Waaree Doubles EBITDA And PAT As FY26 Revenue Surges

05 May 2026 CW Team

The company achieved module production of four point two gigawatt (GW) in the fourth quarter and a record annual output of 12.6 GW, supported by operational efficiency. Quarterly revenue was Rs 84.80 bn, up 111.80 per cent year on year, and quarterly operating EBITDA was Rs 15.77 bn with margins of 18.59 per cent. Quarterly net profit after tax stood at Rs 11.26 bn, advancing 74.76 per cent against the prior period. Management highlighted scale expansion and cost leadership as drivers of the quarterly improvement.

Strategic actions included acquisition of a stake in United Solar Holding Inc in Oman to secure a polysilicon supply and support global expansion. The board approved Rs 39.00 bn for a 2,500 TPD glass plant and Rs 62.00 bn for a 10 GW ingot and wafer facility in Nagpur. The company commissioned an additional three GW of module capacity at Samakhiali and advanced upstream manufacturing investments. The board recommended a final dividend of two rupees per equity share, taking the total for FY26 to four rupees per equity share on a face value of 10.

Looking ahead, the company set an operating EBITDA projection for next year of Rs 70 bn to Rs 77 bn and signalled its Waaree 2.0 shift towards integrated clean energy solutions. Planned expansion covers battery energy storage systems, inverters, transformers and electrolysers for green hydrogen. The company said these investments will deepen vertical integration and support global market expansion backed by secured upstream supply chains.

Waaree Energies Limited reported a strong fiscal year with revenue from operations rising to Rs 265.37 billion (bn) in FY26, an increase of 83.72 per cent year on year. Operating EBITDA for the year reached Rs 59.09 bn while total EBITDA exceeded guidance at Rs 66.17 bn. Net profit after tax doubled year on year to Rs 38.84 bn, reflecting disciplined execution and scale advantages. The performance was underpinned by improved margins and higher volumes across the manufacturing footprint. The company achieved module production of four point two gigawatt (GW) in the fourth quarter and a record annual output of 12.6 GW, supported by operational efficiency. Quarterly revenue was Rs 84.80 bn, up 111.80 per cent year on year, and quarterly operating EBITDA was Rs 15.77 bn with margins of 18.59 per cent. Quarterly net profit after tax stood at Rs 11.26 bn, advancing 74.76 per cent against the prior period. Management highlighted scale expansion and cost leadership as drivers of the quarterly improvement. Strategic actions included acquisition of a stake in United Solar Holding Inc in Oman to secure a polysilicon supply and support global expansion. The board approved Rs 39.00 bn for a 2,500 TPD glass plant and Rs 62.00 bn for a 10 GW ingot and wafer facility in Nagpur. The company commissioned an additional three GW of module capacity at Samakhiali and advanced upstream manufacturing investments. The board recommended a final dividend of two rupees per equity share, taking the total for FY26 to four rupees per equity share on a face value of 10. Looking ahead, the company set an operating EBITDA projection for next year of Rs 70 bn to Rs 77 bn and signalled its Waaree 2.0 shift towards integrated clean energy solutions. Planned expansion covers battery energy storage systems, inverters, transformers and electrolysers for green hydrogen. The company said these investments will deepen vertical integration and support global market expansion backed by secured upstream supply chains.

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