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Waaree Energies Results: Latest Quarterly Results & Analysis

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Waaree Energies Ltd. 28 Oct 2026 11:50 AM

Q2FY27 Quarterly Result Announced for Waaree Energies Ltd.

Electrical Equipment & Products company Waaree Energies announced Q2FY27 results

Consolidated Financial Highlights:

  • Revenue from operations: For Q2FY27, it stood at Rs 7,517.74 crore, reflecting a QoQ decrease of 5.22% from Rs 7,931.79 crore in Q1FY27 and a YoY increase of 23.94% from Rs 6,065.64 crore in Q2FY26. For H1FY27, consolidated revenue from operations was Rs 15,449.53 crore, growing by 47.26% YoY from Rs 10,491.47 crore in H1FY26.
  • Total income: Grew to Rs 7,664.81 crore in Q2FY27, which indicates a sequential reduction of 5.40% from Rs 8,102.60 crore in Q1FY27 and a YoY expansion of 23.10% over Rs 6,226.54 crore in Q2FY26. For H1FY27, total income reached Rs 15,767.41 crore, up 45.67% YoY from Rs 10,823.72 crore in H1FY26.
  • Profit Before Tax (PBT): Reached Rs 1,029.75 crore in Q2FY27, displaying a sequential decline of 14.92% QoQ from Rs 1,210.38 crore in Q1FY27 and a YoY decrease of 16.38% from Rs 1,231.46 crore in Q2FY26. For H1FY27, consolidated PBT grew by 3.00% YoY to Rs 2,240.13 crore against Rs 2,174.82 crore in H1FY26.
  • Profit After Tax (PAT): Arrived at Rs 753.64 crore in Q2FY27, representing a QoQ drop of 15.50% against Rs 891.87 crore in Q1FY27 and a YoY contraction of 14.18% versus Rs 878.21 crore in Q2FY26. For H1FY27, consolidated PAT stood at Rs 1,645.51 crore, falling marginally by 0.34% YoY from Rs 1,651.10 crore in H1FY26.
  • Earnings Per Share (EPS): Basic EPS for Q2FY27 was Rs 24.98 (diluted EPS was Rs 24.44), down sequentially by 15.49% QoQ from Rs 29.56 (diluted EPS was Rs 29.50) in Q1FY27 and down YoY by 14.83% from Rs 29.33 (diluted EPS was Rs 29.27) in Q2FY26. For H1FY27, basic EPS was Rs 54.54 (diluted EPS was Rs 54.44), showing a YoY decline of 1.32% against Rs 55.27 (diluted EPS was Rs 55.11) in H1FY26.

Standalone Financial Highlights:

  • Revenue from operations: For Q2FY27, it was Rs 4,577.55 crore, down 26.43% sequentially from Rs 6,221.67 crore in Q1FY27 and down 0.09% YoY from Rs 4,581.84 crore in Q2FY26. For H1FY27, revenue reached Rs 10,799.22 crore, scaling up by 35.81% YoY from Rs 7,951.76 crore in H1FY26.
  • Total income: Amounted to Rs 4,759.14 crore in Q2FY27, reflecting a sequential fall of 25.83% QoQ from Rs 6,416.59 crore in Q1FY27 and a YoY decrease of 10.48% from Rs 5,316.38 crore in Q2FY26. For H1FY27, standalone total income reached Rs 11,175.73 crore, higher by 25.80% YoY than Rs 8,883.48 crore in H1FY26.
  • Profit Before Tax (PBT): For Q2FY27, it came in at Rs 883.08 crore, which is a structural reduction of 11.06% QoQ from Rs 992.93 crore in Q1FY27 and a decline of 42.51% YoY against Rs 1,535.94 crore in Q2FY26. For H1FY27, standalone PBT was Rs 1,876.01 crore, matching a YoY fall of 22.44% versus Rs 2,418.90 crore in H1FY26.
  • Profit After Tax (PAT): Registered at Rs 670.88 crore in Q2FY27, declining sequentially by 9.23% QoQ from Rs 739.10 crore in Q1FY27 and pulling back YoY by 42.14% from Rs 1,159.53 crore in Q2FY26. For H1FY27, standalone PAT reached Rs 1,409.98 crore, a drop of 22.50% YoY against Rs 1,819.42 crore in H1FY26.
  • Earnings Per Share (EPS): Standalone basic EPS for Q2FY27 stood at Rs 23.33 (diluted EPS was Rs 23.27), dropping sequentially from Rs 25.69 (diluted EPS was Rs 25.65) in Q1FY27 and down YoY from Rs 40.36 (diluted EPS was Rs 40.28) in Q2FY26. For H1FY27, basic EPS dropped to Rs 49.02 (diluted EPS was Rs 48.92) versus Rs 63.33 (diluted EPS was Rs 63.16) in H1FY26.

