Waaree Energies reported a stellar FY26, with revenue jumping 83.72% to Rs 26,536.77 crore and profit rising 101.45% to Rs 3,884.15 crore. The company is accelerating its 'Waaree 2.0' transformation into an integrated energy provider, bolstered by a massive Rs 61,500 crore order book and significant expansion into cells, ingots, and storage. However, the company is managing a U.S. customs investigation involving a Rs 294.78 crore provision, highlighting execution and regulatory risks as it scales globally.
Waaree Energies Reports 101% PAT Growth in FY26
Revenue: Rs 26,536.77 Crore | PAT: Rs 3,884.15 Crore
Reader Takeaway: Strong operational gains and a massive order book drive growth, while U.S. regulatory scrutiny remains a key monitorable.
What just happened
Waaree Energies has delivered a strong performance for FY 2025-26, reporting a 101.45% surge in Profit After Tax (PAT) to Rs 3,884.15 crore. Revenue from operations climbed 83.72% to Rs 26,536.77 crore, while Operating EBITDA rose 117.10% to Rs 5,908.64 crore. The board has recommended a total dividend of Rs 4 per share for the fiscal year.
Why this matters
The company is executing its 'Waaree 2.0' strategic transformation, moving beyond solar module manufacturing into a fully integrated energy ecosystem. This includes plans for a 29 GW module capacity, 15.4 GW cell capacity, and entry into BESS (battery energy storage), green hydrogen, and smart meters. With an order book of Rs 61,500 crore, the company is positioning itself as a central player in the global renewable energy supply chain.
Strategic Acquisitions and Capex
Waaree has committed over Rs 30,000 crore in capital expenditure. To support its integration strategy, it has acquired stakes in Associated Power Structures (55%), Kotsons Private Limited (64% in transformers), and Racemosa Energy (76% in smart meters). Additionally, the company has expanded its footprint through the acquisition of U.S. manufacturing assets in Arizona and strategic supply chain investments in Oman.
Risks to watch
Investors should monitor the ongoing investigation by the U.S. Customs and Border Protection (CBP) under the Enforce and Protect Act (EAPA). The company has proactively recognized a provision of Rs 294.78 crore related to this matter. Furthermore, the massive scale of planned capex, particularly the 10 GW ingot-wafer facility in Nagpur, requires precise execution to meet aggressive commissioning timelines.
What to track next
Management has provided an Operating EBITDA guidance of Rs 7,000–7,700 crore for FY27. Key metrics to track include the commissioning progress of the Nagpur facility and any further disclosures regarding the EAPA investigation.