Waaree Energies Delivers Record-Breaking Quarterly Results; Order Book Valued at Rs 60,000 Crore!

Waaree Energies Ltd has reported record-breaking financial results for Q3FY26, highlighting a period of exponential growth and operational scaling. The company achieved a revenue of Rs 7,565.05 Crore, representing a 118.81 per cent increase year-on-year. Profitability followed a similar upward trajectory, with Profit After Tax (PAT) surging by 118.35 per cent to reach Rs 1,106.79 Crore. These figures are underpinned by a robust EBITDA of Rs 1,928.15 crore, maintaining healthy margins of 25.49 per cent and positioning the firm to meet its annual EBITDA target of Rs 5,500–6,000 crore.

Operational milestones have been a primary driver of this financial success, with Waaree becoming the first Indian manufacturer to exceed 1 GW of module production and sales in a single month. This scale is supported by a high-speed production rate of 52 modules per minute. During the quarter, the company successfully commissioned an additional 5.1 GW of solar module manufacturing capacity across facilities in Chikhli and Samakhiali, Gujarat, alongside 3.05 GW of inverter capacity at Sarodhi. These expansions have bolstered the total output, resulting in 3.51 GW of module production and 0.75 GW of cell production for the quarter.

Beyond immediate production, the company is aggressively securing its future through a record order book valued at approximately Rs 60,000 Crore. This pipeline includes significant new contracts, such as a 210 MW domestic order for FY 2026-27 and a massive 2,000 MW international contract for the U.S. market to be fulfilled between 2028 and 2030. These long-term agreements, backed by land and connectivity through bankable Power Purchase Agreements (PPAs), provide high revenue visibility for the coming years and solidify Waaree’s influence in the North American and Indian green energy markets.

Waaree is also executing a strategic shift toward becoming a fully integrated clean energy transition player by diversifying its portfolio. The company has raised approximately Rs 1,003 Crore to establish an advanced 20 GWh lithium-ion cell and battery pack facility, a key component of its broader Rs 10,000 Crore capital expenditure plan. By strengthening adjacencies in Battery Energy Storage Systems (BESS), inverters, transformers and green hydrogen electrolysers, Waaree is building a comprehensive ecosystem designed to meet the evolving demands of the global renewable energy landscape.

To ensure the resilience of this expanding footprint, the company has prioritised supply chain traceability and vertical integration. A strategic USD 30 million investment in United Solar Holding Inc., a polysilicon producer in Oman, provides Waaree with secure access to raw materials. This move is particularly critical for supporting manufacturing operations in the U.S. and other global markets. Through disciplined capital allocation and these strategic supply chain safeguards, Waaree Energies remains on track to contribute significantly to India’s clean energy transition.

About Waaree Energies Limited

Established in 1990, Waaree Energies Limited (WAAREE) is India's leading renewable energy company, accelerating the global energy transition. Headquartered in Mumbai, we operate state-of-the-art manufacturing facilities with an installed capacity of 22.8 GW for solar PV modules and 5.4 GW for solar cells. With presence across India and 25+ countries worldwide, they offer innovative solar solutions, including panel manufacturing, EPC services, project development and rooftop systems. Committed to sustainability, Waaree empowers a greener future by delivering cutting-edge, cost-effective energy solutions.

Disclaimer: The article is for informational purposes only and not investment advice.