Business Highlights & Segment Performance:

  • Segment Revenue Performance:
    • Solar Photovoltaic Modules: Segment revenue stood at Rs 6,571.01 crore in Q2FY27 (versus Rs 7,399.82 crore in Q1FY27) and Rs 13,970.83 crore for H1FY27.
    • Generation of Power: Segment revenue stood at Rs 16.03 crore in Q2FY27 (versus Rs 9.86 crore in Q1FY27) and Rs 25.89 crore for H1FY27.
    • Engineering, procurement and construction (EPC) contracts: Segment revenue stood at Rs 447.19 crore in Q2FY27 (versus Rs 801.18 crore in Q1FY27) and Rs 1,248.37 crore for H1FY27.
    • EPC contracts Transmission and Distribution: Segment revenue stood at Rs 606.13 crore in Q2FY27 (versus Rs 112.81 crore in Q1FY27) and Rs 718.94 crore for H1FY27.

Jignesh Rathod, Whole Time Director & CEO, Waaree Energies, said: Our H1FY27 performance reflects the strength of our business fundamentals and consistent execution of our growth strategy. For H1FY27, a 47% increase in revenues, coupled with 15% EBITDA growth and significant improvement in Operating Cashflows by almost 5x, demonstrates the resilience of our execution.

We are particularly encouraged by the strong momentum in our retail business and domestic US manufacturing, which recorded revenue growth of 191% and 113%, respectively in H1FY27. These businesses are becoming important contributors to our growth trajectory. As we continue to expand our capabilities and strengthen our presence across the clean energy value chain, we expect our Battery Energy Storage System (BESS), Transformers, Inverters, EPC T&D and Green Hydrogen businesses to contribute to future growth.

As we will enter FY28, Waaree will be full ready to execute on capacities namely ~29GW of Solar PV, 15.4GW of Solar Cell, ~5 GWh of BESS Pack & Container, ~3.5 GWh Battery Cell manufacturing, 4GW of Inverter, 20,000 MVA of Transformers and a larger integrated EPC entity (Projects T&D).

Waaree sits at the inflexion of becoming vertically and horizontally integrated with high operating leverage potential ahead, driven by increased utilization. With a clear strategic roadmap, expanding capabilities and a strong focus on execution, we are confident in our ability to deliver sustainable, long-term growth.

Result PDF

Electrical Equipment & Products company Waaree Energies announced Q1FY27 results

Consolidated Financial Highlights:

  • Revenue from operations for Q1FY27 stood at Rs 7,931.79 crore, representing a decrease of 6.47% QoQ from Rs 8,480.25 crore in Q4FY26, while recording a growth of 79.22% YoY from Rs 4,425.83 crore in Q1FY26.
  • Total income for the quarter Q1FY27 was reported at Rs 8,102.60 crore, down 6.44% compared to Rs 8,659.98 crore in Q4FY26 (QoQ) and up 76.25% from Rs 4,597.18 crore in Q1FY26 (YoY).
  • Other income during Q1FY27 reached Rs 170.81 crore, as against Rs 179.73 crore in Q4FY26 and Rs 171.35 crore in Q1FY26.
  • Profit before tax for Q1FY27 reached Rs 1,210.38 crore, reflecting a decrease of 14.03% QoQ from Rs 1,407.95 crore in Q4FY26, but an increase of 28.31% YoY compared to Rs 943.36 crore in Q1FY26.
  • Net profit for the period Q1FY27 stood at Rs 891.87 crore, showing a decline of 20.81% QoQ from Rs 1,126.26 crore in Q4FY26 and an increase of 15.39% YoY from Rs 772.89 crore in Q1FY26.
  • Total comprehensive income for Q1FY27 was reported at Rs 891.91 crore, compared to Rs 1,131.10 crore in Q4FY26 and Rs 760.99 crore in Q1FY26.
  • Basic Earnings Per Share (EPS) for Q1FY27 was Rs 29.56, compared to Rs 36.91 in Q4FY26 and Rs 25.94 in Q1FY26.

