Waaree Energies (WAAREEENER) Q2 25/26 earnings summary

Executive summary

• Achieved record-breaking Q2 FY26 performance with revenue up 70% year-on-year to ₹6,227 crore, EBITDA up 155% to ₹1,567 crore, and PAT up 134% to ₹878 crore, with a 25.2% margin.

• Module production reached 2.6 GW and cell production 0.6 GW for the quarter; total module capacity at 18.7 GW and cell capacity at 5.4 GW.

• Strong order book of ₹47,000 crore (24 GW), with 60% overseas and 40% domestic; order pipeline exceeds 100 GW.

• Interim dividend of ₹2 per share approved and declared.

• Major CapEx program underway, including expansion in battery storage, electrolyzers, inverters, and strategic acquisitions.

Financial highlights

• Q2 FY26 consolidated revenue: ₹6,065.64 crore, up from ₹3,574.38 crore in Q2 FY25; consolidated net profit: ₹878.21 crore, up from ₹375.66 crore.

• H1 FY26 consolidated revenue: ₹10,824 crore, up 51% year-on-year; EBITDA: ₹2,736 crore, up 118%.

• Standalone revenue for Q2 FY26: ₹4,581.84 crore; standalone net profit: ₹1,159.53 crore.

• Net cash inflow from operating activities in H1 FY26: ₹575 crore consolidated; net debt to equity remains negative, indicating strong liquidity.

• Profit of ₹523 crore from Indosolar OFS classified as other equity.

Outlook and guidance

• FY26 EBITDA guidance reaffirmed at ₹5,500–6,000 crore; expects stronger H2 performance.

• Further ramp-up in module and cell production expected in H2 FY26.

• Robust domestic and global solar demand, with India’s solar capacity projected to reach 280 GW and U.S. to 500 GW by 2030.

• U.S. solar market and data center demand expected to drive international growth.

• CapEx to be back-end loaded, with significant spends in FY27 and FY28.