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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 revenue growth of 118.8% year-on-year and EBITDA growth of 167.2% year-on-year for Q3 FY26, with PAT up 118.4% year-on-year; module production reached 3.5 GW, up 94% YoY, and cell production rose 35% sequentially.
Nine-month revenue surpassed ₹18,000 crores, with operating EBITDA at ₹4,332 crores and margin expansion to 24% from 17% year-on-year.
Order book reached ₹60,000 crores, with a pipeline exceeding 100 GW, providing strong visibility for future quarters.
Expansion into the full solar value chain and energy transition ecosystem, including batteries, inverters, transformers, and electrolyzers.
Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 21, 2026.
Financial highlights
Q3 revenue from operations: ₹7,565 crores, up 118% year-on-year; nine-month revenue: ₹18,057 crores, up 72.95% YoY.
Q3 operating EBITDA: ₹1,928 crores, up 167% year-on-year; Q3 PAT: ₹1,107 crores vs ₹507 crores last year.
Standalone net profit for Q3 FY26 was ₹1,009.48 crore, compared to ₹471.39 crore in Q3 FY25; consolidated net profit for Q3 FY26 was ₹1,106.79 crore.
Operating EBITDA margin improved to 25.5% in Q3 FY26 from 20.9% in Q3 FY25.
Earnings per share (consolidated, basic) for Q3 FY26 was ₹36.95, up from ₹18.41 in Q3 FY25.
Outlook and guidance
Clear visibility to surpass FY26 EBITDA guidance of ₹5,500-₹6,000 crores, driven 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.
The company continues to invest IPO proceeds in line with project objectives, with unutilized funds temporarily in fixed deposits.
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