Waaree Energies Reports Record FY26 Revenue of ₹26,537 Crore, Profit Jumps 101%

Waaree Energies has announced record results for the fiscal year 2026, with revenue climbing 84% to ₹26,537 crore and Profit After Tax (PAT) surging 101% to ₹3,884 crore.

Key Financial Highlights and Operations

For the full fiscal year 2026, Waaree Energies achieved revenues of ₹26,537 crore, marking an impressive 84% year-on-year growth.

The company's Profit After Tax (PAT) for FY26 more than doubled, soaring by 101% to ₹3,884 crore.

Looking ahead, management forecasts FY27 operating EBITDA to be between ₹7,000 crore and ₹7,700 crore.

Manufacturing Expansion and Vertical Integration

The company maintains its manufacturing leadership, with current module capacity at 26 GW and operational cell capacity at 5.4 GW, aiming to add another 10 GW in the latter half of the year.

Aggressive backward integration efforts are underway, featuring a 10 GW ingot-wafer facility in Nagpur requiring ₹6,200 crore in capital expenditure and approval for a 2,500 TPD PV glass facility.

Q4 Margin Pressures and Working Capital

During the fourth quarter of FY26, margins were compressed by rising silver and copper prices, higher freight costs influenced by Middle East shipping disruptions, and a smaller share of exports in the sales mix.

This led to a stretch in the working capital cycle to approximately 90 days from 45 days, primarily due to a substantial build-up of inventory.

Strategic Growth and US Market Focus

These results highlight Waaree's strategic shift under its 'Waaree 2.0' initiative, aimed at developing it into a fully integrated energy player. The company holds an expanding order book exceeding ₹53,000 crore and is strategically entering high-margin areas like battery storage and solar glass, pointing to strong long-term prospects.

A strategic focus on US-based manufacturing (4.2 GW planned) serves as a measure to manage risks associated with rising trade tariffs.

Waaree also reported cumulative benefits of about $40 million from the US Inflation Reduction Act (IRA).

Capital for Growth

To fund further backward integration and growth initiatives, the company approved a plan to raise up to ₹10,000 crore.

Peer Comparison

Waaree's revenue growth of 84% in FY26 outpaces many diversified energy players.

Its 26 GW module manufacturing capacity positions it as a leader compared to peers like Tata Power Solar and Sterling and Wilson.

The aggressive push into full backward integration differentiates Waaree from peers primarily focused on EPC or project development alone, such as Adani Green Energy's primary model.

Fiscal Year 2025 Context

FY25 consolidated revenue stood at approximately ₹14,400 crore.

FY25 consolidated PAT was around ₹1,900 crore.

Consolidated EBITDA for FY25 was approximately ₹3,000 crore.

The working capital cycle in FY25 averaged around 45-50 days.

The order book was reported at approximately ₹35,000 crore as of Q4 FY25.

Risks to Watch

Ongoing logistics disruptions and their impact on inventory management and shipment timelines.

Potential volatility in raw material prices, particularly for silver and copper.

Further trade policy changes or duties affecting export markets.

The sustained working capital cycle and its efficiency over the medium term.

What to Track Next

The successful execution and commissioning of the ₹6,200 crore ingot-wafer facility in Nagpur.

Ramp-up of the G12R production line conversions and the expected 10-12% realization improvement.

Progress on the 10 GW additional cell capacity expected in H2 FY27.

Management commentary on normalizing working capital cycles and inventory levels.

The company's ability to secure and deploy the ₹10,000 crore fundraising resolution effectively.

Further details on the strategic benefits derived from US manufacturing initiatives.