Waaree Energies Ltd began FY26 with a strong operational performance, recording its highest-ever quarterly solar module production at 2.3 GW. This milestone was achieved through consistent process improvements and a sharp focus on execution. Alongside module output, cell manufacturing operations also continued to ramp up steadily, reinforcing the company’s manufacturing capabilities.
The company reported revenue of ₹4,597.18 crore for the quarter, marking a 31.48% increase compared to the same period last year. This growth reflects the strong market demand and Waaree’s expanding global presence. The rise in revenue was accompanied by a significant improvement in profitability.
During Q1 FY26, EBITDA stood at ₹1,168.67 crore, up 82.61% year-on-year, with healthy margins of 25.42%. Meanwhile, Net Profit (PAT) surged to ₹772.89 crore, showing a 92.68% growth over the previous year. These numbers demonstrate the effectiveness of Waaree’s cost management strategy and efficient operations.
On the strategic front, Waaree has proposed a relocation of its manufacturing units from Odisha to Gujarat and Maharashtra, seeking shareholder approval for the change. The company is also expanding internationally, with 1.6 GW of module capacity set to go live in Texas, USA, and another 3.2 GW under development in Chikhli, Gujarat. These moves align with the company’s goal of scaling up its production footprint to meet rising global demand.
In addition to solar modules, Waaree is actively investing in new clean energy verticals, including green hydrogen, solar inverters, and battery energy storage systems, all of which are currently under construction. The company received ~2.23 GW of new orders at its U.S. arm, Waaree Solar Americas Inc, reflecting strong demand in overseas markets. Furthermore, the Board has approved ₹2,754 crore in new capital expenditure to expand cell production by 4 GW in Gujarat and wafer-ingot capacity by 4 GW in Maharashtra, underscoring its commitment to long-term growth and vertical integration.
“Q1 FY26 has been a strong start to the year, reflecting the company’s continued operational efficiency and market leadership. Our robust order book of ₹49,000 crore and a global project pipeline exceeding 100 GW highlight sustained demand across key markets. With record output and a disciplined cost structure, we remain confident in achieving our EBITDA target of ₹5,500–6,000 crore for FY26.”
Founded in 1990, Waaree Energies Ltd is one of India’s foremost players in the renewable energy sector. Headquartered in Mumbai, Waaree operates world-class facilities with an installed capacity of 15 GW for solar modules and 5.4 GW for solar cells. With a footprint across India and over 25 international markets, the company delivers a comprehensive portfolio including module manufacturing, EPC services, project development, and rooftop installations. Waaree is committed to advancing clean energy solutions that are both scalable and cost-effective.
