering the smart meter segment
• Acquired a 64% stake in Kotsons Private Limited, marking entry into transformers
• Purchased solar manufacturing assets of Meyer Burger in the US, enhancing its American footprint

Capex and Future Outlook

The Board has approved an additional capex of ₹8,175 crore to expand:

• Battery energy storage system capacity to 20 GWh
• Electrolyser capacity to 1 GW
• Inverter capacity to 4 GW

These investments align with Waaree Energies’ strategy to diversify its product portfolio and capture emerging opportunities in renewable energy.

Read More: Waaree Energies Establishes 950 MW Solar Module Line.

Conclusion

Waaree Energies delivered record Q2 FY26 results with strong revenue growth, margin expansion, and strategic acquisitions. A robust order book and planned capacity additions position the company for sustained leadership in India’s renewable energy sector.

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