Waaree Energies Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Electrical Equipment | Market Cap: ₹77.0K Cr
Waaree Energies expects strong growth driven by expanded capacity and integration: - Module capacity in India at 24.2 GW with plans to ramp utilization from ~70% to 80-85% in next 2-3 quarters. - Cell manufacturing capacity to grow from 5.4 GW to 15.4 GW in India by FY28, with 10 GW additional capacity commercializing soon. - Battery Energy Storage System (BESS) capacity ramping up: 3.5 GWh Phase 1 near commercial production, with Phase 2 (16 GWh) in FY29. - Revenue mix diversification with retail segment growing 130% YoY, expected to become a INR10,000 crore business this year. - Order book increased to approx INR61,500 crores (~25 GW modules), with balanced geographic mix: 40% India, 36% U.S., 24% exports. - New U.S. Waaree Energies expects a significant EBITDA growth, targeting close to INR7,000 crores EBITDA in FY'28, marking a big step jump from FY'27.
From Waaree Energies's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Price
₹2,648
Market Cap
₹77.0K Cr
P/E Ratio
19.1
Revenue Rank
Margin Rank
How does Waaree Energies rank in Electrical Equipment?
Compare Waaree Energies against every Electrical Equipment company this quarter on revenue, margins and earnings-call signals.
Waaree Energies — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹8.5K Cr, net profit ₹1.1K Cr.
Full financials →📊 Revenue & Sales Performance
Rank 1- →Waaree Energies expects strong growth driven by expanded capacity and integration:
- → - Module capacity in India at 24.2 GW with plans to ramp utilization from ~70% to 80-85% in next 2-3 quarters.
- → - Cell manufacturing capacity to grow from 5.4 GW to 15.4 GW in India by FY28, with 10 GW additional capacity commercializing soon.
- → - Battery Energy Storage System (BESS) capacity ramping up: 3.5 GWh Phase 1 near commercial production, with Phase 2 (16 GWh) in FY29.
- →Revenue mix diversification with retail segment growing 130% YoY, expected to become a INR10,000 crore business this year.
- →Order book increased to approx INR61,500 crores (~25 GW modules), with balanced geographic mix: 40% India, 36% U.S., 24% exports.
- →New U.S. manufacturing capacity of 1.6 GW ramping utilization and driving revenue growth.
- →Significant EBITDA growth expected, targeting close to INR7,000 crores in FY28 with scale-up in cell and module production.
📈 Profitability & Margins
Rank 1- →Waaree Energies expects a significant EBITDA growth, targeting close to INR7,000 crores EBITDA in FY'28, marking a big step jump from FY'27.
- →FY'28 will see operationalization of 15.4 GW cell capacity and around 16-18 GW module production, with about 10 GW cell production contributing substantially.
- →FY'29 growth will be supported by the BESS business ramp-up with 5 GWh battery production going full scale, plus 16 GWh in second phase.
- →Increased cell-to-module integration (rising from ~20% to ~65%) will expand margins substantially, with module plus cell integrated suppliers exhibiting margins around 35%-41%.
- →U.S. facility margins expected to improve with new capacity, targeting net EBITDA margins of $0.07-$0.08 per watt peak, boosted by incremental IRA incentives.
- →Continued ramp-up in utilization rates, especially cell utilization moving towards 80%-85%, will drive profitability.
- →Strong order book and diversified revenue streams provide stability and growth visibility.
🏗️ Capital Expenditure Plans
Yes💰 Fundraising & Capital Structure
Yes- →Waaree Energies has Board and shareholder approval to raise around INR 10,000 crores through various channels, including equity.
- →Current balance sheet holds about INR 7,000 crores in cash (as of June 30).
- →Approximately 30% of capex outflow has already occurred, with more outflows expected over the next 2-3 quarters.
- →Total planned capex over the next 3 years is INR 22,000 crores, with ~40% in FY28 and ~30% in FY29.
- →EBITDA guidance at the start of the year is expected to sufficiently fund these projects.
- →However, to strengthen the balance sheet further, Waaree continues to monitor market conditions and is prepared to raise funds via QIP at the right time.
📋 Order Book & Pipeline
Yes- →Waaree Energies' total order book stands at INR 61,500 crores as of July 28, 2026.
- →Module order book amounts to 25.2 gigawatts.
- →Geographical mix of order book: approximately 40% domestic India, 36% domestic U.S., and 24% exports from India.
- →During the quarter, net new orders added were INR 16,000 crores.
- →Executed orders during the quarter amounted to around INR 7,300 crores.
- →Export orders have recently increased with contracts being finalized for European markets, Australia, and New Zealand.
- →The Waaree Renewable Technology Subsidiary secured a 1,500 megawatt-hour EPC contract for BESS supply.
- →Order inflows continue to outpace execution, indicating a growing and robust order pipeline.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Waaree Energies Q1 FY27 results?
Waaree Energies expects strong growth driven by expanded capacity and integration: - Module capacity in India at 24.2 GW with plans to ramp utilization from ~70% to 80-85% in next 2-3 quarters. - Cell manufacturing capacity to grow from 5.4 GW to 15.4 GW in India by FY28, with 10 GW additional capacity commercializing soon. - Battery Energy Storage System (BESS) capacity ramping up: 3.5 GWh Phase 1 near commercial production, with Phase 2 (16 GWh) in FY29. - Revenue mix diversification with retail segment growing 130% YoY, expected to become a INR10,000 crore business this year. - Order book increased to approx INR61,500 crores (~25 GW modules), with balanced geographic mix: 40% India, 36% U.S., 24% exports. - New U.S. Waaree Energies expects a significant EBITDA growth, targeting close to INR7,000 crores EBITDA in FY'28, marking a big step jump from FY'27.
What is Waaree Energies share price analysis?
Waaree Energies currently shows a strong growth signal based on ranking data. The stock trades at a P/E of 19.1 with a market cap of ₹77,039 Cr. Investors should review the full earnings analysis for detailed insights.
Is Waaree Energies planning capital expenditure?
INR 22,000 crores capex planned over next 3 years, with ~40% in FY28 and ~30% in FY29. - INR 3,900 crores investment approved for 2,500 TPD solar glass capacity, focusing on captive use and supply chain security; exploring both greenfield and acquisition options. - Completion of 10 GW solar cell capacity imminent, with equipment already in factory and commercial production near. - BESS (Battery Energy Storage System) capex includes a 3.5 GWh cell manufacturing line nearly ready and a 5.15 GW pack/container line started. - Expansion includes ~28 GW solar module and 15.4 GW solar cell capacity by end of FY27. - New 1.6 GW U.S.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.