Waaree Energies reports INR 59,200 crore order book

Waaree Energies Ltd has reported a total order book of approximately INR 59,200 crore as of Sep. 30, 2026, with solar modules accounting for 89% of outstanding orders. The order book comprises solar modules, EPC–renewable, transmission and distribution (T&D)–renewable, and other businesses. EPC–renewable accounted for 6%, T&D–renewable for 4%, and other businesses for 1% of the total order book.

Waaree’s module order book reached 25.6 GW in Q2 FY2027, compared with 25.2 GW in the preceding quarter. However, the company flagged uncertainties related to Section 232 developments in the United States, stating that a significant portion of export orders had been deemed cancelled.

H1 FY2027 revenue rises 47.3%

Waaree Energies reported revenue of INR 15,449.5 crore for the first half of FY2027, up 47.3% year on year. H1 PAT was INR 1,645.5 crore, marginally down around 0.3% year on year, despite revenue growth of 47.3%.

For Q2 FY2027, revenue increased 23.9% year on year to INR 7,517.7 crore, compared with INR 6,065.6 crore in the corresponding quarter last year. PAT declined 14.2% year on year to INR 753.6 crore.

Solar module production in H1 FY 2027 reached 6.3 GW, compared with 4.9 GW in H1 FY2026. Q2 FY2027 module production stood at 3 GW.

Solar cell production rose to 1.9 GW in H1 FY2027 from 0.8 GW a year earlier. Quarterly cell production increased to 1.1 GW in Q2 FY2027, compared with 0.6 GW in Q2 FY2026, with capacity utilisation reported at 81%.

Retail constituted 37.2% of the revenue mix for H1 FY2027, up from 18.8% in the corresponding period last year. Retail accounted for 46.1% of the Q2 FY2027 revenue mix.

Waaree has PV module manufacturing capacity of 25.8 GW, including 1.6 GW in the United States, and solar cell manufacturing capacity of 5.4 GW.

Q2 FY 2027 highlights

The company’s board approved $37 million to expand the Meyer Burger facility in Arizona, United States, by an additional 0.6 GW. The expansion is expected to increase its total US capacity to 4.8 GW by March 2027. 

During the quarter, the company’s board of directors approved the Scheme of Amalgamation of subsidiary Indosolar Ltd with the company.

Waaree also commenced advanced automated battery energy storage system (BESS) container manufacturing at its facility in Rola, Gujarat, with an annual capacity of 5.15 GWh.

“We are particularly encouraged by the strong momentum in our retail business and domestic US manufacturing, which recorded revenue growth of 191% and 113%, respectively in H1FY 2027. These businesses are becoming important contributors to our growth trajectory,” said Jignesh Rathod, Whole Time Director & CEO, Waaree Energies Ltd. “As we continue to expand our capabilities and strengthen our presence across the clean energy value chain, we expect our battery energy storage system (BESS), transformers, inverters, EPC T&D and Green Hydrogen businesses to contribute to future growth.”

Rathod said, “As we will enter FY28, Waaree will be full ready to execute on capacities, namely, 29 GW of solar PV, 15.4 GW of solar cell, 5 GWh of BESS pack & container, 3.5 GWh battery cell manufacturing, 4GW of inverter, 20,000 MVA of transformers and a larger integrated EPC entity (projects + T&D).”