Standalone Financial Highlights:

  • Revenue from operations for Q1FY27 was Rs 6,221.67 crore, reflecting a decrease of 7.80% QoQ from Rs 6,747.80 crore in Q4FY26 and a growth of 84.62% YoY from Rs 3,369.92 crore in Q1FY26.
  • Total income for the quarter Q1FY27 stood at Rs 6,416.59 crore, marking a 8.05% QoQ decrease from Rs 6,978.25 crore in Q4FY26 and a 79.88% YoY increase from Rs 3,567.10 crore in Q1FY26.
  • Other income during Q1FY27 was Rs 194.92 crore, as against Rs 230.45 crore in Q4FY26 and Rs 197.18 crore in Q1FY26.
  • Profit before tax for Q1FY27 reached Rs 992.93 crore, down 17.89% QoQ from Rs 1,209.33 crore in Q4FY26 and up 12.45% YoY from Rs 882.96 crore in Q1FY26.
  • Net profit for the period Q1FY27 was reported at Rs 739.10 crore, showing a decrease of 20.83% QoQ from Rs 933.56 crore in Q4FY26 and an increase of 12.00% YoY from Rs 659.89 crore in Q1FY26.
  • Total comprehensive income for Q1FY27 stood at Rs 739.09 crore, compared to Rs 934.04 crore in Q4FY26 and Rs 660.14 crore in Q1FY26.
  • Basic Earnings Per Share (EPS) for Q1FY27 was Rs 25.69, compared to Rs 32.45 in Q4FY26 and Rs 22.97 in Q1FY26.

Business Highlights:

  • Segment-wise Performance:
    • Solar Photovoltaic Modules: Contributed Rs 7,399.82 crore in Q1FY27, up from Rs 3,872.35 crore in Q1FY26.
    • EPC Contracts: Reported revenue of Rs 913.99 crore in Q1FY27, up from Rs 589.27 crore in Q1FY26.
    • Generation of Power: Stood at Rs 9.86 crore in Q1FY27, compared to Rs 33.77 crore in Q1FY26.
  • Acquisition: The subsidiary company, Waaree Renewable Technologies Limited, completed the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL) for a total consideration of Rs 1,225.00 crore on June 18, 2026.
  • Duty Refund: Following a US Supreme Court verdict, the Group recognized income of Rs 349.28 crore as other operating revenue and Rs 25.13 crore as a reduction from cost of asset and inventory in relation to a refund of reciprocal duties under IEEPA tariffs.
  • IPO Proceeds: Out of the fresh issue proceeds of Rs 3,600.00 crore, the company has utilized Rs 2,448.68 crore as of June 30, 2026, primarily for establishing 6GW manufacturing facilities for Ingot-Wafer, Solar Cell, and Solar PV Modules.
  • Subsidiary Investment: The Holding Company infused funds amounting to Rs 150.00 crore into its wholly owned subsidiary, Waaree Energy Storage Solutions Private Limited, on July 8, 2026.

Result PDF

Electrical Equipment & Products company Waaree Energies announced Q1FY26 results

  • Reported quarterly revenue of Rs 4,597.18 crore, marking a 31.48% YoY growth
  • EBITDA for the quarter stood at Rs 1,168.67 crore, reporting a growth of 82.61% YoY with margins of 25.42%
  • Profit After Tax (PAT) of Rs 772.89 crore, a 92.68% YoY growth
  • Achieved highest ever quarterly module production of 2.3 GW in Q1 FY26, driven by strong operational focus; Cell production continues to ramp up.

Commenting on the results Dr. Amit Paithankar, Whole Time Director & CEO, Waaree Energies said: “Waaree Energies Ltd. continues to deliver strong operational performance in Q1 FY26, building on the momentum of the previous fiscal. On the demand side we have a robust order book of ~Rs 49,000 crore and a global pipeline of 100 GW, reflecting positive market sentiments across key geographies.

This quarter, Waaree achieved its highest-ever production of modules at 2.3 GW, underscoring the success of our efforts to improve production efficiency. Our factory build-out projects in India and the U.S. remain on track. A strong and sharp focus on costs and profitability is reflected in our financials.

We maintain our FY26 EBITDA guidance of Rs 5,500 to Rs 6,000 crore.”

