Waaree Energies records INR 4,597.18 crore revenue in Q1 FY 2026

Waaree Energies Ltd has reached an order book of 25 GW—comprising 58.7% overseas and 41.3% domestic orders—valued at approximately INR 49,000 crore.

July 29, 2025 Uma Gupta

Hitesh Chimanlal Doshi, chairman & managing director of Waaree Energies

Image: Waaree Energies

Waaree Energies Ltd has reported total revenue of INR 4,597.18 crore for the first quarter of FY 2026, marking a 31.48% year-on-year (YoY) increase from INR 3,496.41 crore in Q1 FY 2025. EBITDA stood at INR 1,168.67 crore, up 82.61% YoY, with a margin of 25.42%. Net profit surged 92.68% to INR 772.89 crore during the quarter.

The company achieved its highest-ever quarterly solar module production of 2.3 GW in Q1 FY26, driven by strong operational execution. Its order book reached 25 GW, valued at approximately INR 49,000 crore.

Waaree currently operates state-of-the-art manufacturing facilities with an installed capacity of 15 GW for solar PV modules and 5.4 GW for solar cells. The execution of its 6 GW integrated ingot-to-module facility is progressing on schedule, with commissioning expected by the end of FY 2027.

The company’s Board of Directors has approved an additional capex of INR 2,754 crore for expanding cell manufacturing capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra. These new facilities are also slated to be operational by FY 2027.

Additionally, module capacity of 4.8 GW is on track for commissioning by FY 2027—comprising 1.6 GW in Texas (USA) and 3.2 GW in Chikhli (Gujarat). Upon completion, Waaree’s cumulative capacities will stand at 25.7 GW for modules, 15.4 GW for cells, and 10 GW for ingot-wafers.

The company is also setting up manufacturing facilities for lithium-ion storage cells and energy storage systems with a capacity of 3.5 GWh, solar inverters with a 3 GW annual capacity, and electrolyzers with a 300 MW capacity.

Commenting on the results, Amit Paithankar, Whole-Time Director & CEO of Waaree Energies Ltd, said:
“Waaree Energies continues to deliver strong operational performance in Q1 FY26, building on the momentum from the previous fiscal. On the demand side, we have a robust order book of INR 49,000 crore and a global pipeline exceeding 100 GW, reflecting positive market sentiment across key geographies. Our factory build-out projects in India and the U.S. remain on track. A strong focus on cost control and profitability is clearly reflected in our financial performance. We maintain our FY26 EBITDA guidance of INR 5,500 to INR 6,000 crore.”

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