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Waaree Energies Reports Strong Financials for Q3 FY26
Waaree Energies announced its financial results for the third quarter of fiscal year 2026, showcasing a significant improvement in its financial performance. The company reported revenue of ₹7,565 crore for the quarter ending December 31, 2025, marking a substantial increase compared to ₹3,457 crore in the same period last year. This represents strong year-on-year growth, underscoring operational momentum. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also saw a considerable rise, reaching ₹1,928 crore, up from ₹722 crore in the third quarter of FY25. The company's EBITDA margin expanded to 25.5% in Q3 FY26, an improvement from 20.9% in Q3 FY25, indicating enhanced operational efficiency and profitability.
Profitability and Expansion Drive Growth
Net profit for Waaree Energies surged to ₹1,062 crore in Q3 FY26, a significant jump from ₹493 crore recorded in the corresponding quarter of the previous fiscal year. This strong bottom-line performance was supported by the company's highest-ever quarterly solar module production and the commissioning of new manufacturing facilities [cite:0 - from prompt]. During the quarter, Waaree commissioned new solar module manufacturing capacity, including a 2.1 GW facility at Chikhli and a 3 GW facility at Samakhiali, both located in Gujarat. Additionally, 3.05 GW of inverter manufacturing capacity was commissioned at Sarodhi, Gujarat [cite:0 - from prompt]. The company is also making strategic investments, having raised ₹1,000 crore for a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility as part of its broader ₹10,000 crore capital expenditure program [cite:0 - from prompt].
Market Position and Future Outlook
Waaree Energies is a leading player in India's solar module manufacturing sector, holding a 21% market share as of FY24. The company expressed confidence in its operational execution and healthy order pipeline, with management indicating expectations to surpass its full-year FY26 EBITDA guidance of ₹5,500-6,000 crore [cite:0 - from prompt]. Amidst this positive operational performance, Waaree also reported an exceptional item of ₹300 crore related to liabilities arising from an ongoing investigation in the United States [cite:4, 0 - from prompt]. The company has also been active in expanding its corporate structure, with the incorporation of eight new step-down subsidiaries focused on power projects in January 2026.
Market Reaction
Following the announcement of its strong Q3 FY26 financial results, Waaree Energies' shares experienced a notable surge. On Thursday, January 22, 2026, the stock rallied, trading at approximately ₹2,660, representing a gain of over 9% from its previous close of ₹2,435. Another report indicates the stock traded at ₹2,678.70, up 10.74% from its previous close of ₹2,419.00. This positive market reaction reflects investor confidence in the company's financial performance and strategic growth initiatives.
Regulatory Filings and Investor Engagement
In line with its financial reporting cycle, Waaree Energies had scheduled an analyst and investor conference call for January 22, 2026, at 3:30 PM IST to discuss its Q3 and nine-month FY26 results. The company also disclosed recent operational updates, including the receipt of new order awards on January 19, 2026.