Result PDF

Electrical Equipment & Products company Waaree Energies announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Production of 2.06 GW in Q4FY25 vs 1.35 GW for Q4FY24, a result of strong operational focus.
  • Revenue for the quarter stood at Rs 4,140.92 crore reporting a growth of 37.69% YoY.
  • EBITDA: Rs 1,059.57 crore compared to Rs 489.94 crore during Q4FY24, change 116.27%.
  • PAT of Rs 648.49 crore reported a substantial growth of 254.49% YoY.

FY25 Financial Highlights:

  • Production of 7.13 GW in FY25 vs 4.77 GW for FY24.
  • Revenue for the year stood at Rs 14,846.06 crore reporting a growth of 27.62% YoY.
  • EBITDA: Rs 3,123.20 crore compared to Rs 1,809.60 crore during Q4FY24, change 72.59%.
  • PAT of Rs 1,932.15 crore reported a substantial growth of 107.08% YoY.

Amit Paithankar, Whole Time Director & CEO, Waaree Energies, said: “FY25 marks a pivotal inflection point in Waaree’s journey- a year where our strategy, scale, and execution converged to deliver industry-leading EBITDA performance of Rs 3,123.20 crore. This performance underscores the strength of our execution capabilities and the quality of order book, with centred focus on margins.

We see encouraging demand trends, which bodes well for future growth. Waaree is focused on both backward and forward integration, reflected in our expansion and investment plans including cell, ingot and wafer manufacturing, battery energy storage system, power infrastructure and inverters.

Our 1.6 GW module manufacturing facility is operational in Brookshire, Texas, USA. This reinforces our commitment to the American market and underlines our local-for-local manufacturing philosophy. Our strategy of local manufacturing and supply chain management will help us navigate through the changing policy environment.

Furthermore, our EBITDA outlook for FY26 stands at Rs 5,500 crore to Rs 6,000 crore. The quality of our order book and execution capabilities will enable us to achieve these numbers.”

Result PDF

Electrical Equipment & Products company Waaree Energies announced Q3FY25 results

  • Total Income: Rs 35,452.65 million compared to Rs 16,517.74 million during Q3FY24, change 114.63%.
  • EBITDA: Rs 8,097.05 million compared to Rs 2,268.24 million during Q3FY24, change 256.97%.
  • EBITDA Margin: 22.84% for Q3FY25.
  • PAT: Rs 5,068.76 million compared to Rs 1,408.06 million during Q3FY24, change 259.98%.
  • PAT Margin: 14.30% for Q3FY25.

Amit Paithankar, Whole Time Director & CEO, Waaree Energies, said: “As an energy transition company, we see immense opportunities and are well positioned to tap into new business areas. Our solar business continues to be strong and we are rapidly advancing in the adjacencies of energy storage systems, green hydrogen, inverters and renewable infrastructure. The momentum in this space is stronger than ever, and we are well-positioned to capitalize on it.

We continue to build on our strengths, enhancing scalability and internal efficiencies, which has clearly reflected in our 9MFY25 performance. Strong execution and disciplined growth remain at the core of our strategy.

The US contributed ~15-20% of our revenue mix. As we expand globally, we are strengthening our presence in high-potential regions, ensuring that we stay ahead of the curve in this fast-evolving industry. We are excited about the road ahead and remain committed to driving meaningful change in the energy landscape."

Result PDF

Electrical Equipment & Products company Waaree Energies announced Q2FY25 results

Financial Highlights:

  • Total Income: Rs 36,634.63 million compared to Rs 35,585.47 million during Q2FY24, change 2.95% YoY.
  • EBITDA: Rs 6,139.37 million compared to Rs 5,385.09 million during Q2FY24, change 14.01% YoY.
  • EBITDA Margin: 16.76% for Q2FY25.
  • PAT: Rs 3,756.59 million compared to Rs 3,201.21 million during Q2FY24, change 17.35% YoY.
  • PAT Margin: 10.25% for Q2FY25.

Other Highlights:

  • Production of 3.3GW in H1FY25 vs 4.8GW for FY24 as a result of strong operational focus.
  • Order book as on Sep 30, 2024, stands at an impressive ~20GW, demonstrating the confidence our customers have in our execution capabilities.
  • EBITDA grew 15% YoY in H1FY25, clocking margins of 17.5%.
  • The Board of Directors have approved an investment up to Rs 6,000 million for setting up and development of infrastructure (including land and connectivity) for the purpose of developing Renewable Power projects and bidding pipeline.

Result PDF

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