Waaree Energies Ltd., India’s largest solar PV module manufacturer, has reported a stellar financial and strategic performance for the June quarter of FY26. With consolidated revenue from operations reaching Rs 44.26 billion and net profit surging to Rs 7.45 billion, the company continues to solidify its position as a global leader in renewable energy manufacturing. In a bold move to deepen its backward integration, Waaree has also approved a Rs 27.54 billion capital expenditure to set up two new manufacturing facilities—one for solar cells and another for ingotwafer production.
Key Highlights from Q1 FY26:
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Consolidated revenue from operations stood at Rs 44.26 billion
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Net profit reached Rs 7.45 billion, reflecting strong margin expansion
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EBITDA margins improved significantly, driven by operational efficiency
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Capex of Rs 27.54 billion approved for 4 GW solar cell and 4 GW ingotwafer plants
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Order book remains robust, exceeding Rs 47,000 crore
Financial Performance and Profitability Drivers:
Waaree’s Q1 results underscore its ability to scale operations while maintaining profitability.
Revenue Composition
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Domestic sales contributed nearly 55 percent of total revenue
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Export revenue rose sharply, with strong demand from the US and Europe
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Highmargin product categories such as bifacial and TopCon modules gained traction
Profit Metrics
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Net profit of Rs 7.45 billion marks a substantial yearonyear increase
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EBITDA margins expanded to over 25 percent, supported by cost control and premium pricing
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Operational leverage and automation upgrades helped reduce overheads
Strategic Capex and Manufacturing Expansion:
Waaree’s Rs 27.54 billion investment signals its commitment to building a fully integrated solar manufacturing ecosystem.
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The 4 GW solar cell plant will be located in Gujarat, leveraging proximity to existing facilities
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The 4 GW ingotwafer plant will be set up in Maharashtra, marking Waaree’s entry into upstream silicon processing
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These facilities are expected to be commissioned by FY27, aligning with India’s push for domestic content requirements
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The expansion will reduce import dependency and enhance supply chain resilience
Sectoral Context and Market Trends:
India’s solar industry is undergoing rapid transformation, with policy tailwinds and global demand driving growth.
Domestic Landscape
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ALMM mandates and PLI schemes are boosting local manufacturing
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Rooftop and utilityscale solar projects are fueling demand for highefficiency modules
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Waaree’s retail network and EPC services continue to expand across Tier 2 and Tier 3 cities
Global Outlook
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US IRA incentives and EU Green Deal are creating export opportunities for Indian manufacturers
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Waaree’s 1.6 GW US facility is operational, contributing to revenue diversification
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The company is exploring new markets in Latin America and Southeast Asia
Operational Excellence and Innovation:
Waaree’s focus on technology and sustainability remains central to its growth strategy.
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Trial production has commenced at its 5.4 GW solar cell facility in Chikhli, Gujarat
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R&D efforts are focused on nextgen cell technologies including HJT and perovskite hybrids
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ESG initiatives include netzero targets by 2030 and green hydrogen investments
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The company has received over 300 global certifications and awards for quality and innovation
Conclusion:
Waaree Energies has delivered a powerful Q1 performance, combining financial strength with strategic foresight. The approved capex for new manufacturing units marks a pivotal step in its journey toward fullstack solar integration. As the company scales its operations and deepens its global footprint, it remains a cornerstone of India’s renewable energy ambitions. Stakeholders will be watching closely as Waaree transitions from a module manufacturer to a comprehensive energy solutions provider.
Sources: Moneycontrol, Business Standard, Financial Express, NDTV Profit, Energetica India, Mercom India, Waaree Energies investor presentations, BSE India
