Waaree Energies Q2 FY27 Revenue Rises 24%, Profit Drops

Q2 results show growth with lower profitability

Waaree Energies reported higher consolidated revenue for the quarter ended September 30, 2026, but profitability declined from a year earlier. Revenue from operations rose 23.9% year-on-year to ₹7,517.7 crore in Q2 FY27, compared with ₹6,065.6 crore in Q2 FY26. Consolidated EBITDA fell 5% to ₹1,335.2 crore from ₹1,406 crore. EBITDA margin narrowed to 18% from 23%, a decline of 500 basis points. The company’s consolidated profit after tax was reported at about ₹754 crore in the filing summary, versus ₹878 crore in the year-ago period. The earnings release put H1 FY27 profit after tax at ₹1,645.5 crore. The result indicates that sales growth remained firm, while margins were under pressure during the quarter.

Revenue crosses ₹7,500 crore in the September quarter

The Q2 revenue performance followed a strong June-quarter base. In Q1 FY27, Waaree Energies had reported revenue of ₹7,931.79 crore, up 79.22% year-on-year. Revenue in Q2 was lower sequentially than the June quarter, but remained substantially above the Q2 FY26 level. For the first half of FY27, revenue from operations reached ₹15,449.5 crore, representing growth of 47.3% from H1 FY26. The half-year figure combines revenue from a growing solar manufacturing and sales business with a rising contribution from retail operations. The company said retail revenue rose to ₹5,753 crore in H1 FY27 from ₹1,976.8 crore in H1 FY26. Retail accounted for 37.2% of H1 FY27 revenue, compared with 18.8% a year earlier.

EBITDA margin declines by 500 basis points

The key change in the quarterly numbers was the reduction in operating margin. EBITDA of ₹1,335.2 crore was below ₹1,406 crore reported in Q2 FY26 despite the increase in revenue. Consequently, the EBITDA margin declined to 18% from 23%. A lower margin means that the increase in sales did not translate into a proportionate increase in operating profit. The company’s Q1 FY27 operating margin had been reported at 18.2%, placing the Q2 margin near that level. Investors will therefore track whether the margin trend stabilises in the second half of the financial year. Waaree has set an operating EBITDA target of ₹7,000 crore to ₹7,700 crore for FY27.

H1 operating cash flow strengthens sharply

Waaree Energies reported operating cash flow of ₹3,483.6 crore for H1 FY27. This was up 506.1% year-on-year from ₹574.7 crore in H1 FY26. The improvement in operating cash generation stands out against the lower quarterly EBITDA and profit figures. Cash flow is relevant for a manufacturing business that requires funding for capacity creation, inventory and working capital. The company also reported H1 FY27 EBITDA of ₹2,775.1 crore, up 15.5% year-on-year. These figures show that first-half operating profit still grew, even as the September-quarter margin was lower than a year earlier. The reported cash flow and half-year revenue data provide the broader context for the Q2 result.

Production expands across modules and cells

Operational volumes increased during the first half. Module production was 6.3 GW in H1 FY27, compared with 4.9 GW in H1 FY26. Q2 module production was 3.0 GW. Cell production increased to 1.9 GW in H1 FY27 from 0.8 GW in the corresponding period last year. Q2 cell production was 1.1 GW, with capacity utilisation of 81% as disclosed by the company. Earlier, management had said captive cell production was expected to increase from about 800 MW in Q1 FY27 to 1.2 GW in Q2 and 1.5 GW in Q3. The reported Q2 cell output indicates continued progress in building internal manufacturing capability.

Order book offers visibility for future execution

Waaree Energies reported an order book of about ₹59,200 crore in its Q2 and H1 FY27 earnings release. This was lower than the around ₹61,500 crore order book cited around the Q1 FY27 results, but remains sizeable relative to the company’s reported quarterly revenue. An order book represents projects or supply commitments that are yet to be executed and recognised as revenue. It provides visibility on demand, although actual execution can depend on customer schedules, project approvals and supply-chain conditions. The company had described the Q1 order book as a record level. For investors, the Q2 figure remains an important indicator of the scale of the company’s contracted pipeline.

Data centre diversification is part of the wider strategy

The Q2 result came as Waaree Energies pursued diversification beyond its core solar operations. Reports on the quarter noted the acquisition of data centre subsidiaries and the company’s exploration of AI and digital infrastructure opportunities. The available disclosures do not provide a separate financial contribution from these businesses in the cited Q2 figures. As a result, the immediate financial discussion remains centred on revenue growth, margin movement, cash flow and manufacturing output. Any material financial impact from newer businesses would need to be assessed through subsequent company disclosures. The company has stated that analyst and institutional investor discussions are restricted to publicly available information under SEBI disclosure norms.

Q1 share reaction highlighted investor focus on earnings

Waaree Energies shares had fallen nearly 6% to ₹2,581.70 after the Q1 FY27 results, despite a 15.39% year-on-year increase in consolidated net profit to ₹891.87 crore and a 79.22% rise in revenue. That reaction showed that investors were assessing more than headline growth numbers. The Q2 results add a fresh data point, with revenue expanding but EBITDA, net profit and operating margin lower than a year earlier. The company’s retail revenue mix, production volumes, cash flow and order book provide counterbalancing operating indicators. However, the 500-basis-point year-on-year EBITDA margin decline remains a central item in the quarterly update. Market participants will likely compare future margins with the FY27 operating EBITDA target and the pace of execution against the order book.

Key Q2 and H1 FY27 figures

For H1 FY27, Waaree Energies recorded revenue of ₹15,449.5 crore, EBITDA of ₹2,775.1 crore, profit after tax of ₹1,645.5 crore and operating cash flow of ₹3,483.6 crore. The company’s next disclosures and investor interactions will provide further detail on capacity expansion, execution of its order book and progress toward its FY27 EBITDA target.