Waaree Energies
Waaree Energies Q1 FY27 earnings call: Revenue & Margins
Q1 FY27 earnings call: what management said on revenue, margins and capex.
Guidance rank: #1 of 58 in Electrical Equipment
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Waaree Energies Q1 FY27 key numbers
- Revenue
- Revenue mix diversification with retail segment growing 130% YoY, expected to become a INR10,000 crore business this year.
As stated in Waaree Energies's Q1 FY27 earnings call transcript · published 25 Aug 2026. Reported figures, not investment advice.
The short version
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.
Revenue & Sales Performance
- 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.
2 more points from Waaree Energies's call on revenue
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Profitability & Margins
See what Waaree Energies said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- 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. manufacturing capacity to come live from Q2 FY27, ramping up IRA incentives and cutting costs.
2 more points from Waaree Energies'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
See what Waaree Energies said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- 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.
2 more points from Waaree Energies's call on order book
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What the Q1 FY27 call signalled
5 of 5 strong
Waaree Energies — Quarterly revenue & net profit
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
Others in Electrical Equipment this season
- S & S Power Switchgear Ltd (Q1 FY27)
Q1 FY 27 Revenue: ₹7,165 lakhs, up from ₹6,041 lakhs in Q1 FY 26, representing an 18% year-on-year increase. Key investor presentation takeaways from S & S Powe
- Artemis Electricals & Projects Ltd (Q1 FY27)
Quarterly Revenue from Operations (Q1 FY2027): ₹1,975.47 Lakhs . Key investor presentation takeaways from Artemis Electricals & Projects's Q1 FY27 investor pres
- RMC Switchgears Ltd (Q1 FY27)
Consolidated revenue from operations for Q1 FY27 was ₹37.24 crore, down 55.95% YoY from ₹84.53 crore in Q1 FY26 (Page 44). Key investor presentation takeaways f
- KP Green Engg. (Q1 FY27)
KPI Green Energy Q1 FY27: 27.9 Cr. Key investor presentation takeaways from KP Green Engineering Ltd's Q1 FY27 investor presentation — and how it ranks against
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- 1
- Strong growth3
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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.