Waaree Energies Q1 revenue rises 79% to Rs 7,932 crore
Waaree Energies Limited reported consolidated revenue from operations of Rs 7,931.79 crore for the quarter ended June 30, 2026, up 79.22% year-on-year from Rs 4,425.83 crore in Q1 FY26. Operating Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased 44.38% to Rs 1,439.92 crore from Rs 997.32 crore, while Profit After Tax (PAT) rose 15.39% to Rs 891.87 crore from Rs 772.89 crore.
The company’s Operating EBITDA margin stood at 18.15% during Q1 FY27, compared with 22.53% in the corresponding quarter of the previous fiscal year. PAT margin also declined to 11.01% from 16.81%.
Operations
Waaree Energies produced 3.24 GW of modules during Q1 FY27, representing year-on-year growth of 41.51%, supported by operational efficiency and scale advantages.
The company added new orders worth approximately Rs 16,000 crore during the quarter, taking its total order book to approximately Rs 61,500 crore.
Expansion
Waaree Energies’ 10 GW solar cell manufacturing facility at Unn, Gujarat, is progressing as planned and is expected to commence production during the current financial year.
The company has also acquired a 55% equity stake in Associated Power Structures Private Limited as part of its expansion into power infrastructure capabilities. In battery energy storage, Waaree has commenced 5.15 GWh of automated Battery Energy Storage System (BESS) container manufacturing at Rola, Gujarat.
These developments form part of what the company describes as “Waaree 2.0”, its transition from a solar module manufacturer towards a diversified energy transition business operating across multiple segments of the renewable energy value chain.
Management view
Jignesh Rathod, Whole Time Director & CEO, Waaree Energies Ltd, stated: “Waaree Energies delivered another quarter of strong operational and financial performance in Q1 FY27, reflecting the resilience of our integrated business model, disciplined execution and sustained demand across domestic and international markets. As on date we have achieved a record order book of approximately ₹61,500 crore.”
“The quarter also marks the continued evolution of Waaree 2.0—the Company’s transformation from a leading solar module manufacturer into a diversified energy transition enterprise with multiple growth engines across the renewable energy value chain. We reaffirm our FY27 Operating EBITDA guidance of ₹7,000 – 7,700 crore,” he added.
The company has maintained its FY27 Operating EBITDA guidance at Rs 7,000-7,700 crore.
