Waaree Energies (WAAREEENER) Q4 25/26 earnings summary

Executive summary

• Achieved record revenue of INR 26,537 crores for FY26, up 84% year-on-year, with operating EBITDA up 117% to INR 5,909 crores and PAT doubling to INR 3,884 crores.

• Module manufacturing capacity reached 26 GW, the largest non-Chinese globally; cell capacity at 5.4 GW, largest in India.

• Robust order book of INR 53,000 crores, with a strong pipeline exceeding 100 GW and capacity expansions across verticals.

• Strategic acquisitions and backward integration (e.g., United Polysilicon, APSL, Waaree Semicon) to secure supply chain and expand into T&D, glass, and semiconductors.

• Waaree 2.0 transformation underway, targeting full integration across the energy value chain, including batteries, inverters, transformers, and green hydrogen.

Financial highlights

• FY26 revenue from operations: INR 26,536.77 crores, up 83.7% year-on-year; operating EBITDA: INR 5,909 crores, margin at 22.27%; PAT: INR 3,884 crores, up 101%.

• Q4 FY26 revenue: INR 8,480 crores, up 111% year-on-year; Q4 operating EBITDA: INR 1,577 crores, up 70%; Q4 PAT: INR 1,126 crores, up 74.76%.

• ROE at 29%, ROCE at 32.4%, both adjusted for unutilized IPO proceeds.

• Net debt to equity improved to -0.85 in FY26, indicating strong deleveraging.

• Cash conversion ratio at 112% for FY26; net cash inflow from operations was INR 1,627 crores.

Outlook and guidance

• FY27 operating EBITDA guidance: INR 7,000–7,700 crores, implying 20–25% growth.

• Major CapEx of INR 30,000 crores planned across verticals to fuel growth.

• Full integration of cell, module, and new verticals (battery, glass, inverters) expected to drive margin expansion from H2 FY27 and beyond.

• Waaree 2.0 to deliver 28 GW module, 15.4 GW cell, 10 GW ingot wafer, 20 GWh battery, and more by FY28.

• Board approved capital raise up to INR 10,000 crores to support expansion.