Waaree Energies Limited Q2 Revenue Reaches ₹7,517.74 Crore

Waaree Energies Limited reported Q2 FY27 consolidated revenue of ₹7,517.74 crore, 23.9% higher year-on-year but 5.22% below the preceding quarter's ₹7,931.79 crore. Net profit stood at ₹753.64 crore, while operating EBITDA margin declined sequentially to 17.8% from 18.2% in Q1.

What were Waaree Energies' Q2 FY27 financial results?

Waaree Energies reported consolidated revenue from operations of ₹7,517.74 crore for the quarter ended September 30, 2026. The result represented year-on-year revenue growth of 23.9% from ₹6,065.6 crore in Q2 FY26, while sequential revenue fell 5.22% from ₹7,931.79 crore in Q1 FY27.

Consolidated net profit was ₹753.64 crore, compared with ₹878.21 crore in the comparable previous-year quarter, a decline of 14.2%. Operating EBITDA was ₹1,335.2 crore, down 5.1% year-on-year, and the EBITDA margin was 17.8%, compared with 23.2% a year earlier. The company sold 3.0 GW of modules during the quarter, against 2.4 GW in Q2 FY26.

Why did the quarterly EBITDA margin decline?

Waaree Energies' operating EBITDA margin declined to 17.8% in Q2 FY27 from 18.2% in Q1 FY27 partly because the previous quarter included one-time tariff refund income. The earnings-call highlights specifically identified the absence of this item as a factor behind the sequential margin movement.

The year-on-year comparison was also weaker, with margin at 17.8% versus 23.2% in Q2 FY26. Revenue continued to grow from the prior-year period, but the figures show that higher sales did not translate into higher operating EBITDA for the quarter. The available materials do not provide a detailed break-up of other costs or pricing factors behind the year-on-year margin change.

Standalone financials were higher than the consolidated profit contribution in the quarter, with standalone revenue of ₹4,577.55 crore and net profit of ₹670.88 crore. These numbers underline the significance of the company's core Indian operations within its reported financial performance.

How did Waaree Energies perform in the first half?

Waaree Energies recorded consolidated revenue of ₹15,449.53 crore in the first half of FY27, up 47.3% year-on-year. Operating EBITDA for the six months rose 15.5% to ₹2,775.1 crore, while consolidated net profit was ₹1,645.51 crore, nearly unchanged from ₹1,651.10 crore in the prior-year period.

Operating cash flow improved materially to ₹3,477.06 crore in the first half, compared with ₹574.73 crore a year earlier. The reported improvement in cash generation is relevant as the company plans a substantial manufacturing investment programme. On a standalone basis, first-half revenue was ₹10,799.22 crore and net profit was ₹1,409.98 crore.

The company said its order book stood at ₹59,200 crore as of October 26, 2026. This disclosed backlog provides visibility over contracted business, although the supplied information does not specify execution timing, customer concentration, or the expected margin profile of these orders.

What manufacturing expansion and guidance has Waaree Energies disclosed?

Waaree Energies has reaffirmed FY27 operating EBITDA guidance of ₹7,000 crore to ₹7,700 crore and said the second half is expected to account for 55% to 60% of the full-year result. The company indicated that Q3 and Q4 are expected to carry a larger share of second-half activity.

Its manufacturing plans include about 15 GW of solar cell capacity by FY27, alongside 10 GW of ingot-wafer capacity. Earnings-call highlights referred to 15.4 GW of solar cell capacity in India by FY27, which would raise the cell-to-module ratio from about 22% to about 65%. The stated objective is to increase integration and improve margins.

The wider plan also includes 20 GWh of battery energy storage system capacity by FY29, with 3.5 GWh in Phase I by FY27, 4.15 GW of inverter capacity and 20,000 MVA of transformer capacity. Planned capital expenditure exceeds ₹30,000 crore, phased at 30% in FY27, 40% in FY28 and 30% in FY29.

How do the results affect Waaree Energies investors and operations?

The results present two distinct signals for investors: revenue and module volumes expanded from the prior-year quarter, while profitability and margins declined. The quarter-on-quarter revenue decline and the lower EBITDA margin are important because the company is pursuing a capital-intensive expansion while seeking to protect operating returns.

Management's reaffirmed EBITDA guidance, order book and expected second-half weighting are the key disclosed reference points for assessing the rest of FY27. Earnings-call highlights also cited U.S. trade-policy and solar-pricing uncertainty. The same highlights referred to higher U.S. utilisation and a $0.07-per-watt U.S. incentive as factors expected to support margin expansion over the next two quarters.

Waaree Energies made the audio recording of its October 28, 2026 analysts and institutional investors meeting available on its investor relations website. The meeting covered unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. Investors can use the recording to review management's discussion of operations and outlook, while noting that a full transcript was not available in the supplied company materials.

Conclusion

Waaree Energies delivered 23.9% year-on-year revenue growth in Q2 FY27, supported by module sales of 3.0 GW, but reported lower net profit and operating margins. The results show the effect of a tougher profitability comparison, including the prior quarter's one-time tariff refund income, even as first-half revenue and operating cash flow increased.

The next disclosed milestones are the second-half execution that is expected to contribute 55% to 60% of FY27 operating EBITDA, progress on cell and other manufacturing capacity, and delivery against the reaffirmed ₹7,000 crore to ₹7,700 crore EBITDA guidance. Investors will also monitor the order-book conversion, U.S. utilisation and solar pricing conditions cited in the earnings-call highlights.