Waaree Energies Q4FY26: Profit seen up 85%, dividend due

Overview: Q4FY26 results due on April 29

Waaree Energies is set to announce its Q4FY26 earnings on April 29, 2026, with the board also scheduled to consider a final dividend for FY26. Market expectations point to another strong quarter, led by export demand and firmer solar PV module prices. The stock has remained active ahead of the announcement, even as brokerage views and trading levels have been widely discussed. In one note, Waaree was described as reporting strong Q4 growth even as the share price fell despite the results, highlighting how sentiment can diverge from earnings.

Profit estimate: ₹1,050–₹1,130 crore, up sharply YoY

As per experts cited in the provided information, Waaree Energies’ net profit for Q4FY26 is expected to rise 80% to 85% year-on-year and 6% to 8% quarter-on-quarter, landing in the range of ₹1,050–₹1,130 crore. For comparison, net profit was ₹619 crore in the same quarter of the previous fiscal year and ₹1,062 crore in Q3FY26. The profit growth expectation is linked to strong export demand and higher module prices.

Revenue estimate: ₹7,900–₹8,100 crore on exports and pricing

Revenue from operations is expected at ₹7,900–₹8,100 crore in Q4FY26, up 97% to 102% year-on-year and 4% to 7% quarter-on-quarter, supported by export demand and rising solar PV module prices amid global supply constraints. Another statement in the supplied text also described Q4 revenue as likely to be the company’s highest ever at around ₹8,000 crore, implying roughly 100% year-on-year growth and about 6% sequential growth.

EBITDA expectations: growth YoY, pressure sequentially

A Nuvama note in the provided material said Waaree’s EBITDA could rise 62% year-on-year to ₹1,500 crore on 3.8 GW module production (+83% YoY). The same note added EBITDA may fall 22% quarter-on-quarter due to a 15% fall in cell output linked to a switchover to G12R. It also cited EBITDA margin at 19%, down 445 basis points YoY and 690 basis points QoQ.

Separately, another Nuvama passage in the supplied text (which also referenced Premier Energies) discussed an EBITDA margin estimate of 29% for Q4FY26 with a year-on-year and quarter-on-quarter decline, and estimated PAT at ₹370 crore with depreciation at ₹77.2 crore, other income at ₹30 crore, and interest cost at ₹50.8 crore. These numbers were presented as part of a Nuvama report in the input text and are included here as stated.

Share price moves: recent rebound, year-to-date gains

Ahead of the Q4 result announcement, Waaree Energies shares were reported trading 1.3% higher at ₹3,498. The stock was also stated to have surged over 26% since the start of March 2026, and to be up over 17% so far this year despite volatile market conditions. Another section described a one-year return of 47%.

Technical levels highlighted by market commentary

The provided information described a rebound from March lows, with the stock reclaiming key moving averages and shifting into a short-term uptrend. It said the stock was trading above its 20-day and 50-day EMAs, printing higher highs and higher lows. Immediate resistance was cited in the ₹3,450–₹3,500 zone, with support in the ₹3,200–₹3,250 zone. Option strategies were also referenced: a Bull Put Spread for a move above resistance, and a Bear Call Spread if price breaks below support.

Broker views and price targets: multiple BUY calls

Brokerage commentary in the supplied text includes several BUY ratings and targets:

• Centrum maintained a BUY rating with a target price of ₹4,311, citing a strong outlook and expansion plans (as stated in the input summary).
• Motilal Oswal Financial Services initiated coverage with a BUY rating and a target price of ₹4,000, implying 19% upside from “recent levels” as per the cited report. It also mentioned a bull case target of ₹5,895.
• Emkay Research reiterated BUY with a target price of ₹4,260 against a cited market price of ₹2,709, implying upside of over 57%. The note also mentioned an implied valuation multiple of 24.4x target P/E.
• A MOSFL note in the Hindi text set a target price of ₹3,514 when the share price was stated at ₹2,709.60.
• Nuvama targets were presented in different parts of the supplied material, including ₹3,737 in one section and ₹3,867 in another.

US tariff headline: 126% CVD concern seen as limited

One Hindi section stated that the US decided on a 126% tariff on solar imports from India. It added that MOSFL expected limited impact from the initial 126% countervailing duty (CVD) concern, stating that Waaree earns about one-third of revenue from the US and does not use India-made solar cells for its US supply, as per the same text.

Order book and FY26 EBITDA guidance cited

Motilal Oswal’s coverage note in the supplied material mentioned Waaree has an order book of ₹47,000 crore, supporting multi-year revenue visibility. It also cited management expectations for FY26 EBITDA of ₹5,500–₹6,000 crore. The same note said Motilal Oswal estimates EBITDA CAGR of 43% and PAT CAGR of 40% between FY25 and FY28.

Key numbers at a glance

Brokerage targets mentioned

Why this result matters for investors

The Q4FY26 print is positioned as a checkpoint for two linked narratives in the supplied information: strong export-led earnings growth and the company’s ability to sustain margins as capacity and product transitions play out. The dividend consideration adds another near-term event for investors tracking payouts alongside growth. The range of targets from multiple brokerages indicates continued institutional interest, but the note about shares falling despite strong results is a reminder that pricing can also reflect expectations and positioning.

Conclusion

Waaree Energies will release Q4FY26 results on April 29, with market estimates pointing to net profit of ₹1,050–₹1,130 crore and revenue of ₹7,900–₹8,100 crore, alongside a board review of the final FY26 dividend. Investors will track reported margins, production and export commentary, and any updates linked to capacity expansion and overseas demand that were referenced in brokerage notes.