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Waaree Energies (WAAREEENER) investor relations material
Waaree Energies Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 FY26 revenue of ₹7,565 crore, up 118.8% year-over-year, with operating EBITDA of ₹1,928 crore (167.2% YoY growth) and PAT of ₹1,107 crore (118.4% YoY growth).
Nine-month consolidated revenue reached ₹18,057 crore, with operating EBITDA at ₹4,332 crore and margin expansion to 25.5% from 17% year-over-year.
Module production hit a record 3.5 GW in Q3 FY26, up 94% YoY, and cell production rose 35% sequentially.
Robust order book of ₹60,000 crore, with a pipeline exceeding 100 GW and 65% overseas share.
Expansion into the full solar value chain and energy transition ecosystem, including batteries, inverters, transformers, and electrolyzers.
Financial highlights
Q3 FY26 consolidated revenue: ₹7,565 crore, up from ₹3,457 crore YoY; nine-month revenue: ₹18,057 crore, up from ₹10,441 crore YoY.
Q3 operating EBITDA: ₹1,928 crore, up 167% YoY; Q3 PAT: ₹1,107 crore vs ₹507 crore last year.
PAT margin for Q3 FY26 was 14.3%; ROCE and ROE for the trailing 12 months were 40.0% and 36.8%.
Net debt to equity at -0.85 in FY25, indicating a strong balance sheet.
Earnings per share (consolidated, basic) for Q3 FY26 was ₹36.95, up from ₹18.41 YoY.
Outlook and guidance
Expected to surpass FY26 EBITDA guidance of ₹5,500–6,000 crore, supported by robust order book and execution.
All major projects (modules, cells, ingots, wafers, inverters, BESS, electrolyzers) progressing as planned, with full operationalization expected by FY27.
Ongoing evaluation of acquisitions and expansion into smart meters and energy storage.
Solar industry outlook remains buoyant, supported by strong government policy and international tailwinds.
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