Waaree Energies FY26 profit ₹3,884 cr; ₹10,000 cr raise

What Waaree Energies announced on April 29

Waaree Energies Ltd disclosed audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, following a board meeting held on April 29, 2026. Alongside the financial results, the company announced a final dividend recommendation, a large fundraising plan, and an acquisition within its group structure. The updates were filed under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR). The company also stated that the auditors issued a clean audit report on the financial results for the year ended March 31, 2026. Separately, the company scheduled an investor conference call for April 30, 2026, at 3:00 PM IST to discuss the audited numbers. Key participants named for the call included CEO Mr. Jignesh Rathod and CFO Mr. Abhishek Pareek. The disclosures arrive at a time when Waaree is expanding capacity and outlining new capital deployment priorities.

FY26 revenue and profit: the audited headline numbers

In its FY26 update, Waaree Energies reported consolidated revenue of ₹26,536.77 crore and net profit of ₹3,884.15 crore for the fiscal year ended March 31, 2026. The same set of provided information also cites consolidated annual revenue of ₹27,244.92 crore, while retaining the same annual net profit figure of ₹3,884.15 crore. For the March quarter, the company’s Q4 revenue from operations was stated at ₹8,480.25 crore. Another summary within the provided text said Q4 FY26 net profit increased 71.4% to ₹1,061 crore, while revenue surged 112% to ₹8,480 crore. These data points together indicate a sharp ramp-up in quarterly scale by the end of FY26. The board’s approvals were presented as part of a broader package of decisions that included capital raising and group restructuring.

Dividend: final payout recommended at ₹2 per share

The board recommended a final dividend of ₹2 per equity share of face value ₹10, which equals a 20% payout on face value. The company stated the dividend is subject to shareholder approval at the Annual General Meeting. The dividend recommendation was communicated through an exchange filing tagged as a “Dividend Updates” announcement under Regulation 30 (LODR). In another part of the supplied context, a separate note had earlier suggested no dividend would be declared along with Q4 FY26 results. However, the April 29 disclosure explicitly mentions a recommended final dividend of ₹2 per share, making shareholder approval the next procedural step. For investors, this creates a clear event marker: the proposed payout is not final until the AGM approval.

Fundraising plan: board clears up to ₹10,000 crore

Waaree Energies’ board approved a fundraising plan of up to ₹10,000 crore. The filing stated the company may raise capital through multiple instruments, including equity shares, non-convertible debentures with warrants, or other eligible securities. The plan includes routes such as Qualified Institutional Placements (QIP) or other permissible modes, subject to necessary approvals. The disclosure did not specify the final mix of equity and debt, pricing, or timelines. Even so, the size of the approved raise places capital structure and dilution sensitivity in focus. Any eventual issuance will depend on market conditions and regulatory and shareholder processes, as applicable.

Acquisition: Waaree Semicon to become a step-down subsidiary

As part of the board decisions disclosed on April 29, Waaree Energies agreed to acquire 100% of Waaree Semicon Private Limited for ₹0.0001 crore (₹1.00 lakh). The company stated that this transaction will make Waaree Semicon a step-down subsidiary. The announced consideration is nominal in absolute terms, indicating the transaction may be primarily about reorganising ownership and control rather than a large cash deployment. The filing did not include additional financial details of the target entity in the provided text. Investors will typically track how such changes fit into broader strategy, especially when linked to other capital plans.

IPO proceeds and capacity build-out mentioned in the update

The provided information stated that ₹1,148.69 crore had already been utilised from recent IPO proceeds towards a 6GW ingot-wafer and solar cell/module manufacturing facility in Gujarat and Maharashtra. This is presented as part of Waaree’s ongoing large-scale project execution. The update also referenced governance and oversight steps, including the re-appointment of M/s V J Talati & Co. as Cost Auditor and M/s Mahajan and Aibara as Internal Auditor for FY 2026-27. These items were communicated as part of continued operational oversight. The disclosures together point to a year where audited numbers, capital deployment, and internal control measures were packaged in one announcement cycle.

