Waaree Energies
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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.
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Q3 25/26 earnings summary22 Jan, 2026

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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Next Waaree Energies earnings date

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Q4 25/2623 Apr, 2026
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Q4 25/2623 Apr, 2026

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