Waaree Energies Q1 FY27: Profit up 14%, sales up 79%

Results headline: strong YoY growth, softer QoQ

Waaree Energies reported its consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27) on July 29, 2026. The solar manufacturer posted a sharp year-on-year rise in revenue from operations, while profit growth was more moderate. The same quarter also showed a decline when compared with the immediately preceding March 2026 quarter. For investors, the print highlights both the scale-up in business versus last year and the near-term normalisation versus the March quarter.

Profit attributable to owners rises to ₹850.22 crore

In its Q1 FY27 numbers, Waaree Energies reported consolidated profit attributable to owners of the parent company at ₹850.22 crore. This was up 14.09% year-on-year from ₹745.20 crore in Q1 FY26. On a quarter-on-quarter basis, the company’s profit attributable to owners declined 19.87% from ₹1,061.10 crore in Q4 FY26 (March 2026 quarter). The sequential drop came despite continued high revenue, indicating lower operating leverage compared with the March quarter.

Revenue from operations jumps 79% YoY to ₹7,931.79 crore

Consolidated revenue from operations in Q1 FY27 rose 79.22% year-on-year to ₹7,931.79 crore, compared with ₹4,425.83 crore in Q1 FY26. However, revenue declined sequentially by 6.47% from ₹8,480.25 crore in Q4 FY26. The mix of strong annual growth and mild sequential decline frames Q1 as a high base quarter after a stronger March quarter.

Total income increases, but eases versus Q4 FY26

Total income for the June 2026 quarter stood at ₹8,102.60 crore. This was higher than ₹4,597.18 crore in the year-ago quarter, reflecting the year-on-year expansion in operations. But total income was lower than ₹8,659.98 crore recorded in the March 2026 quarter, consistent with the sequential decline seen in revenue from operations.

EBITDA rises YoY, margin trends lower

EBITDA (excluding other income) for Q1 FY27 was reported at ₹1,439.92 crore, up 44.38% year-on-year from ₹997.32 crore in Q1 FY26. On a quarter-on-quarter basis, EBITDA declined 8.68% from ₹1,576.75 crore in Q4 FY26. EBITDA margin stood at 18.15% in Q1 FY27, compared with 22.53% in Q1 FY26 and 18.59% in Q4 FY26. That implies a 4.38 percentage point decline year-on-year and a 0.44 percentage point decline sequentially.

Expenses climb 88.6% YoY to ₹6,892.22 crore

Total expenses for Q1 FY27 rose 88.6% year-on-year to ₹6,892.22 crore, compared with ₹3,653.82 crore in Q1 FY26. Sequentially, expenses declined 5% from ₹7,252.03 crore in Q4 FY26. The expense trajectory mirrors revenue growth on an annual basis, while offering some sequential relief, although margins still edged lower versus the March quarter.

EPS rises YoY, tracks profit trend

Earnings per share (EPS) in Q1 FY27 was reported at ₹29.56, up from ₹25.94 in Q1 FY26. EPS declined sequentially from ₹36.91 in Q4 FY26, consistent with the quarter-on-quarter decline in profit attributable to owners.

Net profit measure reported at ₹891.87 crore in company statement

Separately, a company statement cited consolidated net profit of ₹891.87 crore for the June quarter, up 15.39% year-on-year from ₹772.89 crore in the quarter ended June 2025. This figure differs from the ₹850.22 crore “profit attributable to owners” disclosed in the quarterly comparison table, indicating different profit measures being referenced in the coverage.

FY26 base: profit doubled, revenue climbed 84%

The Q1 FY27 update follows a strong FY26 for Waaree Energies, as reported in the same context. For the financial year ended March 31, 2026, the company posted revenue from operations of ₹26,536.77 crore and net profit of ₹3,884.15 crore. Operating EBITDA for FY26 rose 117.10% year-on-year to ₹5,908.64 crore, and the update noted it surpassed the company’s guidance of ₹5,500 to ₹6,000 crore.

Order book update and FY27 EBITDA target

The update also referenced a record order book of ₹61,500 crore. In addition, Waaree Energies has stated a FY27 operating EBITDA target in the range of ₹7,000 crore to ₹7,700 crore, implying a required quarterly run-rate of ₹1,750 crore to ₹1,925 crore to meet the full-year goal.

Analyst call scheduled for July 30, 2026

As part of the post-results calendar, Waaree Energies scheduled an analyst and investor earnings conference call for Thursday, July 30, 2026, at 11:00 AM IST. The board meeting to approve the Q1 FY27 standalone and consolidated unaudited financial results was scheduled for July 29, 2026.

Key financial snapshot (₹ crore unless stated)

Stock and market snapshot noted alongside results

A market snapshot accompanying the results showed Waaree Energies at ₹2,876.10, up ₹16.90 (0.59%). Another line in the same context also cited a CMP of ₹2,702.0, indicating the price references were taken from different points in time around the result date.

What to watch next

The next key event on the calendar is the July 30, 2026 earnings call, where investors typically look for commentary aligned to revenue momentum, margins, and the FY27 EBITDA target range of ₹7,000 crore to ₹7,700 crore. With Q1 showing strong year-on-year expansion but a softer sequential quarter, management commentary on the operational drivers behind margin movement and the pace of execution against the order book of ₹61,500 crore will remain central to near-term tracking.