Waaree Energies posts record quarterly results

Waaree Energies Ltd reported revenue from operations of INR 7,565.05 crore in the third quarter of fiscal year 2026, marking a year-on-year increase of 118.81%. Profit after tax (PAT), after accounting for exceptional items, surged 118.35% YoY to INR 1,106.79 crore.

January 21, 2026 Uma Gupta

Image: Waaree Energies/pv magazine

Waaree Energies Ltd has reported revenue from operations of INR 7,565.05 crore for the third quarter of fiscal year 2026, up 118.81% year-on-year from INR 3,457.29 crore in the same quarter last year.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) surged 167.16% year-on-year to INR 1,928.15 crore, with EBITDA margins expanding to 25.49%, compared with 20.88% in Q3 FY25. Profit after tax (PAT), after accounting for exceptional items, rose 118.35% to INR 1,106.79 crore.

For the first nine months of FY26, Waaree posted revenue of INR 18,056.52 crore, a 72.95% increase over the corresponding period last year, while EBITDA stood at INR 4,331.88 crore, up 140.79% year on year. PAT for the nine-month period rose 114.84% to INR 2,757.89 crore.

On the operational front, Waaree achieved 3.51 GW module production and 0.75 GW of solar cell output in Q3 FY2026. The company commissioned additional solar module manufacturing capacity of 2.1 GW at Chikhli, Gujarat, and 3 GW at Samakhiali, Gujarat. Additionally, it commissioned 3.05 GW of inverter manufacturing capacity at Sarodhi.

Waaree raised around INR 1,003 crore during the quarter to support the development of a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility, as part of the company’s announced capital expenditure plan of approximately INR 10,000 crore.

In addition, Waaree Group invested $30 million in United Solar Holding Inc., a leading polysilicon producer based in Oman. The investment is aimed at securing a fully traceable supply chain and supporting Waaree’s expanding manufacturing footprint in the United States and other global markets.

“Waaree is first Indian manufacturer to achieve more than 1 GW of module production and sales in single month with 52 modules produced per minute. We have secured a record order inflow, strengthening our order book of INR 60,000 crores ensuring sustained visibility for the years ahead, also we have secured bankable PPAs backed by land and connectivity,” said Amit Paithankar, whole time director & CEO, Waaree Energies Ltd.

He added, “We are accelerating our transformation into an integrated clean energy solutions provider by strengthening adjacencies across BESS, inverter, transformer, renewable power infrastructure and green hydrogen electrolyser creating a resilient and future-ready portfolio. Additionally, our recent acquisition strengthens our supply chain by ensuring secure and fully traceable access to polysilicon, supporting Waaree’s rapidly expanding manufacturing footprint in the U.S.A. and global markets.”

“With disciplined execution, prudent capital allocation and strategic diversification, we are confident of closing FY26 on a strong note. Waaree is on track to achieve its EBITDA target of INR 5,500–6,000 crore while creating long-term value for stakeholders and contributing meaningfully to India’s clean energy transition,” Paithankar added.

Established in 1990, Waaree Energies Ltd operate state-of-the-art manufacturing facilities with an installed capacity of 22.8 GW for solar PV modules and 5.4 GW for solar cells. With presence across India and 25+ countries worldwide, it offers solar solutions across panel manufacturing, EPC services, project development, and rooftop systems.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.