Waaree Energies (WAAREEENER) Q3 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹7,565.05 crore in Q3 FY26, up 118.8% year-over-year, with operating EBITDA of ₹1,928 crore (167.2% YoY growth) and PAT of ₹1,106.79 crore (118.4% YoY growth).

• Module production increased 94% year-over-year to 3.5 GW in Q3 FY26; cell production up 35% quarter-on-quarter.

• Order book stands at ₹60,000 crore with a pipeline exceeding 100 GW, providing strong visibility for future quarters.

• Achieved over 1 GW of module production in a single month, reinforcing manufacturing leadership.

• Expansion into the full solar value chain and energy transition ecosystem, including batteries, inverters, transformers, and electrolyzers.

Financial highlights

• Q3 FY26 consolidated revenue from operations: ₹7,565.05 crore, up from ₹3,457.29 crore in Q3 FY25; nine-month revenue: ₹18,056.52 crore, up from ₹10,440.57 crore year-over-year.

• Q3 FY26 operating EBITDA: ₹1,928 crore, up 167% year-over-year; EBITDA margin expanded to 25.5%.

• Q3 FY26 PAT: ₹1,106.79 crore vs ₹506.88 crore last year; nine-month PAT: ₹2,757.89 crore.

• ROCE and ROE for the trailing 12 months were 40.0% and 36.8%, respectively.

• Net debt to equity at -0.85 in FY25, indicating a strong balance sheet.

Outlook and guidance

• Clear visibility to surpass FY26 EBITDA guidance of ₹5,500–6,000 crore, driven by robust order book and execution.

• All projects across modules, cells, ingots, wafers, inverters, battery storage, and electrolyzers progressing as planned.

• All new manufacturing facilities expected to be operational by FY27.

• Indian solar market expected to grow fourfold by 2035, supporting robust industry growth.

• Ongoing evaluation of acquisition of Enel Green Power India Private Limited and expansion into smart meters and energy storage.