Waaree Energies FY26 profit doubles; plans Rs 10,000 crore raise
Waaree Energies Limited reported record financial results for the financial year 2026, with net profit more than doubling year-on-year. The Board of Directors, at a meeting held yesterday, approved the audited results and cleared a series of strategic decisions, including a major capital raise and entry into the semiconductor segment.
The company’s consolidated revenue from operations rose 83.72% to Rs 26,536.77 Crores for the fiscal year ended March 31, 2026, supported by its highest-ever annual module production of 12.6 GW. Profit After Tax (PAT) increased 101.45% to Rs 3,884.15 Crores, while Operating Earnings Before Interest, Taxes, Depreciation and Amortisation (Operating EBITDA) grew 117.10% to Rs 5,908.64 Crores, exceeding the company’s earlier guidance of Rs 5,500 – Rs 6,000 Crores.
For the fourth quarter of FY26, revenue reached Rs 8,480.25 Crores, marking a 111.80% year-on-year rise. Quarterly PAT stood at Rs 1,126.26 Crores.
The company reported progress under its “Waaree 2.0” strategy aimed at becoming a fully integrated global clean energy provider. Key developments include the start of construction of a 10 GW integrated ingot and wafer facility in Nagpur and the commissioning of an additional 3 GW module manufacturing capacity in Gujarat. It also completed the acquisition of a strategic stake in United Solar Holding Inc., an Oman-based polysilicon manufacturer.
As part of efforts to strengthen its power electronics supply chain, the Board approved the acquisition of Waaree Semicon Private Limited. Waaree Power Private Limited, a wholly-owned subsidiary, will acquire a 100% stake in the company from Waaree Sustainable Finance Private Limited, a promoter group entity, for a cash consideration of Rs 1 Lakh.
Following the transaction, Waaree Semicon will become a step-down subsidiary. The entity is currently non-operational and intends to develop capabilities in power semiconductor products such as photovoltaic (PV) diodes, Insulated Gate Bipolar Transistors (IGBTs), and Metal-Oxide-Semiconductor Field-Effect Transistors (MOSFETs), which are used in renewable energy and electric vehicle applications.
To support expansion, the Board approved raising funds of up to Rs 10,000 Crores through the issuance of securities, including a Qualified Institutional Placement (QIP), subject to shareholder and regulatory approvals.
The Board also recommended a final dividend of Rs 2 per equity share, taking the total dividend for FY26 to Rs 4 per share, subject to shareholder approval at the upcoming Annual General Meeting.
For FY27, the company has set an Operating EBITDA guidance of Rs 7,000 – Rs 7,700 Crores, indicating continued growth as it expands its integrated operations.
