Waaree Energies Shines Bright: A Q2 FY26 Powerhouse Performance

Waaree Energies Limited, a prominent player in India's renewable energy sector, has reported an exceptional performance for the second quarter of Fiscal Year 2026. The company delivered record-breaking financial results, showcasing robust growth across key metrics. Total income for Q2 FY26 surged to ₹6,227 crore, marking an impressive 70% year-on-year increase. This strong top-line growth was complemented by an even more significant expansion in profitability, with EBITDA skyrocketing by 155% to ₹1,567 crore. The net profit after tax (PAT) also saw a substantial jump of 134%, reaching ₹878 crore. These figures underscore Waaree's strong operational execution and strategic positioning within the rapidly expanding green energy landscape.

The company's operational achievements were equally noteworthy. Waaree Energies recorded its highest-ever quarterly module production at 2.6 gigawatts (GW). Furthermore, its cell manufacturing facility is now fully functional and operational at 5.4 GW, solidifying its position as India's largest cell manufacturing unit. While cell production for the quarter stood at 0.6 GW, management anticipates a significant ramp-up in the second half of the year. The order book remains robust at approximately ₹47,000 crore (equivalent to ~24 GW) as of September 30, 2025, with an extensive order pipeline exceeding 100 GW, providing substantial revenue visibility. Geographically, the order book is split roughly 60% overseas and 40% domestic, though domestic revenue contribution for the quarter was 53%, reflecting dynamic market engagement.

Financial Highlights (Consolidated)

Strategic Expansion and Diversification

Waaree Energies is not just focusing on solar modules; it is strategically diversifying its portfolio to become a comprehensive green energy solutions provider. The company has approved an additional capital expenditure of approximately ₹8,175 crore, effective October 1, 2025, for significant capacity expansions. This includes augmenting Battery Energy Storage System (BESS) capacity from 3.5 GWh to 20 GWh (with a capex of ~₹8,000 crore), increasing electrolyser manufacturing capacity from 300 MW to 1 GW (capex of ~₹125 crore), and expanding inverter capacity from 3 GW to 4 GW (capex of ~₹50 crore). These investments are critical for tapping into the burgeoning BESS and green hydrogen markets, which are expected to witness exponential growth globally and in India.

Furthermore, Waaree has made strategic acquisitions to strengthen its product portfolio, including a 64% stake in Kotsons Transformers for ₹192 crore, Meyer Burger's US assets for $18.5 million, and a 76% stake in Racemosa Energy Meters for ₹53 crore. These moves enable the company to integrate deeper into the renewable energy value chain, from manufacturing key components like transformers and smart meters to expanding its global footprint. The company's planned capacity expansion for modules, cells, and ingots-wafers is progressing on schedule, aiming for 26.7 GW module capacity by FY26 and 15.4 GW cell and 10 GW ingot-wafer capacity by 2027.

Outlook and Sustainability Commitment

Management has reaffirmed its FY26 EBITDA guidance in the range of ₹5,500 crore to ₹6,000 crore, reflecting confidence in sustained growth and profitability. The company is actively pursuing backward integration into ingots and wafers, aiming to participate in 95-100% of the business offered by the country, especially with the upcoming ALMM for cells and ingots-wafers. This strategy is expected to further enhance margins and reduce reliance on imports. Waaree also emphasizes its commitment to sustainability, targeting net-zero emissions for Scope 1 and 2 by 2030 and Scope 3 by 2040. It is the first Indian module manufacturer to receive EPD certifications and has been recognized with a Gold Medal in EcoVadis sustainability rating, highlighting its dedication to environmental stewardship and circularity.

Waaree Energies Limited's Q2 FY26 performance demonstrates strategic clarity, disciplined execution, and a forward-looking approach to capitalize on the immense opportunities in the global green energy transition. With robust financials, aggressive capacity expansion, and a diversified portfolio, the company is well-positioned for sustained growth and value creation.