Earlier FY26 operating and financial datapoints cited in the context

Beyond the April 29 audited disclosures, the supplied text also included a set of earlier FY26 performance metrics. For Q3 FY26, Waaree Energies reported revenue from operations of ₹7,565.05 crore, EBITDA of ₹1,928.15 crore, and profit after tax (after exceptional items) of ₹1,106.79 crore. For the first nine months of FY26, the company reported revenue of ₹18,056.52 crore, EBITDA of ₹4,331.88 crore, and PAT of ₹2,757.89 crore. Operationally, Q3 FY26 module production was stated at 3.51 GW, with solar cell output of 0.75 GW. The same context mentioned commissioning 2.1 GW of solar module capacity at Chikhli (Gujarat), 3 GW at Samakhiali (Gujarat), and 3.05 GW of inverter manufacturing capacity at Sarodhi. These details help frame the scale of the business going into the audited year-end disclosures.

Legal, regulatory, and tax items flagged alongside growth plans

The provided context noted that strong performance and growth plans are accompanied by “major ongoing legal and regulatory challenges,” including references to legal probes and arbitration. It also cited a reported insider trading code violation by a designated person in November 2025, followed by a penalty of about ₹0.85 crore (approximately ₹85 lakh) in December 2025. Separately, the text mentioned mixed tax orders, including an appellate order reducing a tax demand for FY17-18 from ₹6.95 crore to ₹0.2362 crore (₹23.62 lakh) and for FY18-19 from ₹6.03 crore to ₹0.2587 crore (₹25.87 lakh). It also referenced a new assessment order for April 2019 to March 2020, without providing the amount in the supplied excerpt. Another risk item mentioned was the imposition of preliminary US anti-dumping duties on solar products originating from India, flagged as a factor that could impact future export revenues and margins.

Market and investor checkpoints: price, timing, and the next call

The supplied market data line showed “49.30 (1.43%) as on 29 Apr, 2026 | 15:59,” indicating a positive move in the cited price snapshot. The company also disclosed an investor conference call scheduled for April 30, 2026, at 3:00 PM IST to discuss the audited results. For results-season compliance, the context also referenced the trading window being closed from April 1, 2026 until 48 hours after results declaration. The combination of audited results, fundraising approval, and a scheduled investor call typically concentrates attention on capital allocation, execution timelines, and any clarifications on contingent matters. Investors will also track the final dividend’s AGM approval process and any detailed terms of the proposed ₹10,000 crore raise when disclosed.

Key figures from the disclosures

Why the April 29 package matters

The April 29 filings combine three market-relevant elements in one window: audited FY26 profitability, a proposed shareholder payout, and a large capital-raising authorisation. The audited net profit figure of ₹3,884.15 crore is central because it underpins both dividend capacity and the narrative supporting expansion. At the same time, a ₹10,000 crore fundraising approval signals that future growth is expected to be funded at scale, potentially changing leverage and shareholder dilution dynamics depending on instrument selection. The Waaree Semicon acquisition, though nominal in consideration, indicates continued structuring in adjacent areas that the company described as strategic, including semiconductors. Finally, the disclosure set also sits against a backdrop of regulatory and tax matters cited in the provided context, which investors typically incorporate into risk assessment alongside growth projections.

Conclusion

Waaree Energies’ April 29, 2026 board outcomes highlighted audited FY26 performance, a ₹2 final dividend recommendation, approval to raise up to ₹10,000 crore, and an internal acquisition that makes Waaree Semicon a step-down subsidiary. The next confirmed event is the investor conference call on April 30, 2026, where management is expected to discuss audited results and related decisions. Shareholder approval at the AGM remains the next step for the final dividend. Further details on the fundraising structure and timelines will be key disclosures to watch as and when the company files them with exchanges.