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

Board clears audited FY26 numbers after April 29 meeting

Waaree Energies Ltd. said its board approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on April 29, 2026. The company reported consolidated revenue from operations of ₹26,536.77 crore for FY26. It also reported net profit of ₹3,884.15 crore for the year. Separately, the company cited consolidated annual revenue of ₹27,244.92 crore for FY26. The statutory auditors issued a clean audit report on the results for the year ended March 31, 2026.

FY26 performance: revenue base expands, profit stays strong

The FY26 numbers show a sharp scale-up in reported operations, with consolidated revenue from operations at ₹26,536.77 crore. Net profit for the year came in at ₹3,884.15 crore. Waaree also disclosed that Q4 contributed ₹8,480.25 crore of consolidated revenue from operations. The same set of updates flagged that Q4 net profit was ₹1,061 crore, with reports describing a 71.4% increase year-on-year. The company’s disclosures position FY26 as a record year on key headline metrics.

Q4 snapshot: sharp jump in revenue and profit

For the March quarter, Waaree reported consolidated revenue of ₹8,480.25 crore. Q4 net profit was reported at ₹1,061 crore. The update alongside the results described quarterly revenue growth of 112% and profit growth of 71.4%. While the company’s filings referenced both annual totals and revenue-from-operations figures, the quarter’s contribution underscores how much of the full-year scale came late in FY26. Investors typically track such quarterly intensity to understand execution pace and working capital needs, although Waaree’s statement focused on audited outcomes rather than forward guidance.

Dividend: ₹2 per share proposed, subject to AGM approval

The board recommended a final dividend of ₹2 per equity share of face value ₹10 each. The company described this as a 20% payout rate. The dividend remains subject to shareholder approval at the Annual General Meeting. Waaree has also previously declared an equity dividend of ₹2.00 per share on October 24, 2025, as referenced in the broader disclosures compiled around the results cycle. For shareholders, the immediate next checkpoint is the AGM vote that determines whether the board’s recommendation is paid.

Fundraising plan: up to ₹10,000 crore via multiple routes

Alongside results, the board approved a fundraising plan of up to ₹10,000 crore. The company said the capital could be raised through instruments including equity shares, non-convertible debentures with warrants, or other eligible securities. The proposed routes include Qualified Institutional Placements (QIP) and other permissible modes, subject to required approvals. The disclosure did not specify a timeline, pricing, or final instrument mix. It also did not quantify the exact allocation of proceeds across projects, beyond reiterating long-term operational and strategic purposes.

Acquisition: Waaree Semicon to become a step-down subsidiary

Waaree Energies said it agreed to acquire 100% of Waaree Semicon Private Limited for ₹0.0001 crore (₹1.00 lakh). After completion, Waaree Semicon will become a step-down subsidiary. The announcement framed the move as part of a broader strategic push that includes capital raising and capacity building. The filing did not provide additional financials of the target or integration milestones. Investors will likely watch subsequent disclosures for operational details and governance structure post-acquisition.

Capex and IPO proceeds: ₹1,148.69 crore deployed for 6GW facility

Waaree also disclosed the utilisation of ₹1,148.69 crore from recent IPO proceeds towards a 6GW ingot-wafer and solar cell or module manufacturing facility. The facility locations mentioned were Gujarat and Maharashtra. The update links the FY26 scale-up with ongoing backward integration and manufacturing expansion. Earlier context around the company also referenced substantial investments, including ₹3,900 crore capex for a glass manufacturing facility and a ₹190 crore stake increase in subsidiary Waaree Transpower. These figures were cited as part of the company’s broader investment narrative around capacity and integration.

Governance updates: auditors appointed for FY27 oversight

In the same board outcome, Waaree noted governance actions for the next financial year. It approved the re-appointment of M/s. V J Talati & Co. as Cost Auditor for FY 2026-27. It also approved M/s. Mahajan and Aibara as Internal Auditor for FY 2026-27. The company highlighted that governance and oversight remain priorities, and the clean audit report on FY26 results was positioned as a supporting datapoint. Separately, disclosures around the results cycle noted the trading window closure from April 1, 2026 until 48 hours after the results announcement, consistent with insider trading controls.

Legal and regulatory overhangs flagged in disclosures

While the headline numbers were strong, the compiled disclosures also pointed to ongoing legal and regulatory challenges. These included monitoring the progress and outcome of an investigation by U.S. Customs and Border Protection (CBP) and a probe by the Indian Income Tax Department. The company’s updates also referenced tracking developments and potential financial impact from ongoing arbitration with Enel Green Power Development. The disclosures did not quantify contingent liabilities or likely outcomes in this summary. Even so, these items were explicitly highlighted as areas investors should monitor alongside expansion and fundraising.

Key numbers and events at a glance

Timeline: result-related disclosures to BSE

What investors will track next

The immediate near-term event is shareholder approval of the ₹2 final dividend at the AGM. Beyond dividends, the most important monitoring points are the structure, timing, and pricing of the ₹10,000 crore fundraising plan, given the range of instruments mentioned. Investors will also look for clarity on how raised funds align with manufacturing expansion and the 6GW project execution, especially after the disclosed utilisation of ₹1,148.69 crore of IPO proceeds. And the legal and regulatory items highlighted in the disclosures, including the U.S. CBP investigation, the Indian Income Tax Department probe, and the Enel arbitration, remain watchpoints for potential financial and reputational risk.

Conclusion

Waaree Energies’ audited FY26 results showed consolidated revenue from operations of ₹26,536.77 crore and net profit of ₹3,884.15 crore, alongside a proposed ₹2 final dividend. The company also paired the results with a ₹10,000 crore fundraising approval and a small-value acquisition of Waaree Semicon that would create a step-down subsidiary. The next set of confirmations will come through AGM approval for the dividend and subsequent disclosures on the fundraising route, deployment plan, and updates on ongoing probes and arbitration.