Waaree Energies Q4 Profit Jumps 75%, Revenue More Than Doubles as Solar Business Surges

Shares of Waaree Energies Limited declined by 10% on April 30 following the company’s release of its earnings for the March quarter (Q4 FY26). While revenue met expectations, the company’s EBITDA and margin figures were below estimates.

Financial Performance Highlights

For the quarter, Waaree Energies reported revenue of ₹8,840.25 crore, representing a 111.80% increase year-over-year. Net profit rose by 74.76% year-on-year to ₹1,126.26 crore.

Brokerage firm Nomura maintained a ‘Buy’ rating on the stock with a price target of ₹3,750. They noted that revenue exceeded both their and consensus estimates by 12%, driven by higher volumes. However, EBITDA fell short by 11% per Nomura and 8% as per consensus, attributed to a significant reduction in gross margins.

Company Outlook and Strategy

The company’s management projected an EBITDA range of ₹7,000 crore to ₹7,700 crore for FY27. Additionally, the board has approved raising funds up to ₹10,000 crore. The stock currently trades at 16 times and 13 times estimated FY27 and FY28 EBITDA, respectively.

Jignesh Rathod, Whole Time Director and CEO of Waaree Energies, highlighted the company’s record performance in FY26 with total revenue from operations reaching ₹26,536.77 crore. He emphasized significant operational progress, including increased production across modules and cells.

Operational Performance

Operating EBITDA for Q4 was ₹1,576.76 crore, a 70.91% year-on-year increase, with margins at 18.59%. Total EBITDA for FY26 was ₹6,616.79 crore, surpassing the guidance range of ₹5,500 crore to ₹6,000 crore. Rathod expressed satisfaction that the company exceeded prior EBITDA guidance, reflecting effective growth strategies and disciplined execution.

The company’s production reached 4.2 GW of modules in Q4 and a record annual production of 12.6 GW in FY26, driven by operational efficiency and scale.

Strategic Investments and Infrastructure Expansion

During the quarter, Waaree Energies made a strategic investment by acquiring a stake in United Solar Holding Inc., a leading polysilicon manufacturer in Oman, aimed at securing a traceable supply chain and enabling global expansion.

In infrastructure developments, the board approved ₹3,900 crore for a glass manufacturing plant with 2,500 TPD capacity. Construction also began on a 10 GW integrated ingot and wafer facility in Nagpur with an investment of ₹6,200 crore to strengthen upstream solar manufacturing.

Additionally, 3 GW of module capacity was commissioned at Samakhiali, Gujarat, in the same quarter.

Dividend and Stock Performance

The board recommended a final dividend of ₹2 per equity share, totaling ₹4 per share for FY26 on a face value of ₹10.

Prior to the earnings announcement, Waaree Energies shares closed at ₹3,525.10 on the NSE, up 2.07% or ₹71.50 during the day.

Key Takeaways

  • Waaree Energies’ Q4 revenue rose 111.80% year-on-year to ₹8,840.25 crore.
  • Net profit increased by 74.76% to ₹1,126.26 crore in the quarter.
  • EBITDA grew 70.91% year-on-year to ₹1,576.76 crore with margins at 18.59%.
  • Strategic investment in polysilicon manufacturer aims to secure supply chain and global expansion.
  • Significant infrastructure investments include a glass plant and a 10 GW ingot/wafer facility.
  • Board approved a final dividend of ₹2 per share, totaling ₹4 per share for FY26.