Waaree Energies Limited delivered its strongest-ever quarterly performance in Q3 FY26, driven by higher production volumes, expanded manufacturing capacity, and strong market demand. The company achieved solar module production of 3.51 GW during the quarter, along with 0.75 GW of solar cell production.
Revenue from operations stood at ₹7,565.05 crore, reflecting a year-on-year growth of 118.81%. EBITDA increased to ₹1,928.15 crore, marking a 167.16% rise compared to the same period last year, with margins improving to 25.49%. Profit After Tax reached ₹1,106.79 crore, representing a YoY increase of 118.35%.
During the quarter, Waaree commissioned additional solar module manufacturing capacity of 2.1 GW at Chikhli, Gujarat, and 3 GW at Samakhiali, Gujarat. The company also operationalized 3.05 GW of inverter manufacturing capacity at Sarodhi, Gujarat, further strengthening its integrated manufacturing footprint.
As part of its long-term expansion strategy, Waaree raised approximately ₹1,003 crore toward establishing a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. This investment forms part of the company’s announced capital expenditure plan of nearly ₹10,000 crore.
To secure critical raw material supply, the Waaree Group invested USD 30 million in United Solar Holding Inc., a polysilicon producer based in Oman. This investment ensures access to a fully traceable polysilicon supply chain and supports Waaree’s rapidly expanding manufacturing operations in the U.S. and other global markets.
Commenting on the results, CEO Amit Paithankar highlighted that Waaree became the first Indian manufacturer to achieve over 1 GW of module production and sales in a single month. He added that the company’s order book of approximately ₹60,000 crore provides strong revenue visibility for the coming years.
Founded in 1990, Waaree Energies operates manufacturing facilities with a total installed capacity of 22.8 GW for solar modules and 5.4 GW for solar cells. With operations spanning more than 25 countries, Waaree continues to play a key role in advancing India’s clean energy transition.
