Waaree Energies Ltd
Waaree Energies Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
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The short version
Waaree Energies sees strong demand growth driven by India's solar capacity expected to more than double to ~280 GW by 2030. Waaree Energies refrains from giving precise forward-looking numerical guidance due to the nascent and evolving nature of the business.
From Waaree Energies Ltd's Q2 FY26 earnings-call transcript · updated 26 Aug 2026.
Revenue & Sales Performance
- Waaree Energies sees strong demand growth driven by India's solar capacity expected to more than double to ~280 GW by 2030.
- The company has a healthy order pipeline of over 100+ GW indicating robust future sales.
- They plan to expand module capacity from ~18.7 GW to 26.7 GW in FY26.
- Cell capacity is targeted to scale up to 15.4 GW by 2027, and ingot & wafer facility to 10 GW by 2027, supporting volume growth.
- Battery energy storage system (BESS) segment is a key growth area with INR ~8,000 crores investment and industry forecasted to grow fivefold globally by 2030.
- Expansion into complementary segments like inverters (4 GW per annum) and green hydrogen (1 GW by 2027) will contribute to revenue diversification and growth.
- Domestic and export sales mix is expected to remain strong, with retail and exports contributing positively to margin and volume expansion.
2 more points from Waaree Energies Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Waaree Energies has announced an overall capex plan of over INR 25,000 crores to be spent over the next 24 months, with bulk of the expenditure planned for FY27 and FY28. (Pages 16-17)
- The capex is back-ended, with around 10-15% expected in the current fiscal year and about 50% in FY27. (Page 17)
- Key investments include:
- Battery Energy Storage System (BESS) manufacturing with a capacity target of 20 gigawatt-hours, investing approximately INR 8,000 crores. (Pages 5, 11, 14-15)
- Inverter manufacturing capacity of 4 gigawatts per annum, with 3 GW operational within the fiscal year and the remaining 1 GW next year. (Page 5)
- Green hydrogen capacity of 1 gigawatt expected operational by 2027. (Page 5)
- Expansion of module capacity from ~18.7 GW to 26.7 GW by FY26. (Page 5)
- Cell capacity scale-up to 15.4 GW and ingots and wafer facility of 10 GW by 2027. (Page 5)
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 has a healthy order pipeline exceeding 100+ gigawatts.
- The typical order book split is approximately 60% overseas and 40% domestic.
- For the recent quarter, revenue contribution was about 53% domestic and 47% overseas, indicating a nearly balanced order fulfillment.
- Retail segment is a significant and growing part of the domestic order book, approximately 19%-20%, with the remainder from large institutional customers.
- The company’s order book is dynamic and can shift quarter-to-quarter based on customer readiness and demand.
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 Q2 FY26 results — key figures
| ₹ Cr | Q2 FY26 | Q2 FY25 | YoY | Q1 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 6,066 | 3,574 | +69.7% | 4,426 | +37.1% |
| Operating profit (EBITDA) | 1,406 | 525 | +167.8% | 997 | +41% |
| Operating margin | 23% | 15% | +8 pp | 23% | 0 pp |
| Profit before tax | 1,231 | 499 | +146.7% | 943 | +30.5% |
| Net profit (PAT) | 878 | 376 | +133.5% | 773 | +13.6% |
| EPS (₹) | 29.29 | 13.73 | +113.3% | 25.94 | +12.9% |
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
- 1
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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 Q2 FY26 results?
Waaree Energies sees strong demand growth driven by India's solar capacity expected to more than double to ~280 GW by 2030. Waaree Energies refrains from giving precise forward-looking numerical guidance due to the nascent and evolving nature of the business.
What is Waaree Energies Ltd share price analysis?
Waaree Energies Ltd currently shows a neutral. 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 Ltd planning capital expenditure?
Waaree Energies has announced an overall capex plan of over INR 25,000 crores to be spent over the next 24 months, with bulk of the expenditure planned for FY27 and FY28.
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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.