Waaree Energies Q1 FY26 Earnings: Reported 93% Jump in Profit, Highest-Ever Solar Module Output

Waaree Energies Ltd posted robust Q1 FY26 results, with total revenue at ₹4,597.18 crore, a 31.48% increase from ₹3,496.41 crore in Q1 FY25. The company's EBITDA rose by 82.61% YoY to ₹1,168.67 crore, while Profit After Tax (PAT) almost doubled to ₹772.89 crore, up 92.68% YoY. EBITDA and PAT margins stood at 25.42% and 16.81%, respectively.

Waaree Energies Q1 FY26 Earnings: Operational Milestones

• Achieved record-high quarterly solar module production of 2.3 GW.
• Revenue and profit gains were supported by improved production efficiency and the continued ramp-up of solar cell output.
• The company maintains a massive order book of ~25 GW, valued at around ₹49,000 crore.

Expansion Plans and Capex

• Waaree is seeking shareholder approval to change its manufacturing location from Odisha to Gujarat and Maharashtra.
• It is also on track to commission an additional 1.6 GW capacity in Texas (USA) and 3.2 GW in Chikhli (Gujarat).
• Construction is ongoing for green hydrogen, inverter, and battery energy storage facilities.
• The board approved ₹2,754 crore additional capex to expand solar cell and ingot-wafer capacities by 4 GW each in Gujarat and Maharashtra.

Dr. Amit Paithankar, CEO, stated that Waaree's strong results are due to its focus on cost efficiency and profitability. The company is confident in achieving its FY26 EBITDA guidance of ₹5,500–6,000 crore and is optimistic about global demand with a pipeline of 100+ GW.

About Waaree Energies Ltd

Founded in 1990 and based in Mumbai, Waaree is a leading renewable energy company in India. It has manufacturing capacities of 15 GW for PV modules and 5.4 GW for solar cells, with a presence in over 25 countries. Waaree provides solar panels, EPC services, rooftop systems, and project development solutions.

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Waaree Energies Share Price Movement

As of July 29, 2025, Waaree Energies share price (NSE: WAAREEENER) is trading at ₹3,265, up 4.92% for the day. The stock opened at ₹3,188 and touched a high of ₹3,291 and a low of ₹3,158 during the session. It has a market capitalisation of ₹93,800 crore, a P/E ratio of 48.04, and a 52-week price range between ₹1,863 and ₹3,743. The company does not currently offer a dividend yield.

Conclusion

Waaree Energies has delivered an outstanding Q1 FY26 performance, marked by record production, robust financial growth, and aggressive expansion plans. With a strong order book and global presence, the company is well-positioned to drive the energy transition both in India and globally.

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