| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 8.5K | 12.1% | 111.8% |
| Total Income | 8.7K | 11.6% | 109.1% |
| Expenditure | 7.3K | 20.9% | 120.3% |
| PBT | 1.4K | 4.2% | 66.5% |
| Net Profit | 1.1K | 1.8% | 74.8% |
| OPM | 18.59% | 3.00pp | 4.35pp |
| NPM | 13.01% | 1.25pp | 2.55pp |
| EPS | 36.91 | 0.1% | 71.0% |
Waaree Energies FY26 Revenue up 83.72% to ₹26,536.77 Cr; PAT up 101.45%
29 Apr 2026 · 29 Apr, 10:22 pm
Summary
Waaree Energies Limited reported a strong financial performance for FY26, with revenue from operations soaring to ₹26,536.77 Crores, an 83.72% increase year-over-year. The company's Profit After Tax (PAT) more than doubled, growing by 101.45% to ₹3,884.15 Crores. Operating EBITDA for the year reached ₹5,908.64 Crores, up by 117.10%, while total EBITDA of ₹6,616.79 Crores surpassed the previously issued guidance. These results were underpinned by operational efficiencies, record-breaking production, and strategic investments in backward integration and new manufacturing facilities. Management emphasized the company's disciplined execution and expansion into new energy segments as foundational for its 'Waaree 2.0' transformation and continued growth.
Key Highlights
- 1
Revenue from operations for FY26 surged to ₹26,536.77 Crores, marking an 83.72% year-over-year growth.
- 2
Profit After Tax (PAT) for FY26 grew by 101.45% year-over-year to ₹3,884.15 Crores, effectively doubling from the previous year.
- 3
Waaree Energies achieved its highest-ever annual module production of 12.6 GW for FY26, alongside a quarterly production of 4.2 GW in Q4 FY26.
- 4
Total EBITDA for FY26 stood at ₹6,616.79 Crores, exceeding the company's guidance of ₹5,500 Cr - ₹6,000 Cr.
- 5
Q4 FY26 revenue from operations reached ₹8,480.25 Crores, representing a significant 111.80% year-over-year growth.
- 6
The board approved a substantial ₹3,900 Cr capital expenditure for a new 2,500 TPD glass manufacturing plant and commenced construction of India’s largest 10 GW integrated ingot and wafer facility with ₹6,200 Cr capex.
- 7
A final dividend of ₹2 per equity share was recommended by the Board, bringing the total dividend for FY26 to ₹4 per equity share.
Management Comments
Mr. Jignesh Rathod
Waaree Energies Ltd. has delivered a record-breaking performance in FY26, reaching total revenue from operations of ₹26,536.77 Cr. Our operational milestones have been equally significant, as we have scaled our production across module and cell. This year was defined by execution at scale, advancing backward integration and ensuring consistent delivery through operational excellence. Scale expansion improved efficiency and cost leadership, supporting strong demand. Operating EBITDA reached ₹5,908.64 Cr (+117.10%), while total EBITDA and net profit stood at ₹6,616.79 Cr (+111.86%) and ₹3,884.15 Cr (+101.45%), respectively. I am particularly proud to share that we have exceeded our previously issued total EBITDA guidance of ₹5,500 Cr- ₹6,000 Cr demonstrating the effectiveness of our growth strategy and disciplined execution. FY26 performance lays a strong foundation for our stated roadmap towards becoming one of the largest non – Chinese energy transition enablers. With expansions into battery energy storage systems, inverters, transformers, transmission and distribution and electrolysers for green hydrogen, Waaree 2.0 – the company’s strategic transformation into a fully-integrated, global clean energy provider. Our ability to deliver end-to-end renewable solutions and positions us as a technology-driven energy company powering global clean energy ambitions. As we enter FY27, company is projecting an Operating EBITDA range of ₹7,000 - 7,700 Cr. Our focus is on deepening value chain integration while scaling next-generation growth engines, strengthening Waaree’s vertical capabilities and expanding into high-potential adjacent segments. Waaree is not just a participant in renewable energy; we are actively driving India's path to energy independence.
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