Waaree Energies Ltd
Waaree Energies Q1 FY26 earnings call: Revenue & Margins
Q1 FY26 earnings call: what management said on revenue, margins and capex.
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The short version
Waaree aims to achieve sales/revenue of INR 5,500 to 6,000 crores in FY '26. Management targets FY '26 revenue between INR 5,500 to 6,000 crores with ramp-up in capacity and production.
From Waaree Energies Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Waaree aims to achieve sales/revenue of INR 5,500 to 6,000 crores in FY '26.
- The company expects to ramp up Indosolar towards its full 1.3 GW capacity.
- By 2027, Waaree plans to have:
- 16 GW cell capacity
- 26 GW module capacity
- 10 GW ingot and wafer capacity
- 3.5 GWh battery storage capacity
- 3 GW inverter capacity
- The EPC business has a strong 25+ GW order pipeline, including domestic and overseas projects.
- Overseas revenues contributed 32% in Q1 FY '26, expected to stabilize around 20-30% long-term.
- The US expansion will grow from 1.6 GW to 3.2 GW capacity within 6-9 months.
2 more points from Waaree Energies Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Total announced capex of about INR 15,000 crores spread over the next 2 years, covering:
- 4 GW recent expansion
- 6 GW integrated facility
- Adjacent businesses including battery manufacturing
- Battery energy storage system factory in Rola, Gujarat with an investment of around INR 2,000 crores
- Cell manufacturing facility aiming for 1 GW capacity costing around INR 750-800 crores per GW
- US manufacturing capacity expansion from 1.6 GW to 3.2 GW planned within next 6 to 9 months, already fully booked
- Focus on reverse integration in batteries up to cell level to boost Make in India efforts
2 more points from Waaree Energies Ltd's call on capex
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Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Waaree Energies Limited's current order book is approximately 25 gigawatts, translating to around INR 49,000 crores or roughly $5.5 billion to $6 billion. (Page 19-20)
- The order book comprises domestic and overseas projects, including the US and European Union markets. (Page 20)
- The EPC segment has a pipeline exceeding 25 gigawatts, consisting of both domestic and overseas orders. (Page 26)
- Project gestation periods vary: US projects typically take 2-2.5 years, while Indian utility-scale projects have shorter gestation of 8 months to around 14 months. (Page 20)
2 more points from Waaree Energies Ltd's call on order book
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Waaree Energies Ltd — Quarterly revenue & net profit
Waaree Energies Ltd Q1 FY26 results — key figures
| ₹ Cr | Q1 FY26 | Q1 FY25 | YoY | Q4 FY25 | QoQ |
|---|---|---|---|---|---|
| Revenue | 4,426 | 3,409 | +29.8% | 4,004 | +10.5% |
| Operating profit (EBITDA) | 997 | 552 | +80.6% | 923 | +8% |
| Operating margin | 23% | 16% | +7 pp | 23% | 0 pp |
| Profit before tax | 943 | 531 | +77.6% | 845 | +11.6% |
| Net profit (PAT) | 773 | 401 | +92.8% | 644 | +20% |
| EPS (₹) | 25.94 | 19.99 | +29.8% | 21.54 | +20.4% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹7.5K Cr, net profit ₹754 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Waaree Energies Ltd's management said in earlier quarters
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Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Waaree Energies Ltd Q1 FY26 results?
Waaree aims to achieve sales/revenue of INR 5,500 to 6,000 crores in FY '26. Management targets FY '26 revenue between INR 5,500 to 6,000 crores with ramp-up in capacity and production.
What is Waaree Energies Ltd share price analysis?
Waaree Energies Ltd currently shows a neutral. The stock trades at a P/E of 19.2 with a market cap of ₹77,148 Cr. Investors should review the full earnings analysis for detailed insights.
Is Waaree Energies Ltd planning capital expenditure?
Total announced capex of about INR 15,000 crores spread over the next 2 years, covering: - 4 GW recent expansion - 6 GW integrated facility - Adjacent businesses including battery manufacturing
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.