Waaree Energies Limited has announced strong financial and operational results for FY26, delivering a significant rise in earnings and achieving record production levels. The company reported a sharp increase in EBITDA and profit after tax, reflecting sustained growth driven by scale, efficiency, and expanding manufacturing capacity.
During the fourth quarter of FY26, Waaree achieved module production of 4.2 GW, contributing to its highest-ever annual output of 12.6 GW. Quarterly revenue stood at ₹8,840.25 crore, registering a year-on-year increase of 111.80%. Operating EBITDA for the quarter reached ₹1,576.76 crore, up 70.91% compared to the same period last year, with margins of 18.59%. Profit after tax for the quarter rose to ₹1,126.26 crore, marking a 74.76% year-on-year growth.
For the full financial year, total EBITDA reached ₹6,616.79 crore, exceeding the company’s earlier guidance range of ₹5,500 crore to ₹6,000 crore. Net profit climbed to ₹3,884.15 crore, reflecting strong execution and continued demand for solar solutions.
The company also made notable progress on strategic initiatives during the quarter. It completed the acquisition of a stake in United Solar Holding Inc., a leading polysilicon manufacturer in Oman, strengthening supply chain visibility and supporting international expansion plans. The board approved a capital expenditure of ₹3,900 crore to establish a 2,500 tonnes-per-day solar glass manufacturing facility. In addition, construction began on a 10 GW integrated ingot and wafer facility in Nagpur with an investment of ₹6,200 crore, reinforcing upstream integration.
Waaree further expanded its manufacturing footprint by commissioning an additional 3 GW module capacity at its facility in Samakhiali, Gujarat. The board has recommended a final dividend of ₹2 per equity share, bringing the total dividend for FY26 to ₹4 per share.
Jignesh Rathod, Whole Time Director and CEO, stated that FY26 marked a year of scale-driven execution and operational strength. He highlighted that the company’s expansion across modules and cells, along with backward integration efforts, contributed to improved efficiency and cost leadership.
Looking ahead, the company has projected an operating EBITDA range of ₹7,000 crore to ₹7,700 crore for FY27. Waaree plans to expand into adjacent segments such as battery energy storage systems, inverters, transformers, transmission and distribution, and green hydrogen technologies, further strengthening its integrated clean energy portfolio.
Founded in 1990 and headquartered in Mumbai, Waaree Energies has established itself as a global leader in renewable energy solutions. The company operates advanced manufacturing facilities with a total solar photovoltaic (PV) module capacity of approximately 22.3 GW and solar cell capacity of up to 5.4 GW.
With a presence across India and more than 25 countries, Waaree offers a comprehensive portfolio that includes solar panels, inverters, EPC services, green hydrogen solutions, battery energy storage systems, and energy infrastructure. Through the “Don’t Worry, Trust Waaree” campaign, the company reinforces its commitment to delivering reliable, cost-effective, and innovative clean energy solutions, while accelerating India’s transition toward a sustainable future.
